Daily Energy News
Policy & Regulatory
Estonia and Latvia plan a 1 GW joint offshore wind project
3 Aug 2020Estonia and Latvia have signed a Memorandum of Understanding (MoU) to jointly develop a 1 GW offshore wind project in the Gulf of Riga, in the Baltic Sea. The two governments will jointly carry out studies to determine the best location for the construction of the project, followed by an auction to select investors. The project is expected to be commissioned in 2030 and should generate 3.5 TWh/year.
Read moreGermany’s lastest solar tender was oversubscribed again
31 Jul 2020The German Federal Network Agency (Bundesnetzagentur) has published the results of the latest tenders for onshore wind and solar capacity, with a bidding date set for July 2020. The onshore wind auction for 275 MW of capacity attracted 26 bids for 191 MW of capacity, with price ranging from €5.50c/kWh to €6.20c/kWh (weighted average of €6.14c/kWh). All bids were selected, including 3 bids in Schleswig Holstein (49 MW), 9 in Lower Saxony (48 MW) and 4 in Brandenburg (41 MW); 3 were submitted by communities.
Read moreCompanies
Eni (Italy) plans to cut costs and investments by €7.8bn in 2020-2021
3 Aug 2020Eni plans to reduce costs and investment to the tune of €7.8bn in 2020-2021, in a context of market volatility related to the COVID-19 pandemic. The group plans to reduce costs by €1.4bn and investments by €2.6bn in 2020 (vs. €600m already announced) and to cut costs by another €1.4bn and investments by €2.4bn in 2021 (vs. €2.5-3bn already announced); around 25%-30% of the cost reduction identified for 2020 and 2021 will be structural.
Read moreEletrobras will sell a 583 MW wind portfolio to Omega Geração (Brazil)
3 Aug 2020The Brazilian state-owned power utility Eletrobras will sell its 78% stake in the 402 MW Santa Vitória do Palmar wind plant and its 100% stake in the 181 MW Hermenegildo 1, 2, 3 and Chui 9 wind projects in Brazil to the renewable energy company Omega Geração for a total consideration of BRL1.5bn (US$289m). Omega Geração has a wind, hydro and solar portfolio of 1,195 MW.
Read moreTotal writes down US$7bn of Canadian oil sands assets
31 Jul 2020Total will take an US$8.1bn impairment on the value of its assets, including US$7bn on Canadian oil sands assets alone. The French company, which sharply lowered its short-term price scenario, recognised an US$2.6bn impairment charge in the second quarter of 2020, mainly on Canadian oil sands assets (for US$1.5bn) and on LNG assets in Australia (for US$0.8bn). In addition, Total wrote off a further U$5.5 billion in the value of its Fort Hills and Surmont Canadian oil sand projects after cutting its long-term price. These oil sands projects are considered as "stranded", i.e.
Read moreForecasts
Chile’s installed capacity expected to increase by 6.75 GW by 2024
3 Aug 2020According to the National Energy Commission, Chile’s installed capacity will increase by 6,750 MW by 2024, as 118 power plants projects are currently under construction.
Read moreInfrastructure & Investments
Dutch power TSO TenneT plans to invest €4-5bn/year in transmission lines
3 Aug 2020The Dutch power transmission system operator (TSO) TenneT plans to scale up to invest €4-5bn/year within the next few years to connect renewable energy sources and to develop a borderless European electricity market. In the first half of 2020, the TSO in the Netherlands and in a large part of Germany invested €1.4bn, a 30% increase compared to the first half of 2019.
Read moreThe Asian Development Bank finances a 718 MW CCGT project in Bangladesh
3 Aug 2020The Asian Development Bank (ADB) has awarded a US$200m financing to Reliance Bangladesh LNG and Power Limited (RBLPL) to build and operate a 718 MW CCGT power plant on the banks of the Meghna River, southeast of Dhaka in Bangladesh. The assistance package includes a US$100m loan from ADB and a further US$100m loan from the Leading Asia’s Private Infrastructure Fund (LEAP), which will be administered by ADB.
Read moreCNNC’s Tianwan-5 nuclear unit achieves first criticality (China)
3 Aug 2020The fifth unit of the Tiawan nuclear project in the Jiangsu province of China has achieved first criticality, paving the way for grid-connected power generation. The Unit 5 consist of a Chinese-designed ACPR1000 pressurised water reactor (PWR) rated 1,080 MWe. The project is developed by the Chinese state-run nuclear corporation China National Nuclear Corporation (CNNC) which completed fuel loading into the reactor earlier in July 2020.
Read moreFirst Gen will invest US$300m in the Bantangas LNG project (Philippines)
3 Aug 2020The Philippines energy group First Gen Corporation has set aside US$300m of its 2020-2021 investment budget for its LNG import terminal project in the Philippines.
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