Daily Energy News
Policy & Regulatory
Spain approves a decree creating a new renewable auction system
5 Nov 2020The Spanish Council of Ministers has approved a decree establishing a new regulatory framework for renewable energy auctions, the Economic Renewable Energy Regime (Régimen Económico de Energías Renovables, REER). The text creates a “pay as bid” system in which bids will be submitted sealed, and the winners will receive different prices based on their offers. The new scheme allows hybridisation between technologies, the expansion and modification of existing plants and will be compatible with electricity storage.
Read moreThe US is leaving the Paris agreement on climate change
4 Nov 2020The United States will officially withdraw from the Paris agreement on climate change on 4 November 2020. The Paris agreement was signed by nearly 200 countries in December 2015, in an attempt to cut global GHG emissions and to keep global temperature increases "well below" 2°C. The United States, which committed in November 2014 to reduce net GHG emissions by 26%-28% below 2005 levels by 2025, formally ratified the agreement in September 2016. The Paris agreement entered into force on 4 November 2016, i.e.
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Ørsted raises US$524m for a 900 MW offshore wind project in Taiwan
5 Nov 2020The Danish energy group Ørsted has raised TWD15bn (US$524m) through the issuance of green bonds to finance the Changhua 1 and 2a offshore wind projects offshore Taiwan, which will include two phases of roughly 450 MW each. The plants will be located approximately 35-60 km off the coast of Changhua County and are expected to be commissioned in 2021 and 2022.
Read morePremierOil creditors back merger with UK oil company Chrysaor
4 Nov 2020PremierOil creditors have approved the proposed merger with Chrysaor. In October 2020, PremierOil reached an agreement with Chrysaor to merge through a reverse takeover. Under the deal, Premier’s stakeholders will own 23% of the new entity and Chysaor 77%. Premier’s approximately US$2.7bn of total gross debt and some hedging liabilities will be repaid and cancelled on completion of the transaction and PremierOil’s creditors will receive US$1.23bn in cash.
Read moreEnergy & Climate Markets
Pakistan commissions the Mataria-Lahore 660 kV power transmission line
5 Nov 2020State Grid of China has completed the construction of a 660 kV power transmission line in Pakistan that connects Matiari in the Sindh Province to Lahore in Punjab over 890 km. The new line, whose construction started in December 2018, will have a capacity of 4 GW and is expected to reduce load shedding and electricity shortages in several areas of the country, especially in the Punjab province and in the capital city Islamabad. It required an investment of US$1.7bn and was developed in the framework of the China Pakistan Economic Corridor (CPEC).
Read moreInfrastructure & Investments
German LNG Terminal reaches new milestone
5 Nov 2020The German regulatory authority (Bundesnetzagentur) has granted German LNG Terminal a draft exemption, exempting the proposed Brunsbüttel LNG import terminal project from tariff and network access regulation on a long-term basis. The exemption applies to the terminal’s entire capacity of 8 bcm/year and will pave the way for a positive investment decision.
Read moreSudan and UAE sign MoU to build 500 MW of solar power plants in Sudan
5 Nov 2020The Ministry of Energy of Sudan has signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) to develop 500 MW of solar PV capacity under an IPP system. The exact number of plants composing the 500 MW has not been publicly disclosed. The UAE will be represented by one of its companies specialized in supplying, building, installing and operating the stations for a period of 20 years. In turn, the the government of Sudan committed to purchase the produced electricity at a competitive price throughout the contract period.
Read moreMainstream Renewable Power will develop a new 500 MW wind project in Vietnam
5 Nov 2020Mainstream Renewable Power has signed a Joint Development Agreement with the Vietnamese company Advance Information Technologies Corporation (AIT) to jointly develop a 500MW offshore wind project in the Ben Tre province, in southern Vietnam. The project, which could reach financial close and enter construction by 2023-2024 and enter commercial operation by 2025-2026, received the requisite site survey licence earlier in 2020.
Read moreMVP delays its 20 bcm/year gas pipeline project (US) to late 2021
5 Nov 2020Equitrans Midstream has delayed the completion of its 1.9 bcf/d (20 bcm/year) Mountain Valley gas pipeline from early 2021 to end-2021. In addition, the project’s cost will rise from US$5.4bn to US$5.8-6bn. Mountain Valley Pipeline is a joint venture (JV) made of five companies, namely MVP Holdco (EQT Corporation), US Marcellus Gas Infrastructure (NextEra Energy Capital Holdings), Con Edison Gas Midstream, WGL Midstream and RGC Midstream. Its proposed MVP gas pipeline would link Wetzel County (West Virginia) to Pittsylvania County (Virginia).
Read moreColbún secures environmental approval for a 925 MW solar project in Chile
5 Nov 2020Colbún, the second-largest power generation company in Chile, has obtained environmental approval for the 925 MW Inti Pacha solar project in the municipality of María Elena, in the Antofagasta Region. The company had started the environmental impact assessment for the project in February 2020. The project will be built in three phases.
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