Latest Energy News
Policy & Regulatory
British Columbia (Canada) postpones carbon tax increase
25 Mar 2020
The government of the Canadian province of British Columbia (5 million inhabitants) has decided to suspend the increase in the provincial carbon tax sine die, as part of a broader tax change plan. The CAD40/tC02eq (US$28/tC02eq) carbon tax was expected to increase by CAD5 (US$3.45) on 1 April 2020. In addition, plans to align the carbon tax rates with the federal carbon pricing backstop is also postponed until further notice.
Saudi Arabia shortlists 49 bidders for 1.2 GW solar PV tender
24 Mar 2020
The Renewable Energy Project Development Office (REPDO) of Saudi Arabia has announced the pre-qualified bidders for the third round of the National Renewable Energy Program (NREP) that was launched in January 2020 and offered four solar PV projects with a combined capacity of 1.2 GW. The solar project includes the 700 MW Ar Rass, 300 MW Saad, 120 MW Wadi Al Dawaser and 80 MW Layla solar PV projects. The selected projects must contain at least 17% local content and two smaller projects are targeted for smaller companies.
SECI (India) issues tenders for 4 GW of solar and wind projects
24 Mar 2020
The state-owned Solar Energy Corporation of India (SECI) has launched two new renewable tenders, totalling 4 GW of solar and wind projects. Under the ninth edition of national-level solar power auction, the para-statal will award 2 GW of solar PV capacity. The new tender will not include tariff caps, as requested by the recent order of the Ministry of New and Renewable Energy.
Companies
Nine investors bid for stake in gas supplier DEPA Commercial (Greece)
25 Mar 2020
Nine investors have expressed interest in a 65% stake in in DEPA Commercial, the wholesale and retail businesses of the Greek state-owned gas company DEPA. Interested investors include Shell Gas, Vitol Holding, Power Globe, MET Holding and CG Gas (Copelouzos group), Mytilineos, GEK Terna, a joint venture of Hellenic Petroleum and Edison, and a joint venture of Motor Oil and Public Power Corp. (PPC). They will have an option to acquire the remaining 35% stake held by Hellenic Petroleum, the largest oil refiner in Greece.
Gazprom Neft plans to ramp up production in the Arctic region (Russia)
25 Mar 2020
Gazprom Neft plans to increase oil production at the Novoportovskoye (Novy Port project in the Russian Arctic from 7.7 Mt in 2019 to 8 Mt in 2020 (+4%). The Novoportovskoye oil field is one of the largest oil and gas condensate fields under development in the Yamal Peninsula, with recoverable reserves reaching 250 Mtoe of oil and condensate and 320 bcm of natural gas. In addition, the company intends to build three additional wells a the Prirazlomnoye offshore field, in the southeastern part of the Barents Sea, where there are already 19 existing wells.
Shell, Chevron, Total, and Sonatrach cut 2020 capital expenditures
25 Mar 2020
The global oil price war and the coronavirus pandemic have prompted some international majors and national companies to announce significant cuts in operational costs and in capital expenditures (capex) along with the suspension of their share buyback programmes.
Energy & Climate Markets
India’s carbon-free generation capacity rose by 72% over 2014-2020
25 Mar 2020
According to the Indian government, the installed carbon-free capacity in the country increased by 72% between late March 2014 and the end of February 2020, from 81 GW to 139 GW. Around 55% of new installations between 2014 and 2020 (58 GW) were solar power plants (32 GW), followed by wind (17 GW, 29%) and large hydro (5 GW, 8%). In addition, 2.8 GW of other renewable sources (biomass, small-hydropower and waste-to-energy) and 2 GW of nuclear were added.
India’s Coal Ministry bets on coal bed methane for residential use
25 Mar 2020
The Ministry of Coal of India plans to launch a large scale programme to promote the use Coal Bed Methane (CBM) as an alternative fuel to meet residential energy demand within the next two years.
Eskom (South Africa) launches a tender to plug short-term power gap
25 Mar 2020
South Africa’s national power utility Eskom has published a Request for Proposals (RfP) enquiry to buy surplus electricity from existing power generation plants or projects due to be commissioned by the end of 2020 at the latest. Power purchase agreements would last a maximum period of 3 years. Only facilities with at least 5 MW of capacity can bid, until 30 April 2020.
Infrastructure & Investments
ACWA and partners close financing for 500 MW Ibri-2 solar project in Oman
25 Mar 2020
A consortium comprising Saudi Arabia’s ACWA Power, Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC) has reached financial close for the 500 MW Ibri-2 solar PV project, located in Ibri (Oman). A group of six banks, comprising the Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank will lend US$275m to fund the US$400m project (debt to equity ratio of around 70:30).
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