Latest Energy News
Policy & Regulatory
Estonia’s first renewable auction for 5 GW attracts over 16 GW of bids
26 Mar 2020The Ministry of Economic Affairs and Communications of Estonia has received 17 bids in the first renewable energy auction, that offered 5 GW of renewable production capacity. The auction was over-subscribed, with bidders offering to develop over 16 GW of renewable capacity. The average bid price stood at €75.5/MWh (the lowest bids stood slightly below €60/MWh). The winners will be announced by 20 June 2020.
Read moreBritish Columbia (Canada) postpones carbon tax increase
25 Mar 2020The 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.
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Poland allows PGE to extend lignite mining at Turów for 6 years
26 Mar 2020The Polish government has authorised the state-owned energy group Polska Grupa Energetyczna (PGE) to operate its open-pit lignite mine Turów for six years, considering that it would improve the national security of electricity supplies. However, PGE is required to reduce the mining area by half. The existing permit expires in April 2020.
Read moreCNOOC’s hydrocarbon output increased by 6.6% in 2019 (China)
26 Mar 2020China state-owned China National Offshore Oil Corporation (CNOOC) has reported a revenue of CNY233.2bn (US$32.8bn) in 2019 (+2.4%) and a net profit of CNY61 (US$8.6bn, +15.9%), despite a more than 10% decrease in international oil prices. Capital expenditure reached CNY79.6bn (US$11.2bn) in 2019. However, due to the current economic context, capital expenditure – initially expected at CNY 85-95bn (around US$13bn) in 2020 – will be cut significantly.
Read moreEni will review its Middle East projects to cut spending
26 Mar 2020Eni is reviewing its projects in the Middle East for 2020 and 2021, in an attempt to reduce capital expenditure (capex) in a context of falling oil prices and epidemic outbreak. The group initially planned to invest around €8bn (US$8.6bn) but will revise downward investment plans.
Read moreMitsubishi and Chubu complete acquisition of Dutch energy group Eneco
26 Mar 2020Mitsubishi Corporation and Chubu Electric have completed the acquisition of the Dutch energy group Eneco. Under the terms of the agreement, Mitsubishi acquired 80% of Eneco and Chubu Electric the remaining 20%. Eneco, which was owned by 44 Dutch municipalities, entered a privatisation process in December 2018. In November 2019, the shareholder’s committee of the Eneco reached an agreement with Mitsubishi and Chubu Electric to sell their stakes in the energy company for a total consideration of €4.1bn (US$4.5bn).
Read moreNine investors bid for stake in gas supplier DEPA Commercial (Greece)
25 Mar 2020Nine 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.
Read moreEnergy & Climate Markets
Global wind capacity increased by over 60 GW in 2019
26 Mar 2020According to the Global Wind Energy Council (GWEC), a total of 60.4 GW of wind capacity was installed worldwide in 2019 (19% more than in 2018), raising the global wind capacity by 10% to more than 650 GW.
Read moreInfrastructure & Investments
ČEZ seeks approval for new 2 nuclear reactors at Dukovany (Czech Republic)
26 Mar 2020The Czech national power company ČEZ has applied to State Office for Nuclear Safety to build two 1.2 GW new reactors at the Dukovany nuclear power plant.
Read moreNorway delays approval on 1.4 GW power cable to Scotland (UK)
26 Mar 2020Norway has postponed a decision to authorise the construction of the proposed 1.4 GW NorthConnect power interconnection between Scotland (United Kingdom) and Norway. The Norwegian government is requesting more data to evaluate the economic impact of other power interconnections with Germany and the United Kingdom that are currently being built and that are expected to be commissioned in 2020 and 2021. Indeed, some Norwegian lawmakers are concerned that exporting cheap wind and hydropower generation could raise power grid costs and prices in Norway.
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