Latest Energy News
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Tokyo Gas aims to boost its power market share in Japan
27 Mar 2020The Japanese gas utility Tokyo Gas has released its new three-year business plan until March 2023, aiming to raise its profit by 18% to JPN 140bn (US$1.3bn) by this date. The company will focus on expanding its power activities, LNG trading and overseas activities and aims to raise by more than half the number of its electricity customers, from 2.4 million to 3.8 million by March 2023.
Read morePetrobras (Brazil) announces cuts in oil production and investments
27 Mar 2020Due to the COVID-19 pandemic and the oil price war, the Brazilian national oil and gas company Petrobras has decided to cut planned investments for 2020 from US$12bn to US$8.5bn (-29%), delaying exploratory activities, interconnection of wells and construction of production and refining facilities. In addition, the company will reduce its operating expenses by US$2bn by mothballing operational platforms in shallow water fields with higher lifting cost per barrel, optimising production logistics and postponing new material contracts for 90 days.
Read moreEquinor cuts 2020 investment plans and postpones US drilling plans
27 Mar 2020Equinor has updated its outlook for 2020 in a context of low oil prices and depressed market, based on an average oil price of US$25/bbl, and presented a US$3bn action plan to strengthen its financial resilience. The group has also suspended its planned share buy back programme until further notice.
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 moreEnergy & Climate Markets
GHG emissions in the UK dipped by 3.6% in 2019
27 Mar 2020According to provisional figures from the British Department for Business, Energy and Industrial Strategy (BEIS), total greenhouse gas (GHG) emissions in the United Kingdom declined by 3.6% in 2019 to 435 MtCO2eq., i.e. 45% below their 1990 level. Net emissions of CO2, which accounted for 81% of total UK GHG emissions, decreased by 3.9% in 2019 to 351.5 MtCO2 (41% below their 1990 level).
Read moreInfrastructure & Investments
Petrofac will build a US$40m gas storage project in Sharjah (UAE)
27 Mar 2020Petrofac has won a US$40m contract from the Sharjah National Oil Corporation (SNOC) to build a gas storage surface facility in Moveyeid, in the Sharjah emirate (United Arab Emirates). The project includes a new high-pressure compressor facility, a high-pressure pipeline and flow lines to four existing wells in Moveyeid field. In addition, the British service provider will drill horizontal legs in existing wells, and potentially drill new wells in 2023.
Read moreTrung Nam Group plans a 450 MW solar project in Ninh Thuan (Vietnam)
27 Mar 2020The Vietnamese conglomerate Trung Nam Group will build a 450 MW solar power plant in Phước Minh Commune, Ninh Thuận Province (Vietnam) as well as 500 kV and 220 kV transmission lines to connect the project to the national grid. The construction of the VND14,000bn (US$591m) plant is expected to start in the second quarter of 2020 and the project will be commissioned by the end of 2020.
Read moreAcciona will build a 1,026 MW wind park in Queensland (Australia)
27 Mar 2020Spanish conglomerate Acciona will build the 1,026 MW MacIntyre wind park in Queensland (Australia), for a total investment of AUD1.96bn (US$1.19bn). The group has reached an agreement with CleanCo, the Queensland government energy producer, which will acquire and operate 100 MW of the wind park. Acciona will own the rest of the park (926 MW), supplying CleanCo with 400 MW through a 10-year power purchase agreement (PPA), and will negotiate with other potential offtakers and investors to conclude additional PPAs. The project requires the construction of 64 km transmission lines.
Read moreSempra revises FID timeline for Mexican and US LNG export projects
27 Mar 2020Sempra Energy has reiterated its five-year capital plan of approximately US$32bn, mainly focused on investments in its US subsidiaries San Diego Gas & Electric (SDG&E), Southern California Gas (SoCalGas) and Oncor Electric Delivery.
Read morePolicy & 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.
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