Latest Energy News
Policy & Regulatory
The US DoE will lease space for 30 mbl of oil in emergency reserve
6 Apr 2020The US Department of Energy (DoE) has decided to make 30 mbl of the Strategic Petroleum Reserve’s (SPR’s) oil storage capacity available to US oil producers that are negatively affected by the COVID-19 pandemic and the oil price war. The first crude oil deliveries are expected to arrive in late April or early May 2020, and the SPR will be receiving up to 685,000 bbl/d. The available capacity will be increased by 47 mbl at a later stage.
Read more508 MW awarded at €51.6/MWh in Greece renewable tender
6 Apr 2020The Regulatory Authority for Energy (RAE) of Greece has closed a technology-competitive renewable auction for 508 MW that has attracted 44 bids ranging between €49.11/MWh and €54.82/MWh (average bidding price of €51.59/MWh, 16% below the capped price of €61.32/MWh). The RAE awarded incentive tariffs to five renewable power projects with a combined capacity of 503 MW. PPC Renewable was selected with a 200 MW solar project in Kozani (northern Greece) thanks to a record-low bid of €49.11/MWh.e.
Read moreRussia adopts a new energy strategy until 2035
6 Apr 2020The Russian government has approved a new draft energy strategy until 2035, which seeks to maximise the contribution of the hydrocarbon industry to the development of Russia and to strengthen the country’s position in the global energy sector. Russia aims to develop and diversify its energy exports, modernise and develop its infrastructure, achieve technological independence and boost the competitiveness of the fuel and energy sectors.
Read moreThe Netherlands unveils planned 2023-2030 solar PV net metering scheme
3 Apr 2020The Ministry of Economic Affairs and Climate Change of the Netherlands has presented plans for the future net metering scheme for residential PV systems, that will replace the existing one expiring in 2023. The proposed new net metering scheme would remain in force until the end of 2030.
Read moreCompanies
Spain’s energy group Iberdrola will invest €10bn in 2020
6 Apr 2020Spanish energy group Iberdrola has decided to increase its capital expenditures by 23% in 2020, from €8.15bn in 2019 to €10bn, to support the economic recovery after the pandemic. The group aims to commission 4.5 GW of new capacity by the end of the year, i.e. half of the 9 GW currently under construction.
Read moreThe European Commission authorises Orlen to take over Energa
3 Apr 2020The European Commission (EC) has allowed, under the EU Merger Regulation, the oil and gas group PKN Orlen to acquire the power company Energa as the two Polish companies’ activities have limited overlaps. In December 2019, PKN Orlen (27.5% owned by the State of Poland) presented a plan to take over Energa with the objective to strengthen its positions in the electricity market and to close the acquisition by mid-2020.
Read moreEnergy & Climate Markets
Global renewable capacity rose by 176 GW in 2019
6 Apr 2020According to the IRENA, the global renewable capacity increased by 7.4% in 2019, when 176 GW of new projects were commissioned, raising the global renewable capacity to 2,537 GW. More than half of the new renewable capacities were installed in Asia (95.5 GW, corresponding to a 9% growth), followed by Europe (+35 GW, +6.6%), North America (+22 GW, +6%), South America (+8.4 GW, +4%), Oceania (+6.2 GW, +18%), Eurasia (+3.1 GW, +3%), the Middle east (+2.5 GW, +13%), Africa (+2 GW, +4.3%) and Central America (+0.6 GW, +4.1%).
Read moreKuwait resumes crude oil exports from Neutral Zone shared with S.Arabia
6 Apr 2020Kuwait has resumed crude oil exports from the Wafra field, located in the neutral zone shared with Saudi Arabia, loading around 1 mbl of crude oil to be exported to Asia. This is the first shipment from the neutral zone in 5 years.
Read moreInfrastructure & Investments
Thailand’s PTTEP will delay some hydrocarbon projects due to oil price collapse
6 Apr 2020Thailand’s oil and gas producer PTT Exploration and Production (PTTEP) has revised downward its average oil and gas sales for 2020 (previously targeted at 388,000 mboe/d in 2020) by less than 5%. Indeed, crude oil sales, which account for 30% of PTTEP’s total energy sales, are expected to be directly impacted by the oil price volatility due to the COVID-19 outbreak and the global oil price war. However, gas sales (70% of the sales) have already been secured in accordance with the gas sales agreements.
Read moreEthiopia approves a US$800m PPA for a 150 MW geothermal plant
6 Apr 2020Ethiopia has signed a US$800m power purchase agreement (PPA) with Tulu Moye Geothermal Operations (TMGO), a joint venture between Icelandic company Reykjavik Geothermal and French asset manager Meridiam, which develop a 150 MW geothermal plant in the Arsi Zone near Addis Ababa. A first phase of 50 MW is expected to come online in February 2023, while the entire project is scheduled to be commissioned in 2025.
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