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Chile’s updated NDC strengthens GHG emissions cap by 2030

14 Apr 2020

The government of Chile has presented its updated Nationally Determined Contribution (NDC), presenting its climate commitments to 2030 with a view to achieving carbon neutrality by 2050. The updated NDC replaces the previous emission intensity indicator (conditional and unconditional) with unconditional absolute indicators, with a goal of 95 MtCO2eq by 2030 (compared to a target of 123 MtCO2eq by 2030 in the previous NDC), an emissions maximum in 2025, and a greenhouse gas (GHG) emissions budget of no more than 1,100 MtCO2eq over the period 2020-2030.

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Singapore intends to import solar electricity to cut GHG emissions

14 Apr 2020

Singapore plans to import solar electricity, with the objective to diversify its energy supply and reduce its greenhouse gas (GHG) emissions. Singapore’s Energy Market Authority (EMA) also ambitions to reach 2 GW of solar PV capacity by 2030, up from 255 MW at the end of 2019 and 350 MW expected at the end of 2020. In 2018, the country generated 95% of its electricity from imported gas and 3% from biomass. Singapore is connected to Peninsular Malaysia through a 200 MW line, which is not used.

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China’s NDRC finalizes 2020 solar subsidy policy

10 Apr 2020

The National Development and Reform Commission (NDRC) of China has finalised its solar PV subsidy policy for 2020, taking into account the permitting rules set by the National Energy Administration (NEA) for the construction of new projects. Distributed PV and utility projects seeking financial support from the central government will have to go through a bidding process.

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Saudi Arabia creates a committee to accelerate renewable power projects

10 Apr 2020

Saudi Arabia has created a supreme committee to implement the country’s renewable and localisation programmes. The Supreme Committee for Energy Mix Affairs, for Electricity Production and Enabling Renewable Energy, chaired by the Crown Prince, will aim at coordinating the execution of renewable projects between the different government sectors.

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Companies

Engie secures US$1.6bn for its 2 GW renewables portofolio (United States)

14 Apr 2020

Engie North America has secured a US$1.6bn tax equity financing for a 2 GW renewable power portfolio in the United States, which includes 1.5 GW of onshore wind and 0.5 GW of utility-scale solar PV (11 parks in total). The renewable projects are located in key markets, including the Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP) and Pennsylvania, New Jersey, Maryland Power Pool (PJM). They will be funded as they are commissioned starting in April 2020.

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Nigeria plans to transfer 4 refineries to private firms under PPP

14 Apr 2020

The state-owned Nigerian National Petroleum Corporation (NNPC) plans to transfer its four refineries to private firms under operation and maintenance contracts. The four NNPC refineries (Warri, Kaduna and Port Harcourt I and II), which have a total capacity of 445,000 bbl/d but have a very low capacity utilisation rate (2.2% in 2019), are currently being rehabilitated. They will be handed over after the revamp. The public-private partnership (PPP) will at first concern only one refinery. It will be expanded to the two others at a later stage.

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Peru clears the sale of Sempra’s power assets to China Yangtze Power

14 Apr 2020

Sempra Energy has received all required governmental authorizations to sell its equity interests in its Peruvian businesses to China Yangtze Power Co. (CYPC), a subsidiary of China Three Gorges Power Corporation (CTGPC) for US$3.6bn in cash. The two parties signed an agreement in October 2019. The sale includes the power distribution company Luz del Sur, Tecsur (electric construction and infrastructure services) and Inland Energy (Luz del Sur’s generation business). The sale is expected to be completed in April 2020.

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Energy & Climate Markets

OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020

14 Apr 2020

The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC allies led by Russia – the so-called OPEC+ – have agreed to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 – 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices. The production cuts would be calculated on the basis of the October 2018 production level, except for Saudi Arabia and Russia that have a baseline level of 11 mb/d.

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Infrastructure & Investments

State Grid resumes construction of 800 kV HVDC line in China

14 Apr 2020

The Chinese power transmission network operator State Grid Corporation of China (SGCC) has resumed construction on a 800 kV, 800 MW ultra-high voltage (UHV) direct current (DC) power transmission project between Yulin in the Shaanxi province and Wuhan in the Hubei province of China. Construction works had been suspended in the Hubei province, the epicentre of the global coronavirus pandemic. The new line is expected to start operations in 2021. The CNY 18.5bn (US$2.6bn) project will include nearly 3,000 km of UHVDC power lines, with a total transmission capacity of 14 GW.

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MHI Vestas wins order for 700 MW offshore wind project in Japan

14 Apr 2020

A consortium between the Japanese power utility Tohoku Electric and the Portuguese company Renova, which is developing the 700 MW Akita Yurihonjo offshore wind park off the coast of Japan, has chosen MHI Vestas to provides the turbines for the project. The project has been under development since 2015. Construction is due to start in 2021, and the project is expected to come onstream in the 2024 financial year.

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