Latest Energy News
Policy & Regulatory
ADPower (UAE) receives US$1.35c/kWh bid for 2 GW solar PV project
29 Apr 2020Emirates Water and Electricity Company (EWEC), the subsidiary of Abu Dhabi Power Corporation (ADPower), has unveiled technical and commercial bids from five consortia for the development of the 2 GW Al Dhafra solar PV independent power producer (IPP) project in Abu Dhabi (United Arab Emirates). The group has received the world’s lowest price for solar PV with a bid of AED 0.497/kWh, i.e. US$1.35c/kWh on a levelised electricity cost (LEC) basis. This is about 44% lower than the tariff set in 2017 for the 1,200 MW Noor Abu Dhabi solar project, which was commissioned in April 2019.
Read moreThe Netherlands presents a new plan to reduce CO2 emissions
28 Apr 2020The Dutch government has presented a new package to further reduce the country’s CO2 emissions in the short run, in order to comply with a 2015 judgment of the court in The Hague in the Urgenda case and with a December 2019 Supreme court ruling mandating the government to cut GHG emissions by at least 25% between 1990 and 2020.
Read moreCompanies
Petrobras relaxes crude oil production cuts (Brazil)
29 Apr 2020The Brazilian state-owned oil and gas group Petrobras has decided to reverse its announced oil production cuts, citing unexpectedly high demand for some fuels.
Petrobras, which produced around 2.32 mb/d of oil in the first quarter of 2020, announced total cuts of 200,000 bbl/d in late March and plans to reduce its April 2020 crude oil production to 2.07 mb/d earlier in April 2020. As well, the group decided to cut the utilisation rates at its refineries to 60%.
Read moreMexico’s Pemex cuts its 2020 investment spendings by US$1.7bn
29 Apr 2020Mexico’s state-owned oil company Pemex will reduce its investment budget by MXN40.5bn (US$1.7bn) in 2020, in a context of lower oil demand and falling oil prices. The cut in Pemex’s capital expenditures is part of a larger MXN113bn (US$4.7bn) financial package aimed at improving the financial situation of the company, which includes a MXN65bn (US$2.7bn) reduction in fiscal obligation owed to the Mexican government.
Read moreChina’s CYPC closes the acquisitions of Sempra’s Peruvian businesses
28 Apr 2020Sempra Energy has completed the sale of 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, on the sale of Sempra’s 83.6% stake in the power distribution company Luz del Sur, Tecsur (electric construction and infrastructure services) and Inland Energy (Luz del Sur’s generation business). The transaction was cleared by Peruvian authorities in April 2020.
Read moreBP and Hilcorp revise payment terms for Alaska assets sale (US)
28 Apr 2020BP and Hilcorp have amended the terms of the US$5.6bn sale of BP’s assets in Alaska (United States) – whose value remains unchanged – adjusting the structure and phasing of payments.
In August 2019, BP agreed to sell its entire oil and gas business in Alaska to Hilcorp for a total consideration of US$5.6bn. The transaction includes all of BP’s upstream and midstream activities in Alaska, including BP Exploration, its upstream oil and gas company that holds interests in the giant Prudhoe Bay field, and BP Pipelines that owns interests in the Trans Alaska Pipeline System (TAPS).
Read moreEnergy & Climate Markets
Tokyo Gas’ gas sales in Japan fell by 8.8% in 2019-2020
29 Apr 2020The Japanese gas utility Tokyo Gas has released its 2019-2020 annual report and posted a 49% fall in net profit to JPY 43bn (US$405m), due to falling gas sales and significant impairment losses on upstream assets overseas, especially in shale gas projects in Texas (United States) and in the Ichthys LNG project in Australia.
Read moreEnergy Prices & Taxes
Indonesia introduces US$6/MBtu cap on gas prices for power plants
29 Apr 2020Indonesia has introduced a US$6/MBtu cap on gas prices for power plants, that applies retroactively from 7 April 2020 to the state-owned power utility PT Perusahan Listrik Negara (PT PLN) and to independent power producers (IPPs). The difference between market prices and fixed prices will be covered by the Indonesian state.
Read moreInfrastructure & Investments
wpd sets up a JV to develop a 600 MW offshore wind park in Taiwan
29 Apr 2020The German renewable project developer wpd has created a joint venture with Taiwan Green Power (LeaLea Group) to jointly develop the offshore wind park site No. 28 with a planned capacity of 600 MW off the coast of Changhua (Taiwan). The project should be part of the third tender round in Taiwan and has already received an environmental impact assessment (EIA). In addition, wpd has closed the sale of a 25% stake in its 640 MW Yunlin offshore wind park to Thailand’s EGCO.
Read moreCzech Republic approves contracts with ČEZ for Dukovany-5 nuclear reactor
29 Apr 2020The Czech government has approved framework contracts with the national power company ČEZ to build a new nuclear reactor at the Dukovany nuclear power plant. Under the terms of the deal, ČEZ would be able to sell the project to the Czech government at various points.
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