Latest Energy News
Policy & Regulatory
Global energy subsidies could fall by 25% by 2050 to US$475bn
30 Apr 2020According to International Renewable Energy Agency (IRENA), direct energy subsidies could decline by 25% from US$634bn in 2017 to US$475bn by 2050. Most of the existing direct energy subsidies are directed to fossil fuels (70%, i.e. US$447bn, including US$220bn for oil products and US$128bn for thermal power generation), followed by subsidies to renewables (20%, US$128bn), biofuels (6%, US$38bn) and nuclear (3%, US$21bn).
Read moreADPower (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 moreCompanies
Gazprom (Russia) reports a 3% drop in its 2019 natural gas sales
30 Apr 2020Gazprom has reported a 6.8% drop in its revenues and a 17% fall in its net profit in 2019. The decrease in revenues was due to lower gas sales (-3% to 507 bcm in 2019) and price effects. Gas sales to Europe and other countries contracted by 5% to 232 bcm, with the average price declining by 12%. Sales to Former Soviet Union countries increased by 1.6% to 39 bcm (with a stable price) and sales to and Russia declined by 1.6% to 236 bcm (the average price rose by 3.4%).
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 moreEnergy & Climate Markets
Equatorial Guinea will delay several oil and gas projects
30 Apr 2020Due to the collapse of global oil prices, several upstream projects in Equatorial Guinea have been put on hold. They include the Block S project in the offshore Rio Muni Basin, where Kosmos Energy made a new find in May 2019. However, the government hopes the gas condensate project from the Alen field will go ahead and will produce its first gas in November 2020, . In April 2019, Noble Energy approved the development of the Alen natural gas project, which require an investment of US$330m.
Read moreRussia calls for focus on oil market shares once oil demand rises
30 Apr 2020Russia is advocating a shift in the OPEC+ strategy once global crude oil recovers, calling for a focus on the OPEC+ market shares rather than on commercial oil inventories. The country expects relaxing lockdown measures in the United States, China and Europe to revive oil demand later in 2020 and wants to avoid the recovery to benefit to the United States, which are not part to the OPEC+ agreement.
Read moreForecasts
Pakistan expects to add 135 GW of installed capacity by 2047
30 Apr 2020Pakistan’s National Transmission and Dispatch Company (NTDC) has developed a new Indicative Generation Capacity Expansion Plan, covering the period from 2020 to 2047. Under the base case scenarios, which includes targets set out in the draft Alternative Renewable Energy (ARE) Policy 2019, the country’s installed capacity is expected to increase by around 130 GW to 168 GW in 2047.
Read moreInfrastructure & Investments
Israel’s recovery plan includes US$1.9bn for 2 GW new solar capacity
30 Apr 2020As part of its ILS25bn (US$7.1bn) economic plan to recover from the impact of the COVID-19, the Israeli government plans to invest ILS6.5bn (US$1.9bn) to instal of 2 GW of additional solar power capacity. The government plans ILS3.5bn (US$1bn) of loans and ILS500m (US$143m) of state guarantees for solar project developers. It plans to relaunch the tender of the Dimona solar project in the Negev desert, whose capacity will be extended from 300 MW to 500 MW.
Read moreFirst power at Ørsted’s Borssele 1-2 offshore wind park (Netherlands)
30 Apr 2020The 752 MW Borssele 1-2 offshore wind project developed by the Danish power group Ørsted off the coast of the province of Zeeland in the Netherlands has started to generate power and to export it to the Dutch power transmission grid. The wind park will consist of 94 Siemens Gamesa wind turbines rated 8 MW each and is expected to be commissioned by the end of 2020. Ørsted won the Borssele 1-2 tender in 2016 with a price of €72.7/MWh.
Read moreAER gives final approval to QNI power transmission project (Australia)
30 Apr 2020The Australian Energy Regulator (AER) has approved the final stage of the Queensland – New South Wales (NSW) Interconnector (QNI) regulatory process, allowing power transmission system operator (TSO) TransGrid to recover the efficient costs of upgrading the QNI from customers. Transgrid and Powerlink will start the expansion project in May 2020. The project should be commissioned in the third quarter of 2021. It will enable to increase power deliveries by 460 MW to Queensland and by 190 MW to NSW.
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