Latest Energy News
Policy & Regulatory
NYSERDA (US) postpones its next 1-2.5 GW offshore wind tender
4 May 2020The New York Energy Research and Development Authority (NYSERDA) has decided to defer its 2020 solicitation for at least 1 GW and up to 2.5 GW of offshore wind capacity, due to the COVID-19 crisis. The tender was allowed by the New York Public Service Commission (PSC) and was expected to be issued in July 2020. The NYSERDA now plans to issue it in coordination with a US$200m solicitation to upgrade New York ports.
Read moreCameroon opens state-owned power TSO’s shareholding to private investors
4 May 2020The government of Cameroon has agreed to open the share capital of the National Electricity Transmission Company (Sonatrel), which is 100% state-owned, to private investors. Created in 2015, Sonatrel operates, maintains and develops the power transmission network and its interconnections with neighbouring grids.
Read moreGlobal 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 moreCompanies
OPG’s Atura Power acquires 3 CCGT power plants for US$2bn
4 May 2020Atura Power, a newly created subsidiary of the Canadian energy group Ontario Power Generation (OPG), has completed the acquisition of a portfolio of three CCGT power plants in Ontario (Canada) from TC Energy for CAD2.8bn (US$2bn). It includes 100% of Napanee Generating Station (900 MW), 100% of Halton Hills Generating Station (683 MW) and the remaining 50% stake in Toronto’s Portlands Energy Centre (50% of 550 MW).
Read moreTAQA shareholders approves merger with ADPower (UAE)
4 May 2020Shareholders of the Abu Dhabi National Energy Company (TAQA) have approved Abu Dhabi Power Corporation (ADPower)’s proposal to transfer most of its power generation, transmission and distribution assets to TAQA, in exchange for new shares in TAQA. When the transaction closes in the third quarter of 2020, ADPower will own 98.60% of the entire issued share capital of TAQA. Both TAQA and ADPower are owned by ADQ, one of the largest government-owned holding companies in the region.
Read moreGazprom (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 moreEnergy & Climate Markets
Norway will cut its crude oil production as of June 2020
4 May 2020Norway has decided to reduce its crude oil production by 250,000 bbl/d in June 2020 and by 134,000 bbl/d in the second half of 2020. In addition, the country will postpone to 2021 the production start-up of several fields, which would have produced 166,000 bbl/d in December 2020. Consequently, oil production is expected be 300,000 bbl/d lower than originally planned in December 2020.
Read moreEntergy shuts down 1 GW Indian Point-2 nuclear reactor (US)
4 May 2020The US power group Entergy has permanently shut down the second unit of its Indian Point nuclear power plant in the state of New York (United States), in line with an agreement reached in early 2017 with the state of New York and the environmental group Riverkeeper.
Read moreInfrastructure & Investments
714 MW East Anglia ONE offshore wind project nears completion (UK)
4 May 2020Iberdrola’s affiliate ScottishPower Renewables and Macquarie’s Green Investment Group (GIG) have completed the installation of turbines at the 714 MW East Anglia ONE offshore wind project in the United Kingdom. The £2.5 bn (€2.8bn) wind park is expected to be commissioned in 2020.
In August 2019, ScottishPower Renewables sold 40% of the East Anglia One project to GIG; according to the transaction terms, ScottishPower Renewables will receive £1.9bn (€2.2bn) once the park is completed. The project produced its first power and was connected to the power grid in September 2019.
Read moreIndian Railways open tender for 1 GW of solar power projects (India)
4 May 2020Indian Railways, through its Railway Energy Management Company Limited (REML) joint venture with RITES, has launched a tender for developing 1 GW of ground-mounted solar PV projects on the company’s vacant land in India. The proposed projects can be developed on single sites or divided into various locations within a state, provided they have a minimum capacity of 5 MW. Projects up to 50 MW can be connected to the power grid operated by states’ utilities, while projects rated 50 MW and more will be required to connect to the national power grid.
Read more
No Comment