Latest Energy News
Policy & Regulatory
European lawmakers propose tougher climate law
12 May 2020The European Parliament has proposed a motion which would make mandatory for each individual EU member state to reach carbon neutrality by 2050 and to achieve net greenhouse gas (GHG) removals after this date. In addition, EU lawmakers proposed to tighten EU’s 2030 climate target, with an objective of a 65% cut in GHG emissions from 1990 levels. The text needs to be approved by lawmakers and member states to take effect.
Read moreSouth Korea aims to replace coal-fired power with renewables and gas
12 May 2020South Korea has unveiled a long-term energy plan (basic energy policy for the years 2020-2034) shifting from thermal and nuclear power generation to renewable energies.
Read moreEuropean Commission unveils a new renewables projects funding scheme
11 May 2020The European Commission has launched a public consultation on draft rules to create a new EU financing mechanism to support renewable energy projects. The scheme would allow contributing EU member states to pay voluntary financial contributions into the scheme, which will be employed to tender support for new renewable projects in all EU member states willing to host such projects.
Read moreEU and Swiss ETS linking postponed to September 2020
11 May 2020The European Commission and Switzerland have decided to postpone the launch of a provisional solution for the transfer of carbon emission allowances between the EU Emission Trading Scheme (ETS) and the Swiss ETS for a few months, due to the COVID-19 pandemic. The linking was initially expected in May 2020 but will now be operational in September 2020.
Read moreCompanies
Enbridge sells a stake in 3 French offshore wind projects to CPPIB
12 May 2020Enbrigde has agreed to sell 49% of its stake in the Éolien Maritime France (EMF) offshore wind development consortium to the Canada Pension Plan Investment Board (CPPIB). CPPIB will reimburse Enbridge 49% to of all development capital invested so far, exceeding CAD100m (€71m), and will contribute its pro-rata share to all upcoming investments. After the closure of the transaction, which is expected by the end of 2020, EDF Renewables will hold 50% of EMF, followed by Enbridge (25.5%) and CPPIB (24.5%).
Read moreChina’s Silk Road Fund closes acquistion of a 49% stake in ACWA Power RenewCo
12 May 2020The Silk Road Fund (China) has completed the acquisition of a 49% stake in ACWA Power Renewable Energy Holding (ACWA Power RenewCo), the renewable arm of the Saudi Arabian power generator ACWA Power. The two parties signed an agreement in June 2019.
Read moreEnergy & Climate Markets
Saudi Arabia and Kuwait will further cut their oil production in June 2020
12 May 2020Saudi Arabia and Kuwait have committed to further reduce their crude oil production in June 2020, on top of the reduction already agreed with the OPEC+ in April 2020. Saudi Arabia, which had to cut its output by 23% from a baseline level of 11 mb/d to nearly 8.5 mb/d in May-June 2020, will reduce its production by another 1 mb/d and should produce up to 7.5 mb/d in June 2020. Kuwait has also decided to reduce its crude oil production by another 80,000 bbl/d in June 2020. Under the April 2020 agreement Kuwait agreed to reduce its output by 646,000 bbl/d, from 2.9 mb/d to 2.25 mb/d.
Read moreForecasts
India targets 16% increase in coal production in 2020-2021 to 700 Mt
12 May 2020The Secretary of Coal of India has confirmed that India’s coal production would rise to 700 Mt in the current fiscal year (April 2020-March 2021), corresponding to a 16% annual increase, despite the abundance of fuel stock (75 Mt at Coal India Ltd’s mines and nearly 45 Mt of stocks at power plants) and reduced demand from the power sector.
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Infrastructure & Investments
Colombia plans an US$4bn Caribbean LNG project
12 May 2020Panama-based investment firm Generación e Interconexión Eléctrica del Pacifico plans to develop a COP15,720bn (US$4bn) gas-to-power hub near San Onofre in the Sucre region in northern Colombia, which would comprise an LNG import terminal and a power complex, with several units of at least 100 MW. The project developer has filed preliminary documents with Colombian environmental licensing authority ANLA.
Read moreSouth Africa is developing a roadmap for a 2.5 GW nuclear project
12 May 2020The Ministry of Mineral Resources and Energy of South Africa plans to start developing the 2,500 MW Nuclear New Build Programme (NNBP) soon, a roadmap for developing a new 2.5 GW nuclear power plant.
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