Latest Energy News
Policy & Regulatory
New UK CO2 trading scheme imposes stricter cap on emissions than EU ETS
5 Jun 2020The United Kingdom’s government has unveiled its own Emissions Trading System (ETS) to replace the EU’s scheme for trading carbon emissions (EU ETS). With the end of the Brexit transition period, the country will leave the EU ETS at the end of December 2020. The new system, which will help to achieve UK’s target for net-zero carbon emissions by 2050, will have a fixed auction reserve at £15/tCO2 (€16.7/tCO2) and comprises a cost-containment mechanism to prevent price spikes.
Read moreChina targets a 10.8% stake of renewables in the power mix in 2020
4 Jun 2020China plans to increase the share of renewables (including hydro) in the power mix to 28.2% in 2020. The share of renewables (excluding hydro) is expected to reach 10.8%. Ten provinces and regions must produce at least 30% of power from renewable sources, while 9 provinces and regions target more than 15% of power generation from non-hydro sources. Regional power grid operators have been requested to allocate power capacity according to the targets.
Read moreItaly awards 425 MW of renewable capacity in 500 MW tender
4 Jun 2020The Italian energy agency Gestore dei Servizi Energetici (GSE) has published the results of its latest 500 MW renewable auction, in which its selected 18 wind projects with a cumulated capacity of 406 MW and 4 solar projects with a combined capacity of 19 MW. The auction was open to projects with capacity higher than 1 MW and located in urban or industrial areas.
Read moreCompanies
Iberdrola plans to develop offshore wind capacity in France and Poland
5 Jun 2020Iberdrola has announced plans to develop new offshore wind capacities in Europe. The Spanish group has pledged to invest €3-4bn over 2020-2024 in France to expand renewable energy projects. In March 2020, Iberdrola received the approval from the French Ministry of the Economy to acquire the 30% held by Avel Vor in the Ailes Marines consortium, which will develop, build and operate the 496 MW Saint-Brieuc offshore wind project off Brittany in France. With this acquisition, Iberdrola’s stake in the €2.4bn project will rise from 70% to 100%.
Read moreEnergy Prices & Taxes
Venezuela increases fuel prices, partly ends subsidies
5 Jun 2020The Venezuelan government has started applying a new fuel price scheme, partly ending subsidies. Prices will range from VES5,000/l (US$2.5c/l) for subsidised fuel sold in a network of 1,368 service stations (in the limit of 120 l for private vehicles and 60 l for motorcycles) to VES10,000/l (US$50c/l) for fuel sold in 200 private service stations authorised to operate in foreign currency (without any quantity ceiling). As fuel was previously sold at VES0.00006/l, the new policy represents an increase of up to 50,000,000,000%.
Read moreInfrastructure & Investments
Vattenfall takes FID on 1.5 GW Hollandse Kust Zuid project (Netherlands)
5 Jun 2020Vattenfall has taken final investment decision (FID) for the 1.5 GW Hollandse Kust Zuid 1-4 offshore wind project in the Netherlands. The Swedish energy group was awarded permits for the construction of Hollandse Kust Zuid after winning two subsidy-free tender rounds in 2018 and 2019. The wind plant will consist of 140 turbines of 11 MW supplied by Siemens Gamesa Renewable Energy (SGRE). Construction is scheduled to start in 2021, while commissioning is expected in 2023. The project will be connected to two offshore substations operated by Dutch TSO TenneT.
Read moreChina’s State Grid completes an 800 kV power transmission project
5 Jun 2020The Chinese power transmission network operator State Grid Corporation of China (SGCC) has completed the construction of an 800 kV ultra-high voltage direct current (UHVDC) power line worth CNY22.6bn (US$3.2bn) linking Qinghai to Henan in central China. The 1,587-km long transmission line is expected to enter full operation in December 2020 and is designed to transport 40 TWh/year of electricity.
Read moreMozambique anticipates a FID on Rovuma LNG project in 2021
5 Jun 2020Mozambique’s oil and gas regulator (National Petroleum Institute) expects ExxonMobil to take a final investment decision (FID) on the US$30bn Rovuma LNG project in the northern province of Cabo Delgado in 2021. The FID was originally planned in 2020 with production starting in 2023, but ExxonMobil postponed the decision in a context of coronavirus outbreak and falling oil prices.
Read moreGemcorp plans to take FID on 60 kb/d Cabinda refinery project in June 2020 (Angola)
5 Jun 2020Gemcorp Capital plans to make a final investment decision (FID) on its 60,000 bbl/d Cabinda refinery project in Malembo, in the Cabinda Province of Angola, in June 2020. The British investment firm has completed site preparation and front-end engineering and design for the refinery and received a licence in May 2020, investing US$30m in the first phase of the project.
Read moreGoldwind’s 530 MW wind project start producing power (Australia)
5 Jun 2020The 530 MW Stockyard Hill wind project in western Victoria (Australia) has started to send first power to the Australian power grid. Full commissioning is expected by the end of 2020. The plant is owned by Chinese wind turbine manufacturer Goldwind (51%) and Qatar-based Nebras Power (49%).
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