Latest Energy News
Policy & Regulatory
Germany will spend €11bn to lower EEG renewable surcharge in 2021-2022
8 Jun 2020Under a two-year €130bn stimulus package, the German government coalition plans to lower levies on power prices for households and small businesses and to invest in hydrogen technologies.
Read moreNew 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 moreCompanies
Total buys a 51% stake in 1,140 MW Seagreen 1 offshore wind project (UK)
8 Jun 2020Total has reached an agreement with SSE Renewables to buy a 51%% stake in the 1,140 MW Seagreen 1 offshore wind project, located off the coast of Fife in Scotland (United Kingdom) for an upfront payment at closing of £70m (€79m) and earn-outs up to £60m (€67m). The transaction with Total also includes a potential extension of up to 360 MW. The transaction is expected to be completed by July 2020.
Read moreRussia’s Lukoil may reduce its 2020 capital expenditures by 18%
8 Jun 2020The Russian oil group Lukoil plans to cut its 2020 investment plans from RUB550bn (US$8bn) to RUB450-500bn (US$6.6-7.3bn) due to the fall in oil prices. In addition, the company will halve its natural gas production in Uzbekistan from 14 bcm in 2019 to 7 bcm in 2020, as Chinese gas demand is slowing. Uzbekistan produced almost 60 bcm of natural gas in 2019.
Read moreSouth Africa power utility Eskom delays its unbundling after 2022
8 Jun 2020According to Eskom’s CEO, the South African state-owned power utility will not meet the unbundling timetable due to legal processes. As presented in November 2019, the company was expected to be split into three separate companies dedicated to power generation, transmission and distribution by the end of 2022. The 3 companies would remain under a state-owned holding company but Eskom would abandon its near-monopoly and face increased competition from independent power producers (IPPs) with lower power generation costs.
Read moreIberdrola 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 & Climate Markets
OPEC+ extends crude oil production cuts until the end of July 2020
8 Jun 2020The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC allies led by Russia – the so-called OPEC+ – have decided to extend oil production cuts until the end of July 2020. In addition, according to the terms of the deal, countries which exceeded production quotas in May and June 2020, such as Iraq and Nigeria, must implement extra reductions over the July-September 2020 period.
Read moreEnergy Prices & Taxes
Nigeria institutes a market-based pricing regime for petroleum products
8 Jun 2020The Petroleum Products Pricing Regulatory Agency (PPPRA), which regulates the Nigerian downstream sector, has removed the cap on fuel prices, instituting a “market-based pricing regime” for petroleum products. The agency will continue to monitor trends in the oil market and advise the Nigerian National Petroleum Corporation (NNPC) and marketers on guiding price for fuel. The new rules give marketers the freedom to set the price of the fuel and sell above the price given by the agency.
Read moreInfrastructure & Investments
Indian Railways intends to install 3 GW of solar capacity by 2022-23
8 Jun 2020Indian Railways has mandated its 51% subsidiary Railway Energy Management Company Limited (REMCL) to tender, install and manage 3 GW of solar power on the company’s vacant land in India. The project will be divided into 3 phases of 1 GW each. The first and the third phase of 1 GW each will be on PPP basis under design, build, finance, operate and transfer model. The second phase of the project (1 GW) will be on the ownership model of REMCL. Construction is expected to be completed by 2022-2023.
Read moreDarlington-2 nuclear reactor reconnected to Ontario’s power grid (Canada)
8 Jun 2020The Canadian power group Ontario Power Generation (OPG) has completed the refurbishment of the second reactor (878 MW) of the Darlington nuclear power plant in Bowmanville, Ontario (Canada), and has reconnected it to the power grid.
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