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According to the International Renewable Energy Agency (IRENA), renewable energy sources (RES) could account for 86% of power generation in 2050. IRENA’s reference scenario foresees electricity to become the central energy carrier, reaching a 50% share of final energy consumption by 2050 (from the current 20%). Renewable power development should benefit from the fall in the Levelized Costs Of Electricity (LCOE), which should halve between 2010 (US$80/MWh) and 2050 (US$40/MWh) for wind power and divide 9-fold for solar, from US$347/MWh in 2010 to US$38/MWh in 2050. Solar PV deployments could accelerate from the current 109 GW/year to 360 GW/year in 2050, while wind capacity additions could surge from around 54 GW/year to 240 GW/year.

Conversely, fossil fuel consumption would decline: oil demand would be reduced to 22 mb/d (from current 95 mb/d), gas demand would reach 2,250 bcm/year (from around 3,750 bcm/year in 2018) and coal demand would collapse from around 5,360 Mtce/year in 2018 to 713 Mtce/year in 2050. The investment required to decarbonise the global energy system is estimated at US$15,000bn by 2050 (-40% than previous estimates due to decreasing renewable power generation costs).

The higher renewable power generation could cut CO2 emissions by 27% in 2030 (compared to the current level), by 48% in 2040 and by 71% in 2050, leading to a fall in CO2 emissions per capita, from 4.3 tCO2/cap in 2010 to 1..1 tCO2/cap in 2050.

The British Competition and Markets Authority (CMA) has approved RWE’s acquisition of a 16.7% minority stake in E.ON without any conditions, as part of a far-reaching transaction announced in early 2018. In March 2018, E.ON and RWE reached an agreement, according to which E.ON will acquire the 76.8 % stake in innogy held by RWE.

Brazilian oil and gas company Petrobras has issued a new set of rules to attract investors for the acquisition of its subsidiary Liquigás Distribuidora (an LPG bottling, distribution and sale subsidiary). Among the mains changes, Petrobras has reduced the minimum required revenue of potential bidders.

The Brazilian Electricity Regulatory Agency (ANEEL) has recently announced the framework for the next renewable power generation auction (A-4, auction nº 03/2019), that will take place in late June 2019 and will contract power generation from new renewable power plants (hydropower, wind, solar PV and thermal biomass) as of January 2023.

China expects to increase its coal production by 100 Mt in 2019 from the 3.5 Gt produced in 2018. Despite China’s commitment to cut excess produciton capacity, production will be boosted by the 194 Mt/year of new coal mining capacity approved in 2018 and by the 29.5 Mt/year new coal mining capacity to be added in 2019.

According to the China Electricity Council (CEC), China’s installed capacity should reach around 2,000 GW at the end of 2019, representing a total increase of more than 100 GW compared to 2018 (1,900 GW). Most of the capacity increase – around 62 GW – will come from non-fossil fuel capacities. Coal consumption for power generation is expected to increase by 80 Mt in 2019. …

Oil and gas company BP has awarded KBR the pre-FEED services contract for the development of Phases 2 and 3 of the Greater Tortue Ahmeyim gas project located at the maritime border of Senegal and Mauritania.

Indian coal mining group Adani has received Commonwealth approval from the federal government of Australia to start building its 25 Mt/year Carmichael coal mine project in Queensland.