AEP considers additional asset sales to fund capital expenditure plan boost
American Electric Power executives announced on Wednesday that they are considering asset sales in order to fund their five-year capital expenditure plan of $54 billion, a 25% increase from the previous plan. AEP also considers cutting layers of management as well as various equity strategies in order to reduce costs and raise funds to fund its build out plan, which includes $10 Billion in transmission construction for new power demands from data centers and large customers. Bill Furman, CEO of AEP…
Egypt to bid for LNG cargoes up to 20 to meet Q1 2025 Demand
Three trading sources said on Monday that Egypt will issue an tender to procure up to 20 LNG cargoes to meet the demand in the first quarter 2025. The largest Arab country, which has the most people in it, is now a net gas importer. It has bought more than 50 cargoes this year. Plans to be a reliable gas supplier to Europe have been abandoned. Sources said that the Egyptian General Petroleum Corporation is expected to announce the tender for the purchase of between 15 and twenty cargoes LNG.
EIA: US power consumption will reach new highs by 2024 and 25.
The U.S. Energy Information Administration's (EIA's) Short Term Energy Outlook, released on Tuesday, predicted that the U.S. electricity consumption would reach record levels in 2024-2025. EIA projects that the demand for electricity will increase to 4,093 kilowatt hours (kWh) by 2024, and 4,163 kWh by 2025. This compares to 4,000 billion kWh by 2023, and a record setting 4,067 trillion kWh by 2022. EIA predicted that by 2024, the number of power sales for residential customers would increase to 1…
Scatec secures power sale deal for Egypt's hybrid solar and battery project
Scatec, a Norwegian renewable energy developer, announced on Thursday that it had signed a power purchase agreement with Egyptian Electricity Transmission Company for 25 years. The project is Egypt's first hybrid power system combining solar and battery storage. Scatec announced that it had signed a 25-year PPA in U.S. dollars with EETC to build a solar power plant of 1 gigawatt and a battery storage system (BESS) of 100 megawatts. The company has not disclosed the value of the contract.
EIA: US power consumption expected to hit record levels in 2024 and 25
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook, published on Tuesday, said that the U.S. electricity consumption will reach new records by 2024 and 2025. The EIA projects that power consumption will increase to 4,101 billion Kilowatt Hours (kWh) by 2024, and 4,185 billion in 2025, due to the growing demand for power from data centers, manufacturing, and electrification in transportation and buildings. This compares to 4,000 billion kWh by 2023, and a record setting 4,067 trillion kWh by 2022.
EIA: US power consumption will reach new highs by 2024 and 25.
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook, released on Tuesday, predicted that the U.S. electricity consumption would reach record levels in 2024-2025. EIA projects that the demand for electricity will increase to 4,101 billion Kilowatt Hours (kWh) by 2024, and 4,185 billion in 2025. This compares to 4,000 billion kWh by 2023, and a record setting 4,067 trillion kWh by 2022. EIA predicted that by 2024, the number of residential customers would increase to 1,503 billions kWh, while commercial customers will see 1,413 billions kWh and industrial customers 1,039 billions kWh.
China releases guidelines on green energy trading
A notice posted on the website of China's state planner said that China had issued guidelines on medium- and long term green power trading. The notice called for a market based approach. According to the joint notice issued by National Development and Reform Commission and National Energy Administration, the rule lays down a pricing mechanism whereby the green power price will be determined based on the electricity price plus price of the green certificates. The green certificates issued by NEA are tradable and represent 1,000 kilowatt hours (kWh) each of renewable energy consumption.
China releases guidelines on green energy trading
A notice posted on the website of China's state planner said that China had issued guidelines on medium- and long term green power trading. The notice called for a market based approach. According to a notice jointly released by the National Development and Reform Commission and the National Energy Administration, the rule outlines a pricing mechanism whereby the green power price will be determined based on the electricity price plus a green certificate price. The report said that transactions should not have a price limit…
Vattenfall, BASF Partner on Nordlicht 1 and 2
Vattenfall and BASF are in advanced and exclusive discussions to partner on the Nordlicht 1 and 2 projects through a sale of 49 percent of the project shares to BASF. Both parties signed a Memorandum of Understanding to formally express their joint ambition. The Nordlicht wind park zone is located 85 km north of the island of Borkum in the German North Sea and consists of two separate sites: Nordlicht 1 with a capacity of 980 MW and Nordlicht 2 with 630 MW. Vattenfall develops and constructs the Nordlicht sites.
Boskalis, Bouygues, Saipem JV to Build Fécamp OWF GBS
A consortium of Bouygues, Saipem, and Boskalis has been awarded the contract for design, construction, and installation of 71 concrete Gravity-Based Structures (GBS) which will serve as foundations for the Fécamp offshore wind farm turbines in Normandy, France. The award was made by Eoliennes Offshore des Hautes Falaises (EOHF), following the launch of the $2,2 billion offshore wind project by EDF Renewables, Enbridge, and wpd on Tuesday.The contract carries a total value of EUR 552 million (USD 616 million).
Denmark, Vietnam Talk Offshore Wind Expansion
Denmark and Vietnam are working on finding ways to further boost Vietnam's offshore wind development, which according to the Danish Energy Agency, has a potential of 160 GW offshore wind. As part of the effort, the Danish Energy Agency and the Vietnamese Electricity and Renewable Energy Authority are preparing an Input to Roadmap report for offshore wind development in Vietnam. The Danish Energy Agency and Vietnamese authorities on Tuesday organized a webinar to discuss the most important governmental steps to move the expansion of offshore wind forward.
First Foundation Installed for Kriegers Flak Offshore Wind Farm
Following the arrival of Van Oord's Svanen heavy-lift vessel at the Kriegers Flak Offshore Wind Farm location offshore Denmark earlier this week, the first foundation has now been placed on the seabed, Vattenfall, the operator of what will be Denmark's largest offshore wind farm, said Friday."The foundation represents the first visual offshore part of the wind farm itself. It’s a milestone in the development of this great project and Vattenfall’s journey towards enabling fossil-free living”…
Enbridge Sells Stakes in French Offshore Wind Projects
Canadian energy infrastructure firm Enbridge has reached a deal to sell 49% of its 50% interest in three offshore wind projects under development in France to the Canada Pension Plan Investment Board (CPP Investments).The deal includes initial proceeds of over C$100 million (USD 71,1 million), and pro-rata contributions for development and construction, going forward.The company said Thursday it had on on May 1, 2020, executed agreements with CPP whereby 49% of Enbridge's 50% interest in…
Van Oord to Install Saint-Brieuc Wind Farm Foundations
Dutch offshore contractor Van Oord has won a contract for installation and transportation of components for the offshore wind farm development in the Bay of Saint-Brieuc, France.Under the contract awarded by the wind farm developer Ailes Marines - fully owned by Spain's Iberdrola - Van Oord will transport and install the 62 jacket foundations - steel lattice structure - and the foundation piles for the offshore substation for the wind farm.Van Oord said Wednesday it will start the offshore operations in 2021 with the installation of the pin piles using its offshore installation vessel Aeolus…
Belgium: Offshore Wind Farms Break Record
Offshore wind farms in the Belgium North Sea had a record winter when it comes to electricity production.According to the Belgian Offshore Platform, during the Nov 2019 – March 2020 winter period, offshore wind farms in Belgium produced 60% more electricity compared to the 2019 winter. This winter the wind farms produced 3.2 TWh, compared to 2 TWh in 2019.Due to rapidly advancing technology and new wind farm installations, winter production will also increase next year and will continue to make an increasingly significant contribution towards peak winter consumption.
Simec: Tidal Power Hits Record at MeyGen
The developer of renewable and sustainable energy projects, Simec Atlantis Energy, has hailed progress at its MeyGen project – announcing that its 2019 performance represents a record period of uninterrupted generation from a tidal turbine venture of its kind.The world’s largest operational tidal stream array has now exported 24.7GWh of predictable renewable electricity to the national gridIn 2019 alone, MeyGen exported over 13.8GWh of predictable renewable electricity, equivalent to the…
EDF Begins Construction on 450 MW OWF
French utility EDF Group announced that its subsidiary EDF Renewables has launched the construction of the Scottish Neart na Gaoithe (NnG) offshore wind farm project along with the new partners, the Irish electricity company Electricity Supply Board (ESB), which is taking a 50% stake in the project.The 450MW Neart na Gaoithe will consist of 54 turbines and will be located in the North Sea approximately 15 kilometers off the coast of Fife in south-east Scotland.When fully operational, the NnG offshore wind farm will generate the equivalent electricity to power over 375…
Siemens Gamesa Launches First 10MW Offshore Turbine
Spanish offshore industry player Siemens Gamesa Renewable Energy (SGRE) has unveiled a giant new 10+ MW wind turbine it claims will boost yields by 30 per cent, paving the way for a new generation of super-charged offshore wind farms.The turbine maker said in a press release that the new SG 10.0-193 DD is set to hit the market in 2022.Based on the experience of its previous generations, the newest wind turbine in the SGRE offshore product portfolio builds on proven technology for maximum energy yield at all wind speeds.
Vattenfall Okays 605MW Kriegers Flak offshore Wind Farm
Swedish state-owned power company Vattenfall has reached a final investment decision for the 605MW Kriegers Flak offshore wind farm in the Danish waters of the Baltic Sea.Vattenfall has made the final investment decisions for the offshore wind farm Kriegers Flak in Denmark. Further action for Vesterhav Syd & Nord is awaiting the result of the appeal process. The two projects amount to a total value of 1.7 billion euro (USD 1.95 bln)" said a statement from the Europe's generator of electricity and heat in Denmark…
Wind Beats Solar in Danish Green Energy Auction
Wind emerged as the most competitive power source in Denmark's first auction where wind and solar competed for state subsidies on equal footing to deliver power at the lowest price.Subsidies which have underpinned the growth of renewable energy are cooling as governments around the world opt for more competitive contract tenders, favoring project developers that submit the lowest bids.Denmark, which hopes to end green subsidies altogether before 2030, has adopted new rules under which wind…
