Terna, Italy's grid operator, will invest 23 billion Euros over 10 years
Terna, the state-owned power grid operator in Italy, announced on Friday that it will invest over 25 billion euros (23 billion euros) in network upgrades within the next 10 year to support the energy transition of the country. The group announced that it would increase by 10% its funds for the development of the country's power network between 2025-2034. Last year, the group had pledged to invest 16.5 billion euro through 2028. She said that the goal of the group was to "ensure the country has an efficient, reliable and sustainable system".
Berlin is urged to act quickly by corporate bosses on the weak economy
German business leaders called for Berlin to quickly form a new Government on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs and red tape, as well as increased competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats. This eased concerns about a potentially more fractured three-way system and prompted the corporate call to the parties to act quickly.
Berlin must act quickly to fix the economy
German business leaders called for Berlin to form a new cabinet quickly on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs, bureaucracy and increasing competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats. This eased concerns about a potentially more fractured three-way system and prompted the corporate call to the parties to act quickly.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "We do not need to discuss the issues anymore, they are already well-known. We need action now." We must act now because the rest of world isn't waiting. And the pressure on Germany to be competitive is immense. "Germany needs to quickly regain its competiveness." Energy policy is crucial.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants, strengthen wind energy and modernize electricity grids, as well as ensure a reliable supply of raw materials. "Germany needs a government who is willing and able to act quickly.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants, strengthen wind energy and modernize electricity grids, as well as ensure a reliable supply of raw materials. "Germany needs a government who is willing and able to act quickly.
EnBW chief urges for speed in new German power plant plans
The head of the major utility EnBW told an industry event in Berlin on Monday that the next German government should quickly pick up the stalled law draft on the development and expansion of gas-powered power generation. EnBW, Uniper, and STEAG are among the companies that want to build new power plants. The now-dissolved coalition government dropped a bill last year for the construction and upgrade of 12,5 gigawatts of gas power plants, as it couldn't reach agreement with industry and within the coalition on the details.
COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks about a deal that would provide hundreds of millions of dollars per year to help poorer states cope with climate changes. The…
US Gulf of Maine Offshore Wind Auction draws only $22 Million in Bids
The U.S. Bureau of Ocean Energy Management announced on Tuesday that the offshore wind development rights offered in the Gulf of Maine attracted bids of $21.9 million for the first half of eight areas. Avangrid, a developer of offshore wind power, and Invenergy both walked away from the auction with two leases each. The 14 companies qualified to bid were Avangrid and Invenergy. BOEM estimates that once developed, these lease areas could power over 2.3 million homes.
Iberdrola profits jump 50% after focusing on the U.S. and Britain
Iberdrola, Europe's biggest utility, announced on Wednesday that it had increased its net profit by 50% for the first nine-month period of the year. This is a good sign as this shows the company's focus on Britain and America has paid off. This is part a larger shift towards building and upgrading electricity grids. A more selective approach to renewables will be taken, with a preference given to offshore wind projects. The spanish company reported a net profit of 5.47 billion euro ($5.91 billion) for the period.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants. The report also stated that the rapid expansion of the economy would pose a challenge to energy security and climate change goals.
EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach
The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting. New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report. At the COP 28 Climate Summit in Dubai, almost 200 countries agreed to achieve net zero emissions by the energy sector before 2050.
The rising renewable generation has an impact on spot prices
The European spot electricity prices dropped on Monday, as German wind and Solar power supplies are expected to increase on Tuesday. By 0938 GMT on Tuesday, the German baseload electricity price was 86.75 Euros per megawatt-hour (MWh), down 16.2% compared to Friday's price for Monday delivery. LSEG data revealed that the equivalent French contract was 24.50 Euros/MWh. On Friday, the Monday price was not traded. LSEG data indicated that the German wind output is expected to increase by 2.2 gigawatts to 17.6 GW on Tuesday…
Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe…
North Sea Countries to Boost Offshore Wind
Energy Ministers from North Seas countries met yesterday (December 04) in Brussels and agreed their 2020 Work Program on offshore wind deployment as a means of reaching climate neutrality by 2050.The 10 North Seas Energy Cooperation countries – Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden and the UK – agreed at their Ministerial meeting in Esbjerg in June 2019 to broaden the scope of their cooperation. Their 2020 Work Program now elaborates what they intend to do together on maritime spatial planning…
EU Targets 450 GW Offshore Wind by 2050
The EU Commission’s big goals for offshore wind – between 230 and 450 GW by 2050 – are achievable provided the right investments in electricity grids and Governments take the right approach to maritime spatial planning, said a report.According to the WindEurope report examines where 450 GW of offshore wind could be deployed most cost-effectively around Europe, bearing in mind there is only 20 GW today. 450 GW of offshore wind is part of a European Commission…
COBRA Cable Readies for Action
The 700MW COBRAcable interconnector linking the Dutch and the Danish grid will be available for the electricity market as of delivery day, 7 September, Dutch high-voltage grid operator TenneT said."After three years of construction, including the laying of the submarine cables as well as the construction of two onshore converter stations, and a successful test phase earlier this year, COBRAcable will be available for the electricity market as of the delivery day of 7 September…
MAN ES Invests in Hydrogen
MAN Energy Solutions is acquiring 40 percent of the shares of the electrolysis technology company H-TEC SYSTEMS. A contract confirming the partial acquisition was signed in Augsburg by Dr. Uwe Lauber, CEO of MAN Energy Solutions, and Ove Petersen and Heinrich Gärtner, executive managers of the GP JOULE Group. The contract also makes provisions for a majority or complete takeover of H-TEC SYSTEMS at a later date. The company will continue to be independently represented on the market with no change in the level of commitment to its customers.
Poland and Lithuania Agree to Build Undersea Power Cable
Polish and Lithuanian power grid operators said on Friday they had agreed to build a high voltage direct current (HVDC) underwater cable by 2025 as part of a plan to connect the electricity grids of the Baltic states with those of the European Union.Poland's PSE and Lithuania's Litgrid said they signed an initial cooperation agreement regarding what they called a "Harmony Link", with an investment decision expected in 2020.EU Climate Commissioner Arias Canete was quoted in a statement as saying the cross-border project was a clear sign of how political and professional
Chile Eyes Further Energy Exports to Argentina
Chile is looking at boosting energy exports to Argentina and connecting with electricity grids in neighboring countries, as it seeks to capitalize on friendly relations to drive down prices, the energy minister said Thursday. Chile, which has almost no hydrocarbons of its own and an energy-intensive copper mining industry, has struggled for years with high power prices. But a shift towards renewables and warming relations with neighboring countries is starting to take some of the pressure off.
