UK announces plans to reform subsidy schemes in order to accelerate green energy projects
The British Government on Friday announced plans to reform its flagship Contracts for Difference scheme (CfD), which will remove planning obstacles and accelerate green energy projects in particular offshore wind farms. The Department for Energy Security and Net Zero, (DESNZ), has announced that it will relax eligibility criteria for planning consent for offshore fixed-bottom wind and extend the CfD contract beyond its current 15 year term.
On Monday, expect a higher German wind output
German and French power prices were not traded on Friday for the Monday. German wind power is expected to increase against a decline in average demand across the region. LSEG data shows that the German and French baseload power prices for Monday were not traded by 0934 GMT. LSEG data indicated that the German wind output is expected to increase by 4.7 gigawatts to 27.1 GW while French output is projected to drop by 1.4 GW at 9.3 GW.
South Korea plans to build two large nuclear reactors and increase the use of renewable energy in its energy mix
The South Korean industry ministry announced that the country finalised a new plan for its energy mix on Friday. It envisages building two large nuclear power plants as well as one small reactor, by the year 2038. In a statement, the ministry stated that it also aims to ensure renewable energy of an average 7 gigawatts per year. South Korea's nuclear power production is expected to increase from 180.5 Terawatt-hours (TWh), in 2023, to 248.3 in 2038.
EU wants more US gas and renewable energy to replace Russian supplies
The EU energy commissioner said that the EU will look to other countries, including the U.S., to supply more gas to replace Russian supplies and to expand renewable energy to reduce its reliance on fuel. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027. Despite a decline in Russian pipeline gas supplies, the EU increased imports of Russian natural gas liquefied last year.
FERC wants more guidance on colocated data centers
The U.S. Energy regulators directed the largest grid operator in the country to clarify how it deals with co-location. This arrangement is becoming increasingly popular for AI data centers, allowing them to be connected directly to power plants. Co-location is a faster way to get large amounts of energy, rather than spending years waiting in line to connect to the grid. Federal…
Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales Gas Vision" that will provide gas to produce fertilizers via a pipeline worth $1 billion completed last year.
Prices drop due to falling demand and temperature increases
The European power price fell on Wednesday, as the consumption is expected to drop sharply due to rising temperatures. LSEG's analysis showed that German exports of power were down, while the availability of thermal power stations was not significantly different. LSEG data shows that the French baseload electricity for Thursday was 101 euros ($105.38 per megawatt-hour (MWh) at 0945 GMT. This is a 15.8% decline. The German base rate for the day-ahead was 103.3 euros.
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp.
Researchers find that China's clean-energy investments are on par with global fossil fuel investments.
According to a recent analysis by the U.K.-based Carbon Brief, China will invest 6.8 trillion yuan (about $940 billion) in clean energies in 2024. This is close to the global investment of $1.12 trillion made in fossil fuels. This was despite the fact that growth in China's investments in clean energy slowed to 7% in 2023 from 40% due to overcapacity. Over half of this investment was from China's rapidly growing electric vehicle, solar and battery industries.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay more money for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results.
German wind volume to rise - a warning
The European spot price for Wednesday dropped on Tuesday, as German wind production volumes are expected to double. France is also set for a significant fall in consumption. The LSEG analyst Naser Hahemi wrote that "residual loads are down in Germany due to the increase in wind energy production." This is an indicator which shows how much conventional power plants can supply after variable renewable volumes have been fed into grids.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay a premium for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results.
Japan adopts new policies on energy, climate and industry through 2040
The Japanese government approved new targets on Tuesday to reduce the country's emissions of greenhouse gases through 2040. It also approved a revised energy policy and updated industrial policies for the same time period. The measures are aimed at enhancing long-term stability of policy for businesses. They focus on decarbonisation and ensuring stable energy supplies, as well as strengthening industrial capacities to drive economic growth.
Spot prices drop on increasing wind power supply
European spot prices fell on Monday for Tuesday, as a rise in wind power production across the region is expected to exceed demand increases. LSEG data shows that the German day-ahead electricity price was 135.75 Euros ($142.29 per megawatt hour (MWh), down 9.5% on Friday's prices for Monday. LSEG data shows that the French baseload electricity price for Tuesday is 129.50 Euros/MWh. This is a 5.8% decrease from Friday's price for Monday's delivery.
Enel extends its geothermal licenses in Tuscany, Italy to 2046
Three sources confirmed on Friday that the Italian region Tuscany will extend Enel’s geothermal energy licenses by 20 more years, until 2046, in exchange for investments of nearly 3 billion euro ($3.15 billion), they said. Sources claim that the decision could be made as soon as Monday. Enel declined comment. The geothermal system generates heat within the crust of the Earth. This renewable energy is mainly used for industrial processes…
IEA: Global electricity demand will grow by 4% until 2027
The IEA released a report Friday that predicted the global electricity demand to increase by 4% – or more than Japan's total annual consumption – each year until 2027. However, the expansion of energy sources with low emissions should help counteract this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate.
IEA: Global electricity demand will grow by 4% until 2027
The IEA reported on Friday that the global electricity demand will grow more than Japan's total annual consumption through 2027. However, the expansion of energy sources with low emissions should help to offset this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate.
DeepSeek fears subside, US power companies spend more on data centers
U.S. Electric utilities are increasing their spending plans by tens and even hundreds of millions of dollars in order to upgrade the grid and build new power sources as artificial intelligence data centers and cloud computing drives up energy consumption. PPL Corp announced on its earnings call that it will increase capital investment by almost 40%, to $20 billion. Dominion which is the largest provider of data centers in Northern Virginia and Exelon…
DTE Energy's capital expenditure plan is increased, but the fourth-quarter profits are lower due to lower rates
DTE Energy increased its five-year plan for capital expenditures by $5 billion, on Thursday. The utility had posted a decline in the fourth quarter profit due to lower electricity prices. U.S. utilities are increasing their capital expenditure plans in order to upgrade the electric grid and lines to meet the needs of power-hungry industries. DTE announced that it will spend $30 billion in its five-year plan to improve grid stability and transition to cleaner energy.
AEP considers a $10 billion increase in its five-year capital expenditure plan to meet data center demand
American Electric Power said on Thursday that it would consider adding $10 billion to the $54 billion capital plan, which is a record. The demand for data centres in the Midwest and Southern service areas of this U.S. utility has increased. The U.S. Power Companies have raised their capital investment and load forecasts as the technology industry invests billions in expanding energy-hungry cloud computing and artificial intelligence data centers.
