Turkey Unveils 2040 Energy Policy Powered by Electrification
Turkey's Energy Minister Alparslan Bayraktar unveiled the country's 2040 national energy policy on Thursday, which requires $500 billion in energy investments by 2040, including more than $330 billion for electrification goals.Policy built on supply security, emissions reduction.Wind and solar power installed capacity target set at 175 GW by 2040.Plan projects installed power capacity will rise to 281 GW from current 123 GW…
Guinea talks alumina and energy investments with Glencore following bauxite deals, says minister
Guinea's mines minister revealed that the country is in discussions with Glencore about investment opportunities beyond last week’s bauxite deal. The goal of this discussion is to diversify Guinea’s funding sources and expand its export markets outside China. Last week, Guinea's Nimba Mining, a state-owned company, and diversified miner Glencore, a trader and diversified mining firm, signed a pre-financing agreement and an offtake agreement for bauxite worth more than $300m.
Nigeria Looks to Double Energy Investment Within Five Years
Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said on Thursday, as nations seek partners they can "trust" after supply disruptions from the wars in Iran and Ukraine.Speaking during a visit to Abuja, Birol told Reuters that Nigeria's admission as an associate member of the Paris-based energy watchdog would help attract investment…
EDP chief: EU governments not Brussels slowing down renewable energy investments
The?CEO? of Portuguese energy group EDP stated on Thursday that European Union member countries are not implementing the necessary?permitting?reforms to get renewable power projects built, despite European Commission efforts. Many countries have not yet fully implemented the measures?the EU adopted following Russia's invasion of Ukraine in 2022 to simplify permits for renewable projects, said CEO Miguel Stilwell d'Andrade. "The problem isn't Europe.
Aditya Birla Renewables, an Indian company, will purchase Sprng Energy (formerly Shell)
The companies announced on Monday that Grasim 'Industries' renewables division will purchase Sprng Energy, a British oil'major', from Shell for $1.8 billion including 'debt'. This is one of India's biggest clean energy acquisitions. Grasim, India's flagship company, Aditya Birla Group said that the acquisition would add 5 gigawatts of capacity to Aditya Birla Renewables. The group's renewables portfolio now totals 9.3 GW. This makes it one of largest players in the country's clean energy sector.
Bolivia: Petrobras could return to oil production and help YPFB restructure
Energy Minister Marcelo Blanco announced on Thursday that Bolivia would begin technical discussions next week with Brazil’s state-owned oil?firm Petrobras about its possible return to exploration?and production in the country. The company is also willing help restructure the state?energy?firm YPFB. After years of falling gas production, the government of?President Rodrigo Paz wants to open Bolivia up to energy investments and to revive trade with important partners like Brazil.
Investors in renewable energy mobilize to bid on Brazil's battery auction but warn against risks
The government announced on Wednesday that major international investors in renewable energy are lined up to bid for the first battery auction. This will give the storage units the resources they need to buy power from Brazil's struggling renewable generators. In recent years, solar and wind energy projects have suffered losses of hundreds of millions of dollar because the excess power was not used. After two years of promises and much preparation by companies…
Irfaan Ali, President of Guyana, says that energy investments are not enough to meet demand
Irfaan Ali, Guyana’s President, said on Monday that the gap between supply and demand was widening, due to global energy systems being under strain. The Iran war is now in its third month, and it continues to push up oil and natural gas prices. Since the beginning of?the war, energy markets have been in turmoil. The conflict has damaged infrastructure throughout?the Middle East, and the resulting closure of the 'Strait of Hormuz - a major trade chokepoint - has led to a significant drop in prices.
Iran has been seen as focusing on renewable energy investments with a focus on security and not climate.
Executives at the CERAWeek Conference in Houston said that energy security concerns, which once limited investment into renewable energy, could now accelerate its growth more than climate change worries. This is because oil and gas supplies are facing a new wave of uncertainty due to the war against Iran. The U.S. and Israeli war against Iran has?removed a?million barrels of oil per day from the global markets…
Document threatening legal action by foreign investors against Vietnam for renewables
According to a document seen by the. Last year, the 'dispute' began when Vietnam cut subsidised electricity prices from solar and wind farms. It cited irregularities. Vietnam's energy industry is struggling with high prices and the risk of shortages due to the conflict in Iran. The chambers of commerce of the European Union, Britain and Japan in Vietnam, as well as South Korea, Thailand, and South Korea, sent a letter of joint concern to the government on Thursday.
Norway Wealth Fund seeks investment in battery storage as the market matures
Norway's sovereign fund announced on Wednesday that it hopes to make its initial investments in battery storage systems. This reflects the increasing importance of batteries for stabilising increasingly intermittent electricity markets. Since 2021, the $2.2 trillion sovereign fund, 'the largest in the world,' has invested in renewable energy infrastructure that is not listed, with a focus on offshore wind farms, as well as solar and wind assets located both onshore and off-shore.
India's BPCL seeks renewable energy investments abroad
Bharat Petrol Corp. (BPCL), a state-run refiner in India, is scouting for global opportunities. These include strategic investments, acquisitions, and?solar wind and hydropower. The refiner will continue to expand refineries and pursue renewable energy, but stresses that conventional fuels are still essential for meeting India's rapidly growing energy demand. You have to keep up with the growth. "It is not green or conventional, you must go together," Subhankar Sen (BPCL director of marketing) told?
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period…
Kyivstar, Ukraine's largest mobile network operator, purchases solar power plant for increased resilience
Kyivstar, Ukraine's mobile operator, announced on Tuesday that it has?acquired? solar power company Sunvin 11?as it steps up energy investments to keep its network running amid Russian attacks against the country's grid. Kyivstar is Ukraine's largest mobile operator, which offers digital?healthcare, entertainment and other services. It has added backup?capacity as well as alternative connectivity options in response to Russia's attacks on the?Ukrainian?energy infrastructure.
Italy awards solar power in the first "Not made in China" auction
In its first auction, Italy allocated more than 1.1 gigawatts to 88 solar projects that were built without any equipment made in China. The average price per megawatt-hour was 66.38 euro. According to the data of Italy's electricity service agency (GSE), this tariff is 17 percent higher than the average price in a renewable auction held earlier this year, which had no restrictions on equipment origin. The auction…
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful. He wants…
Industry head: Colombia will see a jump in renewable energy by 2025, thanks to new players.
Alexandra Hernandez (President of the Colombian Renewable Energy Association, SER Colombia) said that Colombia will end 2025 with 2,685 Megawatts (MW), up 49% compared to 1,800 MW by the end of 2024. This is due to new project commissions as well as some regulatory changes. In the past year, 27 large and medium-sized projects, mainly solar, were completed, as well as three wind projects, and one biomass facility, totaling $2.9 billion in investment.
Kurdish Prime Minister says Iraq's Khor Mor gas field will restart production in hours
Masrour barzani, the Iraqi Kurdish prime minister, said that the region of Kurdistan in Iraq had agreed to restart production at the Khor Mor field within hours, to restore electricity. This was announced on Saturday after the field suffered an attack. Khor Mor, the largest gas field in Kurdistan, supplies power to the region. Dana Gas, the joint field operator, announced on Thursday that a rocket struck a tank of gas late Wednesday night, causing a shutdown in production and widespread power outages.