McKinsey: Fossil Fuels will dominate the global energy usage beyond 2050
According to a McKinsey study, oil, coal and gas will dominate the global energy mix long after 2050. This is because the demand for electricity continues to grow faster than the transition to renewables. The continued use of fossil fuels is a major obstacle to reaching global climate targets. The report states that the main reason for the increase in electricity demand is a 20-40% projected rise from the building and industry sectors by 2050. North American data centres are seen as the major contributors.
EDP accelerates solar and battery projects in Australia following government awards
The Portuguese utility EDP said that it expects to speed up its solar and storage battery projects in Australia, after receiving government awards for revenue generation over the long term. EDP Renewables Australia, a subsidiary of EDP, was awarded two generation revenue schemes through the government's Capacity Investment Scheme. These projects will add over 1.7 gigawatts to the energy mix in Australia by adding solar and battery storage.
Republic of Congo will soon pass a new gas code as it tries to attract investment
The oil minister of the Republic of Congo said that the new gas code is expected to be passed by the parliament this month. This will help the country attract more investments in the sector, which is at the core of its national agenda for development. The code establishes a legal framework to guide gas exploration, production, and development for the Central African nation, which hopes to double its oil production by 2020 to 500,000 barrels equivalent to oil.
India's Vedanta will keep coal as its base energy source despite clean energy push
Vedanta, an Indian mining and metals company, will continue to use coal as the primary source of energy for its mining operations. However, it aims to increase its share of renewable energy sources in its energy blend, according to a senior executive on Tuesday. Deshnee Niaidoo said that coal accounts for almost 70% of Vedanta’s energy mix in an interview at the FT Live Energy Transition Summit India. Naidoo stated that coal will be the main contributor to Vedanta's baseload.
Vedanta's top executive: coal will remain the base energy source for India's Vedanta
Vedanta, an Indian mining and metals company, will continue to use coal as the primary source of energy for its mining operations. However, it aims to increase its share of renewable energy sources in its energy blend. Deshnee Niaidoo said that coal accounts for almost 70% of Vedanta’s energy mix in an interview at the FT Live Energy Transition Summit India. Naidoo stated that coal will be the main contributor to Vedanta's baseload.
India offers large incentives for carbon capture as coal remains a major part of the energy mix
India is planning to launch a national initiative to capture carbon dioxide with significant government incentives as it tries to balance its rising energy demands with climate goals, while still relying heavily on coal. Rajnath Ram said that the initiative, which aims to promote carbon capture, utilisation, and storage (CCUS), could provide funding support ranging between 50% and 100% for selected projects. The CCUS technology captures CO2 at the point of emissions and stores it underground.
Adani will build India's largest privately-funded coal power plant within a decade
The group of Indian billionaire Gautam Adani will build and run a $3 billion coal fired power plant with a capacity of 2.4 gigawatts in Bihar, the company announced on Thursday. This is the largest coal plant built in India by private investment in over a decade. Adani Power announced that the first of the three units will be completed within four years and the last unit in five. After more than a decade, private investors are now returning to India's coal-based greenfield power projects.
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy.
Ember: Solar power tops EU energy mix for the first time in June
Data from the energy think tank Ember on Thursday showed that solar power became the largest source of electricity in the European Union for the first ever, surpassing wind and nuclear. Coal's contribution also fell to a record low. Solar power generated 22,1% of EU electricity in the last month. This is up from 18,9%% one year ago, thanks to record sunshine and ongoing solar installations that boosted output to 45,4 terawatt-hours (TWh). Nuclear was next at 21.8%, and wind made up 15.8%.
South Korea's Lee appoints Koo Yun Cheol as finance minister and makes other choices
His office announced on Sunday that South Korea's President Lee Jae Myung had appointed a former Vice Finance Minister, Koo Yun Cheol, as his new Finance Minister. Kang Hoon Sik, Lee's chief-of-staff, said that Koo was a well-known policy expert who has held various positions in the government. He is also an author of books about South Korea's growth and innovation, including a recent book on artificial intelligence. Kim Jung-kwan was named as the industry minister among other positions.
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program, launched by Biden during the period of the auction. BOEM, an Interior Department division, said that the administration planned to offer approximately 15…
HPCL invests $231 Million to build 24 compressed Biogas Plants in India
A company official revealed on Friday that the Indian state fuel retailer Hindustan Petroleum Corp Ltd. (HPCL) plans to invest around 20 billion rupees (about $231.04 million) over the next two or three years in order to build 24 compressed biogas plants (CBG). India, one of the largest emitters of greenhouse gases in the world, is looking at the use of organic materials to make cleaner fuels, as part of efforts to reduce emissions of carbon and reach its net-zero goal of 2070.
World Bank will end nuclear energy ban, but still debate upstream gas
Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects.
Polish utility Enea expects to increase its core profit in Q1
Enea, a Polish utility company, posted a 3.4% increase in its core profit for the first quarter of this year on Tuesday night. This was largely due to higher revenues from its distribution division at a time that it is looking to expand its renewables energy offerings. Enea's preliminary estimate of EBITDA was 1.94 billion zlotys (518.2 millions). Enea, Poland’s third largest power utility in terms of market value, faces pressure due to falling profits from its coal-fired generation fleet…
UK replaces windfall oil tax with consultation on clean energy future
Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations. One was on how to transform the North Sea into a clean-energy area, while another focused on how taxes would be applied when energy prices were high. This will give producers more certainty about future tax rates.
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.
Indian gas firm GAIL seeks 26% stake in US LNG
GAIL India Ltd. issued a tender Friday for a maximum 26% stake in an American liquefied gas project, along with a 15 year gas import agreement. This will help New Delhi to reduce its trade surplus. India is racing to be the first country to sign a deal with the United States after President Donald Trump announced sweeping tariffs. This has led to a trade conflict with China, and other countries are now trying to negotiate. Trump has made it clear that he views U.S. gasoline as a bargaining tool.
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.
Finland's final active coal-fired heat and power plant closes
The last coal-fired heat and power plant in Finland will be permanently shut down on Tuesday. This will allow the Helsinki energy group Helen, which is based in Helsinki, to reduce its emissions, and end rising energy prices for its customers. The capacity of Finland to produce renewable energy and heat, including wind and solar power, has grown rapidly over the last few years. This has led to a dramatic decline in coal use after the previous government passed a coal ban law in 2019.
Aurora increases its European battery capacity 2050 forecasts by 30%
Aurora Energy Research increased its forecast of 2050 battery storage in Europe by nearly 30%, to 128 gigawatts. It highlighted Italy as the most appealing market for investors. The demand for battery storage is driven by the desire to counter the intermittent nature that wind and solar have taken on, which now makes up about a third or more of Europe's total energy mix. As countries strive to reduce emissions and achieve climate targets, the share of renewable energy is expected to increase.