China to Cut Renewable Power Subsidy
China will cut its renewable power subsidy to 5.67 billion yuan ($806.50 million) in 2020 from 8.1 billion yuan in 2019, the Ministry of Finance said on Wednesday, as the country will soon stop funding large solar power stations.Because of a decline in manufacturing costs, China has been scaling back the amount of subsidies to renewable power providers, who are expected to compete with coal-fired utilities and achieve "grid price parity".The subsidy for 2020 will be allocated to wind farms, biomass power generators and distributed solar power operators, as well as solar power projects for poverty alleviation purposes, in 11 regions across the coun
Op/Ed: Offshore Energy Can Power US Growth
Following President Trump’s address to the joint session of Congress, National Ocean Industries Association (NOIA) president Randall Luthi weighs in on shifting U.S. policy and its effects on offshore energy and the American economy. As President Trump begins work on his ambitious agenda, it appears that efficiency and cost cutting are major themes throughout much of the federal government. Those of us in the energy producing industries say welcome to our world. While low commodity prices and overly burdensome regulations devastated job growth in the energy sector during the last two years…
Lithium-Ion Battery Tech Company Nets $2 Mln Investment
A publicly traded Chinese company’s investment of $2 million in a Reno-based startup that makes lithium-ion batteries is expected to accelerate expansion of the manufacturing capacity for Dragonfly Energy Corp. Dynavolt Renewable Power Technology Co. Ltd. (0002684.SZ) invested $2 million to acquire 2 million shares of Series A Preferred Stock in Dragonfly Energy. The investment represents a one-third ownership stake in the company. Dragonfly Energy started as an R&D company developing manufacturing methods for reducing the cost of energy storage.
Headwinds in O&G Market may force Sulzer's Swiss Plant Closure
Sulzer plans to close its manufacturing facility in Oberwinterthur, Switzerland. The company expects this planned restructuring to be completed in the first half of 2017. Sulzer is reacting to increasingly strong market headwinds, particularly in the oil and gas market. The company aims to focus on fewer manufacturing sites globally to mitigate price pressure. Growing competition, the significant drop in the oil prices, and the strong Swiss franc sustainably put pressure on manufacturing costs in Switzerland. Therefore…
GTT, DSME Ink Cooperation Deal
GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announces the signature of a cooperation agreement with the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for the industrialization of its new NO96 Max technology and the commercialization of the system in the course of the year 2016. The agreement stipulates that DSME will build a mock-up aiming at validating both the assembly and the cryogenic performance of the membrane containment system…
Solar Power is Shaking up Global Energy
One by one, Japan is turning off the lights at the giant oil-fired power plants that propelled it to the ranks of the world's top industrialised nations. With nuclear power in the doldrums after the Fukushima disaster, it's solar energy that is becoming the alternative. Solar power is set to become profitable in Japan as early as this quarter, according to the Japan Renewable Energy Foundation (JREF), freeing it from the need for government subsidies and making it the last of the G7 economies where the technology has become economically viable.
