Sources say that Russia's Novatek employs lobbyists in order to improve relations with the US.
Two sources familiar with the situation said that Novatek, Russia's largest producer of liquefied gas, is working with lobbyists to try and rebuild U.S. relationships after Washington imposed sanctions against its mammoth Arctic LNG 2 Project. After the 2022 invasion of Ukraine by Russia, the relationship between the United States and Russia reached a post Cold War low. President Joe Biden’s administration imposed sanctions on hundreds entities and individuals who supported the war effort. Novatek's Arctic LNG 2 was to be the largest LNG plant in Russia. Some Russians are cautiously optimistic about the return of U.S. president-elect Donald Trump on Jan.
Benchmark European Gas at its highest level in 10 Months due to geopolitical risk
The Benchmark front month contract at the Dutch TTF Gas Hub hit its highest intraday levels in more than ten months Thursday as the Middle East Conflict and reports that North Korean troops were ready to assist Russia in Ukraine kept the traders on edge before the U.S. Presidential election. According to LSEG, the contract for November deliveries reached 42.57 euros per Megawatt Hour (EUR/MWh), its highest intraday value since December 1, at 0945 GMT. Gas prices are still lower than their all-time peak in August 2022, which was 306.00 EUR/Mwh. This spike in gas prices occurred due to Russia's invasion in Ukraine and a decrease in Russian pipeline gas supplies.
McKinsey says that Europe's power consumption for data centres is expected to triple between now and 2030.
A McKinsey study showed that Europe's data center power consumption will almost triple by 2030. This will require an increase in electricity, mostly from low carbon sources, as well as grid infrastructure upgrades. In the last couple of years, data centre investment has increased as digitalisation (AI) and digitalisation have gained momentum. The question is how the countries will be able to meet the anticipated rise in electricity demands that the increasing number of data centres create. The International Energy Agency states that the United States will see the most growth in data centers…
CorPower Ocean, a wave energy technology company, has secured 32 million Euros.
The firm announced on Wednesday that it had secured funding of 32 million euros ($35 millions) to help commercialise wave energy technology. Wind and tidal projects are being developed in some countries to reduce emissions and achieve climate goals. The wave power industry is still in its early stages of commercialisation and costs are high. It is also more predictable than the wind power. The firm stated that the investment in CorPower came after its wave-technology demonstration project in Portugal demonstrated its ability to operate during Atlantic storms and with a large capacity for power generation.
German spot prices increase as wind power drops
On Monday, the German spot electricity price increased as it was anticipated that consumption would increase and wind power would decline. LSEG data shows that the German baseload electricity for Tuesday reached 100.00 euros per Megawatt Hour (MWh) at 1027 GMT. This is up 35.00 Euros from Friday's last day-ahead trading price. Prices have rebounded following a weekend drop due to weaker demand, and strong wind energy output. The German wind power output will likely drop tomorrow and consumption will increase. Analysts at LSEG say that these bullish changes can only be partially offset by a slight increase in solar energy output.
DNV: Global CO2 emissions related to energy will peak in this year.
A report from consultancy DNV on Wednesday suggested that global carbon dioxide (CO2) emission levels will peak in this year, due to the falling cost of solar and batteries. This is encouraging less oil and coal-fired energy use. Experts and climate scientists said that global C02 emissions reached a record high in 2018. This makes the goal of limiting warming to 1.5 degrees Celsius more difficult to achieve. DNV stated that even if emissions peaked this year, the cumulative effect would mean a warming of around 2.2C in this century. Solar photovoltaics (PV) are booming.
Octopus Energy invests 2 billion stg into UK clean energy
Octopus Energy, a UK-based power company, announced on Thursday that it will invest 2,7 billion pounds (2 billion dollars) in British clean energy initiatives by 2030. The plan was announced as the company finalised its acquisition of four solar farms in England, which have a combined power of 222 Megawatts. The solar farms are expected to become operational in 2025-2026 and produce enough electricity for 80,000 households. As part of its efforts to achieve net zero emissions in the second half of the century, the UK government aims to triple the capacity of solar power from 14 gigawatts to 50 GW.
Exagen, a British firm that specializes in solar energy and battery storage, has been acquired by Octopus
Octopus Energy Generation acquired Exagen Group, a developer of solar and battery storage systems. This acquisition will allow the company to increase its renewable energy pipeline. Exagen is a developer of utility-scale renewable and energy storage projects. It announced on Tuesday that it had a generation capacity in England of over 2.4 gigawatts. Octopus acquired a 24% initial stake in Exagen in August 2022. The financial details of the transaction were not revealed. Exagen has announced that it has received planning permission for 520 Megawatts (MW), of battery storage in England, over the last year.
IRENA report: Record growth in renewables fuels cost-competitiveness
A report released by the International Renewable Energy Agency on Tuesday showed that solar, wind, and other renewable sources were cheaper than fossil fuels. This shows the competitiveness of these sources. To reduce greenhouse gas emissions, and to meet climate change goals, countries are trying to reduce their reliance on fossil energy sources such as coal and natural gas. The U.N. Climate Meeting last year set the goal to triple renewable energy capacity globally by 2030. The goal would be to increase installed renewable energy capacities to at least 11,090 gigawatts by the end this decade. This compares to 4,209 gigawatts in 2023.
Ineos Inks 20-year LNG Deal with Sempra Infrastructure
Britain's INEOS Energy, part of INEOS Group, has signed an agreement with U.S. firm Sempra Infrastructure for the supply of 1.4 million tonnes per annum of liquefied natural gas (LNG) from North America for 20 years, it said on Wednesday.It marks INEOS's entry into the global LNG market, with the volumes intended both for trading and supplying of INEOS' own industrial needs in Europe.The LNG will be delivered free-on-board, from either the proposed Port Arthur LNG Phase 1 project or the Cameron LNG Phase 2 projects in the U.S.
8 Rivers Capital, Sembcorp Energy to Build Net-Zero Emissions Plant in UK
U.S. clean technology firm 8 Rivers Capital and Sembcorp Energy UK, a subsidiary of Singapore-based Sembcorp Industries, plan to build a net-zero emissions power plant in Teesside in northeast England, the firms said on Tuesday.The 300-megawatt project, called Whitetail Clean Energy, would use a process to produce energy which combusts natural gas with oxygen, rather than air, and uses supercritical carbon dioxide, a fluid, to drive the turbine instead of steam.The carbon dioxide produced would be captured and stored offshore. The firms say the plant…
U.S. Tops List of Most Attractive Countries for Renewables Investments. Overtakes China
The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.In an annual ranking of the top 40 renewable energy markets worldwide by consultancy EY, the United States was ranked first for the first time since 2016, followed by China.U.S. growth was largely due to a short-term extension of a production tax credit for wind projects and plans to invest $57 billion to install up to 30 gigawatts (GW) of offshore wind by 2030…
TRIG Buys Share in German Offshore Wind Farm
London-listed The Renewables Infrastructure Group (TRIG) said on Friday it has completed the acquisition of a 36% stake in a 396 megawatt (MW) offshore wind farm in the German North Sea.Commercial operations commenced in June 2019 at the Merkur wind farm and the project benefits from a feed-in tariff for the next 13 years.Dutch pension investor APG has acquired the remaining 64% in the project. Financial details were not disclosed.TRIG also said it has exited from a Swedish onshore wind project being developed by Enercon due to construction delays.Ersträsk is an onshore wind farm in Sweden being developed in two phases.
Macquarie's to Compete for Scottish Offshore Wind Lease
Macquarie's Green Investment Group (GIG) and Scottish offshore wind developer Renewable Infrastructure Development Group have partnered to compete in the next round of leasing for offshore wind development in Scotland, they said on Monday.ScotWind, the next round of seabed leasing for offshore wind development off the Scottish coast, is due to be launched by Crown Estate Scotland soon.Crown Estate Scotland has said that it has completed preparation of leasing documentation and is working with the Scottish government to finalize and formally launch…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. The world's biggest LNG markets - Japan, China, South Korea, and India - are all seeing a drop in demand. Asia's spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) last week, the lowest ever, as cargoes have flooded the market.
Asian LNG Prices Little Changed in Quiet Trade
Asian spot prices for liquefied natural gas (LNG) were little changed this week amid quiet trade and low liquidity.The average LNG price for February delivery into northeast Asia was estimated at around $5.10-$5.20 per million British thermal units (mmBtu)."Demand is still weak following the Christmas and New Year holidays and there is plenty of supply," an LNG trader said.A new gas transit deal struck between Russia and Ukraine last month, which will see Moscow supply Europe for at least another five years, has eased market concern about gas supply…
Renewable Power Capacity to Rise 50% in Five Years
Global renewable energy capacity is set to rise by 50% in five years' time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.Solar PV will account for nearly 60% of this growth and onshore wind 25%, the IEA's annual report on global renewables showed.The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.Falling technology costs and more effective government policies have helped to driv
Woodside Looks to Sell Gas Assets
Australian oil and gas producer Woodside is seeking to reduce its stakes in the Scarborough gas field at home and in Canada's Kitimat liquefied natural gas (LNG) project to cut its capital exposure, its chief executive told Reuters on Tuesday.The comments by CEO Peter Coleman came after speculation Saudi Aramco could be interested in Scarborough, a gas resource that, once developed, would feed into and expand Woodside's Pluto LNG production and export facility.Woodside holds a 75% stake in the Scarborough gas field and 50% of the Kitimat project in Canada…
UK Gas Prices Rise as Norway Imports Dip
British wholesale gas prices rose on Tuesday morning as imports from Norway fell, creating undersupply.Within-day gas price up 1.30 pence at 31.20 pence per therm by 0809 GMT.Day-ahead gas price up 0.90 p at 30.50 p/therm."Prompt prices are all up a bit on lower supply," a gas trader said.UK gas system undersupplied by 11.7 million cubic meters (mcm) with demand forecast at 153.3 mcm and flows at 141.6 mcm/day, National Grid data showed.Imports from Norway through the Langeled pipeline were 32 mcm, around 9 mcm lower than the previous day.Traders said expectations of low output from the country's wind farms had also boosted within-day gas demand from power stations.Peak wind power
MHI Vestas: Brexit Will Not Deter Investment in Britain's Wind Sector
Japanese-Danish joint venture MHI Vestas plans to continue investing in its wind turbine blade manufacturing plant in Britain, despite the country's impending departure from the European Union, its chief executive told Reuters.MHI Vestas, a venture between Denmark's Vestas Wind Systems A/S and Japan's Mitsubishi Heavy Industries, makes wind turbine blades on the Isle of Wight, off the southern English coast.Some 76 percent of the turbine blades made at the site in 2019 will be exported to projects in Europe but Philippe Kavafyan said the company was…
