Finland's Fortum explores options for long-term nuclear power
Fortum, a Finnish utility, said Monday that it would focus on renewable energy sources and nuclear life extension to meet the growing demand for electricity. It will also continue to explore long-term options such as new nuclear generation or pumped hydro. He added that the Nordics will meet this new demand by combining onshore solar and wind power with storage and flexibility solutions, and extending the life of existing nuclear reactors.
Cuba is on track to install fifty solar parks by the end of this year, according to the Ministry
The Energy Ministry announced late Wednesday that Cuba was making progress with a China-backed project to install over 50 solar parks in this year, capable of producing more than 1,000 Megawatts. This comes just days after Cuba's outdated grid collapsed, leaving millions without power. Energy officials released the most detailed report on the progress of the plan…
Dutch Firms Cement Offshore Wind Collaboration
Offshore engineering specialist Enersea and EPCI management expert IX Renewables have signed a memorandum of understanding (MoU) to enhance collaboration in the offshore wind sector.IX Renewables specializes in EPCI management, offering technical, commercial, and legal expertise for offshore wind developments. Enersea brings deep technical knowledge in offshore wind engineering…
Enel CEO: Italy's Enel wants to buy back shares as a way to reward shareholders
Enel, one of Europe's largest utilities, may offer a share repurchase to reward investors. The chief executive said this on Thursday following the presentation of 2024 results. Last year, the group reduced its net debt from 2.7 times its core earnings in 2023 to 2.4 in 2018 thanks to a comprehensive asset disposal program that began in late 2022. Renewable power generation boosted EBITDA to 22.8 billion euro…
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the world's biggest oil company comes as the administration under President Donald Trump pushes for maximum oil and gas production. This is a dramatic U turn in U.S.
Report says India's renewable sector is hit by low demand and cancellations
The Institute for Energy Economics and Financial Analysis reported on Thursday that India's renewable sector faces a number of obstacles, including a weak demand for bids, delays in power agreements and cancellations of projects. IEEFA reported that the country issued a record number of 73 gigawatts for utility-scale renewable energies tenders in 2024. However…
China announces major renewable energy projects to combat climate change
China announced on Wednesday that it will develop a series of major climate projects in order to combat the effects of global warming. The country wants to reach a carbon neutrality by 2060 and a carbon dioxide peak before 2030. In an official report released on Wednesday, the National Development and Reform Commission (the country's economic planner) said that the world's biggest producer of greenhouse gases…
EU energy plan could save 45 billion Euros on fossil fuel import bill
According to an analysis by the EU executive, plans due to be released on Wednesday by the European Commission could save 45 billion euros (47.3 billion dollars) from the EU's import bill for fossil fuels this year. The Commission will propose a number of measures that aim to help European industries who are struggling to cope with a weak demand, low-cost imports and energy costs higher than in the U.S. or China.
India's NTPC has plans to invest over $23 billion in renewable energy in Madhya Pradesh
The Indian state-owned power company NTPC announced on Monday that it will invest over 2 trillion rupees (about $23,07 billion) in renewable energy projects located in Madhya Pradesh. The company has announced several investments in renewable energy that it plans to make. India is moving away from fossil fuels. The company, and its subsidiary NTPC Green Energy…
Potentia Energy purchases major Australian renewable energy assets
Potentia Energy is a joint venture of Italy's Enel and Japan's INPEX Corp. It announced Thursday that it will buy control stakes in renewable energy projects worth 1 gigawatt in Australia. This investment comes from investors in private equity funds and superannuation funds. Potentia stated that the acquisition included 700 megawatts in wind and solar assets and 430 Megawatts in late-stage projects…
Orsted cuts 2030 investment plan by 25%
Orsted, a Danish renewable energy company, announced on Wednesday that it had decided to reduce its 2030 investment plan by 25% as the offshore industry struggles with rising costs and issues in the supply chain. The company will invest between 210 billion and 230 billion Danish Crowns ($29.32 to $32.12 billion), down from the previous target of around 270 billion Danish Crowns.
Engie continues to see a strong US demand for renewables
Edouard Neviaski, executive vice president of French power company Engie, said that the U.S. is still a major market for the company in terms of renewable energy projects. The U.S. president Donald Trump ordered a stop to spending on the Inflation Reduction Act and Infrastructure Investment and Jobs Act. These climate and infrastructure laws were signed into law in 2009 by his predecessor Joe Biden.
Norway's wealth funds continues to invest in renewables, despite the market downturn
A senior fund official stated on Thursday that Norway's $1.8 billion wealth fund, which is the largest in the world, will continue to invest in renewable assets, despite recent market downturns. The fund will also seek out opportunities both in the public and private markets. In 2024, renewable energy assets will have underperformed the market significantly.
Italian government appeals Sardinia's law restricting green projects
The Italian government filed a complaint against a law that was passed by the regional government of Sardinia in December, which placed strict limits on the development and implementation of renewable energy projects on the island. The cabinet announced the appeal late on Tuesday, and it is the latest in a tug of war between the central government, and Sardinia, over the development of green energy.
MUFG Americas CEO: AI data centres will boost renewable energy demand, even under Trump
Mitsubishi UFJ Financial Group, the largest Japanese banking group, has said that the U.S.'s shift to renewable energy will continue under Donald Trump. Kevin Cronin, chief executive officer of MUFG Americas, said in an interview that the anti-renewables rhetoric of President-elect Trump has not led to a change in MUFG Americas' strategy. Cronin stated that…
Romania allocates 1.5 GW of renewable energy projects
The Energy Ministry announced in a Monday statement that Romania had allocated 1.5 gigawatts of renewable energy project funding through an EU-funded contract for difference scheme. The long-awaited low carbon energy support scheme fixes the price of electricity to providers at a level agreed for 15 years. The Ministry selected 10 projects for onshore wind worth 1.09 GW and 11 projects with a total capacity of 432 MW.
Britain announces plan to encourage the development of clean energy projects
The UK launched on Friday a plan that will make it easier for developers and investors to build clean energy project, which they hope will help them meet their climate targets as well as create jobs. The UK has set a goal to decarbonise the power sector largely by 2030. This will reduce its dependence on gas-fired plants and increase its renewable energy capacity rapidly.
Iberdrola Gets Portugese Nod for Wind Farm Start
Iberdrola has received a production license from the Portuguese Directorate-General for Energy and Geology of Portugal (DGEG), taking another step towards the construction of the largest wind farm in Portugal.Located in the districts of Vila Real and Braga, in northern Portugal, with a total investment of around €350 million, this project reinforces Iberdrola's commitment to environmental goals…
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S.
Albanese: Australia and India will boost their cooperation in renewables and defence
Australia and India will work together to increase investment in renewable energies, such as solar manufacturing, batteries, and mineral processing. This was the announcement made by Prime Minister Anthony Albanese during a G20 meeting on the sidelines. Albanese, the Australian Minister for Defence and Maritime Security, said that Australia and India would also like to increase their defence and maritime cooperation.
