Australia delays its first offshore wind auction due to global investment retreat
Victoria, Australia, has delayed its first auction of offshore wind farm financing, citing global investments hurdles. This is a blow to an industry that's deemed crucial to Australia's transition away from coal-fired energy to renewables. The state government announced on Tuesday it will delay the auction, originally scheduled for this month. A revised schedule is expected to be released by year's end.
Alaskans fear higher energy prices as Trump drills
Alaskans spend nearly two times as much on electricity as the national average. Matt Goodnow, financial counselor at a hospital located in Homer, Alaska, a fishing village on the Kenai Peninsula, said that higher energy costs would be detrimental to the community. The Trump administration is not only planning to eliminate federal funding for renewable energy projects and to remove tax breaks…
Experts say that India's tax reduction on solar and wind energy devices will lower clean energy tariff.
India's decision on cutting taxes on solar and winds equipment will lower the costs of new plants, and pressurize existing project developers to reduce their tariffs. This will accelerate India's transition to renewable energy. On Wednesday, the government lowered the goods and service tax (GST), which was previously 12% on solar photovoltaic panels and wind turbine generators, to 5%.
Shell cancels plans to build a biofuels plant in Rotterdam
Shell announced on Wednesday that it will not continue construction of the biofuels plant at its Shell Energy and Chemicals Park Rotterdam, after an extensive evaluation revealed that it was not competitive. Construction of the project was suspended in July 2024 because of weak market conditions. Shell approved in September 2021 the development of the facility to produce 820,000 tons per year, and planned to bring it on line in 2025.
The FCA of the UK is investigating energy company Drax for its disclosures about biomass sources
The UK's financial watchdog has launched an investigation into Drax Group's disclosures about the biomass it sources, following a previous investigation conducted by the energy regulator of the country. This sent its shares plummeting more than 12% in Thursday's trading. Ofgem fined Drax 25 million pounds ($33.77m) for reporting incorrect data about wood from Canadian forests.
Indian clean energy developers are urged to align their growth with demand
A power ministry advisor warned on Friday that India's renewable energy developers need to align their growth plans with realistic projections of demand in order to avoid infrastructure investments becoming unprofitable. Ghanshyam Prsad, Chairman of the Central Electricity Authority, warned against the building of renewable capacity without matching demand growth. This is a problem the sector has experienced in the past.
Solar and wind farms will be scrutinized more closely by USDA, but some projects may still continue
According to a release, the U.S. Department of Agriculture announced on Tuesday that it would increase scrutiny of certain solar and wind energy projects. However, they did not end all support from their agency for clean energy projects in U.S. farmland. The announcement came a day following an announcement by Agriculture Secretary Brooke Rollins on X about her agency's decision to stop funding wind and solar projects on productive farmland.
Australia's Green Bank makes record clean energy investments of $2.3 billion
Australia's Green Bank announced on Monday that it had invested A$3.5 billion (2.29 billion dollars) in clean energy and grid infrastructure projects during the last financial year. This was to help accelerate Australia's transition away from fossil fuels towards renewables. Australia is one of the most polluting countries in the world due to its coal-powered power generation.
Zelestra, a Spanish renewable energy company, aims to invest $1 billion in Peru's mines.
Zelestra, a Spanish company with a Latin American CEO, plans to invest $1 billion over five years in renewable energy plants that will power mines in southern Peru's copper-rich region. Jose Luis Garcia, in an interview with The Associated Press on Tuesday, said that Zelestra, a subsidiary of the Swedish company EQT and part of their expansion into Latin America, aims to produce one gigawatt of renewable energy (GW) in Peru.
Eskom South Africa targets clean energy sources primarily by 2040
Eskom, the South African state-owned utility, aims to switch to mostly clean energy sources from its coal-based fleet by 2040. It announced this on Wednesday when it revealed its latest plans to make the shift. Eskom wants to reduce its coal power from 39 GW down to 18 GW by 2040. This was revealed in a presentation to legislators on the company's energy sources.
Masdar and Iberdrola, both from the UAE, invest in a 1.4 gigawatt UK wind farm
Masdar, Abu Dhabi's renewable energy company owned by the government and Iberdola of Spain will invest together in a 1.4 Gigawatt (GW), wind farm in United Kingdom. This was announced in a Thursday statement from Masdar's parent firm TAQA. According to the statement, it is estimated that the project will cost approximately 5.2 billion euro ($6.10 billion)…
State news agency reports that Saudi Arabia and Indonesia have signed several deals valued at around $27 billion.
Saudi Arabia and Indonesia have signed deals and memorandums worth $27 billion in the private sector, including in clean energy and petrochemicals. This was reported by Saudi state news agency SPA on Wednesday. On Wednesday, Indonesian President Prabowo Subito met with Saudi Crown Prince Mohammed bin Salman. According to the Saudi State News Agency, both…
Zelestra, a Spanish renewable energy company, has received an additional $280 million for financing.
Leo Moreno, chief executive of Spain's Zelestra, said that the company has received a loan increase in the amount of 235 million euros ($277 millions) to help develop renewable energy projects across Europe, America and other countries. Zelestra, owned by the Swedish investment firm EQT (formerly known as Solarpack), has expanded beyond solar energy to include wind power and storage assets.
World Bank Group to consider $500 million for South Africa's Transmission Expansion
A senior bank official revealed that the World Bank Group was considering funding $500 million for South Africa to participate in a new facility of credit guarantee meant to unlock private finance for a massive expansion plan of the transmission grid. South Africa is enticing private investors to invest in an ambitious plan that will add 14,500 km new lines…
Poland's PGE will spend $63.8 billion in new strategy
PGE, Poland's largest utility, plans to invest 235 billion Zlotys (63.80 billion dollars) by 2035. It will focus on renewables and gas-fired plants as well as energy storage. PGE's core profit is expected to increase from 11 billion Zlotys (in 2024) to 17 billion Zlotys (in 2030) and 30 billion Zlotys (2035), as a result. The company intends to resume dividend payments once it has achieved recurring net profits…
White House aide: US Energy Loan Office should fund oil and gas
A White House aide stated on Tuesday that the U.S. Energy Department loan office should finance oil and gas infrastructure. Jarrod Agen said, "One of our biggest problems is that the loan program office was used in the past for many of these renewable energy projects" at a Politico Energy conference. Thanks to the legislation that was passed during Joe Biden's term…
India extends waiver on transmission charges for energy storage projects to June 2028
The power ministry announced on Tuesday that India will waive all inter-state transmission fees for projects involving electricity storage until June 2028. This is in response to the country's ambitious goals of boosting energy storage and achieving its clean energy targets. Power producers are paid by purchasers, who are typically distribution companies. This payment includes transmission charges.
Trump's budget cuts threaten U.S. jobs in renewable energy
By Carey L. Labor leaders claim that federal tax credits under the former president Joe Biden for green energy production and construction have created an influx of new jobs - inspiring young workers to participate in the U.S. transition towards energy in a rapidly aging sector. "We were slammed, pretty much full employment. Everyone was making plenty money…
Colombian oil and gas E&P investments could increase by 8% in 2025 according to an industry group
Colombia's top industry group warned on Thursday that the country's investment in hydrocarbon exploration and production could increase by 8% to $4.68 billion this year. However, this will not prevent a decline in gas production. The Colombian Oil and Gas Association, ACP, said that the resources will maintain the current crude oil production levels in the South American country.
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…