More money than ever is going to energy venture capital deals, but spread across fewer start-ups. Digital sensors, batteries, electric vehicles and smart algorithms are among the main recipients of the more than $4 billion of deals in 2019, the International Energy Agency (IEA) finds.
Nigeria’s BelemaOil Producing Ltd has contracted MAN Energy Solution to supply three MGT gas turbine heat and power systems for installation at BPL’s upstream operation, some 30 miles southwest of Port Harcourt.
PJSC Kazanorgsintez, one of Russia's largest chemical companies, has awarded Siemens a contract worth 290 million Euros to build 250 MW combined-cycle power plant at its manufacturing site in Tatarstan. Start of commercial operation is planned for 2023.
Regulators in Vietnam have approved the Son My 2 combined-cycle power plant, proposed by AES and PetroVietnam affiliate PV Gas. Built in Binh Thuan, south-central Vietnam, the 2,250 MW project is meant to reach financial close in 2021 and start up in 2024.
Tellurian is trying to sway Saudi Aramco to take an equity stake in the $30 billion Driftwood LNG export plant, after agreeing similar investor-buyer deals with Petronet and Total. Importing LNG could displace Saudi crude oil currently used for power generation.
Kobelco Power Moka, part of Kobe Steel, has commissioned and started up the first unit of its 1.25 GW Moka combined-cycle gas power project in Japan. The first of two 624 MW units is now supplying electricity to Tokyo Gas which said it set a target of procuring 5 million kW of electric power in the 2020s.
Germany’s lignite operator RWE is aspiring to become carbon neutral within 20 years as it shuts its coal power plants and focuses on wind, solar and storage. The strategic turnaround follows the takeover of the renewables activities of subsidiary Innogy and rival E.ON.
Sempra Energy has agreed to divest its Peruvian businesses to a unit of China Yangtze Power Co for $3.59 billion, in a move to exit the South American market and focus on its natural gas infrastructure and LNG export business in the United States.
South Korea’s Samsung C&T has secured a $630 million order from Reliance Bangladesh LNG & Power to build a combined-cycle gas power plant in Meghnaghat. Construction will start in October with a view to get the 718 MW plant commissioned in July 2022.
Kuwait Authority for Partnership Projects (KAPP) will start selling half of its shares in the 1,500 MW Az-Zour North One Independent Water & Power Project (IWPP) to the public today. With this move, Kuwait is seeking to attract private investors to reduce the burden on state budgets.
Quinbrook Infrastructure Partners has questioned the profitability of peaking power stations in Australia, indicating its Lockyer project is unlikely to proceed without government support. The 132 MW Lockyer gas power unit is the first stage of a 1,000 MW development in Gatton, Queensland.
Terna, the Italian power grid operator, has awarded Ansaldo Energy and ABB a €70 million order to design, supply and maintain of three asynchronous compensator sets to help enhance grid inertia. Commissioning will be completed in 2020.
Vietnam has asked Japan to help fund several LNG import terminals, trying to maximise its share from Japan’s committed $10 billion investment across Asia. Vietnam needs to import LNG from 2022 and annual demand is seen rise to 15 million tons by 2035, mainly spurred by the power sector.
British energy companies are preparing for Brexit on October 31 amid uncertainty about future cross-border energy flows and carbon pricing. Cornwall Insight warns that with the risk of a depreciation of sterling, prices in both electricity and gas markets will go up.
Britain faces a difficult process of untangling its economic ties with the European Union which may put planned EU-UK gas interconnectors at risk. The Oxford Institute of Energy Studies (OIES) says the UK needs to “reshape its energy diplomacy” as it has to re-negotiate supplies with the EU and especially Norway, which covers some 39% of demand.