U.S government forecasts see Henry Hub natural gas spot prices stage a swift recovery. In May 2020, prices fell to $1.75/MMBt as lockdowns depressed demand, but subsequent steep cuts in production and rising demand in winter are set to push up prices to $3.08/MMBtu by early 2021.
The world’s largest green hydrogen plant is being developed by SGH2 Energy in Lancaster, a city situated some 70 miles north of Los Angeles. Scheduled to start operations in 2021, the facility will transform plastic waste into hydrogen for use as a fuel for transport and power generation.
Wholesale power prices in Germany have fallen to record lows in the wake of the coronavirus pandemic. About 5,000 onshore wind turbines with 3.7 Gigawatt combined capacity are at risk of being taken offline next year when their support from Germany’s renewable surcharge (EEG levy) runs out, prompting calls to extend the scheme.
Japanese power producer JFE Steel has selected GE to perform a high efficiency (HE) upgrade at a GT26 MTL2 gas turbine installed at the Chiba power plant. Works will be carried out in Baden, Switzerland, and the revamped turbine will then be shipped to Japan for an operational start around May 2021.
Though China’s economy gathers speed, the government has not decided if it wants to set specific targets for coal-to-gas switching this year. More coal-fired power plants are being approved, but LNG demand is still expected to grow by a “modest” 5 million tons in winter 2020/21.
Fresh funding by the British government could make the market for electric vehicle (EV) charge-points grow at a rate of 29% in the years through to 2030. Availability of charging stations is vital for a widespread EV adoption, as Britain aims for net-zero emissions by 2050.
Calgary-based Maxim Power has commissioned the H.R. Milner Generating Station in Grande Cache, Alberta, a 204 MW open-cycle gas peaking power plant. Construction works were completed in just 16 months, with 21 months from equipment procurement to project completion.
Though the coronavirus crisis has badly hit the car industry, sales of electric vehicles jumped 90% in the first quarter of 2020 with more than 145,000 vehicles sold worldwide. The International Energy Agency (IEA) says the e-car segment will have “a much better year than the rest of the industry.”
OPEC and its allies agreed on Saturday to extend oil production cuts until the end of July, reducing global output by nearly 10 million barrels of oil a day over the next eight weeks. The measure is meant to stabilize prices above $40/bbl as demand remains slow to recover.
Italy’s Eni is reorganizing its internal structure by effectively splitting its traditional oil & gas segment from its new clean energy business. Eni CEO Claudio Descalzi called the plan an “irreversible path” aimed at making the company a leader in the energy transition.
Malaysia’s state energy company Petronas has supplied two LNG cargoes to Myanmar to fuel three power projects with 900 MW combined capacity, developed by China National Technical Import & Export Corp. (CNTIC) and Hong Kong-based VPower Group. The LNG cargoes were shipped from Bintulu to the port of Yangon.
Sharp decline of coal-burn in Germany, falling to less than 16% of the energy mix in April during the lockdown, shows that the country’s plan to exit coal by 2038 has been “overtaken by reality.” Environmentalists hence urge the Government to “prepare for a much earlier coal phase-out.”