Analysts at the World Bank expect energy and metal prices will continue to decline in 2020, following sharp drops this year amid weaker global growth and consequent softer demand. Prices of oil, natural gas and coal are forecast almost 15% lower in 2019 than in the previous year, and to fall further in 2020.
By 2035, over half of the world’s energy will come from renewables while power consumption doubles due to fast-progressing electrification. By shaping energy ecosystem across buildings, industry and the grid, Siemens supports cities and businesses with their sustainability goals.
Nearly all utility-scale battery systems installed in the United States over the past five years use lithium-ion technology, according to government findings. Provided all battery system additions will be completed as planned, and no capacity is retired, the total battery storage capacity in the U.S. could exceed 2,500 MW by 2023.
China-Australian Maoneng Group has been selected by AGL Energy to install four batteries with a total capacity of 200MW/400MWh in New South Wales by 2023, underpinned by a 15-year offtake agreement. The aim is to ensure stable supply and power prices at times of peak demand.
In its 2019 World Energy Outlook, the International Energy Agency (IEA) is looking beyond 2030 targets of achieving electricity and clean cooking facilities for all. Offshore wind, in particular, will lead sustainable energy production as the sector is forecast to become a $1 trillion industry.
Payouts of about £1 billion under the GB capacity market scheme are due in November. But this is “likely to prove problematic,” analysts warned, as some suppliers may not have been billing large customers – particularly those on “pass-through” contracts – during the EU’s earlier suspension of the scheme.
GE Power has signed a 5-year maintenance contract with the Bangladesh Power Development Board (BPDB). The deal includes procurement of spares and services of the two GE 6F.03 gas turbines installed at the 225 MW combined-cycle gas power plant in the Bhola island district of Bangladesh.
Mitsubishi Heavy Industry (MHI) Group has updated its midterm business plan to focus on decarbonization through hydrogen co-firing, electrification and artificial intelligence. Reacting to lower demand for steam turbines, the group also cut its revenue target of 5,000 yen to 4,700 billion by end of fiscal 2020.
Thailand-based Gulf Energy Development Public Co. has agreed with government of Vietnam to develop an integrated LNG import and power project in Ninh Thuan province. The $8 billion project includes a 6,000 MW combined-cycle gas power station and an adjacent LNG regas terminal.
Just weeks before the UK goes to the polls on 12 December, the government has suspended fracking as analysts found it is not possible to predict the size and frequency of earthquakes caused by this practice. Activity by Cuadrilla had resulted in a 2.9 magnitude tremor at its site in Lancashire in August.
Italgas, Europe’s third largest gas distributor, has contracted Turboden to install 650 kWe gas expanders to increase the efficiency of gas pressure reduction stations at Rome’s main pipeline network. The expanders produce electricity from the pressure differentials between mainline and transmission pipelines.
Only large scale and intelligent energy storage can solve the issue of variable renewable electricity generation. There is little political will for a fresh wave of subsidies for storage – as there was for renewables – hence market observers say a carefully crafted market design is needed to incentivise both flexibility and storage.
Start-up of two liquefaction trains - Cameron LNG Train 1 and Corpus Christi LNG Train 2 - have pushed total U.S. net gas exports to 4.1 billion cubic feet per day (Bcf/d) in the first half of this year, more than double pre-year levels. Apart from LNG, pipeline gas is exported to Canada and Mexico.
Today’s data centers consume about 3% of the total energy generated globally, and INNIO’s new gas generator delivers that electricity in a more reliable way. The fast-start Jenbacher J620 genset can power up to 3 MW in less than 45 seconds.
Royal Dutch Shell has reported a third quarter net income of $4.767 billion and a 15% slump in profits, citing lower sustained lower oil and gas prices and chemicals margins. The oil giant also launched the next $2.75 billion tranche of its share buyback program that totals $25 billion.