Outgoing UK Prime Minister Theresa May has committed to a 2050 emissions target of reducing emissions by 80% to “almost zero”. Massive investment in clean energy generation – renewables, hydrogen, flexible gas power and energy storage – will be needed to achieve this goal, but funding is still uncertain.
As electrification accelerates around the globe, three-quarters of the entire growth in primary energy will likely be used for power generation, with half of all primary energy being burnt to produce electricity by 2040. According to the BP 2019 Energy Outlook, nearly all power demand stems from just two developing economies – China and India.
Cypriot Natural Gas Public Company (DEFA) has extended a tender deadline to September for the supply of LNG cargoes to a floating regas terminal and a gas power project, under development near the town of Vasilikos. The European Union agreed to fund 40% of overall project costs.
Michael Bloomberg, the former New York City Mayor and news tycoon, is giving $500 million to a ‘Beyond Carbon’ campaign with the aim to prop up political candidates who share his vision of shutting all coal power plants by 2030, and restricting the use of natural gas for power generation.
By 2030, the United Kingdom will see its share of variable renewables account for half of the country’s total energy mix, the International Energy Agency (IEA) forecasts. To mitigate the intermittency risk, analysts see an urgent need for flexible gas peaking plants, energy storage, demand response and new interconnectors to neighbouring EU countries.
Joe Kaeser, CEO of Siemens, seeks to carve out further company units and prepare them for a stock market listing or a merger with a rival manufacturer. The aims its simplify operations by separating the Siemens conglomerate into what Kaeser called “a fleet of speedboats” which are meant to thrive under their own steam.
Siemens seeks to offload its loss-making Power & Gas unit in an Initial Public Offering (IPO) in early 2019, and has chosen the former Osram CFO Klaus Patzak to manage the process swiftly and effectively. The unit’s profit margin used to be around 4% in the last few years, but is intended to rise to 8% or even 10% by 2023.
Construction of Connecticut’s largest power project in a decade will start this autumn. NTE, developer of the Killingly Energy Center, a 650-MW dual-fuel, combined-cycle plant, has been given regulatory approval for the $700 project. All electricity from the plant will be fed into the grid of ISO New England.
Rolling out a network of electric vehicles (EV) charging stations across Britain to fast-track consumer adoption could reduce National Grid’s need to build extra power storage, potentially saving the network some £1.16 billion a year. Smart chargers can help balance the grid as they would allow for EV only to be charged outside of peak demand hours.
Ansaldo Energia and REP Holding have formed a joint venture to produce, modernise, repair and service high-power industrial gas and steam turbines in Russia. The product range includes three Ansaldo turbines in the range of 70 to 340 MW, power gen applications, as well as two steam turbines in the range of 40 to 350 MW.
Gazprom Neft, Repsol and Shell have agreed to set up joint venture to develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula, situated on the Siberian coast in the Kara Sea. The signatories of the memorandum plan to have detailed terms in place before year-end, aiming for contracts to be signed in 2020.
Phoenix Petroleum of the Philippines seeking to develop $2.0-billion integrated LNG-to-power project together with China’s CNOOC and the Philippine National Oil Company (PNOC). The Tanglawan LNG project consists of a 2.3 mtpa regas and a 1,000 MW power plant. It is meant to start commercial operations in 2023, although construction has not yet started.
Demand from Asia is set to power the growth of the global gas industry over the next five years, the International Energy Agency (IEA) says, forecasting annual growth rates of over 4% in Asia and 1.6% worldwide until 2024. China’s policy drive to switch from coal-to-gas in the power sector plays a major role in driving demand in Asia-Pacific.
NASDAQ-listed New Fortress Energy has signed a Memorandum of Understanding (MoU) with the Angolan Ministry of Mineral Resources and Petroleum to fund, build and operate an LNG regas terminal to supply gas for use in Angola’s industrial and power generation sectors.
Mitsubishi Hitachi Power Systems (MHPS) has shipped a M701F gas turbine to Indonesia where it will form the core of a combined-cycle power plant, built on behalf of PT PLN (Persero). The 500 MW Muara Karang Power Plant, situated in western Java, is due for commission in October 2020.