Germany’s largest utility RWE on Tuesday reported a recovery in Q3 profits but warned of a quick exit from coal power to further reduce carbon emissions and reach Germany’s climate target, as demanded by the Green Party. Just days earlier, RWE said it is de-mothballing another two gas power plants ahead of the coming winter.
The Government of South Australia has evaded questions in Parliament about the cost of its new mobile power generators that have been installed and tested at Elizabeth and Londsdale. Rumours have it the final price tag might exceed $400 million but Premier Jay Weatherill refused to provided details, pointing to a confidentially agreement with the generator’s operator APR Energy.
“The boom years for coal are over” in the absence of large-scale carbon capture, utilisation and storage (CCUS), according to the IEA’s World Energy Outlook (WEO-2017) just issued. Over the next 25 years, the world’s growing energy needs are met first by renewables and natural gas, as fast-declining costs turn solar power into the cheapest source of new electricity generation.
Reacting to pressure from investors, General Electric’s new CEO John Flannery announced plans to exit the locomotives and industrial lighting markets to focus on aviation, power generation and healthcare, while shedding 25% of its corporate staff. “Complexity has hurt us,” he said, adding GE needed “right-sizing” in its power segment to reduce costs.
China Energy Investment Corp has signed a Memorandum of Understanding (Mou) to invest up to $83.7 billion over the next 20 years in shale gas development and downstream gas markets in West Virginia. “Projects will focus on power generation, chemical manufacturing, and underground storage of natural gas liquids and derivatives," the U.S. Department of Commerce stated, adding planning for the projects "is underway."
Sino-Russian ties have warmed considerably under Xi Jinping and there is some synergy between Moscow's 'Pivot to Asia' and Beijing's 'Belt and Road Initiative', finds Hugo Brennan, Asia analyst, Verisk Maplecroft. Hence, the trade mission of U.S. President Trump to China might not be overly successful when it comes to selling US LNG. “The economics of US supplies to China are challenging,” he warned, suggesting “Chinese LNG buyers might find cheaper deals elsewhere.”
China and India will continue to lead world nuclear growth as their impetus is expected to offset declines in nuclear capacity in the United States, Japan, and countries in Europe. According to the EIA’s International Energy Outlook 2017 (IEO2017), global nuclear capacity will grow at an average annual rate of 1.6% from 2016 through 2040.
Fourth quarter revenue came in below target at Siemens, Europe’s biggest industrial conglomerate, while earnings dropped 10% to €2.2 billion – largely caused by its Power & Gas (PG) division and higher costs at its Digital unit. “For years now we’ve been seeing a steady decline in orders for large turbines owing to a booming renewable segment,” CEO Joe Kaeser told investors in Munich, announcing steps to “restructure and resize the business.”
Oversupply of LNG throughout Asia is boosting spot trade – a trend that has been strengthening the case for smaller and more distributed LNG receiving terminals for combined-cycle gas generation. Such projects, according Jim Schnieders, Black & Veatch’s Country Manager Indonesia, give operators “greater flexibility to manage peak and off-peak grid demands while advances in technology also allow a scale up for baseload generation.”
Texas LNG, the export project under development in Brownsville, has confirmed it is taking part in a two day U.S. presidential trade mission to China that started today. Led by U.S. Secretary of Commerce Wilbur Ross, the mission is intended to help promote U.S. exports to China which is why top executive from General Electric, Honeywell and Westinghouse, amongst others, are also accompanying the President.
Pemex, Mexico’s national oil company, has made the biggest onshore find of oil and associated natural gas in 15 years in the eastern state of Veracuz. The find near the Ixachi-1 well, believed to hold some 1.5 billion barrels of oil equivalent, will help reduce Mexico’s reliance on importing LNG and pipeline gas from the United States.
Uncertainty about future battery technology, government policies, consumer preferences make it difficult to predict the long-term effects that both battery electric and plug-in hybrid vehicles (EVs) may have on worldwide energy consumption. In 2015, sales reached 1.2 million worldwide which is less than 1% of all vehicles used globally, but this level could almost double by 2040, according to EIA analysis.
Whitehall’s recently published Clean Growth Strategy has highlighted a desire to build and extend heat networks across the UK. Helping to turn this aim into reality, AECOM, commissioned by the Energy Technology Institute (ETI), has mapped eight solutions that could result in a capital cost reduction of up to 40% for heat networks in the UK, saving up to £30 billion of investment.