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May 8, 2024

Daily (08.05.2024): European year-ahead power prices fell by 2% on Tuesday

Oil prices ended slightly down but close to equilibrium on Tuesday. The market is eagerly anticipating the possibility of a ceasefire in the Middle East, yet optimism has waned somewhat following indications that the latest proposal may have faltered. Hence, Brent crude settled at $83.16 per barrel, and WTI crude was stable at $78.38 per barrel....

May 8, 2024

Soltech energises 5.8-MW solar park in Sweden

Solar energy provider Soltech Group has brought online a 5.8-MW solar park in the province of Halland, western Sweden, and is already selling electricity to the local grid. The project is owned by the company and delivered by its subsidiary Soltech Energy Solutions. According to its press release on Friday, the plant is estimated to bring revenu...

May 8, 2024

EnBW to spend EUR 40bn on renewables, grids by 2030

German utility EnBW Energie Baden-Wuerttemberg AG on Tuesday pledged to invest EUR 40 billion (USD 43m) in energy transition projects by 2030, putting a major focus on renewables and grid expansion. “This is the largest investment program in our corporate history,” chief excutive Georg Stamatelopoulos said during the company’s annual general me...

May 8, 2024

RWE reviews options for stake in high-voltage power grid Amprion

RWE , Germany's biggest electricity producer, is considering options for its minority stake in Amprion, one of Germany's four high-voltage power transmission networks, the company said on Tuesday, potentially paving the way for a sale. "In view of the high capital requirements for grid expansion, we are currently examining various options and fi...

May 8, 2024

EIA cuts 2024 world oil demand growth estimate, hikes output forecast

World oil demand this year is expected to grow less than earlier forecast and output should expand faster than previous estimates, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of the Petroleum Exporting Countr...

May 8, 2024

Renewables provided record 30% of global electricity in 2023

Growth in solar and wind power pushed renewable generation to a record 30% of global electricity production in 2023, putting a global target to triple renewable capacity by 2030 within sight, a report by think tank Ember said. Cutting fossil fuel use and emissions in the power sector is seen as vital to meeting global climate targets. More than ...

May 8, 2024

Britain to build Europe’s first next generation nuclear fuel facility

Britain is investing almost 200 million pounds ($251.14 million) to build Europe’s first facility to produce high-assay, low-enriched uranium (HALEU), a fuel it says will be needed to power the next generation of nuclear energy projects, the government said on Wednesday. As part of efforts to meet climate targets and boost energy security, Brita...

May 8, 2024

National Grid launches platform for transparent DUoS tariffs

National Grid has launched clearviewcharge, an online platform aiming to provide customers with transparent information on Distribution use of Service (DUoS) tariffs across its licence areas. Developed by National Grid Electricity Distribution, the platform offers insights into DUoS tariffs for both low and high voltage assets, allowing customer...

May 8, 2024

US ready to replace Russian uranium imports

The pending ban on imports of Russian nuclear fuel will help increase US domestic uranium fuel processing capacity, a top nuclear energy official in Washington told Reuters. The Senate passed the legislation to ban Russian uranium imports last Tuesday, as part of the ongoing effort to curb revenues for Russia’s war on Ukraine. The bill, which wi...

May 8, 2024

EU Proposes First Batch Of Sanctions On Russian LNG

Over the past two years, the U.S. and its Western allies have imposed a raft of sanctions on Russian energy commodities, including a $60-a-barrel cap on Russia's seaborne exports of crude oil. Europe has, however, shied away from placing limitations on Russian gas, hardly surprising considering that the share of Russia's pipeline gas in EU imports ...

May 8, 2024

BP’s Azerbaijani Oil Field Could Be a Game-Changer for Baku

Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East (ACE), the facility consists of a new production platform 130 kilomete...

May 8, 2024

Octopus Energy Overtakes British Gas as the Largest UK Supplier

Octopus Energy is now worth more than £7bn after two of its largest investors increased their stakes in the company. Generation Investment Management and Canada Pension Plan Investment Board have upped their holdings in the London-headquartered business in moves which have pushed its value up 15 percent to £7.2bn. Generation, which focuses on s...

May 8, 2024

Nuclear site licence issued for UK's Sizewell C

The Office for Nuclear Regulation (ONR) has granted a nuclear site licence for the Sizewell C site in eastern England, where the plan is to replicate the Hinkley Point C model of a nuclear power plant featuring two EPRs. The licence application was initially submitted in 2020, and despite it having met "almost all" regulatory...

May 8, 2024

France aims to subsidise hydrogen with carbon capture

The government was drafting a decree that would not register greenhouse gas emissions from hydrogen production when the CO2 was captured to be used in other industrial processes or stored, the economic daily added. This could benefit large French companies such as industrial gas producer Air Liquide or energy major TotalEnergies as the...

May 8, 2024

Ireland identifies four coastal areas for offshore wind projects

The Irish Ministry for the Environment, Climate and Communications has unveiled the draft South Coast Designated Maritime Area Plan (DMAP), marking a step towards harnessing offshore renewable energy. The country’s first offshore renewable energy plan outlines four potential maritime areas on the country’s southern coast fo...

May 7, 2024

French tender allocates 50 MWp of solar in non-interconnected areas

Solar projects with a combined capacity of close to 50 MWp have been successful in a tender for photovoltaic (PV) capacity in non-interconnected zones (ZNIs) in overseas France. The Ministry of Ecological Transition announced 15 winners in the first such round under the country’s PPE2 multi-year energy procurement programme. The winning schemes ...

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