One of the first project-financed interconnectors – the 1.4 GW NeuConnect – will be built between the Isle of Grain and Wilhelmshaven by 2023, or early 2024. Meridiam, Allianz and Kansai Electric Power put nearly £1.4 billion in upfront and will recoup their investment from future revenues.
Prices European Electricity Exchange (EEX) have tripled to over €90/MWh since the end of Covid-related lockdowns, as the economic rebound pushed up prices for coal natural gas and carbon emissions. China’s hunger for hard coal in turn drove up the price to €15/MWh in Europe, while gas prices at the TTF hub surpassed €36/MWh.
Mitsubishi Heavy Industries (MHI) will absorb the business operations and employees of Mitsubishi Power by October 1, 2021. Design, manufacturing, sale, installation and engineering of thermal power generation systems will be transferred to MHI while the management of the two companies will be unified to become more efficient and dynamic.
Johnson Matthey, part of the European GAIA consortium, has helped develop a hydrogen fuel cell with a power density of 1.8 W/cm2 @ 0.6V. That’s a 20% rise compared with current technology. Working alongside BMW, Freudenberg, 3M and three others, Johnson Mattey supplied critical components within the fuel cell stack – membrane electrode assemblies.
MAN Energy Solutions and ANDRITZ Hydro have agreed to develop hydrogen from hydropower, starting with a pilot project in Europe that will produce 650 tons of hydrogen from 4 MW electrolysis output before year-end. In future export-orientated projects, the electrolysis output will be raised to 100 MW.
Wärtsilä will supply dual-fuel engines to extend and modernise a captive power plant at Nigeria’s largest food and agro allied company, Flour Mills Nigeria. The Lagos-based food processing plant needs reliable electricity supply 24/7 and the new engines are scheduled to start full operations in early 2022.
GE’s H-class gas turbine has reached a milestone of accumulating more than 1,000,000 commercial operating hours. The heavy duty turbine was ordered by 50 customers to date and generated over 26 GW electricity.
Japan’s largest LNG importer JERA has invested in the operator of the 978 MW Linden Gas Power Generation Project which is partially fuelled by gas containing hydrogen. Phillips 66 is supplying the hydrogen and natural gas mix to the Power Unit 6 from its nearby Bayway Oil Refinery in New Jersey.
Investment in solid state batteries is surging with technologies close to mass production and the overall market may well grow to over $8 billion by 2031, IDTechEx forecasts. Replacing liquid electrolytes with solid-state counterparts pushes the energy density beyond 1,000 Watt-hours per litre (Wh/L), while enhancing operational safety and durability.
Industrial gas company Air Products will convert its global fleet of 2,000 trucks to run on hydrogen fuel cells. Cummins will provide the electric powertrains that will be integrated into the trucks starting from 2022 in a bid to decarbonise the transport sector.
Rising CO2 costs accelerate the coal exit in Germany. With the EU’s carbon price trading above €56 per ton, a lignite power station in Chemnitz will be shut early and the conservative chancellor candidate Armin Laschet suggested North Rhine-Westphalia (NRW) “could manage [the coal exit] as early as 2030” – years before the mandatory exit date in 2038.
Capital expenditure of oil and gas companies will rise around 3% in 2021 before accelerating to 9% in 2022, Fitch Rating forecasts, though this is “not enough” to recover to pre-crisis levels. The pandemic had reduced 2020 corporate Capex by €36 billion, or about 7% compared to 2019 amid crippling lockdowns.