Japan’s largest LNG importer JERA has acquired 27% of the outstanding shares of Aboitiz Power, one of the biggest utilities in the Philippines for $1.58 billion. The deal will expand JERA’s presence in the country and is hoped to advance the rollout of zero-carbon energy sources, including hydrogen.
Carbon capture and storage (CCS), alongside with electrification could substantially decarbonise LNG projects. More than 25% of overall emissions could be removed depending on the technology adopted, Wood Mackenzie says, with capturing reservoir CO2 found to be much cheaper than post-combustion capture.
Sept 1 – LYTT, a provider of real-time insights to oil and gas operators through a fiber optic sensor, LYTT is testing novel technology to monitor CO2 transport and migration in storage reservoirs together with SINTEF, an institute for applied research. Tracking dynamic multiphase flow is essential when monitoring the long-term effectiveness of carbon capture storage (CCS).
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.
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.
The European Commission’s ‘Fit for 55’ legislative sets a 55% net emission reduction target to 1990-levels by 2030 and acknowledges the critical role electricity will play. “Everything that can be electrified, should be electrified,” analysts commented. For industry sectors not suitable for electrification, Brussels is promoting low-carbon hydrogen, carbon capture and storage and biofuels.