Strikingly, South Korea’s year-to-date LNG demand has risen by over 4 million tons – contrary to expectations it would fall. Yet very little of this demand strength comes from the power sector; according to Energy Aspects, Korea’s LNG appetite this year has been more down to expansion of LNG import facilities with players having bought cheap spot cargoes on spec and put the gas into storage.
The Timor-Leste government has signed a 5-year Operation and Maintenance (O&M) agreement with Wärtsilä that will see the Finish technology group monitor two power plants in real time. Remote monitoring helps to evaluate the installations' performance and ensure efficient and optimised operations.
Growing economies in Asia-Pacific and the Middle East spur new power generation projects which drives up the market value of the global transmission tower market from $13.05 billion last year to $13.46 billion in 2021.The Asia-Pacific region led the market in 2016 in terms of market value witnessing $7.50 billion and is expected to reach $7.93 billion by the end of the forecast period. According to GlobalData analysis, the market in the region is “mainly driven by new investments to develop a ‘new age’ grid.”
The US$1.25 million acquisition of Origin Energy’s subsidiary, Lattice Energy through Beach Energy will be “positive for the eastern Australian gas market,” according to WoodMackenzie’s Australasia senior analyst Chris Meredith who expects Beach to step up its exploration effort to cash in on high regional gas prices. “The company is selling under long-term contracts,” he stressed, and “average portfolio price for 2018 will be above A$6.10/GJ.”
Australia’s Origin Energy has agreed to sell its conventional upstream oil and gas business, called Lattice Energy, to Beach Energy for A$1.585 billion (US$1.24 billion). The divestment leaves Origin focussed its power generation assets in eastern Australia but will keep getting much of Lattice’s future east coast gas production under a long-term supply accord.
Vivid economic growth across the Association of Southeast Asian Nations (ASEAN) is driving up demand for electricity. The regions’ installed power generation capacity of 209 MW cannot meet burgeoning demand, and WoodMackenzie estimates about US$500 billion will be needed to build an additional 270 GW by 2035.
Oil, natural gas and coal all differ in their energy content – and most fuels can be converted into one another though chemical transformation processes. Rather than collecting energy data independently across different commodities, an energy balance combines all fuels and ads up their energy content which can be visualised through an interactive Sankey chart.
Barely three years after Alstom shrugged of a Siemens offer for its energy division in favour of bid from rival GE, the German engineering group is now taking over Alstom’s train division. The Franco-German rail merger is a breakthrough for President Emmanuel Macron, but has stirred up fierce opposition among trade unions and the French right-wing party.
Cost barriers to clean energy deployment are falling, but system-level integration of more variable energy resources has emerged as a new challenge. System flexibility is of the essence to handle the fluctuating balance of electricity supply and demand, the Clean Energy Ministerial (CEM) said at this week’s launch of its “Advanced Power Plant Flexibility Campaign.”
Zhejiang Satellite Energy, China’s largest acrylic producer, has contracted Siemens to supply a compressor train – powered by two SGT-750 industrial gas turbines – for the second phase of its propane dehydrogenation plant. Installation of the compressor train is due in late 2018, for a plant commissioning by early 2019.
Rising costs of fuels burnt for power generation have caused a substantial rise in residential electricity prices across the United States. The price of natural gas averaged $3.53/mmBtu in the first half of 2017 – a 37% rise compared with the first half of 2016; meanwhile the average delivered cost of coal dropped 2%, according to EIA figures.
Alarmed about the scale of gas shortages in Australia, Prime Minister Malcolm Turnbull is considering restrictions on LNG exports from Australia’s eastern coast. Santos, Shell and ConocoPhillips have been urged to help plug an estimated shortfall of up to 17% of market demand in 2018.
Highland Group Holdings (HGHL) has agreed with Symbion Energy to co-invest $100 million towards the $370 million for a 106 MW project of generating electricity from methane at Lake Kivu in Rwanda. Paul Hinks, Symbion CEO promised “the work will begin in earnest in November 2017 and this funding means we can fast-track at least 22 MW within 18 months."
Cherat Cement has contracted Wärtsilä to supply three 34DF dual-fuel engines to power an extension of one of Cherat’s manufacturing facilities in Pakistan. The two engines, running on natural gas and heavy fuel oil (HFO), will produce a total output of approximately 29 MW.
ABB announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business for $2.6 billion. Zurich-based ABB said it expects to realize approximately $200 million of annual cost synergies in year five, which will be "key in bringing the GE arm to peer performance”.