GE's share price keeps recovering fast after investigator Harry Markopolis made the stock plunge over 11% in one day, alleging $38.1 billion in potential losses that were hidden through a “bigger fraud than Enron.” Reacting swiftly, GE CEO Larry Culp bought shares worth $2 billion and dismissed the claims as "meritless, misguided and self-serving speculation."
Refusing to take the sole blame for the UK’s unprecedented power outage on August 9, National Grid said power generators were responsible for the faults at the Hornsea offshore windfarm and the Little Barford gas power station. The regulator Ofgem is investigating whether the grid operator should have done more to limit in the scale of the blackout.
Ansaldo Energia has been selected by the German utility Uniper to build an open-cycle power plant on a turnkey basis. The 300 MW plant, driven by an AE94.3A gas turbine, will be installed in Irsching, southern Bavaria for grid balancing purposes.
Critics have questioned the commercial viability of a new 300 MW ‘emergency reserve’ power plant at Irsching, Bavaria. Uniper is preparing to build an open-cycle gas power unit even though it is seeking to mothball two combined-cycle power units at the same site. Asked about this seemingly paradox situation, Uniper told Gas to Power Journal that the new OCGT project has, in fact, been stipulated by the German lawmaker.
After breakthroughs in curbing energy related emissions, industrial decarbonisation is the next frontier. At zero-carbon electricity prices below $50/MWh, using electricity for heat in industrial processes becomes more economical than carbon capture and storage (CCS), McKinsey finds.
Hot weather and low gas prices have pushed up the share of gas-fired generation in PJM Interconnection to its second highest all-time daily average. Coal-to-gas switching mainly occurred in the western part of the grid, where gas was priced nearly $0.50/MMBtu lower year-on-year.
General Electric has secured two orders for 6F.03 gas turbines in China with Guangdong Lee & Man Paper Manufacturing Ltd (Lee & Man) and China Huadian Corp (CHD) Xiangyang. These order wins come as the 6F turbine achieved 25 years of successful operations.
Energy-intensive industries in Germany stand to benefit from the proposed coal exit. Implementing the coal phase-out will see 12.5 GW of coal-fired capacity being closed by 2022, and an Agora study finds replacing coal with renewables would lower wholesale prices by approximately 0.5 Euro cent.
Electrification of the transport sector will not only propel up power demand but also spur a surge in global copper consumption. Electric vehicles (EVs) alone are forecast to consume more than 3.7 million tons of copper every year through 2030, and the anticipated 20 million EV charging points are seen propelling up copper demand by 250% over 2019-levels.
Siemens Gas and Power has carried out the first Brownfield Engine Exchange (BEX), replacing a the gas turbine section (V84.2) at PowerSouth’s McWilliams power plant in Covington County, Alabama with a newer, more efficient SGT6-2000E.
Growth in small- and medium industries drives the need for low capacity gas turbines, which are affordable and easily transported. Gas turbines with less than 50 kW are expected to surpass 1 GW in annual installations by 2024, while the overall market will top 34 GW over the same period.
With more than a third of Germany’s electricity generated by renewables, the number of Power-to-X projects has surged in a bid to make use of this intermittent energy supply. Over 35 plants with over 50 kW of installed electrolysis capacity will be in operation by 2022 in Germany alone, according to forecasts by certification service provider TÜV SÜD.
Simultaneous failures at a gas-fired power station and an offshore wind farm have cut electricity for almost 1 million people in England and Wales on Friday night. The energy watchdog Ofgem requested an urgent report from National Grid into the causes of the outage.
Mitsui OSK Lines (MOL) is to more than double its fleet of LNG regasification ships to tap into a construction boom for gas-fired power stations in developing regions, such as Southeast Asia. According to Reuters, the Japanese giant will add six FSRUs, bringing its total to 10, by 2025.
The US set a new daily record on 19th July, of 44.5 bill cu ft natural gas consumption by electric power plants, according to S&P Global Platts. US power sector natural gas consumption exceeded the previous record of 43.1 bill cu ft – set on 16th July, 2018 – on five days last month.