The International Energy Agency (IEA) has urged German policy makers to promote the development of hydrogen technology and start importing LNG to advance its energy transition. The IEA lauded Germany’s “extraordinary progress with renewables,” but noted the “nuclear phase-out as well as higher electricity exports have offset some of the emissions benefits."
Fast economic growth and insufficient power gen capacity makes the Philippines a prime market. For small scale LNG-to-Power projects, MAN Energy Solutions calculates with an electricity wholesales price of 90 Euros per MWh. This is “very attractive” considering gas prices at the genset site of between 10.5 Euros and 35 Euros per MMBtu.
The Chinese Government is open to applications for tariff exemptions on several U.S. products, including crude oil and LNG, starting from March 2, 2020. The long-anticipated announcement was widely welcomed by traders, though there are concerns about long-term demand destruction due to the coronavirus outbreak.
Global market for battery energy storage is seen surge at a dazzling rate of 46.7 percent to reach $111.34 million by 2026. Data Bridge market research sees growing demand for grid-connected lithium-ion batteries to back up intermittent electricity supply from wind and solar power sources.
Belarus’ state-run energy provider RUE Minskenergo has contracted Siemens to supply six SGT-800 industrial gas turbines and related equipment for a peak load power plant in Minsk. The 300 MW unit is scheduled to be commissioned in December 2021.
New Fortress Energy (NFE), the owner of gas liquefaction facilities in Florida, has agreed to supply LNG to Nicaragua as part of a power plant venture. Under the deal, NFE will build a floating LNG import unit and a 300 MW gas-fired power plant by the second half of 2021.
Pressure keeps piling up on the Northeast Asian LNG market as the coronavirus outbreak destroys demand. The Japan-Korea-Marker (JKM) for Apr-20 and Mar-20 delivery contracts trade at a discount to the Dutch TTF hub. For summer, Energy Aspects anticipates spreads as low as -0.15 $/MMBtu.
Saudi Arabia, the world’s largest crude oil exporter, is gearing up to selling also natural gas and petrochemicals to global markets in a bid to diversify its economy. The Kingdom has been investing in gas exploration and recently made a large discovery in the Red Sea.
Germany must exit coal-fired power generation much faster than planned to comply with the Paris Climate Agreement, the German Institute for Economic Research (DIW) finds. To meet climate goals, a coal phase-out would have to be completed by 2030, or better before.
Japan-based Marubeni, together with Engie of France, have formed a consortium with Abu Dhabi Power Corp (ADPower) to develop the Fujairah F3 independent power project. Construction is due to start “swiftly” for the plant to generate “early power” by summer 2022, and reach full operation by summer 2023.
Warm weather and plentiful dry gas production has pushed down the daily spot price at the U.S. benchmark Henry Hub this winter heating season. A low-point of $1.81/MMBtu was reached at Henry Hub on February 10, while NYMEX gas futures traded as low as $1.77/MMBtu on the same day.
Alexey Miller, CEO of Gazprom, and the Government of Belarus have agreed on the pricing of Russian gas deliveries until the start of 2021. The transit volume of Russian gas is understood to remain at the same level, ensuring stable onward deliveries to Germany via the Belarus-Poland pipeline.