Partners of the HYPOS alliance – a German consortium including VNG, Ontras and the Fraunhofer Institute – have launched a platform to store renewable hydrogen in a salt cavern in Bad Lauchstädt, Saxony-Anhalt. The plan is to build Europe’s first hydrogen storage and operate it for research purposes.
The Hill Top Energy Center in Nemacolin, Pennsylvania, will be powered by one of GE’s HA gas turbines. Kiewit Power Constructors (Kiewit) will handle EPC on the project, including the integration of a 7HA.02 gas turbine into the power plant which is due operational in 2021.
Occidental Petroleum has sweetened its buyout bid for Anadarko, now offering 78% cash and 22% stock rather than a 50:50 split, in an effort to outbid Chevron. Anadarko reacted by stressing the Chevron Merger Agreement is still valid, but analysts reckon the revised terms and Occidental’s pledge to sell Anadarko’s Mozambique LNG stake to Total could force Chevron to improve its offer.
NRG Energy’s latest quarterly earnings came in at $0.34 earnings per share (EPS) for the quarter, just below analysts’ estimate of $0.39. During the second quarter of 2019, the utility accumulated revenues of $2.17 billion, up 4.8% compared to the same quarter last year. Return on equity was 129.32% that quarter, resulting in a net margin of 2.58%.
The UK energy regulator Ofgem has been reviewing, and revising downward, some incentive schemes for small gas- and diesel-fired power plants. Proponents of decentralized power solution warn a withdrawal of subsidies could make developers scrap 2,000 MW of planned capacity. In contrast, operators of larger power plants claim that larger payouts to distributed gensets would lead to a ‘market distortion’ and discourage investments in flexible combined-cycle gas power units.
The French government has decided to put a cap on carbon emissions from its coal-fired power plants starting from 2022. The measure is meant to ensure that “they are forced out of the market,” energy minister Francois de Rugy said when announcing the new draft law.
The Canadian utility Capital Power has agreed to acquire Goreway Power Station Holdings, jointly held by JERA and Toyota Tsusho and operator of the 875 MW Gorway Power Station in Ontario. The deal will be financed through RBC Capital Markets and TD Securities by issuing 4.3 million in subscription receipts through a Public Offering. Gross proceeds are expected to total about $130,290,000 million.
Royal Dutch Shell has increased its investment in research on hydrogen production through electrolysis as well as pilot projects, singling out the fuel as "one of the world’s energy pathways to reach the emission reduction targets of the Paris Agreement." The share of hydrogen in final energy consumption is forecast to rise from less than 1% before 2040 to 6% by 2070.
Iraq’s Ministry of Electricity has signed an implementation agreement with Siemens to kick off the execution of the Iraq Roadmap. Phase-1, valued at 700 million euros ($785m), include EPC for the 500 MW Zubaidiya power plant, the upgrade of 40 turbines and grid infrastructure. The entire four phases of the Roadmap could see contracts awarded for up to $14 billion.
The Asian Development Bank (ADB) is co-financing one of the largest combined-cycle gas power plants in Indonesia, the 1760 MW Jawa-1 unit. This week the ADB started to provide its first drawdown of funds under a private sector financing package totaling more than $305 million.
Dubai Electricity and Water Authority's (DEWA) extension of its M-Station power and desalination plant in Jebel Ali has increased the plant’s capacity to a current total of 2,885 MW and 140 million imperial gallons of water per day. Siemens handled EPC and equipment delivery. The combined cost for M-Station’s construction and expansion amounts to AED 11.669 billion (US$ 3.177 billion).
Neonenergia, a Brazilian electric utility with 4.5 GW installed capacity and majority-held by Iberdrola, has started a second attempt for an IPO after it had to call off an effort to get listed on the Sao Paulo Stock Exchange in 2017. Iberdrola shareholders now hope for higher price in the IPO, based on Neonenergia’s improved results since its merger with Elektro.
The French oil major Total has announced plans to invest between $1.5 billion and $2 billion per year on low-carbon power sources in a strategic shift to the retail energy sector. CEO Patrick Pouyanne said the Group’s target of 7 million retail energy clients in France and Belgium, equaling about 15% of the market, would be achievable before 2022.
Ukrainian agro-holding I&U Group has contracted KTS Engineering, INNIO’s authorized channel partner, to supply a power solution based on four Jenbacher biogas cogeneration units for a new zero-waste biogas plant. The biogas CHP will reduce I&U Group annual carbon footprint by 24,000 tons.
Iceland, Liechtenstein and Norway – the European Free Trade Association (EFTA) states – will be able to auction their emission allowances on the common EU Emission Trading System (EU-ETS) starting from June. The European Energy Exchange (EEX) said it is about to publish an auction calendar that includes the EFTA states volumes.