Spot gas prices at the U.S. benchmark Henry Hub in Louisiana have fallen to their lowest level in the past year since 2016 as domestic production keeps growing. “Lower natural gas prices in 2019 supported higher consumption – particularly in the electric generation sector – and higher natural gas exports,” EIA analysts commented.
Adani Power and NTPC, two of India’s largest power producers, have pleaded to the government in Delhi to extend the deadlines of retrofitting coal power stations by two to three years. High costs for retrofits and India’s continued reliance on cheap thermal coal now needs to be weighed up against rampant air pollution.
French oil and gas major Total has signed an agreement with Gigajoules Group of South Africa to import and deliver regasified LNG for a projected large-scale gas power station at the outskirts of the Mozambican capital Beluluane. Importing LNG is vital given that there is not enough domestic gas supply to fuel the 2,000 MW power project.
Gazprom has just launched TurkStream, a two-string gas pipeline through the Black Sea to Turkey with a combined throughput capacity of 31.5 billion cubic meters (Bcm). The first string will deliver Russian gas to Turkey, while the second string is intended for gas transit to southeastern Europe.
The energy portion of the S&P Goldman Sachs Commodity Index (GSCI) has risen faster than other commodities over the course of 2019 with prices of WTI and Brent crude oil up 31 percent and 20 percent, respectively. In contrast, natural gas futures sold on NYMEX fell 26 percent to end the year at $2.19/MMBtu — the largest decline of all commodities in the index.
Traded volumes of natural gas in European brokered markets have soared nearly 22% to reach 30,496 TWh in the period from January-November, according to the London Energy Brokers’ Association (Leba). Volumes on the Dutch TTF – Europe’s most liquid hub – increased over 21%, while UK NBP trading fell nearly 27%.
Germany’s largest utility Uniper strives to fast-track permitting and construction of a floating storage and regas unit (FSRU) in Brunsbüttel to importLNG from Australia, among others.To that end, Uniper agreed with Woodside Energy Trading Singapore to import 0.5 mtpa initially from 2023, which will be increased to 1 mtpa by 2025.
Germany's expansion of renewable energy sources will be unable to keep up with future demand growth, leading the country to miss its renewable targets in its 2030 power generation mix, say researchers from the Institute of Energy Economics at the University of Cologne (EWI).
MAN Energy Solutions is conducting a test phase with over 20 field applications for its newly developed assisted-reality application, PrimeServ EyeTech. Tests are conducted in cooperation with a pilot customer for turbomachinery maintenance and repair.
Keen to maximize China’s domestic oil and gas production and streamline imports, the government in Beijing’s is taking steps to bundle all onshore trunk pipelines owned by PetroChina, Sinopec Group and CNOOC into one single transmission system operator (TSO). Wood Mackenzie reckons China’s new state TSO could be worth up to $105 billion and is likely to lead to higher end-user energy prices.
Grid balancing becomes paramount as the share of intermittent supply from renewable power sources keeps rising fast in most developed countries around the globe. Smart grids are hence expected to manage two-thirds of global net electricity supply by 2050, and by that time an estimated $548 billion will be invested in batteries for energy storage.
Strong economic growth in Asia and other non-OECD countries is forecast to push up the world’s energy consumption by nearly 50 percent over the next three decades. According to the U.S. government projections, industry accounts for most of the energy demand growth and is expected to reach about 315 quadrillion British thermal units (Btu) globally by 2050.
Mitsubishi Hitachi Power Systems (MHPS) President and CEO Ken Kawai has used his New Year address to highlight the company’s focus on decarbonization by promoting fuel conversions to biomass, hydrogen and ammonia. In 2020, the MHPS President anticipates “further growth” for combined-cycle gas turbine orders to help convert CCGT and ICGT units to hydrogen co-firing.
Zhefu Holding Group of China and the Myanmar-listed firm Supreme Trading Co. have made plans to invest up to $2.57 billion to build an LNG import terminal and adjacent gas-fired power station at Mee Laung Gyaing. The integrated project will cover the energy needs for regional industrial zones, hotels and the city of Yangon.
Hong Kong-listed VPower Group, together with Myanmar’s Zeya Associates, are fast-tracking construction works for four emergency power projects in Myanmar, after having won a competitive tender in mid-October. The three power units, with a combined capacity of 900 MW, will be operated on imported LNG.