Australia’s Woodside Petroleum has announced write-downs of nearly A$6.3 billion (US$3.92bn), mostly related to its exploration assets. Australia’s largest oil and LNG exporter today posted a US$768 million drop in Q2 sales, largely due to a 28.2 percent fall in its realised LNG price.
Monthly gas prices at the U.S. Henry Hub have fallen to a low of $1.63 per MMBtu in June – the lowest inflation-adjusted price recorded over the past three decades, according to government data. Starting from March, mild weather and Covid-19 related lockdowns depressed demand and prices.
National Grid has started the construction phase of the 1.4 GW Viking Link – the world’s longest interconnector stretching over 2.4km between the UK and Denmark. Works in Lincolnshire began this week, with Siemens Energy building the converter stations on both sides of the link.
Coal is no longer a favourite fuel in Japan’s new energy policy which stipulates to mothball or retire up to 100 inefficient coal-fired power plants by 2030. Analysts say this will shift Japan’s energy mix towards nuclear and gas, creating upside for LNG imports.
TROIL Vegas Altas, an olive oil treatment plant in Valdetorres, Spain, has contracted Cummins to install a QSK60G lean burn gas generator. The genset offers 1540kW of continuous power supply, with operations stabilised by a Cummins PC3.3 controller incorporated within the generator.
The Finish technology group Wärtsilä will supply a flexible baseload 200 MW power plant to a country in the Northern Andes. The customer signed the contract in June and commercial operation of the plant, powered by 11 Wärtsilä 50SG, is due to start at the end of 2021.
Though U.S. rig counts decline and dry gas production fell by 0.3% in recent weeks, overall gas supply is up 0.6%, largely due to rising output at Marcellus Shale. Gas-burn in the power sector is the only let-out for excess supplies, with rock-bottom prices accelerating coal-to-gas switching.
The global gas turbine market will grow by $2.44 billion, or 2%, over the next four years, according to Technavio research. The market is fragmented and sales badly hit by the coronavirus crisis, but analysts say the degree of fragmentation will accelerate in the years through to 2024.
German Energy Agency dena has advised the Government to support households by lowering the renewable surcharge they pay with their power bills, also known as the EEG levy, to zero by 2021. The resulting lower electricity prices would help stimulate private consumption.
Denmark’s decision to allow Gazprom to build Nord Stream-2’s final stretch with Russian pipe-laying vessels means the controversial interconnector will become a reality. Fresh U.S. sanctions “cannot stop the project now” analyst say, as the permit makes works “cheaper and easier” for Gazprom.
Shell says its REFHYNE hydrogen electrolyser project, based on proton exchange membrane (PEM) technology, will be supported by the European Commission’s new hydrogen strategy. The policy sets out pathways how clean hydrogen can help the EU reach is 2050 net-zero emissions target.
Shanghai Electric, in consortium with Ansaldo Energia, has been contracted by North West Power Generation to design and build a combined-cycle gas power plant in Rupsha, western Bangladesh. The 880 MW plant will be powered by two GT26 gas turbines, manufactured by Ansaldo in Genoa.