TC Energy Corp, formerly Trans Canada, has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy, to sell interests in three Ontario natural gas-fired power plants for about C$2.97 billion.
India, home to the world's sixth largest solar PV capacity, needs backup to mitigate intermittency risks. Over $200 billion would have to be spent on energy storage, considering the IEA's Technology Roadmap ‘breakthrough scenario’ where capital costs for storage are assumed to be $1 200/kW and $30/kWh in 2050.
The Mozambican government has approved a 30-year concession for Beluluane Gas Company to build, own and operate the 2,000 MW Beluluane gas power near the capital of Maputo. The developer is also required to build a feeder pipeline to supply the power plant with regasified LNG form Mantola Port.
National Iranian Gas Transmission Company (NIGTC) claims its engineers have gained the necessary know-how to repair Siemens gas turbines. NIGTC chief executive Saeid Tavakoli said the company carried out overhauls of SGT600 turbines by solely relying on domestic contractors.
Siemens CEO Joe Kaeser has warned about a “significantly weaker” environment hitting profits in the company's key business units Digital Industries and Gas and Power. “Geopolitics and geoeconomics are harming an otherwise positive investment sentiment,” he said, stressing Siemens is still getting more orders that it executes.
Royal Dutch Shell has seen second quarter profits plummet 25% to $3.6 billion – way short of analysts’ forecast of $4.93 billion. Shell CEO Ben van Beurden blamed lower oil and gas prices and pointed out the company’s “good cash flow performance” not least due to the start-up of Prelude FLNG.
U.S. technology innovator Tesla has launched a huge battery, called Megapack, claiming it would be more cost-effective and faster to install than any fossil-fuelled power plant. The pilot utility-scale Megapack battery will be installed on behalf of the Pacific Gas and Electric Company (PG&E) for the Moss Landing project in California.
The European Investment Bank (EIB) is taking steps to stop funding new fossil fuel-reliant energy projects by the end of 2020. A draft of the EIB’s new leaning strategy states the bank will no longer support upstream oil and gas, coal mining and power generation from fossil fuel sources.
TC Energy, formerly known as TransCanada, has agreed to divest three gas-fired power stations in Ontario for around C$2.87 billion (US$2.18bn) to Ontario Power Generation (OPG). The proceeds will be used to pay for construction of the Coastal GasLink Pipeline that will deliver feedgas to the LNG Canada project in Kitimat, B.C.
Retirements of coal-fired power plants by U.S. utilities over fuel economics or environmental reasons is expected to reduce the country’s overall coal generating capacity by nearly 120 gigawatts (GW) by 2025. Several retired plants are getting repowered with combined-cycle turbine technology, as utilities shift to cheaper and cleaner burning natural gas.
Engas, the Spanish gas network operator, has reported record gas deliveries to the electricity sector. July demand grew by 45% compared to the same month last year due to a sharp rise in gas-burn compared to coal amid high temperatures and low hydroelectricity production.
Silent-Power Project, a Swiss technology start-up, is producing of CO2-neutral electricity from methanol. CEO Urs Weidmann told Gas to Power Journal the company aims to achieve an annual production of 1 million liters of carbon neutral methanol with its first synthesis plant by 2020.
Iain Conn, the Centrica CEO, has decided to step down 2020 after posting a statuary operation loss of £446 million, mainly due to the UK energy price cap. The departing CEO also announced Centrica will stop producing oil and gas to focus on customer-facing business such as supplying electricity and energy services.
International Finance Corp (IFC), part of the World Bank, has made a $2 million cost-sharing commitment to South Africa’s Transnet to develop a floating storage and regasification unit (FSRU) at the Port of Richards Bay by 2024. The aim is import LNG to fuel independent power projects.