Surging energy prices in Germany are hitting industry and household customers, but the economy ministry does not intend to intervene at this point. Nord Stream 2 will bring some respite, though the start-up date of the Russian gas interconnector has been pushed back from October to the end of 2021.
Siemens Energy and consortium partner Sumitomo Electric have signed a contract with Greenlink Interconnector to deliver high-voltage direct current (HVDC) converters for the 190km UK-Ireland interconnector. Works for the bi-directional 500 MW power link will begin at the start of 2020.
Fast-rising gas prices at the UK National Balancing Point (NBP) are causing a wave of bankruptcies. Bulb, Britain's sixth largest energy company, is seeking a bailout and Government promised to intervene by offering state-backed loans to surviving energy firms to ensure stable supply to end-customers this winter.
Traded natural gas prices at Europe’s main hubs, the British NBP and the Dutch TTF, have reached record levels. The UK NBP price for the end of the summer season has risen more than four-fold in six months to the equivalent of $25.95 per million British termal units (MMBtu) on September 21, while TTF prices soared to the equivalent of $25.80 per MMBtu the same day.
Virginia-based AES has acquired the remaining half of its LNG-fuelled power station in Panama from Inversiones Bahia. The purchase of a 49.9% stake in AES Colón gives the American multi-national utility full control over the 381 MW combined-cycle gas power unit and the adjacent LNG regas terminal with 180,000 cbm storage at the Atlantic seaport town.
MAN Energy Solutions is forging ahead with installing the world’s first ETES (Electro-Thermal Energy Storage) heat-pump for multi-utility company, DIN Forsyning. Once completed, the power plant will supply climate-neutral district heating to 25,000 households in the Danish port town of Esbjerg.
US-based 8 Rivers Capital has teamed up with Navigator Terminals to enter the UK market for handling and storing carbon dioxide, hydrogen and ammonia. Their pilot projectis the Whitetail 300 MW ‘Net Zero’ power station at Teeside (NET), where nearly all air emissions will be eliminated while CO2 will be captured and stored offshore.
The International Energy Agency (IEA) is calling for tougher regulation on methane emissions. Downstream oil and gas – notably refining, transmission, storage and distribution – is responsible for more than 20% of methane emissions, a potent greenhouse gas. Worldwide, downstream methane emissions amounted to 16 million tons (Mt) in 2020.
Ansaldo Energia has joined the European Union’s ‘Digital Volunteer Program’, aimed at bridging the digital skills gap in small and medium-sized industries. As part of this project, Ansaldo is mentoring the Italian manufacturer ATLA to develop a new procedure for inspecting hot gas components from turbines.
Quantifying the impact of Hurricane Ida, the US Department of Energy (DoE) said the storm initially left more than 1.2 million in the dark in Louisiana, Mississippi, and Alabama. Entergy still hasn’t restored power to all customers. By its estimates, full electricity supply may not be restored in certain southeastern Louisiana parishes until the end of September.
The German industry federation BDI has issued a stark warning against Government plans to bring forward the phase-out date for all coal power plants in the country from 2038. An early coal exit would undermine the security of electricity supply, BDI head Siegfrid Russwurm said, as gas-fired plants could not be built quick enough to make up for the lost capacity.
Petronet plans to build an LNG import facility in India’s East Coast state of Odisha. A feasibility study for a 4 mtpa Floating Storage and Regas Unit (FSRU) at Golapur Port is in the making, chairman Tarun Kapoor said, but the project would compete with another East Coast terminal at Dhamra Port, proposed by GAIL and the Adani Group.
Japan’s largest utility JERA, along with Mitsui and partners, has agreed to sell its entire stake in the Mexican utility MT Falcon Holdings to the British investment fund Actis GP for an undisclosed sum. JERA holds 20% in MT Falcon which runs five combined-cycle power plants (2.2 GW combined).
Germany could transform its economy to net zero emission by 2045 at no cost, McKinsey claims, as switching to green technologies opens up new growth. However, it would have to invest €1 trillion in new infrastructure, and €5 trillion to modernise existing power plants and gas grids.