Evonik and Siemens have launched the second phase of Rheticus in Marl, Germany, based on €3.5 million in government funding. The test plant contains a bioreactor and electrolyzers to turn water and CO2 into valuable chemicals, making use of excess electricity from renewable sources.
The creation of a national pipeline company in China is meant to maximise the country’s oil and gas output, but analysts warn it could result in higher end-user prices. Using the price-to-book methodology, Wood Mackenzie says China’s new pipeline company may be worth up to $105 billion.
Harnessing methane-laden waters from Lake Kivu, the government of Rwanda has entered a public-private partnership (PPP) with Shema Power Lake Kivu Ltd (SPLK), formerly Symbion Energy, to develop a 55 MW power plant. Ultimately, the government aims to fuel over 500 MW capacity with methane from the lake by 2024.
Southern California Gas Company (SoCalGas) has been urged by the Californian energy regulator to guarantee stable gas deliveries to utility customers. SoCalGas is required to inject more gas into storage to mitigate the risk of fuel shortages for power generation in the upcoming winter.
U.S. dry gas production will rise to an all-time high of 91.63 billion cubic feet per day (bcfd) this year, the U.S. Energy Information Administration (EIA) said, forecasting a fall in Henry Hub gas prices by more than $1 per million British thermal units (MMBtu) to average $2.43/MMBtu in Q4-2019.
General Electric will freeze pensions for over 20,000 employees in the U.S. to lower its pension deficit by around $5-8 billion and net debt by up to $6 billion. However, analysts at J.P. Morgan say further steps are needed if GE wants to “truly normalize” its balance sheet.
German engineering giant Siemens is partnering with Hydrogen Renewables Australia (HRA) to develop a 5,000 MW wind and solar farm in Western Australia. Siemens electrolysers will convert the renewable power into low-cost renewable hydrogen for export to Asian markets.
Nigeria’s Indorama Eleme Petrochemicals Ltd (IEPL) is benefitting from an upgrade of the first two out of six GE 6B gas turbines at its onsite power plant in Rivers State. The upgrade increased the electricity output of Indorama's plant by 15% per gas turbine.
Global energy utilities are facing a growing risk of cyberattacks with potentially severe financial damage. A survey by Siemens and the Ponemon Institute finds that 54% of utility respondents fear an attack on critical infrastructure in the next 12 months. To mitigate this risk, utilities need to improve the interface between Operational Technology (OT) and IT systems.
Though Europe is currently well stocked with gas, Wintershall Dea CEO Mario Mehren has warned prices could spike in 2020 if Russia's Gazprom and Ukraine's Naftogaz fail to reach a transit agreement. The current transit contract will expire at the end of this year.
Japan’s energy giant JERA has agreed to pay $300 million to buy a 22% stake in Summit Power International with the aim of getting involved in major energy infrastructure projects in Bangladesh.The deal follows an agreement between Summit Corp and JERA to jointly develop a $500 million project in Cox’s Bazar, which will include various terminals for cargo and LNG.
Fast-falling technology costs and supportive renewable policies spur a rapid regional load growth of hydropower, wind and solar power sources. Collectively, renewables are forecast to contribute 49% of global electricity generation by 2050, up from 28% last year.
First oil from Johan Sverdrup – Norway’s sixth-largest discovery, with 2.7 billion barrels reserves – is a red-letter day for the operator Equinor and partners Lundin Norway, Petoro, Aker BP and Total. The field started two months ahead of schedule and 40 billion Norwegian Krone ($4.38 bn) below budget.
Atlantic basin LNG producers, notably at the US Gulf Coast, get a better netback value at the Spanish Virtual Balancing Point (PVB) than at other European hubs. However, offtake obligations for Algerian pipeline gas will limit how much extra LNG the Iberian market can absorb in 2020.
Enagas, the Spanish gas system operator, has been busy to match an “extraordinary demand” from both the power sector and industry, leading to a 16.9% surge in gas offtake to 294 TWh. Much of the demand increase was prompted by a fuel switch in the electric power sector.