Siemens expects “even stronger impacts” from the coronavirus pandemic in the coming weeks as it posted an 18% drop in profits during the second quarter. The German technology conglomerate withdrew its guidance for fiscal-2020 but confirmed the timeline for the spin-off of its energy business.
April 2020 was the first month ever that renewables generated more electricity than thermal coal in the United States every single day. According to government data, coal’s market share in April declined to 15.3% amid a steep drop in power demand due to the pandemic.
U.S. Federal Energy Regulatory Commission (FERC) has instated Order 841, removing market barriers for energy storage to allow it compete on an equal footing with fossil fuel generators. Analysts say the order could push up storage deployment to 50 GW as capital costs fall up to 15% per year.
Nationwide lockdowns in India have highlighted the financial risk of coal power plants – a technology increasingly uncompetitive compared with gas or renewables. In the first 33 days of the 2020/21 fiscal year, coal-fired generation was down just shy of 30 Terawatt-hours (TWh).
Asia’s Japan/Korea LNG (JKM) price marker is “potentially undervalued”, Energy Aspects says, pointing at a strong demand upswing in South Korea. Should KOGAS switch decisively from coal to gas generation, this would pull JKM prices above levels at the Dutch TTF starting from the fourth quarter.
Wärtsilä is working on a new combustion process to allow its gas engine burn solely hydrogen fuel. The Finish technology group has already tested its engines with blends of up to 60% hydrogen and 40% natural gas, having proven that the engines can run on synthetic carbon-neutral methane.
South Korea’s Hyosung Group and the German chemical group Linde have agreed to build the world’s largest liquid hydrogen plant at cost of Won 300 billion ($244 million) in Ulsan by 2022. The project is part of South Korean government’s plans to use more hydrogen for transport and power gen.
MAN Energy Solutions, in consortium with Burmeister & Wain Scandinavian Contractor (BWSC), will supply two 18V48/60TS engines to expand the capacity of DPP2 Bemland power plant in Suriname from 84 MW to 126 MW. Project finance for this second upgrade comes from OLIBIS.
U.S. developer PowerPHASE has launched a Compressed Air Energy Storage (CAES) Plant, designed to enable grid-scale energy storage of renewable power. CEO Bob Kraft said the company is working with a couple utilities in the United States to install the first reference unit.
Southern California Edison (SCE), one of the state’s major investor-owned utilities, has been awarded contracts for 770 MW battery energy storage capacity. The seven new units will help mitigate intermittency issues when 3 GW of ageing gas peaking plants are due to retire before year-end.
Rising volumes of US LNG exports have boosted liquidity at traded gas markets, leading to greater price correlation of regional hubs and more integrated markets. Still, prices at the U.S. Henry Hub, Asia’s Japan/Korea LNG (JKM), and the UK National Balancing Point (NBP) show much less correlation than crude oil benchmarks.
U.S. electric carmaker Tesla has applied to the British energy regulator Ofgem to sell electricity in the UK. The purpose of the licence may be to introduce Tesla’s Autobidder energy trading platform in the UK, which is already running at Tesla’s Hornsdale Power Reserve in South Australia.