Global investment firm Blackstone Group has agreed to pay $685 million to purchase three gas-fired power plants in Texas from Direct Energy, a Houston-based subsidiary of Centrica.
Driven by China's hunger for energy, the global power boiler market is forecast to expand at a Compound Annual Growth Rate (CAGR) of 6% from $17.35 billion in 2013 to $30.62 billion by 2020, Global Data analysts forecast.
Finish gas engine manufacturer Wärtsilä is to construct two 20MW combined heat and power (CHP) plants in Russia's Chelyabinsk Oblast region, in the Southern Urals. To be located in the towns of Kasli and Karabash, the plants have been contracted by the private investment company, Perspektiva.
The European Commission has been urged to consider renewed support for industrial combined heat and power (CHP) plants by parliamentary vice-president, Alejo Vidal-Quadras. "Current national energy market policies could lead to decreasing use of CHP in a number of countries because of growing investor uncertainty and a lack of clearly-defined long term policy structures," he warned, commenting on the EU's current regulatory environment.
Natural gas will become the dominant fuel for power generation in the U.S. by 2040, when it will account for 35% of production compared with 32% for coal, according to an early release of the Energy Information Administration's 2014 Outlook report. Cheap domestic gas reserves, strong demand for flexibility of power supply, tighter environmental regulation and technology improvements are seen drive the dash for gas power.
Siemens Energy has been awarded a contract worth €395 million for the engineering, procurement and construction of the San Gabriel combined cycle power plant (CCPP) in the Philippines with a capacity of 414MW. A commissioning and start-up date is set for March 2016.
GE's Digital Energy business has enhanced its Multilin Intelligent Line Monitoring System, an end-to-end overhead line solution with advanced analytics that helps utilities pinpoint power outages to improve reliability of power supply.
The Latvian parliament has approved amendments to energy regulation with a view to liberalising the gas markets and encourage greater competition in the power sector. The new laws will ensure third party access to gas transport infrastructure and reduce Latvia's reliance on Russian gas supply.
The rise in global coal demand is set to slowdown as China is looking to switch to cleaner-burning power sources, the U.S. turns to cheap shale gas, and as Europe's temporary economic rebound is seen come to an end, the International Energy Agency (IEA) forecast.
New York Power Authority has approved the conversion of NRG Energy's coal-fired Dunkirk power plant (635 MW) to run on natural gas and will contribute to the 150 million cost of the project. The new plant is set to startup in Q3'2015 and will generate 435 MW of electricity.
Determined to switch from coal to gas power generation to improve air quality, China's CNPC, PetroChina and Sinopec Group have been given the target to produce 6.5 billion cubic meters of shale gas by 2015 to help source more domestic gas supplies to fuel power plants.
The leader of German's Social Democrats (SPD), Sigmar Gabriel, will head a new combined Economics and Energy Ministry after his party voted over the weekend to enter a grand coalition with the Conservatives (CDU/CSU). Gabriel said he will focus on finalising the Energiewende without threatening the Germany's attractiveness for industrial production.
The Mexican senate has approved reforms to open up the country's energy sector to foreign investment and end the monopoly of Pemex, the state-owned power company. A lack of upside had deterred upstream investment, with shortages in gas supply causing power plant projects to stall despite plentiful reserves and strong demand for electricity.
Natural gas is forecast to overtake coal as the global dominant energy source by 2025, behind oil, with gas consumption forecast to surge 65% by 2040, ExxonMobil said in its annual energy outlook.
Independent Power Producer Invenergy has completed loan term financing for construction of the 584 MW gas-fired Nelson Energy Center, located 120 miles west of Chicago. Finance structuring will be provided by ING Capital, Siemens Financial Services and GE Energy Financial Services.