Oxford-based NGO Carbon Gap has urged governments in Europe and the UK to support the scale-up of technologies that can remove CO2 directly from the air. Researchers highlight the strong need to invest in R&D for carbon removal, provide deployment incentives and develop standards and clear target to incentivise utilities to start delivering net-negative emissions.
GenCell Energy, an Israeli maker of alkaline-based hydrogen fuel cells, has launched a backup power unit with extended runtime. Named GenCell REX, it helps European TSOs meet obligations of maintaining enough redundancy to guarantee 24 hours emergency power capacity.
Saudi Arabia’s ACWA Power, a leading developer, investor and operator of power and water assets, has signed a cooperation agreement with Natixis Corporate & Investment Banking to advance regional clean energy and hydrogen projects. Natixis CIB’s objective is to finance approximately US$2 billion over two years of ACWA Power’s future project pipeline.
Most of the money put into so-called sustainable exchange-traded funds (ETFs) in Germany is not invested in projects that differ significantly from conventional investment funds. “The big promise of many green funds to do good for other people and the environment often does not amount to more than greenwashing,” said Magdalen Senn of the NGO ‘Finanzwende’.
Wärtsilä has been contracted to supply an 8 MW/32MWh energy storage to Colbun who will co-locate the system with its 230 MW Diego de Almargo solar PV facility in Chile’s Atacama region – well-known for its solar radiation. The energy storage unit will be provided on an engineering and equipment delivery (EEQ) basis, due operational in Q4-2022.
Electrification and green energy policies are changing market dynamics. Larger utilities, traditionally focussed on centralized assets, start to embrace hybrid systems with energy storage, e-mobility and smart/digital offerings as the system needs more flexibility, analysts say – though the value in generation is still bigger on a US dollar basis.
Legislation has been passed in the Australian state of New South Wales (NSW) that allows to feed blends of hydrogen and biomethane into the natural gas pipeline network. The aim is to have a 10% hydrogen blend in the gas grid by 2030, and export substantial amounts of green hydrogen to power producers in Japan and wider Asia.
Inclusion of international carbon trading in Article 6 of the Paris Rulebook at COP26 could see the market’s value surge from US1 billion in 2021 to nearly US$200 billion in 2050. “The elimination of double-counting makes decarbonization real,” Wood Mackenzie’s research director Elena Belleti said, suggesting this will attract financing for “real emission reduction.”
Hydrogen-ready solid oxide fuel cells (SOFCs) are being introduced to the British wholesale power market by Bloom Energy, Conrad Energy and Electricity North West. The trio agreed to jointly develop, build and operate behind-the-meter (Btm) projects to bring Bloom’s SOFC platform to UK with first orders hoped to materialise in December 2021.
Ansaldo Energia has begun construction works on a project aimed at improving the efficiency of the EP Produzione combined-cycle gas turbine (CCGT) in Tavazzano and Montanaso, in Italy’s Lodi province. The new 800 MW CCGT unit is scheduled to start up on November 1, 2023.
Comisión Federal de Electricidad (CFE), Mexico’s state-owned electricity utility, has ordered two multi-fuel power plants with a combined output of 600 MW from Wärtsilä. The projects will be delivered on a full EPC-basis and are to be completed in phases during 2022 and 2023.
The government of South Korea is working towards turning hydrogen into the country’s biggest energy source by 2050 by expanding H2-based power generation, and replacing all fossil fuel used by the steel and chemical industries with blue or green hydrogen. To tackle transport emissions, over 2,000 hydrogen charging stations will be installed nationwide.
South Korea’s Hyundai Heavy’s refining unit Hyundai Oilbank has agreed to import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue hydrogen, made through steam methane reforming with subsequent carbon capture. This blue H2 will be sold as a fuel to Korean power generators.
CSOP, the first offshore asset manager in China, has listed its WTI Crude Oil Futures Daily (-1x) inverse product on the Hong Kong Stock Exchange today. The financial instrument, mainly invested in WTI future contracts and swaps, already attracted US$5.6 million initial investment.