South Korea, the world’s third-largest LNG importer, will likely see natural gas demand rise 15% over the next 12 years as the country transitions from coal to gas generation and renewables. The energy ministry forecasts gas demand will amount to 41.7 million this year, and grow to 47.9 mt by 2034.
If the world takes decisive actions to limit global warming to 2°C by 2050, the scale of change is likely to unravel the energy industry. “Progressive electrification will squeeze the most polluting hydrocarbons out of the energy mix,” Wood Mackenzie says, forecasting oil demand will take a hit while gas demand remains resilient.
New York-based New Fortress Energy (NFE) today has posted first-quarter net loss of $39.5 million as it strives to complete LNG import projects for the local power sector in Mexico and Nicaragua in the next two months. “Developments are advancing on budget and schedule,” the company said, adding the terminals are due operational in Q2-2021.
Energias de Portugal (EDP) is preparing to install a Power-to-Hydrogen system at its Ribatejo combined-cycle gas power plant (3 x 392 MW), situated some 30 kilometers northeast of Lisbon. The three units, powered by Siemens V94.3A gas turbines in single shaft configuration, have a combined capacity of 1.176 MW. Trial runs are due to start in March 2023.
Schlumberger New Energy, the energy transition unit of the US oilfield service giant, is developing a lithium extraction pilot plant in response to growing demand for utility-scale battery storage in the transport and power sector. To be built through NeoLith Energy in Clayton Valley, Nevada, the pilot plant is due operational before the end of 2021.
Electricity Supply Board‘s (ESB), Ireland’s largest utility, has ordered a grid stabilizing system from Siemens Energy for Moneypoint power station where ESB launched a ‘Green Atlantic’ project. The coal power site in County Clare will be transformed into a green energy hub, based on renewables and hydrogen with a view to powering 1.6 million homes.
The rapid build-out of Philippine LNG import and power project puts many assets at risk of becoming stranded. The total investment in ports, LNG regas facilities, pipelines and power plants is estimated at over $13.6 billion (PHP 653.5bn), but much might be underutilized, analysts warned, as renewables become cheaper.
The Port of Rotterdam plans to take a financial investment decision on its H-Vision project this year, with a view to producing hydrogen from natural gas and refinery fuels gas by the end of 2026. Such fossil fuel-based, “blue” hydrogen projects, however, do not enjoy the same support as “green” hydrogen projects, based on renewables.
Siemens Energy today posted a substantial rise in second quarter orders, up 39% to €10.5 billion, driven by the wind turbine segment. However, the German OEM lowered the upper end of its revenue growth forecast for fiscal 2021 to 3-8%, amid weaker-than-expected demand and project delays.
Singapore-based utility Nexif Energy, backed by Denham Capital, has reached financial close on its 154 MW Snapper Point power plant, under construction at Outer Harbour, South Australia. The peaking plant is powered by five converted GE gas turbines, leased for 25 years.
Energy Australia, part of Hong Kong-listed CLP Holdings, has decided to invest A$300 million ($232m) to expand its Tallawara power plant after having received A$83 million in state funding. The plant will be upgraded to hydrogen co-firing and help balance a looming capacity deficit when AGL retires its large Liddell coal power unit in 2023.
Siemens Energy, together with the Spanish EPC contractor TSK, will supply and install an F-class gas turbine at Atinkou’s new combined-cycle power plant, under construction in Jacqueville, Ivory Coast. Owned by Atinkou, part of Eranove Group, the CCGT will have an installed capacity of 390 MW and is due operational in late 2022.