Saudi Arabian utility developer ACWA Power has signed a $1.2 billion contract to realize a 1,500 MW power project in Uzbekistan’s Syrdarya region under a Build, Own, Operate, Transfer (BOOT) model. All electricity from the combined-cycle gas plant will be sold to JSC National Electric Grids under a 25-year Power Purchase Agreement (PPA).
In Asia, indoor farming is becoming a critical enabler of food security. However, this highly energy intensive process of plant growing requires an electricity price of 3-5¢/kWh to breakeven, U.S. indoor farmers disclosed. In Japan it’s even higher, Wood Mackenzie noted.
Germany's policy push to reach 2030 climate targets is “insufficient,” two government-commissioned studies find. Despite the agreement on a coal phase-out, the introduction of a CO2 price and several other measures, emissions will likely exceed the target by around 70 million tonnes in a decade, mainly due to shortcomings in transport and the heating sector.
In the face of Britain's renewable energy build-out to become carbon-neutral by 2050, more batteries will be deployed to balance the grid. But scaling up batteries to do all the load-shifting is still uneconomical with current technologies, so flexible gas generators remain vital to back-up the grid, says London-based flexible power provider Statera.
The Finish technology group Wärtsilä has signed a 15-year operation and maintenance (O&M) agreement with Energía del Pacífico for a 378 MW power plant in El Salvador. The deal takes effect once the gas-fired plant starts operations at the end of 2021.
Manila-listed First Gen Corp. is fast-tracking a floating storage and regas unit (FSRU) to ensure continuous fuel supply for 3.2 Gigawatt (GW) gas-fired power gen capacity near Batangas City. Construction of the FSRU is slated to start in May with the aim of receiving the first LNG cargo in the autumn of 2022.
Despite the coronavirus outbreak, China’s natural gas demand and LNG offake has rebounded in February as the government is keen to reinvigorate industrial output as much and as quickly as possible. Chinese LNG offtakes in February were more than 21 percent higher year-on-year, compensating for the y/y reduction seen in January.
The French power grid operator RTE has chosen Nidec to deploy an electricity storage system to optimize the management of electricity flows on the transmission grid in Vingeanne, near Dijon. The pilot project, dubbed Ringo, aims to prevent grid congestion at times of peak demand.
Iren Energia has awarded a €180 million contract to Ansaldo Energia to install a 430 MW combined-cycle power unit at the Turbigo Power Station. Once fully operational, the new CCGT unit will increase the installed capacity at the Turbigo site near Milan to 1,280 MW by summer 2022.
Cash-strapped McDermott International, a global EPC contractor, is moving forward with the previously agreed sale of Lummus Technology after having received no higher bids. Lummus will be sold for $2.725 billion to the Chatterjee Group and Rhône Capital, with proceeds used to repay McDermott's debtor-in-possession (DIP) financing.
Iranian power plants have suffered fuel shortages this winter as “severe cold weather” pushed up natural gas demand for power generation and heating, the energy ministry said. To meet demand, Iranian developers strive to finalize the construction of 3 GW additional capacity by March 19.
Russia’s Gazprom is playing hardball to reduce cost of its three main sub-holdings: Mezhregiongaz, Energoholding, and Gazprom Export by 2 percent. From 2020, Gazprom will review and approve budgets separately to tighten its grip on the units’ operations and investments.