Statkraft has started an analysis of its entire gas-fired power generation portfolio, the head of the Norwegian company, Christian Rynning-Tønnesen said today. He did not disclose whether the company has plans to shut-down or sell-off power plant units in the near future, according to local media reports.
GS Electric Power and Services (GS EPS), an independent power producer in South Korea, signed on a memorandum of understanding (MoU) with the governor of Chungnam to develop the fourth phase of the plant at a cost of 600 billion won ($536 million).
More regulations under Dodd Frank, MiFID and EMIR may prompt financial trading houses to shy away from commodities. Trading on less liquid market hubs for gas and electricity may take a battering once the new regulation comes into force in 2012.
"Speculators might exit, liquidity might take a plunge and trading – particularly in less liquid commodity markets – might be down to the utilities again," Louis Caron, global executive lead, energy and commodity risk at RiskAdvisory/SAS Group told 'Gas-to-Power Journal' in an interview today.
The Council of European Energy Regulators (CEER), ENTSO-E and seven other European energy associations have issued a joint statement on how to prevent Value Added Tax (VAT) fraud in the gas and electricity sector today. It is a plea for stronger cooperation and more pro-active support from policy makers, law-enforcement agencies, tax investigators and financial intelligence units "to join our efforts to mitigate the threat of VAT-fraud".
General Electric (GE), the US-based engineering company, has signed contracts totalling nearly $300m with the Saudi Electricity Company (SEC) to expand six power plants in Saudi Arabia. The contract stipulates GE to provide 13 gas turbines and associated services to the plants with the aim of increasing electricity supply in Saudi Arabia by 800MW by summer 2013.
Vogt Power International, a subsidiary of Babcock Power, announced it will supply heat recovery steam generators (HRSG) to Siemens Energy Inc. for the Termozulia power plant project in La Canada de Urdaneta, Venezuela. The primary fuel for the plant will be oil with moderate natural gas firing.
RWE has confirmed to 'Gas-to-Power Journal' today that is considering divesting stakes in German power plants and splitting-off and selling of parts of the company.
Annual gas demand of natural gas in seven core European countries - UK, Germany, Italy, France, Spain, Netherlands and Belgium – is forecast to plunge by fall by 44 Bcm year –on-year, or 10.7%, to 370 Bcm in 2011, Deutsche Bank said in a report.
Siemens has won an order to supply a natural gas-fired Tuaspring combined-cycle power plant (CCPP) in north-western Singapore to Hydrochem Ltd, a subsidiary of Hyflux. The 411 MW gas-fired power plant is scheduled to start operations 2014, is part of the largest seawater desalination facility Tuaspring in Singapore, Siemens told 'Gas-to-Power Journal' today.
Nigeria's government is eager to fast-track its long debate 'Gas Master Plan' by backing the creation of public private partnerships (PPP) as investment vehicles for the construction thermal power plants in the Niger Delta and western Nigeria. The minister of petroleum, Diezani Alison-Madueke today reinforced the government's commitment of "Repositioning Nigeria as the regional hub for gas based industrialisation.
European utilities are profiting from a rebound in a power prices and production margins, Societe Generale commodity analysts said, estimating that between 20% and 50% of hedge for 2012 has been achieved by higher generation margins post Fukushima. "Some utilities have delayed their hedging strategy and will thus benefit from higher margins post-Fukushima that should flow into the accounts as soon as 2012," the bank said in a recent report.
General Electric (GE) will supply Russian power plant with a 109FA combined-cycle system under an upgrade and long-term service agreement. The expansion will add 400 MW of electricity output to the gas-fired plant, GE said.