The U.S. Department of Energy has freed up $28 million in funding for research on ultrahigh temperature materials that can operate in high stress environments of a gas-turbine blade. Novel alloys and coatings are meant to further enhance turbine efficiency.
European carbon emissions from power production could fall by 15% to 20% this year amid faltering electricity demand due to the pandemic. In case of a slow recovery, the baseload power price in Germany could lie 30% below pre-crisis level this year, DNV GL analysis finds.
Regional power markets are recovering as lockdowns get gradually lifted in Spain and Germany but fuel economics clearly favour gas generation. Clean spark spreads are some €10-14/MWh higher than low efficiency dark spreads, and €4-9/MWh ahead of the most efficient hard coal-fired units.
Falling costs for lithium-ion batteries and hydrogen electrolysers have rendered both technologies ready for mass commercialization. The International Energy Agency (IEA) projects the cost of 4-hour battery systems to fall to $220/kWh by 2040, so utility-scale battery deployment could reach nearly 220 GW by 2040.
Mitsubishi Hitachi Power Systems (MHPS) has received an order to supply and install a steam turbine at the Datan Power Plant in Taiwan by 2023. The retrofit will convert Unit 7 from simple-cycle to combined-cycle mode and increase output from 600 MW to over 900 MW.
Swiss developer Advanced Power, together with JERA Americas, has started commercial operation at the Cricket Valley Power Plant in Dover, southern New York state. The 1,100 MW combined-cycle plant, built by Bechtel, is powered by GE 7FA gas turbines.
Wärtsilä’s first quarter net sales and earnings have been “materially impacted” by the pandemic. Energy equipment deliveries declined due to project timing and coronavirus-related delays, CEO Jaakko Eskola said. Order intake fell 12% to €1,247 million, almost halving the operating result to €56 million.
South Korean utility buyers prepare to switch fuel for power generation as oil-indexed LNG prices are becoming competitive with imported coal from Australia. Energy Aspects sees a potential demand upswing of Korean LNG imports of up to 2.6 million tons per month starting from July.
The Spanish TSO Enagás has reported a 15% rise in net profits despite a slump in demand during the last two weeks of March due to lockdowns. However, gas demand over the full first quarter fell by just 2.4%, allowing Enagás to increase gross earnings to €235.6 million.
Roll-out of smart grids to help integrate decentralized power sources and energy storage is accelerating across the Association of Southeast Asian Nations (ASEAN). ResearchAndMarkets anticipates the market will grow at a rate of 18.76% to reach $2,950 million by 2024.
Chesapeake Energy has slashed payment of dividends to zero. The Oklahoma-based oil and gas developer had started this year with $8.92 billion in debt but stressed the suspension of dividends does not imply it will default under any of the company's debt instruments.
Recession is looming large in Italy, as the pandemic has harmed the country’s economy and slashed energy demand. Gas-burn in the power sector fell 10% in the first quarter of 2020, and the Gas Exporting Countries Secretariat (GEFC) sees a sharp decline in imports, notably of U.S. LNG.