Rampant US gas supply has been outpacing demand growth for the past year, slashing prices in Europe and Asia. Some US exporters are considering shutting in production as record low gas prices at the Dutch TTF hub challenge the profitability of liquefying and shipping gas to Europe.
Sempra Energy is getting close to offloading its interest in a second South American power company to a Chinese state firm. State Grid Corporation of China is understood to be willing to pay nearly $3 billion to acquire Sempra’s interests in Chilquinta Energía and Tecnored SA of Chile.
Hong Kong-listed VPower Group, together with Myanmar’s Zeya Associates, has been awarded four of the five emergency power projects tendered by the energy ministry. Three power projects, with a combined capacity of 900 MW, will run on imported LNG.
Pacific Gas & Electric has been cutting off electricity supply to almost 800,000 customers across California to minimize the risk of wild fire. PG&E’s transmission lines have been linked to recent wildfires, and the utility has told those affected they may be without electricity for up to five days.
Super storm Hagibis made landfall Japan on Saturday, paralyzing the capital and causing landslides and floods. The typhoon unearthed power pylons, leaving nearly half a million home without power and exposing once again exposed the vulnerability of Tepco’s ageing transmission infrastructure.
At times of negative power prices in Germany, when production exceeds demand, only a small fraction of conventional power plants would need to keep running, the energy regulator BNetzA found. To reduce costly oversupply, utilities are advised to invest in flexibility and energy storage.
Utilities, particularly in China and Europe, are retrofitting their gas turbine with combustor enhancements to make assets more cost-effective. To support this market, Ansaldo Energia affiliate PSM developed a Low Emission Combustor (LEC-III) and new FlameSheet combustor retrofit for B, E and F-class gas turbines.
Sun-soaked Egypt will soon finalize its first utility-scale solar PV power plant, the 1.8 GW Benban Solar Park. The government targets to add 3.5 GW of solar PV by 2027, whereby the cheap but inherently intermittent solar energy is backed up by three new 4.8 GW combined-cycle power plants.
Evonik and Siemens have launched the second phase of Rheticus in Marl, Germany, based on €3.5 million in government funding. The test plant contains a bioreactor and electrolyzers to turn water and CO2 into valuable chemicals, making use of excess electricity from renewable sources.
The creation of a national pipeline company in China is meant to maximise the country’s oil and gas output, but analysts warn it could result in higher end-user prices. Using the price-to-book methodology, Wood Mackenzie says China’s new pipeline company may be worth up to $105 billion.
Harnessing methane-laden waters from Lake Kivu, the government of Rwanda has entered a public-private partnership (PPP) with Shema Power Lake Kivu Ltd (SPLK), formerly Symbion Energy, to develop a 55 MW power plant. Ultimately, the government aims to fuel over 500 MW capacity with methane from the lake by 2024.
Southern California Gas Company (SoCalGas) has been urged by the Californian energy regulator to guarantee stable gas deliveries to utility customers. SoCalGas is required to inject more gas into storage to mitigate the risk of fuel shortages for power generation in the upcoming winter.
U.S. dry gas production will rise to an all-time high of 91.63 billion cubic feet per day (bcfd) this year, the U.S. Energy Information Administration (EIA) said, forecasting a fall in Henry Hub gas prices by more than $1 per million British thermal units (MMBtu) to average $2.43/MMBtu in Q4-2019.
General Electric will freeze pensions for over 20,000 employees in the U.S. to lower its pension deficit by around $5-8 billion and net debt by up to $6 billion. However, analysts at J.P. Morgan say further steps are needed if GE wants to “truly normalize” its balance sheet.
German engineering giant Siemens is partnering with Hydrogen Renewables Australia (HRA) to develop a 5,000 MW wind and solar farm in Western Australia. Siemens electrolysers will convert the renewable power into low-cost renewable hydrogen for export to Asian markets.