Driven by falling costs, increasing investor confidence and policy support, renewable power and decarbonisation technologies are reshaping global energy markets. In Wood Mackenzie and GTM Research’s latest report ‘Future of renewables: a radical disruption,’ over 21% of all cars on the road are estimated to be electric by 2035 under the carbon-constrained scenario. Such a stark shift to EVs can displace up to 6.5 million barrels of oil demand.

Excess growth in global LNG supply, notably through the ramp-up of US LNG through 2018 and into 2019, will make European gas prices “move through the coal floor [price]”. Fuel-switching in the Western European power market, according to Societe Generale, will ultimately be determined by short-term gas prices hinging at the variable cost of shipping a US LNG cargo to Europe.

Smart electrically-driven heating is a “valuable field in which to invest”, Delta-EE says, pointing at the substantial installed base of electrically-driven heating – 30 million units across Europe. Considering that European utilities have lost over €100 billion in value since 2008, Delta-EE industry recommends “stakeholders should take advantage of digitalisation” and try to extract value from the electrification of heat.

Unabated growth in energy consumption prevails in Texas: The Lone Star State has consumed the most energy in every year since 1960, the earliest year for which EIA has data. By year-end it is estimated to exceed 12,998 trillion Btu. California ranked second, consuming about 8% of U.S. total energy use.

Plans for another FRSU with 17 mtpa regas capacity and an onshore LNG terminal show the government of Bangladesh “is clearly in support to boost its LNG supply,” Wood Mackenzie comments. Already, private capital is being attracted to this sector with Summit Power, Reliance Power and Petronet looking to invest in these terminals.

UK Power Reserve said it is “on track to deliver its 2014 capacity market obligations” with nine power stations built so far in 2017 and another nine set for completion by the end of the year. Once all 18 are commissioned and fully operational, UKPR will contribute 364MW of fast-ramp, flexible gas generation to the UK power grid.

Natural gas-fuelled power generation in the United States reached its highest daily level at 41 Bcf/day on July 20 – just a tick lower than the 2016 peak of 42 Bcf/d seen on August 11 last year.  Higher gas prices relative to last summer explain part of the decrease; but PointLogic Energy analysts stressed that “although power burn in 2017 is lower than in 2016, it is still relatively high compared with the previous five-year average for that period.”

Falling costs for renewables and energy storage will squeeze out gas-fired generation in South Australia as early as 2025, Wood Mackenzie and GTM Research find. By then, wind, solar and battery costs are seen decline by 15%, 25% and 50% respectively – hence they offer a “lower cost alternative” to CCGTs, which cover the bulk of South Australia’s base load power today.

At events, particularly major sporting shows, there is need to fast-track power solutions and maintain a stable, continuous supply. RnRMarketResearch has singled out the sector as the growth driver for rental power solution: Expanding at over 8% per annum, the global power rental market is estimated to be worth $20.64 billion by 2022.

German engineering conglomerate Siemens is exiting its Russian power plant services JV Interautomatika after it was uncovered that the latter had sold four gas turbines designated for use in Russia to Crimea, a region under EU sanctions on energy technology. The Munich-based group added it will also halt all deliveries of power generation equipment from existing contracts to state-controlled customers in Russia for the time being.

Despite pledges South Korea’s new liberal President Moon Jae-in to halt several nuclear and coal power projects, the country’s remains highly dependent on fossil fuels. In fact, the output of coal-fired power plants topped 95,500 GWh in the first five month of 2017, up 13.6% year-on-year, according to data by Korea Power Exchange.

In Spain, gas demand for the electricity sector has risen by 19.8% owing to lower hydroelectricity and wind generation and greater demand for power. Consumption of gas for electricity generation reached 465 GWh on 21 June, the highest summer value since 2011, according to Enagas figures. The latest demand peak was caused by the recent heat wave which coincided with low wind power and hydroelectricity output.

Japan’s Mitsui, together with its Bangladeshi consortium partner Coal Power Generation Company Bangladesh Ltd (CPGCBL), is developing a combined-cycle gas power plant in Matarbari, Cox Bazar. With a generating capacity of up to 600 MW, it will be the second government-led JV power project that will run on regasified LNG.

Seven electricity providers in the western part of the United States and Canada are considering joining the California Independent System Operator’s (CAISO) western energy imbalance market (EIM) which enables more frequent dispatch of generating assets, and electricity trade in the sub-hourly market.  Since late 2014, CAISO estimates the gross financial benefit for EIM members is about $174 million.

Just days after launching a transformation plan, NRG Energy has disclosed it will divest 6 GW of conventional power generation capacity, and 50-100% of its renewable energy arm, NRG Yield. The American utility said it hoped to raise between $2.5 billion and $4 billion in cash proceeds from the sale. Mauricio Gutierrez, NRG president and CEO said underlined the board’s “commitment to simplify and strengthen the company to thrive through any market cycle.”