Refusing to take the sole blame for the UK’s unprecedented power outage on August 9, National Grid said power generators were responsible for the faults at the Hornsea offshore windfarm and the Little Barford gas power station. The regulator Ofgem is investigating whether the grid operator should have done more to limit in the scale of the blackout.
Siemens CEO Joe Kaeser has warned about a “significantly weaker” environment hitting profits in the company's key business units Digital Industries and Gas and Power. “Geopolitics and geoeconomics are harming an otherwise positive investment sentiment,” he said, stressing Siemens is still getting more orders that it executes.
TC Energy, formerly known as TransCanada, has agreed to divest three gas-fired power stations in Ontario for around C$2.87 billion (US$2.18bn) to Ontario Power Generation (OPG). The proceeds will be used to pay for construction of the Coastal GasLink Pipeline that will deliver feedgas to the LNG Canada project in Kitimat, B.C.
Retirements of coal-fired power plants by U.S. utilities over fuel economics or environmental reasons is expected to reduce the country’s overall coal generating capacity by nearly 120 gigawatts (GW) by 2025. Several retired plants are getting repowered with combined-cycle turbine technology, as utilities shift to cheaper and cleaner burning natural gas.
Iain Conn, the Centrica CEO, has decided to step down 2020 after posting a statuary operation loss of £446 million, mainly due to the UK energy price cap. The departing CEO also announced Centrica will stop producing oil and gas to focus on customer-facing business such as supplying electricity and energy services.
Australia will see solar costs – already competitive against gas power – breaking through the coal-fired power price barrier. Levelised cost of electricity (LCOE) for solar power has fallen 42% in the past three years, according to Wood Mackenzie, and is forecast to reach $48/MWh in 2020 – beating all fossil fuel competitors.