The International Energy Agency (IEA) has urged policy makers to help implement “massive improvements on efficiency” in the run up to the COP26 climate conference in November. The 2015 Paris Agreement pledges to mobilise $100 billion per year in investment for developing countries, but donor nations do not fully honour their commitments.
PW Power Systems has changed its name to Mitsubishi Power Aero as of April 1 even though its headquarters will remain in Lake Mary, in the U.S. state of Florida. Adopting the Mitsubishi brand is part of a wider effort to apply synergies and better leverage resources and technologies of Mitsubishi Power Aero’s Japanese parent company.
To power their economies 100% with renewables, G20 countries would require 3,526 GW flexible generating assets. The capacity to balance the grid could come from 2,594 MW energy storage and 993 MW flexible gas power plants, Wärtsilä modelling shows. The Finish OEM just launched the 34SG Balancer engine capable to ramp to 10 MW in two minutes.
New Fortress Energy (NFE) has agreed to supply the Mexican state-owned power producer CFE with the equivalent of 20,000-40,000 million British thermal units (MMBtu) of LNG via an import terminal, under construction at the port of Pichilingue, Baja California Sur. NFE said the regas terminal will be commissioned and start supplying gas to CFE in May 2021.
Australia’s AGL Energy will split into two – one retail power and gas utility and one infrastructure firm that holds the company’s power plant assets. The AGL board is pursuing a spin-off strategy in what it calls a “structural separation process," targeting to confirm and execute the transaction by end of FY2021.
KARMOL, a joint venture between Karpowership and Mitsui OSK Lines, has taken delivery of the first LNG-to-Power floating storage and regas unit (FSRU) which is currently undergoing sea trials before being deployed in Senegal. The converted Dwiputra, now named KARMOL LNGT Powership Africa, will supply LNG-powered electricity to the West African country.
Carbon emission prices in the US Regional Greenhouse Gas Initiative (RGGI) have soared to unprecedented highs due to more stringent emission rules and fears that US President Biden will enact a fracking ban. In the latest RGGI quarterly auction, held on March 3, the clearing price hit $7.60 per ton of CO2.
A cross-section of 30 US shale oil and gas producers shows the industry has enjoyed the first full year of positive free cash flows since the fracking boom began. Energy Economics and Financial Analysis (IEEFA) found the 30 producers generated $1.8 billion in free cash flows in 2020 after slashing capital spending by $20 billion.