Investment in fossil generation will fall by one-fourth to below $54 billion, while spending on new wind and solar power units could double to $1.3 trillion over the current decade to 2030, Wood Mackenzie forecasts. Subsidy-free renewables, though, will not be competitive with coal power until 2025 or later.
German carmaker Audi will launch its last combustion engine car in 2026 and then focus exclusively on pure battery-electric cars. CEO Markus Duesmann told press the VW premium brand will sell only battery models from the start of the 2030s at the latest, in a move that will boost electricity use for transportation and could exacerbate peakload demand.
Australian LNG producers strive to lower their high carbon footprint as buyers announce Net Zero targets. However, most cargoes from Down Under incur more than the world’s average 0.56 ton of CO2e per ton of LNG produced. Carbon offsets an option, as are retrofitting liquefaction plants with CCS and replacing gas gensets with renewables and batteries.
Power generation in Nigeria dropped to 3,059 MW on May 28 and stayed below 4,000 MW for the following seven days, 6% below average production. Low pressure on the Escravos-Lagos Pipeline System (ELPS) had left several gas turbine power plants with insufficient fuel, leading to widespread blackouts that “could have been avoided,” Wärtsilä claims.
Commissioning is underway for Nord Stream 2 and once the pipeline starts up in late August, or early September, cheap Russian gas supply will likely reduce US LNG exports to Europe. These days, the arbitrage between the United States and Europe is still “very healthy” at $6/MMBtu, analysts noted, hence 36% of US LNG cargoes were headed to Europe through mid-May.
Transporting electricity to the UK costs dearly, particularly on the Nemo Link from Belgium where the May 2021 auction resulted in a price of €19.42/MWh – the most expensive in Europe. Researchers at the market data platform EnAppSys explained the high export price with “regulatory differences” between the GB electricity market and its EU neighbours.
Build-out of electolysers in Europe will rise 50-fold, consultancy Delta-EE finds, with EU markets on track for 2.7 GW operational hydrogen production capacity by 2025. Research shows Germany leads the market for now, with Spain, Netherlands and Denmark aiming towards the 100s MW in four years’ time.