Ørsted has announced its intentions to develop a total of 1.6 GW of offshore wind energy projects off the coast of Incheon City, South Korea. The announcement was made in a meeting with National Assembly members, political figures, and key industry leaders of the country.
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The first RESS auction contracted 1,275.5MW of capacity from 19 wind farms and 63 solar projects. The latter was particularly welcome news for solar after more than a decade in which onshore wind has dominated. More generally, this strengthens the investment environment for renewables by supporting diversity in terms of the technologies available in the market.
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The total installed electricity capacity from all energy sources in the East African Rift countries is about 20 GWe. The contribution of geothermal energy to this is about 900 MWe, with all the existing installed geothermal power plants located in Kenya and Ethiopia.
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The European Commission (EC) has released its strategy to boost progress towards achieving the European Union’s climate neutrality target by 2050. As per the proposal, the commission plans to increase Europe’s offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and 300 GW by 2050.
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In recent years, with the escalation of the climate emergency — and increasing activism of shareholders and institutional investors around the world — several of the world’s largest energy companies have pledged to become ‘net zero’ by 2050 (or sooner).
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The future of the power grid has arrived. Utilities, policy makers, and communities have agreed for years that the aging electric transmission and distribution (T&D) grid in the United States needs to be significantly upgraded to withstand the challenges of the future. Recent events and trends across a number of fronts have made the situation more urgent than ever.
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At a recent event organised by the Global Solar Council, Dr Nguyen Thi Anh Phuong, chief executive officer, Tona Syntegra Solar delivered a presentation themed, “Making Quantum Progress with Solar Photovoltaics in Viet Nam” Check out the slides to understand more about the opportunities in this new market which is believed to be the next big destination for solar power in Southeast Asia.
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The Chilean National Energy Commission (CNE) has announced its plan to auction 2.31 TWh of renewable energy capacity in May 2021. The auction will also include the option of deploying storage systems. The final bidding terms will be issued in December 2020.
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Canadian Solar Inc. has signed a power purchase agreement (PPA) with BTG Pactual and was also awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil.
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Solar power tariffs dropped to a historic low in the state-run Solar Energy Corporation of India’s (SECI’s) latest auction for 1,070 MW of solar capacity to be set up in the Indian state of Rajasthan. The lowest tariff of Rs 2 per unit ($0.027 per unit) was quoted by Saudi Arabian firm Aljomaih Energy and Water Company and Singapore headquartered Sembcorp’s India arm’ Green Infra Wind Energy Ltd to win 200 MW and 400 MW of solar capacity respectively.
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Already, a number of concrete steps have been proposed to leverage sub- and non-state action in the next administration. For example, the Biden-Harris administration could call on U.S. states, cities, businesses, tribes, faith groups, universities, and others to set their own ambitious targets, and then harvest this new ambition as the U.S. develops and implements its climate strategy.
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China plays an important role in the transformation of the transportation industry. The country has already made large investments in renewable power generation and management technologies and also offers subsidies related to “new energy vehicles” (NEVs), which include plug-in electric vehicles, BEV, PHEV and FCEV.
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In order to ensure a coordinated approach to harness offshore wind energy at the European level, the European Union (EU) funded the research project PROMOTioN [Progress on Meshed HVDC (high voltage direct current) Offshore Transmission Networks] through its Horizon 2020 (H2020) Research Program.
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JPMorgan Chase announced in October that it would shape its financing portfolio in three key sectors to align with the Paris Agreement; three days later, HSBC announced its statement of net-zero ambition. This past year has seen a slew of similar statements, including from Barclays in May—making it one of the first banks to announce ambition to go net zero by 2050—and then from Morgan Stanley in September.
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Iberdrola has signed a PPA with Bayer to supply 100% renewable electricity. Novartis announced the signing of five virtual PPAs with Acciona, EDP Renewables and Enel. Enerparc has secured a 30-year PPA with German railway operator Deutsche Bahn.
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The second edition of GWEC’s Global Offshore Wind Report provides an overview of the offshore wind sector globally with the latest data and analysis on market growth, industry forecasts to 2030 and data-based insights on emerging markets.
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Solar and renewables are becoming the most competitive energy sources worldwide. Solar PV alone has seen a cost reduction of over 90% in the last 10 years, bringing our technology closer than ever to grid parity. In the meantime, new emerging business models (PPAs, participative financing) create new opportunities for solar developers in a post subsidy era.
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The International Renewable Energy Agency (IRENA) and the Global Wind Energy Council (GWEC) have signed a cooperation agreement to join efforts to increase the adoption and deployment of wind and renewable energy worldwide to achieve net zero emissions by 2050.
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Trina Solar has announced that it has agreed to form a joint venture with Sichuan Yongxiang Company Limited, a subsidiary of the Tongwei group, to upgrade their 210 industrial series solar modules. The move is expected to create a stronger supply chain in the future.
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The world has about 160 GW of pumped storage installed capacity at the moment – storing at least 9,000 GWh of electricity. Indeed over 94 per cent of the world’s entire energy storage is pumped hydro. We need to double this capacity: that’s another 160 GW. But if the market structures are ill defined, investors won’t fund these projects.
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