The Briefing on Power
The latest news, trends and data from the power industry
power in numbers
National Grid announced three major contract awards worth a total of £300m for the Hinkley Connection project. Awarded to Balfour Beatty, J Murphy and Sons, and Siemens, the contracts will enable the connection of the Hinkley C nuclear power station to British homes.
According to a new report from think tanks Sandbag and Agora Energiewende, solar additions could triple to 30GW by 2022 in Europe. National plans for solar were made by several EU countries, including France, Italy and Spain.
In the past 12 months, 30% of energy companies have been hit with an online security breach, which has directly hit their bottom line through a loss of customers and damaged brand reputation, according to research from AVORD.
The global distribution transformers market for national electricity grids is expected to grow at a compound annual growth rate of 1.6%, to reach $14.33bn in 2022, according to a recently released report by GlobalData.
Spanish company Siemens Gamesa has released its financial results for the final quarter of 2018, posting a net profit of $20.5m, compared with a loss in the same quarter of 2017. The company noted it was a challenging quarter but delivered solid commercial activity.
in the news:
top projects kicking off this month
Duke Energy’s Hamilton solar project begins operations in Florida
US-based Duke Energy has started operations of its 74.9MW Hamilton solar power plant in Jasper, Florida, US. The new facility is part of the company’s strategic long-term plan to build or acquire 700MW of solar energy in Florida by 2022. The new plant will be able to generate enough carbon-free energy to power more than 20,000 homes at peak production.
Lackawanna Energy Center begins operations in US
Invenergy has started commercial operations at Lackawanna Energy Center in Pennsylvania, US. Developed, constructed and operated by Invenergy, the centre is a 1,485MW natural gas combined-cycle electric generation facility. It has the capacity to power more than one million homes in the region and generate over $50m over the life of the project for its host community.
DSM North America opens solarfield in New Jersey, US
DSM North America has started operations at its 66-acre expanded solarfield in Belvidere, New Jersey, US. Featuring more than 62,000 solar panels, the new 20.2MW solar generation facility is expected to generate 25 million kWh of renewable electricity per year. The facility is reported to be the largest net-metered solar installation in New Jersey and the second largest on the US East Coast.
Mergers and acquisitions:
this month’s top power deals
Sumitomo completes Infinite Energy acquisition
Through its subsidiary Summit Southern Cross Power Holdings, Sumitomo Corporation has completed the acquisition of Infinite Energy Holdings. The acquisition will enable the company to become a key player in the Australian electricity market. Infinite Energy Holdings is a US-based natural gas and electricity company.
Danfoss and UQM Technologies to merge
Danfoss Power Solutions and UQM Technologies have signed a definitive merger agreement, under which Danfoss will acquire UQM for $100m, including the assumption of the latter’s debt. The merger is subject to the approval of two-thirds of UQM shareholders and the Committee on Foreign Investment in the US, as well as being subject to other customary closing conditions.
RWE files application for Innogy, E.ON acquisition
RWE has filed an application with the European Commission to acquire the renewable business of Innogy and E.ON. The acquisition is the initial step of a merger control process that is required for the asset exchange between RWE and E.ON. The EU antitrust regulators are expected to arrive at a final decision by 26 February.
Entergy closes sale of Vermont Yankee to NorthStar
US-based Entergy has sold its Entergy Nuclear Vermont Yankee unit to subsidiaries of NorthStar Group Services, which will decommission Vermont Yankee Nuclear Power Station. The project is a single unit boiling water reactor, which began commercial operations in 1972. Entergy acquired the plant from Vermont Yankee in 2002 and the plant permanently closed in 2014.
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