The power industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
According to McKinsey's '2021 Global Energy Perspective' report, power consumption is set to more than double by 2050 as energy demand electrifies.
The report also predicts that low-cost renewables will dominate the power market by 2030 as they become cheaper than existing fossil plants.
Among McKinsey's findings is that almost half of global capacity will be in solar and wind by 2035, with renewables set to steadily dominate as they become cheaper than fossil fuels.
This is held up by the report showing that coal demand has peaked already, with peaks in demand for oil and gas not far behind – falling in 2029 and 2037, respectively.
More damningly, McKinsey's research shows that annual emissions would need to be around 50% lower in 2030 than current trends predict to limit the global temperature increase to 1.5ºC.
Sustainable energy company Avangrid has received permits for the construction of its $950m New England Clean Energy Connect transmission project.
Wind turbine maker Siemens Gamesa has secured a 117MW order from Hanbaram Wind Power in Vietnam. The company will work in partnership with the engineering procurement and construction contractor SEPEC-China Energy.
Spanish energy company Repsol and Grupo Ibereólica Renovables have announced the shipment of nacelles for the Cabo Leones III wind farm in Chile.
GE Renewable Energy has finalised supply and service contracts for the 1.1GW Ocean Wind offshore project in New Jersey, US.
Norwegian power giant Equinor and partner BP have won two offshore wind tenders in the US, with a total capacity of 2.49GW.
Hinkley Point C nuclear power station cost rises by £500m
EDF has again raised the expected cost of Hinkley Point C, the nuclear power station under construction in south-west England, warning that delays arising from the pandemic will add roughly £500m and push back the station’s estimated start-up date to 2026.
The company had previously estimated in 2019 that the project would cost a maximum of £22.5bn; that has now been raised to a maximum of £23bn. EDF's cost estimates are based on 2015 prices, in order to maintain consistency, so inflation could lead to the actual final bill being even higher.
Read more: Financial Times