The Briefing on Power
The latest news, trends and data from the power industry
power in numbers
The UK's only nuclear new build project, Hinkley Point C, is now £2.9bn over budget according to EDF, and also runs the risk of being 15 months late.
Latin America has surpassed the EU by setting a target of 70% renewable energy use by 2030 according to Columbia’s energy minister.
The European Commission has announced plans to provide $580m (€530m) to fund an electricity interconnector between Ireland and France with 700MW capacity.
Four renewable energy suppliers in the UK, including Robin Hood Energy, missed the deadline to repay Ofgem the renewable subsidies they received, owning collectively £14.7m.
The final turbine in the colossal Hornsea One offshore wind farm has been installed according to Ørsted. The plant is located 100km off the Yorkshire coast in England and made up of 174 7MW turbines.
in the news:
top projects kicking off this month
Intersect Power unveils solar power portfolio
US-based renewable energy projects developer Intersect Power has unveiled plans to develop a large portfolio of solar power plants with a combined capacity of more than 1.7GW. The portfolio will include five shovel-ready solar projects, which will be located in California and Texas.
Nova Innovation reveals plan for tidal energy array
Tidal energy company Nova Innovation is planning to build a tidal energy array in Petit Passage, in the Bay of Fundy area of Nova Scotia, Canada. The project will use Nova’s smaller 100kW turbines that have been operating in Scotland for over three years.
NSW government awards ten power project licenses
The New South Wales (NSW) government in Australia has awarded grants to ten power projects, which will help the state meet its electricity demands. The A$7.1m ($4.7m) funding has been provided under the A$75m ($50.6m) NSW Emerging Energy Program, which was created to encourage investments from the private sector for the development of large-scale electricity and storage projects.
Mergers and acquisitions:
this month’s top power deals
BP agrees deal to sell LNG to Korea Gas Corporation
BP has agreed a deal to sell 1.58 million tonnes of liquid natural gas (LNG) per year from the US to the Korea Gas Corporation (KOGAS) for 15 years from 2025, in a deal estimated to be worth $9.6bn. The LNG will be delivered from the Freeport LNG terminal in Texas or the Calcasieu Pass in California. The deal represents 5% of South Korea’s total LNG use and 34% of its US imports per year.
Petronet to buy 18% equity stake of the Driftwood LNG facility
Indian liquid natural gas company Petronet has signed an agreement with Texas-based Tellurian to acquire an 18% equity stake in its proposed Driftwood LNG facility in Louisiana. The agreement is valued at $7.5bn, with $2.5bn going towards the equity stake. Tellurian has also signed a memorandum of understanding with Petronet for the sale of five million tonnes of LNG per year from Driftwood.
Equinor to sell ownership interest in Arkona wind farm to Credit Suisse Energy
Norwegian energy company Equinor has entered an agreement to sell a 25% ownership interest in the Arkona offshore windfarm to a funding group advised by Credit Suisse Energy Infrastructure Partners for $550m. Once approved by competition authorities, the deal is expected to take place during Q4 in 2019. Equinor will retain a 25% share in the windfarm, alongside RWE Renewables, which will own the remaining 50% following its takeover of E.ON’s renewables division.
Masdar rumoured to buy stake in Hero Future Energies
Abu Dhabi government-owned company Masdar is rumoured to be in talks to buy a 20% stake in Hero Future Energies (HFE) for $150m. According to a report in the Economic Times in India, the two groups have been in exclusive talks since January 2019 and will sign an agreement this week. BNP Paribas advised Masdar on the deal and JP Morgan advised HFE. International Finance Corporation (IFC) spent $125m on a 27% stake in HFE in 2017.
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