PARIS: The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC group sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries. In its latest forecasts, released on Thursday, OPEC sees surprisingly little […]
Nigeria suspends controversial electricity tariff hike
The state-run Nigerian Electricity Regulatory Commission said late Tuesday it was putting off the price increases for two weeks after forging a truce with labour Lagos: Nigeria has suspended a controversial electricity tariff hike that has stoked tensions in the country as part of a deal to ward off a general strike by unions. The […]
How the Coronavirus Pandemic Has Impacted US Solar So Far
Six months in, the pandemic has altered parts of the industry — perhaps permanently. Since the coronavirus pandemic began shutting down cities and states, the U.S. solar industry has had to cope with a new normal. Though it’s only been a few (very, very long) months, solar developers, financiers and installers have pivoted to new […]
EU’s New 2030 Climate Target Signals Accelerated Renewable Deployment
An increase from 40 percent to 55 percent emissions reduction by 2030 puts the renewables sector on notice for a ramp-up in demand. The EU will increase its 2030 emission reduction target to “at least 55 percent” up from 40 percent, Ursula von der Leyen, president of the European Commission, confirmed Wednesday. The change will […]
Not Enough Climate Action in Stimulus Plans
Governments have already announced $11.8 trillion in fiscal stimulus in response to the COVID-19 health and economic crisis, more than three times the amount spent in response to the Great Recession of 2008-09. While most of it will prioritize healthcare and direct support to the unemployed, about 30% of stimulus packages are being spent in sectors that impact […]
Future’s still bright for solar power in the Gulf despite coronavirus impact
Industry experts say solar power is expected to generate $182bn investment in Middle East renewables by 2025 Solar power is expected to generate $182 billion investment in Middle East renewables by 2025, despite the disruption caused this year by the global coronavirus pandemic. While experts claim the sector has been negatively impacted by the Covid-19 […]
Powering China with Clean Energy After COVID-19
Following the outbreak of the new coronavirus (COVID-19), and its serious social and economic impact, China has started to stimulate its economy in an effort to recover. Provinces have announced their investment plans, in which new infrastructure plays an extremely important role. This infrastructure will also profoundly affect the development of China’s energy sector in the […]
Europe Pledges Push to Cut Reliance on Imported Raw Materials
The European Union stepped up a push to become less dependent on imported raw materials such as rare earths and lithium, saying supply-chain disruptions caused by the coronavirus outbreak bolster the need for more self-sufficiency. … The pandemic is giving political impetus in Europe to a more active industrial policy. The European Commission vowed to […]
Austria: EIB and UniCredit Bank Austria finance development of one of Austria’s largest wind farms
Wind farm to have capacity of 143 MW, providing around 90 000 households with electricity produced from renewable energy sources EIB and UniCredit Bank Austria providing total funding of €107,4 million EIB’s share backed by guarantee from European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe “With this fresh start […]
Fortum second-quarter operating profit drops 11 per cent
Fortum said its second-quarter operating profit fell from a year ago to 207 million euros ($247 million), missing the 301 million euros expected by analysts in a Refinitiv poll HELSINKI: Finland’s biggest utility Fortum reported an 11 per cent fall in its underlying second-quarter operating profit on Wednesday, dented by low power prices and the […]