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EC approves €1.2bn Polish scheme for electricity storage capacity

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The European Commission has approved a €1.2 billion ($1.32 billion) Polish initiative to support the development of at least 5.4GW of new electricity storage capacity. The scheme, part of the State aid Temporary Crisis and Transition Framework (TCTF), aims to reduce Poland’s dependence on fossil fuels and enhance the integration of renewable energy sources into the national grid. The funding will come from the Modernisation Fund and the Recovery and Resilience Facility, following the EC’s…

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Corrosion issues delay Palisades nuclear reactor restart plans

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Corrosion cracking in the steam generators at the Palisades nuclear reactor has significantly exceeded estimates, according to a report published by the US Nuclear Regulatory Commission (NRC) on 2 October. The findings come shortly after the Biden administration approved a $1.52 billion loan guarantee to finance the restart of the 800MW Michigan-based plant, marking the first recommissioning of a retired nuclear facility in US history. The NRC found stress cracking in 1,163 of the 16,000…

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Europe’s electrification stagnates as industrial slowdown impacts power demand

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A new report by Eurelectric, titled Power Barometer 2024, reveals that Europe’s electrification rate has stagnated at 23% for the past decade, falling short of its 50% target by 2040. The stagnation is largely driven by an industrial slowdown and decreased electricity demand, with EU power consumption dropping by 7.5% between 2021 and 2023. Industries have struggled to electrify, with only a third of their energy consumption coming from electricity, and just 4% of process…

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SolaX Power announces $1.5bn energy storage investment in China

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SolaX Power has announced a $1.5 billion investment to build a research and manufacturing facility in Zhejiang Province, China, aimed at advancing utility energy storage and integrated smart energy systems. Of the total, $1.078 billion will be allocated to fixed assets, including R&D labs, testing facilities, and advanced manufacturing lines, accelerating the development of new technologies. This expansion not only boosts production capacity but also underscores SolaX’s commitment to innovation and decarbonization. The facility will…

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Origin Energy to exit hydrogen project in NSW citing slow market development

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Origin Energy has decided to exit the Hunter Valley Hydrogen Hub (HVHH) project in New South Wales due to slower-than-expected hydrogen market development. CEO Frank Calabria explained that while hydrogen has potential in the future energy mix, current market challenges, including input costs and technology advancements, are hindering progress. The HVHH, announced in 2022 in partnership with Orica, was designed to replace natural gas with hydrogen in ammonia production and provide cleaner transport fuel. Despite…

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Powin secures $200m credit facility for energy storage expansion

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Powin, an energy storage solutions provider, has secured a revolving credit facility of up to $200 million, primarily from insurance accounts managed by investment firm KKR. The funding will support Powin’s working capital, drive innovation, and enhance financial flexibility as the company expands within the growing energy storage sector. Key equity investors in Powin include Greenbelt Capital Partners, Trilantic, and Energy Impact Partners, with Guggenheim Securities advising on the capital raise.

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Axess Technologies secures cable installation contract for Denmark’s Thor offshore project

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Axess Technologies has won a contract from HSM Offshore Energy to install platform cables at the 1060MW Thor offshore wind farm, located off Denmark’s west coast. The project, starting in Q1 2025, involves the installation of 66kV and 275kV internal platform cables in the Thor offshore substation topside. Once fully operational in 2027, Thor will become Denmark’s largest offshore wind facility, providing clean energy to over one million households. This is Axess Technologies’ first contract…

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Colombia seeks $40 billion to fund energy transition

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Colombia announced plans to attract $40 billion in investment to support its transition from fossil fuels to a low-carbon economy. Under President Gustavo Petro, the government halted new oil, coal, and gas exploration last year, reinforcing its commitment to combating climate change. Environment Minister Susana Muhamad revealed that seven ministries will launch projects aimed at making Colombia a net-zero emitter by 2050. The move has sparked debate in the country, where fossil fuels account for…

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China pumped in over $100 billion overseas in cleantech since 2023

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Chinese firms have invested over $100 billion in overseas clean energy projects since 2023, according to a report by Australian research group Climate Energy Finance (CEF). The investments, largely aimed at circumventing tariffs in the U.S. and other regions, reflect China’s global dominance in solar panels, lithium batteries, and electric vehicles. China leads the world in clean energy manufacturing, accounting for 78.1% of global solar panel production, 24.1% of lithium batteries, and 32.5% of electric…

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Texas approves Permian Basin Reliability Plan to meet electricity demand

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The Public Utility Commission of Texas (PUCT) has approved the Permian Basin Reliability Plan, which supports the expansion and electrification of the US’s largest oilfield to address growing electricity demand. The plan stems from a report by energy companies and S&P Global warning of increased demand in the region. The expansion aims to reduce emissions from oilfield operations. Still, it is expected to strain Texas’ power grid, already under pressure due to energy-intensive industries like…