Power Sector News Roundup for October 21, 2024

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Global: Top European Union economies spend 42 billion euros annually on fossil-fuel company car subsidies, study finds European green electricity PPA prices fall 12.4% in Q3 2024, LevelTen Energy reports Neart na Gaoithe offshore wind farm generates first power for UK grid Hellenic Cables secures contract for Leading Light Wind project in the US deveritec GmbH and Wirepas launch new NIC for Wirepas 5G Mesh in Europe Lhyfe partners with KEYOU for hydrogen mobility in…

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European green electricity PPA prices fall 12.4% in Q3 2024, LevelTen reports

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According to LevelTen, a price tracking platform, European power purchase agreement (PPA) prices for green electricity dropped by 12.4% in Q3 2024 compared to the same period in 2023.  This decrease is attributed to declining inflation and reduced market volatility following the COVID-19 pandemic and the 2022 energy crisis. LevelTen’s quarterly report suggests that current stable market conditions present an opportunity for buyers to secure favourable deals. The variety of offtake opportunities for potential PPA…

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Neart na Gaoithe offshore wind farm generates first power for UK grid

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The 450 MW Neart na Gaoithe (NnG) offshore wind farm, located 15.5km off the coast of Fife, Scotland, has delivered its first power to the UK national grid.  Once fully operational by summer 2025, NnG will provide clean energy to 375,000 homes, offsetting over 400,000 tons of CO₂ emissions annually. The project, owned by EDF Renewables UK and Irish electricity firm ESB, will feature 54 turbines and create approximately 50 jobs during its 25-year lifespan….

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Hellenic Cables secures contract for Leading Light Wind project in the US

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Hellenic Cables, part of Cenergy Holdings, has won a contract to supply 65km of 132kV inter-array cables for the Leading Light Wind project, a 2.4GW offshore wind farm located over 40 miles off the New Jersey coast.  Cable manufacturing will commence in autumn 2024 at the company’s Corinth facility in Greece, with delivery expected by 2030. The Leading Light Wind project, a joint venture between Invenergy and energyRe, is the sole American-led initiative in the…

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Gevo secures DOE loan for Net-Zero aviation fuel plant in South Dakota

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Gevo has obtained a conditional $1.46 billion loan guarantee from the US Department of Energy’s (DOE) Loan Programs Office for its Net-Zero 1 (NZ1) project in Lake Preston, South Dakota.  Including capitalised interest, the loan facility provides a borrowing capacity of $1.63 billion. The NZ1 plant will use 100% US-sourced feedstocks to produce approximately 60 million gallons of sustainable aviation fuel (SAF), 1.3 billion pounds of protein and animal feed, and 30 million pounds of…

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Lhyfe partners with KEYOU for hydrogen mobility in Germany

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Lhyfe has signed a Memorandum of Understanding (MoU) with KEYOU to promote hydrogen mobility in Germany and Europe.  Lhyfe is constructing a green hydrogen production plant in Schwäbisch Gmünd, near Stuttgart, scheduled to be operational by year-end.  The plant will produce up to 4 tonnes of green hydrogen daily, powered by a 10 MW renewable energy capacity secured through a 15-year corporate PPA with EDP Renewables. KEYOU plans to deploy up to 100 hydrogen-powered vehicles…

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Deveritec and Wirepas launch new NIC for Wirepas 5G Mesh in Europe

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Deveritec GmbH and Wirepas have unveiled a new Network Interface Card (NIC) tailored for the Wirepas 5G Mesh implementation of the non-cellular 5G standard, NR+. The NIC, developed using Nordic Semiconductor’s nRF9151 chip, is designed for smart electricity meters and aims to accelerate Advanced Metering Infrastructure (AMI) development using the NR+ standard. This collaboration marks a push towards deploying NR+ technology in smart meters across Europe, leveraging the ultra-resilient RF mesh networking capabilities of NR+….

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DRC modernises substation for Inga I & II hydropower plants

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A critical power substation connected to the Inga I and II hydropower plants (HPPs) in the Democratic Republic of the Congo (DRC) has been modernised and digitised, enhancing the country’s ability to utilize the upgraded facilities.  The hydropower plants, located on the Congo River, have a combined installed capacity of over 1.7 GW and supply 90% of the electricity consumed in Kinshasa. The modernisation project, backed by the German Federal Ministry for Economic Cooperation and…

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Top EU economies spend 42 billion euros annually on fossil-fuel company car subsidies, study finds

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The EU‘s five largest economies—Italy, Germany, France, Poland, and the United Kingdom—spend a combined 42 billion euros (USD 45.6 billion) annually subsidizing fossil-fuel company cars, according to a study by consultancy Environmental Resources Management (ERM), commissioned by environmental group Transport & Environment (T&E). The report urges the EU to redirect these subsidies towards electric vehicles (EVs) instead. Italy leads with 16 billion euros in subsidies, followed by Germany with 13.7 billion euros. France and Poland…

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India’s renewable energy goals may increase dependence on solar imports, GTRI warns

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India’s target of installing 500 GW of renewable energy by 2030 could drive its annual solar equipment import bill to USD 30 billion, according to a report by think tank Global Trade Research Initiative (GTRI).  The report emphasizes that without significant investments in developing a self-reliant solar manufacturing industry, particularly in polysilicon and wafer production, India may struggle to meet its ambitious goals and reduce import costs. India installed 15 GW of solar capacity in…