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Global energy system faces rising risks amid geopolitical strains: IEA
The International Energy Agency (IEA) highlighted the vulnerabilities in the global energy system, exacerbated by regional conflicts and geopolitical tensions, in its World Energy Outlook 2024. The IEA underscored the need for stronger policies and investments to hasten the energy transition. Despite these challenges, the agency expects a relatively abundant supply of various fuels and technologies in the coming years, including oil, LNG, solar PV, and batteries. IEA Executive Director Fatih Birol noted that an…
Enfinity Global secures €500 million to develop 1.5 GW solar portfolio in Italy
Spanish renewable energy company Enfinity Global has secured a €500 million ($558 million) deal to develop and construct a 1.5 GW solar asset portfolio in Italy. The investment has been structured through a club deal involving a consortium of partners, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and the Queensland Investment Corporation (QIC). Infranity investment director Garbiñe Unda Barturen expressed a strong commitment to supporting Enfinity’s growth in the renewable energy sector, highlighting…
Swedish court approves Hydro Energi’s PPA settlement with Markbygden
Norwegian renewable company Hydro Energi has settled its long-term power purchase agreement (PPA) with Swedish wind farm operator Markbygden Ett. Originally signed in 2017, the PPA was intended to supply 1.65 TWh annually from 2021 to 2039, backing the financing of Markbygden’s onshore wind park in northern Sweden, which had a projected output of 2.2 TWh per year. However, due to financial difficulties, Markbygden Ett halted power deliveries to Hydro Energi on February 6, 2023,…
Centre, Himachal discuss 4,300 MW pump storage projects
Union Minister of Power and Housing & Urban Affairs, Manohar Lal, held a meeting in Shimla to review Himachal Pradesh’s urban development initiatives and power sector advancements. Chief Minister Sukhvinder Singh Sukhu, Public Works & Urban Development Minister Vikramaditya Singh, and senior state and central government officials attended the meeting, focusing on the state’s Revamped Distribution Sector Scheme (RDSS) and hydroelectric projects. During the discussions, potential collaboration between Himachal Pradesh and the Bhakra Beas Management…
BC Jindal Group to invest $2.5 billion in India’s renewable energy sector
BC Jindal Group has announced its entry into India’s renewable energy sector, planning to invest approximately $2.5 billion over the next five years. The group has established Jindal India Renewable Energy (JIRE) to manage this endeavour, aiming to achieve decarbonization and ensure responsible environmental stewardship. JIRE’s goal is to produce 5 GW of power through hybrid, solar, wind, and Floating Solar and Direct Renewable Energy (FDRE) technologies. Currently, BC Jindal Group is developing 1,200 MW…
AI revolution to drive increase in data center power demand
The growing adoption of AI technologies is expected to significantly impact global power consumption. According to Goldman Sachs Research, the power demand of data centres will rise by 160% by 2030, driven by the high energy requirements of AI processing. Currently, data centres consume 1-2% of the world’s power, a figure projected to increase to 3-4% by the end of the decade. Data centers have maintained stable power usage due to efficiency gains, despite increasing…