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Nuclear industry “a model for the rest of economy”, UK energy secretary says

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At the Nuclear Industry Association’s annual conference, Nuclear 2024, UK Secretary of State for Energy and Climate Change, Ed Miliband, praised the nuclear industry for offering “well-paid, highly skilled, unionised jobs” that benefit local communities.  He pointed to Hinkley Point C’s impact in Somerset, where its construction has contributed to a 25% increase in the number of young people in the region since 2011.  Miliband emphasized that the nuclear sector serves as a model for…

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Corio Generation plans staff reductions amid wind sector challenges

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Corio Generation, a London-based offshore wind developer backed by Macquarie Group, is planning staff reductions due to rising costs and pressures within the renewable energy sector.  Since its founding in 2022, Corio has expanded with major projects in the UK, South Korea, and the US. However, increasing equipment and debt costs have led to project cancellations and workforce cuts across the offshore wind industry. Corio’s staff reductions will affect under 10% of its 270-person workforce,…

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UK seeks new investors for Sizewell C nuclear project

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The UK government is exploring new investor interest for the Sizewell C nuclear plant, as negotiations continue to secure funding for the project.  These discussions come at a crucial time, with the UK aiming to modernise its power infrastructure by 2030.  However, the project’s funding timeline has been delayed, with a final investment decision now expected no earlier than spring 2025, pushing back the initial target of a 2024 decision. Securing investors for Sizewell C…

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Estonia to host electronic auction for offshore wind farm in Saare 1 area

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The Consumer Protection and Technical Regulatory Authority (CPTRA) of Estonia has announced an electronic auction for the development of an offshore wind farm in the Saare 1 area, located 60 km west of Saaremaa island in the Baltic Sea.  The auction will take place from January 21 to January 23, 2025. Three qualified participants—CI Estonia Wind GmbH & Co. KG, OÜ Utilitas Wind, and Oxan Energy—will compete, with a starting price of €1.32 million and…

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Philippines and UAE sign MoU for energy transition cooperation

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The Governments of the Philippines and the United Arab Emirates (UAE) have signed a memorandum of understanding (MoU) to strengthen cooperation in energy transition.  The agreement focuses on key areas such as renewable energy, liquefied natural gas, nuclear energy, power infrastructure, and emerging technologies. An implementation agreement with a UAE state-owned firm is expected in January 2025, advancing renewable and alternative energy projects.  This MoU follows a similar agreement signed in October 2024 with Saudi…

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Spain to build largest pumped storage hydro power plant in Europe

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Spain is set to become a leader in renewable energy with the construction of the continent’s largest pumped storage power plant.  Managed by Iberdrola, the Conso II project will be located in Ourense, Galicia, and will involve an investment of over 1.5 billion euros. The Conso II facility will feature an innovative design that connects two reservoirs using the region’s natural slope, allowing for efficient electricity generation.  With a capacity of 1,800 MW and the…

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Amarenco secures €500 million in debt financing for solar projects across Europe

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Amarenco has secured €500 million in international debt financing from a consortium of lenders, including Intesa Sanpaolo Bank Luxembourg, Rabobank, Santander Corporate & Investment Banking, and Berenberg.  The funds will support the construction of solar projects in Spain, Portugal, Ireland, and Austria, as well as refinance existing debt. The agreement includes a €150 million accordion facility, designed to enhance Amarenco’s operational capacity, reduce financial risk, and improve project execution timelines.  Amarenco currently operates a solar…

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Tunisia to invest USD 2.2 billion in renewable energy

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Tunisia’s government has announced a planned investment of USD 2.2 billion in its power sector by 2025, focusing on renewable energy development to reduce dependency on electricity imports from Algeria and Libya.  The initiative aims to increase the share of solar and wind power in the energy mix to 35 per cent by 2030, targeting 4,850 MW of renewable energy generation. Key projects include the Tozeur solar PV plant, a 200 MW solar facility in…

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GE Vernova secures contract with 50Hertz for grid-stabilizing technology in Germany

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GE Vernova Inc. has secured a contract with 50Hertz Transmission GmbH, one of Germany’s four transmission system operators, to deliver advanced grid-stabilizing technology to enhance the reliability of Germany’s electrical grid as it integrates more renewable energy sources. As part of the agreement, GE Vernova will provide its 300 Mvar FACTSFLEX GFM solution, a Static Synchronous Compensator (STATCOM) with Grid Forming Control (GFM).  This technology stabilizes the grid by automatically adjusting to voltage fluctuations, ensuring…

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Tata Projects completes Barapukuria-Bogra transmission line in Bangladesh

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Tata Projects Ltd, in collaboration with the Power Grid Company of Bangladesh (PGCB), has completed the 112-km, 400-kV double-circuit Barapukuria-Bogra transmission line project, valued at $120 million.  The project, executed in just 14 months, involved the supply of approximately 2,700 km of ACCC® Dhaka-size conductor by Apar Industries, with installation supported by Zeck tensioners and porcelain insulators. The line is part of the larger Barapukuria-Bogra-Kaliakoir transmission project, aimed at strengthening the high-voltage transmission network in…