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Global nuclear power on rise as IAEA outlook surges for fourth consecutive year

Global, News

The International Atomic Energy Agency (IAEA) has raised its projections for the global expansion of nuclear power, marking the fourth consecutive year of capacity growth. As of the end of 2023, global nuclear capacity stood at 371.5 GW, with 413 reactors in operation. In the IAEA’s high-case scenario, nuclear capacity could rise to 950 GW by 2050, more than doubling current levels, with small modular reactors (SMRs) contributing 25%. In the low-case scenario, capacity is…

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OECD net electricity production rises 5.4% in June 2024

Analysis, Data Insights, Global, News

According to the latest release from the International Energy Agency (IEA), total net electricity production in the Organisation for Economic Co-operation and Development (OECD) countries reached 902.8 TWh in June 2024, reflecting a 5.4% year-on-year (y-o-y) increase. On a year-to-date basis, electricity production in the first two quarters of 2024 rose by 2.9%. The OECD consists of 38 member countries, including major economies such as the United States, Japan, Germany, and Australia, working to promote…

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OECD net electricity production rises 5.4% in June 2024

Global, News

According to the latest release from the International Energy Agency (IEA), total net electricity production in the Organisation for Economic Co-operation and Development (OECD) countries reached 902.8 TWh in June 2024, reflecting a 5.4% year-on-year (y-o-y) increase. On a year-to-date basis, electricity production in the first two quarters of 2024 rose by 2.9%. The OECD consists of 38 member countries, including major economies such as the United States, Japan, Germany, and Australia, working to promote…

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JERA explores investment in Vietnam’s natural gas-fired power plant amid LNG transition

Global, News

Japan’s utility giant JERA is considering investing in a natural gas-fired power plant in Vietnam, as part of the region’s shift from coal to liquefied natural gas (LNG). With Vietnam’s power sector rapidly evolving, gas-fired plants are expected to make up 24.8% of the country’s installed capacity by 2030, totalling 37.33 GW, with LNG playing a major role. JERA’s investment decisions align with energy transition policies across Asia and the decline of local natural gas…

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Sumitomo, AMPIN collaborate to develop 1 GW RE in India

India, News

Sumitomo Corporation has formed a joint venture with AMPIN Energy Transition Pvt Ltd to form AMPIN C&I Power Pvt Ltd for developing renewable energy assets in India and promoting corporate Power Purchase Agreements (PPAs) for supplying renewable electricity to businesses. The total project cost is approximately 100 billion yen and is expected to create a 1 GW portfolio of renewable energy assets backed by corporate PPAs. The joint venture will be owned 51% by AMPIN…

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Tata Power-DDL and Nissin Electric to launch India’s first micro substation

India, News

Tata Power Delhi Distribution (Tata Power-DDL) and Nissin Electric have partnered to launch a demonstration project to supply electricity using India’s first micro substation, aimed at delivering stable power to remote areas without access to the grid. The project agreement was signed on 21 August 2024, with operations set to begin in March 2025 after equipment installation and testing in the outskirts of Delhi. This project features India’s first use of a Power Voltage Transformer…

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JBIC signs loan agreements with ADNOC for renewable energy and decarbonisation projects

Global, News

The Japan Bank for International Cooperation (JBIC) has signed two project loan agreements with Abu Dhabi National Oil Company (ADNOC), totalling approximately $341 million and $130 million under a credit line established in July 2024. The loans are co-financed by Mizuho Bank Limited, Sumitomo Mitsui Banking Corporation, MUFG Bank, Limited, and The Hongkong Shanghai Banking Corporation Limited, Tokyo Branch, raising the total financing to $569 million and $217 million, respectively. These loans, part of JBIC’s…

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Public sector’s role key to energizing sustainable bond markets in Asia: IEEFA

Global, News

The Institute for Energy Economics and Financial Analysis (IEEFA) has highlighted the crucial role of public sector involvement in advancing sustainable bond markets across the ASEAN+3 region, which includes Southeast Asia, China, South Korea, and Japan. In a recent report, IEEFA pointed out that the region’s sustainable bond markets lag behind Europe due to limited public sector participation, affecting market development and investor confidence. Europe’s success in sustainable bonds is driven by strong public sector…

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Gensol establishes US subsidiary to supply 2,000 MW of solar trackers

India, News

Gensol Engineering, a key player in the renewable energy sector, has announced the establishment of a subsidiary in the United States, aiming to supply over 2,000 MW of solar trackers annually by 2028.   The new subsidiary, Scorpius Trackers Inc, will be based in California, positioning the company to capitalize on the growing demand for solar energy infrastructure. The U.S. market currently deploys over 25,000 MW of solar trackers annually, making it the largest in the…

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Mitsubishi Power to supply hydrogen-ready gas turbine for Saudi Arabia’s industrial co-generation plant

Global, News

Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, has secured an order from Samsung C&T Corporation Saudi Arabia to supply its M501JAC combined-cycle gas turbine (CCGT), which is hydrogen-ready, for a new industrial steam and electricity co-generation plant in Saudi Arabia. The 475 MW co-generation power plant, being developed by a consortium led by the Abu Dhabi National Energy Company (TAQA) and Japanese power generation company JERA, will serve a petrochemical complex in Jubail, Eastern…