|

Challenges and action plan for a sustainable power sector in Bangladesh

Global, News

Bangladesh’s power sector is currently undergoing aggressive expansion with a focus on fossil-fuel-based capacity, leading to challenges such as overcapacity, high generation costs, revenue shortfalls, and a growing subsidy burden. The sector’s overcapacity is evident with an installed generation capacity of 28,166 MW compared to a peak demand of just 17,200 MW, resulting in a surplus of 38.9%, which rises to over 60% during the winter. This surplus is particularly problematic because the system is…

|

Sunly secures €300 million for 1.3 GW renewable energy projects in Baltics and Poland

Global, News

Sunly has secured €300 million in debt financing to accelerate the development of 1.3 GW of renewable energy facilities, including solar, wind, storage, and hybrid parks, across the Baltics and Poland. This investment aims to enhance regional energy security and independence, particularly as the region prepares to separate from the Russian and Belarusian electricity grids. The financing, provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Kommunal Landspensjonskasse, will support the construction of integrated hybrid…

|

US-India Civil Nuclear Commerce meeting underscores deepening collaboration in science and clean energy

India, News

Union Minister Dr. Jitendra Singh chaired a crucial bilateral meeting on US-India Civil Nuclear Commerce at Prithvi Bhavan, focusing on the expanding partnership between the two countries in science, technology, and clean energy. During the meeting, Dr. Singh announced that an Indian astronaut from the Gaganyaan Mission would soon join the International Space Station, marking a significant milestone in Indo-US space collaboration. Dr. Singh emphasized the importance of the US-India partnership in securing global supply…

|

Indian Railways eyes nuclear power to boost renewable energy usage

India, News

Indian Railways is considering using nuclear power through captive units as part of its strategy to increase reliance on non-fossil fuel sources. Aiming to become a net-zero carbon emitter by 2030, the Railways expects to need 30,000 MW of renewable capacity by 2029-30 to achieve this target. Alongside nuclear power, Indian Railways is already working on commissioning solar power units, wind-based power plants, and exploring hydel power options. In each of these areas, the Railways…

|

Solar paraboloid technology: A promising solution for renewable energy

India, News

Solar paraboloid technology is gaining attention as a potential game-changer in the shift towards renewable energy. This advanced form of concentrated solar power (CSP) can increase the efficiency of capturing solar energy, potentially outperforming traditional photovoltaic (PV) systems.   Solar paraboloids use parabolic mirrors to focus sunlight onto a receiver tube, heating a fluid to generate electricity or provide heat for industrial use. Operating at higher temperatures (up to 300°C), they achieve greater thermal efficiency by…

|

UK household energy bills to rise 10% from October 

Global, News

UK energy regulator Ofgem announced a 10% increase in the price cap on household energy bills, raising the cap to £1,717 ($2,250) per year starting October 1. This is the first increase since January 2023, when the cap hit a record high of £4,279. The new cap, effective until December 31, is £117 cheaper than the same period last year but still reflects ongoing volatility in global gas markets. The rise is attributed to severe…

|

Moody’s: Indian companies to spend USD 45-50 billion annually on capex 

India, News

Moody’s Ratings expects Indian companies to invest USD 45-50 billion annually in capex over the next 1-2 years, with Reliance Industries accounting for 30% of this. The oil and gas sector, including Reliance, will make up over 60% of the total spending, focusing on capacity expansion and green energy. Strong earnings will keep leverage low for Indian firms, despite high offshore borrowing rates. Moody’s forecasts a 6% GDP growth for India over the next two…

|

OECD electricity production rises 3.7%, driven by solar power surge, renewable growth

Global, News

In May 2024, total net electricity production in the OECD reached 854.4 TWh, marking a 3.7% increase compared to the same month last year, according to the IEA Monthly Electricity Statistics. This growth was primarily driven by a strong increase in renewable energy generation, which rose by 6.6% year-on-year (y-o-y). Solar power saw the most significant growth, surging by 19.7% y-o-y, while wind power also contributed with a 5.8% y-o-y increase. Hydropower generation remained largely…

|

India reinstates domestic module requirement for solar projects, sparking concerns

India, News

The Ministry of New and Renewable Energy has reinstated the requirement for solar projects in India to use modules from a government-approved list of domestic producers, known as the Authorized List of Manufacturers and Models (ALMM). This move mandates that Indian solar project developers purchase solar modules from these domestic companies, rather than opting for less expensive foreign suppliers. Economic Impact: The cost of solar projects in India has surged significantly due to this requirement….

|

WSP to acquire Power Engineers in $1.78 billion deal 

Global, News

Global professional services firm WSP has announced its acquisition of Power Engineers, a prominent US-based consultancy in the power and energy sector, for $1.78 billion. This strategic move aligns with WSP’s vision to expand its services and enhance its position in the energy transition market. Power Engineers, which employs 4,000 people, including 900 shareholders, has been a key player in serving North American power utilities. The acquisition has been unanimously approved by the boards of…