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Six nations join pledge to triple nuclear power by 2050 at COP29

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During the World Climate Action Summit at COP29, six countries—El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Türkiye—endorsed the global commitment to triple nuclear energy capacity by 2050, bringing the total to 31 signatory nations.  Initiated by France with 20 countries at COP28, the pledge underscores nuclear energy’s critical role in limiting global warming to 1.5°C per the Paris Agreement. World Nuclear Association (WNA) Director-General Sama Bilbao y León celebrated the new signatories, emphasizing nuclear energy’s…

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Bureau Veritas acquires Versatec Energy to expand energy sector services

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Bureau Veritas has acquired Versatec Energy, a Netherlands-based technical advisory firm specializing in offshore and onshore energy. Financial terms of the acquisition remain undisclosed.  This acquisition enhances Bureau Veritas’ expertise in technical compliance and industrial risk management within the energy sector, aligning with its LEAP | 28 strategy focused on renewables and low-carbon assets. The integration of Versatec Energy’s experience strengthens Bureau Veritas’ service offerings in oil and gas, nuclear, renewables, and emerging technologies like…

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MoP urges states to identify sites for nuclear power projects

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Power Minister Manohar Lal Khattar has encouraged states to identify viable sites for nuclear power plants, especially in areas far from coal sources.  The government has already shortlisted 18 locations across the country for new nuclear capacity, aiming to increase nuclear power from 8 GW to 20 GW by 2032.  The Minister advised states to repurpose sites of retired coal-based thermal plants for this purpose. At the recent Power Ministers’ conference on 12 November 2024,…

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Tongyeong Eco Power’s 1GW LNG Plant begins operations in South Korea

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Tongyeong Eco Power’s combined-cycle power plant has commenced commercial operations in Gyeongsangnam-do, South Korea, with a capacity exceeding 1GW, supplying electricity to nearly one million households. The liquefied natural gas (LNG)-fueled plant aligns with South Korea’s strategy to transition from coal to LNG and includes a 200,000 cubic meter LNG storage tank. GE Vernova has provided critical components for the plant, including two 7HA.02 gas turbines, one STF-D600 steam turbine, two heat recovery steam generators…

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Global shift towards sustainable energy drives $3.1 trillion investment surge

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A new report from the International Solar Alliance (ISA) highlights a global increase in sustainable energy investments, rising from $2.4 trillion in 2018 to an expected $3.1 trillion by 2024, with solar energy dominating green investments.  Solar alone now accounts for 59 per cent of these investments, primarily due to decreasing technology costs and a surge in support from the Asia-Pacific (APAC) region, which has emerged as the leading investor. According to the World Solar…

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GE Vernova launches HVDC Competence Center in Berlin

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GE Vernova Inc. has launched a High Voltage Direct Current (HVDC) Competence Center at its Electrification facility in Berlin to accelerate energy transition initiatives in Germany and Europe.  The center focuses on developing technology to improve grid stability, enable long-distance power transmission, and integrate renewable energy into power systems.  This facility positions Berlin as a central hub for GE Vernova’s Electrification Systems businesses in Europe, supporting projects in Grid Solutions, Power Conversion, and Solar and…

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Emeren and Arpinge partner on 300MW battery storage portfolio in Italy

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US-based Emeren Group has entered a co-development agreement with Arpinge to establish a 300MW battery energy storage system (BESS) portfolio in southern Italy, bolstering Emeren’s presence in the Italian BESS market where it already has 1.37GW in its permitting pipeline.  This partnership with Arpinge, a permanent capital vehicle backed by Italian pension funds, aligns with Italy’s energy transition goals, focusing on enhancing grid stability and integrating renewables.  Emeren Group CEO Yumin Liu highlighted the collaboration…

Power Sector News Roundup for November 4, 2024

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Global: IEA report forecasts US$2 trillion clean energy market growth, challenging oil industry dominance. Germany to bury nuclear waste, but toxic dispute remains unresolved. UK Government confirms rise in oil and gas headline tax alongside investment in clean energy. Asia to spend over USD 20 billion on EVs, according to a report. Moroccan government partners with Total Energies H2 for the ‘Chbika’ green hydrogen project. Blykalla and ABB partner to develop an SMR pilot facility…

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UK Government confirms rise in oil and gas headline tax and investment in clean energy

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Rachel Reeves, the UK’s Chancellor of the Exchequer, delivered Labour’s first budget in over a decade, confirming a rise in the headline tax rate for the oil and gas industry to 78%, one of the highest globally.  This tax will also extend until 31 March 2030. The UK Offshore Energies Association (OEUK) warned in September that the tax would threaten jobs and disrupt progress toward net-zero targets, stressing the need for industry-government collaboration. The Labour…

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Hitachi Energy achieves record order backlog of Rs 89.1 billion

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Hitachi Energy India Ltd reported a record-high order backlog of Rs 89.1 billion as of September 30, 2024, marking unprecedented revenue visibility for upcoming quarters.  Orders for the quarter ending September 30 totalled Rs 19.52 billion, reflecting an 11.7% year-on-year increase, driven largely by renewable projects in utilities, power quality, and substations.  Notable contributions also came from expansions and efficiency upgrades in existing plants, with significant orders from the transformer and power quality sectors spanning…