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UK’s Energy Transition: Milestones, Innovations, and Future Pathways Towards Net-Zero

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The United Kingdom’s energy sector has undergone a significant transformation in recent years, reaching a notable milestone just a few weeks ago. As of October 2024, the UK has officially closed its last coal-fired power plant, marking the end of a 142-year era of coal power generation. This milestone reflects the UK’s commitment to transitioning towards cleaner energy sources, aiming to reach net-zero emissions by 2050. Institutional structureThe United Kingdom’s energy sector is governed by…

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Turkey aims to quadruple wind and solar capacity by 2035

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Turkey‘s Energy Minister, Alparslan Bayraktar, announced that the country will need $108 billion in public and private investment to increase its wind and solar power capacity to 120,000 MW by 2035, aiming to quadruple its current capacity.  This announcement was made during an event outlining Turkey’s renewable energy roadmap. The first renewable energy resource area tender conditions for 2024 will be disclosed next week. The energy ministry is revising regulations to encourage private sector investment…

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Ocean Winds and Eletrobras partner to explore offshore wind opportunities in Brazil

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Ocean Winds (OW) and Eletrobras have signed a memorandum of understanding (MoU) in São Paulo to collaborate on offshore wind energy projects in Brazil, aligning with the country’s renewable energy targets and economic development goals.  This partnership aims to harness Brazil’s wind resources to create a sustainable energy future while promoting local job creation and community development. OW, a 50/50 joint venture between EDP Renewables (EDPR) and Engie, has identified Brazil as a strategic market…

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BP considers selling minority stake in offshore wind division

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BP is exploring the sale of a minority stake in its offshore wind division to offset the substantial development costs associated with its projects, as reported by Reuters. This move follows shareholder pressure over BP’s 2020 energy transition strategy, as profits from renewables have fallen while oil and gas margins have risen. The company has engaged Bank of America to identify potential partners as it seeks to reduce its financial burden in the growing offshore…

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IEA’s Fatih Birol: Fossil fuel demand to peak as world enters “age of electricity”

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Fatih Birol, executive director of the International Energy Agency (IEA), stated that with fossil fuel demand expected to peak within the next five years, the world is approaching a new “age of electricity.” In a recent press release, the Turkish economist highlighted that the surplus in oil and gas supplies could drive significant investments in green energy. Birol noted that in the latter half of this decade, the global energy landscape could shift substantially, with…

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Global energy system faces rising risks amid geopolitical strains: IEA

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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…

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JSW signs PPA with GUVNL for wind-solar hybrid project

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JSW Renew Energy Seventeen, a subsidiary of JSW Energy, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a 192 MW wind-solar hybrid capacity connected to the state transmission utility (STU) in Gujarat. This is the company’s first PPA for a wind-solar hybrid project, with the power set to be supplied for 25 years at a tariff of Rs 3.27 per kWh. The project is scheduled for commissioning…

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India’s renewable energy capacity to grow at double the rate of overall energy capacity by 2030: CRISIL

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According to a report by CRISIL, India’s renewable energy (RE) capacity, excluding large hydro projects, is expected to grow at a compound annual growth rate (CAGR) of 16.5%-17%, reaching 360-370 GW by fiscal 2030.  This growth rate is double that of the country’s overall power capacity, which is projected to grow by 7.5%-8%, increasing from 442 GW in March 2024. India’s renewable energy capacity, including large hydro projects, stood at nearly 191 GW as of…

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India to drive global energy demand by 2035, says IEA

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India is set to become the global engine for energy demand growth through 2035, according to the International Energy Agency’s (IEA) World Energy Outlook 2024.  The report highlights India’s rapid expansion, with the country adding more than 12,000 cars daily, increasing built space equivalent to South Africa, and seeing its air-conditioners consume more electricity than Mexico’s total power consumption by 2035. As the world’s third-largest oil consumer, India will increase oil demand by nearly 2…

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VNG AG partners to explore green hydrogen production in Algeria

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VNG AG has signed a letter of intent with Algerian energy firms Sonatrach and Sonelgaz, along with SNAM, SeaCorridor, and VERBUND, to jointly assess the feasibility of large-scale green hydrogen production in Algeria. The project aims to export green hydrogen from North Africa via the proposed “South H2 Corridor” to Italy, Austria, and Germany. The agreement sets the framework for future cooperation, including the preparation of essential studies to evaluate the technical and economic viability…