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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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OMV Petrom enters renewable energy sector with acquisitions in Romania

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OMV Petrom has made its entry into the renewable energy market by acquiring a 50% stake in Electrocentrale Borzești from RNV Infrastructure and additional assets from Renovatio Group, totalling a capacity of nearly 1GW. The acquisitions, approved by Romania’s Competition Council, include two operational wind farms in eastern Romania (16MW) and a micro-hydro power plant in the northwest (2MW). OMV Petrom will also collaborate with RNV Infrastructure to develop further renewable projects in northeastern Romania,…