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Daily Energy News

Policy & Regulatory

The California Energy Commission (CEC), the primary energy policy and planning agency for the US state of California, has adopted the state's new goals of reaching 25 GW of offshore wind capacity by 2045, as well as 2 to 5 GW by 2030. This planned capacity is expected to enable the powering of 25 million homes by 2045.

The Indian government has introduced the Electricity (Amendment) Bill 2022 in the country’s lower house of parliament Lok Sabha. The text proposes to liberalise power distribution by authorising more than one power distributor to operate in an area. In addition, the bill would force distribution companies to provide non-discriminatory open access to their networks to competitors operating in the same area, on payment of certain charges.

The Indian lower house of parliament Lok Sabha has approved the Energy Conservation Bill, which promotes energy efficiency and conservation, providing for the regulation of energy consumption by equipment, appliances, buildings and industries. The text authorises India’s central government to set up energy consumption standards.

Crown Estate Scotland, the public corporation of the Scottish government responsible for the management of land and property, has opened its new Innovation and Targeted Oil and Gas (INTOG) offshore wind leasing process. Developers are being invited to bid for seabed leases off the coast of Scotland, United Kingdom, to build projects aiming to reduce emissions and boost innovation in the North Sea. After a two-week registration period, the opening of the application window will take place at the end of August 2022.

Companies

International Holding Company (IHC), a conglomerate based in Abu Dhabi (United Arab Emirates), has acquired a 50% stake in Kalyon Enerji, a Turkish renewable developer, for AED1.8bn (€474m) through its subsidiary International Energy Holding.

The Nigerian government has reversed its authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, several hours after approving it. Indeed, after the transaction was greenlighted by the government, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) notified ExxonMobil the deal could not go through. Under the Petroleum Industry Act, which was approved in 2021, a holder of a petroleum exploration licence is not allowed to transfer it without permission from the NUPRC.

India’s JSW Neo Energy, a wholly owned renewable subsidiary of Indian power company JSW Energy, will acquire a portfolio of 1.75 GW of wind and solar capacity from the independent power producer Mytrah Energy for INR105bn (US$1.3bn).

The acquired assets include 1.33 GW of wind capacity held by Mytrah’s 10 special-purpose vehicles (SPVs), and 422 MW of solar held by seven SPVs. The plants, spread across 9 Indian states, are backed by long-term power purchase agreements (PPAs) with an average remaining life of around 18 years.

Infrastructure & Investments

AvenHexicon, a joint venture between Swedish power company Hexicon and Italy’s Avapa Energy, has submitted to Italian authorities its first State Maritime Concession application for a 1.2 GW offshore wind farm that will be located in the strait of Sicily, near Porto Empedocle, southern Italy.

AvenHexicon is currently in the process of developing five sites situated around the coasts of Sardinia, Sicily, and Puglia. Grid applications have already been filed for all sites.

Saudi Electricity Company (SEC) has secured a US$568m Export Credit Agency (ECA) facility to finance Saudi-Egypt power interconnection project. The US$1.8bn project, developed by SEC and the Egyptian Electricity Transmission Corporation (EETC), would consist of a 1,300 km long power interconnection between Cairo (Egypt), Tabuk (Saudi Arabia) and Madinah (Saudi Arabia). The high voltage direct current (HVDC) line is expected to enable the exchange of up to 3 GW of electricity at peak times.

The Estonian state-owned energy company Eesti Energia plans to build a 225MW pumped hydro energy storage facility, which will be located in an industrial of the county of Ida-Virumaa (northeast Estonia), on the site of a now closed oil shale mine. The pumped hydro plant is a large-scale circular economy project, the construction of which uses limestone rubble and closed tunnels created during the mining of oil shale.