Energy Market News

July brought news about offshore wind. There was something for everyone: optimism, disappointment, and construction, too.Finally, starting with Dominion Energy’s Coastal Virginia Offshore Wind Project, a joint venture with Danish wind developer Orsted is underway. True, this is a small project – just two wind turbines to be installed 27 miles east of Virginia Beach. But considering all the preceding hurdles, news about Dominion blew in as proverbial, hopeful fresh air. Surely…

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling, well services and seismic – which don’t have much to offer outside the upstream oil and gas industry – are removed from the equation…

Swedish marine energy developer Minesto AB has renewed the collaboration agreement with National Taiwan Ocean University (NTOU) to explore the potential for Minesto’s Deep Green technology in Taiwan.The renewed collaboration agreement with NTOU's Center for Ocean Energy System (COES) was signed at a ceremony in Taipei by Minesto’s CEO Dr Martin Edlund and Professor Chen-Chou Lin, Director of COES.The collaboration between Minesto and COES builds on a phase-staged approach to go…

On Friday, BunkerTrace, the unique blockchain and DNA- based fuels tracking solution, announced its commercial launch shortly after a successful trial in the Netherlands on Thursday, October 3, which was conducted in partnership with Cooperative Bebeka. Announcing the launch at Aracon, BunkerTrace is now ready to receive requests for commercial partnerships and adoption by bunker suppliers, ports and operators.The solution, which adds DNA markers to fuel at every stage of the supply chain and records each transaction in a blockchain-based system…

On October 15, 2019, Nexans hosted the grand block ceremony that represented a key step in the construction of its ground-breaking cable installation vessel, the ‘Nexans Aurora’. The vessel’s hull  is currently being built at the CRIST shipyard in Poland. It will be completed at Ulstein Verft in Norway, with delivery planned for 2021.The grand blocks are the major components in the construction of the hull. They are being assembled at CRIST, in the Polish port of Gdynia. Representatives from Nexans…

The US Federal Energy Regulatory Commission has approved the construction of Venture Global's proposed $8.5 billion Plaquemines liquefied natural gas export facility in Louisiana. Venture Global LNG to build an LNG Plaquemines export terminal and a gas pipeline between the terminal and the interstate gas network.PGNiG will receive liquefied natural gas from this terminal from 2023.“We congratulate our American partners from Venture Global LNG for obtaining the final FERC approval for the construction of the second natural gas liquefaction facility.

Ammonia, the same pungent solution used in fertilizers and cleaning agents, may one day be the key to transporting renewable energy around the world. There are currently a number of government and corporate projects assessing the feasibility of converting excess renewable energy from sources like wind, solar, tidal and nuclear into ammonia and then back into usable energy.In its purist form, ammonia or NH3 is composed of one nitrogen and three hydrogen atoms making it an ideal candidate to chemically bind excess renewable energy.

International Union of Marine Insurance (IUMI) Offshore Energy Committee reported a further reduction in global offshore energy premiums.Global premiums in this sector were reported to be USD 3.4 billion which represented a 3% reduction from 2017. This continued the downward trend: premiums in 2017 were down 5% on the previous year and premiums in 2016 were down 21% on 2015.James McDonald, Chair of the IUMI Offshore Energy Committee said: "The drop in premium income has largely followed the oil price which has dipped by around 20% over the past year.

Finnish corporation Wärtsilä has launched the 31SG pure gas engine for marine market applications.The 31SG is based on the successful Wärtsilä 31 product platform; the diesel version of the engine has been recognized by Guinness World Records as being the world’s most efficient 4-stroke diesel engine.The Wärtsilä 31SG engine further reduces the total cost of ownership and the environmental footprint for vessels operating in regions where there is a developed gas infrastructure.

German shipping service company Global Renewables Shipbrokers (GRS) has announced the start of a strategic partnership with South Korean wind project development consultancy SerFac.The shipbroker for offshore tonnage in renewable energy said that the aim of the cooperation is to provide project development of offshore wind farm projects in South Korea. As an independent advisor, GRS supports the negotiation of all contracts across all value creation stages of the entire project development.At the subsequent installation and operation stage…

ABS has appointed well-known cyber expert Ian Bramson as its Global Head of Cyber Security. In this role, Bramson will lead the development of a cyber security risk reduction program to meet increasing demand for improved control and visibility of cyber risks.Bramson has helped organizations solve cyber-related business challenges, such as managing the convergence of information technology with operational technology (OT), supporting risk management and enabling digital transformation. Before joining ABS, Bramson was the Global Head of Cybersecurity Sales and Strategy for Siemens AG.

A Belgian consortium has launched a project in high-wave offshore solar technology with the aim of building floating solar parks in the North Sea.Large maritime market players Tractebel, Jan De Nul Group, DEME, Soltech and Ghent University formed a consortium and announced the launch of an innovative project in the field of marine floating solar technology.The consortium strongly believe that solar photovoltaic (PV) panels in offshore waters are one of the essential future green energy sources.

Global offshore wind energy market to reach USD 69.63 billion by 2025, said a study.Global offshore wind energy market valued approximately USD 18.48 billion in 2016 is forecasted to grow with a healthy growth rate of more than 15.88% over the forecast period 2018-2025, said Brand Essence Market Research report.The major factors speculated to augment the markets are government initiatives to reduce carbon footprint and rising need for renewable energy for power generation. Cost…

Poland’s LNG import terminal in Świnoujście will receive a EUR128mln grant from from the European Regional Development Fund and the Cohesion Fund to expand its regasification capacity.The European Commission said in a notification that it has approved plans to support the increase of the regasification capacity, and the development of additional functionalities of the LNG terminal in Poland.The plans were approved under EU State aid rules and would see the terminal capacity increase…

Two Belgian companies - Aerospace industry supplier SABCA and DEME Offshore - have formed a partnership to use drones for inspection services in the offshore wind energy industry.SABCA, a leading tier 1 aerospace industry supplier and DEME Offshore, a worldwide leader in solutions and services for the offshore energy market, have entered into a partnership for the development and deployment of Unmanned Vehicles to perform surveillance and inspection works in the offshore industry.Complementing each other’s core experience and know-how…

Satellite communications provider Speedcast International said it will begin to offer Intellian’s v240MT antenna to customers in the cruise and offshore energy sectors.The v240MT is Intellian’s next generation, tri-band and multi-orbit 2.4 meter antenna for use on Ku, Ka and C-band satellites. The antenna has the capability to provide Medium Earth Orbit (MEO) and Geostationary Earth Orbit (GEO) broadband access to virtually any satellite constellation within seconds. Intellian said the v240MT is designed to deliver data rates exceeding 1Gbps…

In its 2019 “Annual Energy Outlook” the US Energy Information Administration (EIA) projects that electric generation from renewables (wind, solar, hydro) will go from 500 billion KWh in 2018 to 1500 billion KWh in 2050, just 30 years from now.“The AEO highlights the increasing role of renewable energy in the US generation mix,” said EIA Administrator Linda Capuano. “Solar and wind generation are driving much of the growth. In fact, our reference case projects that renewables will grow to become a larger share of U.S.

Lloyd’s Register (LR), which ranks as one of the world’s largest providers of professional services for the engineering and technology sectors, has chalked out a new strategy for future growth in the energy market.The firm, which started out in 1760 as a marine classification society and now has more than 7,000 staff globally, said that the first phase of its new global strategy for its energy business to reposition the professional services portfolio for growth through the energy transition…

“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind. First, this new energy development is deliberate – not left to chance or laissez faire markets. Second, state officials are in control, from choosing a contractor to securing money for payment.

Power cable systems provider NKT has commissioned the 170kV HVAC cable system for the 400MW Kriegers Flak combined grid solution which is the world’s first offshore interconnector using the national grid connections of offshore wind farms to connect the power grids of Denmark and Germany.NKT has successfully commissioned the turn key project of the 170 kV HVAC cable system for the combined grid solution connecting the wind farms Kriegers Flak and Baltic 2 for the innovative project…

Norway-based global maritime industry group Wilhelmsen Ship Management (WSM) has announced the acquisition of a 50% stake of NorSea Wind and it’s subsidiaries to expand its offerings in the the renewable wind energy market.NorSea Wind, founded in 2016 as a subsidiary of  Norsea Group, provides project management and logistics planning throughout all stages for on and offshore wind farm projects.It is the focal element within Norsea Group where it integrates all service offerings for the wind energy segment as it’s go-to-market strategy.

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market…

German conglomerate Siemens AG said it will spin off and give up its majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE), creating a new multi-technology global energy powerhouse. The company’s supervisory board announced the spinoff on May 7 as part of its Vision 2020+ strategy concept. The board said the move would help Germany-based Siemens meet medium-term growth and profit targets by “clearly…