TEN Gets Charter Extension for Seven Panamaxes
Greece-based Tsakos Energy Navigation (TEN) has announced the charter extension for seven panamax tankers, for an average of 24 months, to a state oil concern. The charters which all incorporate profit sharing provisions are expected to generate minimum gross revenues of over $70 million. “These charters, in terms of duration, security, flexibility and quality, enhance the industrial nature of our business, further solidify our fleet’s cash generating ability, strengthen our balance sheet and provide visibility of earnings and dividends,” George Saroglou, COO of TEN commented.
ABB Inverters Connect Malaysia’s Largest Solar Plant to Grid
ABB, the leading power and automation technology group, has delivered and commissioned key components to integrate renewable energy from Amcorp Power Sdn Bhd’s Gemas 10.25 Megawatt (MW) Solar Power Plant into Malaysia’s electric grid as the country seeks to intensify its reliance on emission-free energy sources. Amcorp Power’s solar plant located in Gemas, Negeri Sembilan, about 100 miles from the Malaysian capital Kuala Lumpur, is the country’s largest solar power plant and represents approximately 11 percent of its nearly 116 megawatts of grid-connected solar photovoltaic (PV) capacity.
South Africa Minister Delays Signing Energy Deals
South Africa's newly appointed energy minister Mmamoloko Kubayi has postponed the signing of agreements between state-run power utility Eskom and renewable energy Independent Power Producers (IPPs), Business Report newspaper said on Tuesday. South Africa is diversifying its energy mix away from an over-reliance on coal-power plants to include greener wind and solar projects. The deadline for signing was on Tuesday, but Kubayi's office asked for the signing to be delayed until she had met with public enterprises minister Lynne Brown, who oversees Eskom, the newspaper said. "The process is in their hands. Once they have met and they have agreed on this and that, then we as Eskom we will sign," Eskom spokesperson Khulu Phasiwe told Reuters.
Aker Enters Offshore Floating Wind Market
Norwegian oil and gas specialist Aker Solutions has invested in floating wind power technology company Principle Power, with the aim to brings its offshore oil and gas field engineering experience to the renewable energy market. Aker Solutions has an extensive track record in developing offshore oil and gas fields, with particular capabilities in floating facilities. The partnership will help bring Principle Power's technology - an innovative floating foundation for offshore wind turbines, known as WindFloat - to a broader market.
IEA: Renewable Energy Growth Will Accelerate
Renewable power generation is expected to continue its rapid growth over the next five years, according to a new report from the International Energy Agency<http://www.iea.org/> (IEA) that acknowledges the coming-of-age of the renewable energy sector. The report says that despite economic uncertainties in many countries, global power generation from hydropower, solar, wind and other renewable sources is projected to increase by more than 40% to almost 6 400 terawatt hours (TWh) - or roughly one-and-a-half times current electricity production in the United States. The study, released, marks the first time the IEA has devoted a medium-term report to renewable power sources, a recognition of the dynamic and increasing role of renewable energy in the global power mix.
Gas to Become World's Primary Energy Source by 2035: DNV GL
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today. Gas will become the largest single source of energy from 2034. DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050, predicts that global demand for energy will flatten in 2030, then steadily decline over the next two decades, thanks to step-changes in energy efficiency.
Will LNG Remain a Key Energy Source?
Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015. Japan is one of the largest LNG importers in the world and it is expected that gas and LNG will continue to remain a key energy source in the future. The nation’s reliance on LNG rose in 2011 following the closure of the country’s nuclear reactors…
Eleven Companies Connect for Power to Gas Platform
Eleven companies in Europe joined forces in the newly established North Sea Power to Gas Platform to further develop the concept of Power-to-Gas (P2G): the conversion of renewable power into gas. P2G will play an increasingly important role in our future energy system, as it reduces temporal surpluses of renewable power by converting these surpluses into gases. As these gases can be used for different purposes such as transportation, domestic heating, as feedstock for the chemical industry and power generation, the potential value of P2G is considerable.
NAVSAC to Meet in DC
The Navigation Safety Advisory Committee (NAVSAC), sponsored by the U.S. Coast Guard, will meet in Washington, DC on November 14. Topics on the agenda include standard navigation bridge design, offshore renewable energy installations, navigational aid mix, electronic positioning and timing systems, electronic charts, and right whale proposed regulations. Source: HK Law
Policy Uncertainty Threatens to Slow Renewable Energy Momentum
IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The expansion of renewable energy will slow over the next five years unless policy uncertainty is diminished, the International Energy Agency (IEA) said today in its third annual Medium-Term Renewable Energy Market Report. According to the report, power generation from renewable sources such as wind, solar and hydro grew strongly in 2013…
Renewables to Surpass Gas by 2016 in Global Power Mix
Power generation from hydro, wind, solar and other renewable sources worldwide will exceed that from gas and be twice that from nuclear by 2016, the International Energy Agency (IEA) said today in its second annual Medium-Term Renewable Energy Market Report (MTRMR). According to the MTRMR, despite a difficult economic context, renewable power is expected to increase by 40% in the next five years. Renewables are now the fastest-growing power generation sector and will make up almost a quarter of the global power mix by 2018, up from an estimated 20% in 2011.
Renewable Energy on Ships: ECO Marine Sees Potential in U.S.
In a step towards bringing renewable energy to shipping, Eco Marine Power (EMP) has been granted a United States Patent for technology related to its wind and solar power system for ships – Aquarius MRE. As a result, EMP now intends to explore joint development project opportunities in the United States and is currently considering a number of options. Technologies related to EMP's Aquarius MRE can be incorporated into existing ship designs such as cruise ships, RoRo vessels, large ferries, car carriers or into future design concepts such as the Aquarius Eco Ship.
DNV GL Lends Support to Walney 3 Offshore Wind Project
DNV GL has secured a role as technical advisor to a group of institutional lenders with their investment of the 659MW Walney Extension. Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a mix of wind turbine types, featuring 40 MHI Vestas V164 and 47 Siemens SWT-7.0-154 turbines. DNV GL conducted a detailed technical due diligence study and full independent energy production assessment, allowing the group of lenders to develop an understanding of the technical characteristics and risk profile.
Navy Seeks Renewable Ocean Energy Technology
Kaneohe Bay, Hawaii – The Navy’s energy future was the focus of a two-day NAVFAC Conference and Industry Day, held March 26-28 at the Koa Malina Officers Club, Marine Corps Base Hawaii (MCBH), Kaneohe Bay. The Navy, in partnership with the U.S. Department of Energy, will select three ocean energy power developers to occupy Wave Energy Test Site (WETS) moorings at Kaneohe Bay. "The Navy is committed to reducing our dependence on fossil fuels and is leading the way on the development of viable, renewable energy sources,” said NAVFAC Pacific Vice Commander Capt. Pete Lynch. “NAVFAC Pacific is working on ways to make the Navy’s shore infrastructure more energy independent and strengthen our energy security position. The ocean is an untapped resource and possible source of renewable energy.
Panel: Lift Japan offshore wind tariff lift, Cut solar prices
A government panel has recommended Japan lift the amount utilities must pay for electricity from offshore wind farms while cutting prices for power fed in from solar projects, as the country looks to diversify its use of renewable energy. Japan, hoping to boost alternative energy in the wake of the Fukushima nuclear disaster, introduced a feed-in tariff scheme in 2012, under which utilities must buy all power generated from renewable sources such as wind, solar or geothermal. But wind projects accounted for only 3 percent of development approvals under the programme as of November, with solar making up 94 percent. The panel's recommendation…
China Overview: Gas Expansion to Secure Sustainable Growth
New research by DNV GL, the technical advisor to the oil and gas industry, reveals that confidence in oil and gas sector growth in China in 2017 has fallen sharply from 61% last year to 23% - lower than global opinion (32%). Chinese respondents are also less confident about their organization’s prospects, profits and revenue. However, the research also shows that Chinese companies are rebalancing business portfolios and reorganizing for a new era where gas will be an important part of the energy mix.
BOEMRE, Oregon Form Offshore Renewable Energy Task Force
The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is holding its first offshore renewable energy task force meeting with the state of Oregon. This inter-governmental task force was established to facilitate communication between BOEMRE and state, local, tribal and federal stakeholders concerning commercial renewable energy leasing and development on the Outer Continental Shelf (OCS) off the coast of Oregon. The task force includes state government officials designated by the governor and officials from affected federal agencies, elected local government officials, and tribal leaders. “BOEMRE created this task force to coordinate and consult with the State of Oregon and others on potential renewable energy activities on the OCS off Oregon…
Ocean Yield Acquires Two Handysize Dry Bulkers
Norwegian shipowner Ocean Yield announced that 100% owned subsidiaries of the Company has agreed to acquire two 2018 built handysize dry bulk vessels with 12-year bareboat charters to companies owned and guaranteed by Louis Dreyfus Armateurs Group (LDA). The net cash purchase price is USD 18 million per vessel after a seller's credit. Both vessels are expected to be delivered to the Company during March 2018. LDA has options to acquire the vessels during the charter period, with…
Salazar Announces Renewable Energy Office
Secretary of the Interior Ken Salazar announced that the Minerals Management Service (MMS) will establish a new regional office in 2010 to support renewable energy development on the Outer Continental Shelf (OCS) off the Atlantic seaboard. The Atlantic OCS Region will be responsible for evaluating permits for renewable energy activities in an effective, efficient and consistent manner while being responsive to the States, developers and other stakeholders. The new office will implement and manage the offshore renewable energy program, including leasing, environmental programs, the formation of task forces, State consultation, and post-lease permitting in Federal waters off the East Coast.
Statoil and Statkraft Acquire Dudgeon Offshore Wind Farm
Statoil and Statkraft have acquired the Dudgeon Offshore Wind Farm project through the acquisition of all shares in Dudgeon Offshore Wind Limited (DOW), a subsidiary of the UK energy company Warwick Energy Limited. Following a successful partnership in developing the Sheringham Shoal Offshore Wind Farm off the coast of North Norfolk, Statoil and Statkraft will now work together to develop the Dudgeon Offshore Wind Farm. The project could deliver many hundreds of jobs during the construction phase and, once in operation, will provide renewable energy to the UK market. Dudgeon has recently received an offshore consent that allows for up to 560 MW of installed generation capacity.
ABB wins UAE Order for Solar Power Grid Integration
ABB, the leading power and automation technology group, has won an order worth around $55 million from Dubai Electricity & Water Authority (DEWA), the leading power utility in United Arab Emirates (UAE), to build a substation that will integrate power from the Mohammed bin Rashid Al Maktoum solar park. The order was awarded in the third quarter of 2014. The gas-insulated switchgear (GIS) substation will enhance transmission capacity, boost power supplies and strengthen the reliability of the grid.
Irish Wave Buoy to Be Deployed at US Navy Test Site
Despite some 7,000 miles separating Ireland and Hawaii, the two islands have a lot in common. The islands’ peoples have always looked to their respective oceans for resources, inspiration and opportunity. Today, Irish company Ocean Energy announced its wave energy convertor OE Buoy will be built by Oregon-based Vigor and deployed at the U.S. Navy’s Wave Energy Test Site on the windward coast of the Hawaiian Island of O’ahu in the fall of 2018. The contract value is $6.5 million out of a total project value of $12 million for this first of a kind grid scale project at the U.S.
Renewable Energy Department at ClassNK
Chairman and President: Noboru Ueda of ClassNK announced the establishment of a new Renewable Energy Department. This new department which began operations on 1 October 2014 will oversee a diverse range of activities related to renewable energy, including audits and certification of new technologies. While ClassNK has previously provided certification for wind turbines, vast technological advances have made it possible to practically harness the power of alternative energy sources such as wave power, tidal power, and ocean thermal energy conversion.