The Most Important 10 Energy News in The 1st Week of November

Dominion Energy’s Coastal Virginia offshore wind project reaches milestone

Dominion Energy's Coastal Virginia offshore wind project reaches milestone
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Dominion Energy’s Coastal Virginia Offshore Wind (CVOW) has received a positive decision from the Bureau of Ocean Energy Management, the last major milestone before construction can begin offshore. The 2.6 GW project will generate renewable energy for up to 660,000 homes and save customers $3 billion in fuel costs during the first decade of operation.

The record of decision includes measures to minimise impacts on marine life and communities, and Dominion Energy worked with various stakeholders to mitigate potential impacts. Onshore construction will begin later this year, and the project is expected to be completed in late 2026.

Source Dominion Energy


Boston Energy helps Dogger Bank wind farm generate first power.

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. Boston Energy, a wind energy technical services provider, has achieved a significant milestone by helping the Dogger Bank wind farm generate its first power. This project is crucial for the UK’s transition to net zero. Boston Energy is responsible for onshore and offshore commissioning, completion, and mechanical and electrical work for GE Vernova, the turbine manufacturer.

The completed wind farm will be the world’s largest, powering 6 million UK homes. Boston Energy has been awarded major contracts, making it a leading supplier in the offshore wind sector. The project will employ over 190 highly skilled individuals, all based in the UK.

Source Boston Energy


APA signs MoU to explore electricity transmission projects.

APA signs MoU to explore electricity transmission projects
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APA Group and EDF Group have signed a Memorandum of Understanding (MoU) to explore future electricity transmission projects in Australia. The partnership will leverage their expertise in owning and operating energy infrastructure assets, making them more competitive in bidding for new transmission projects. The initial focus will be on the New England Renewable Energy Zone project in New South Wales. Both companies will need further approvals and a long-term partnering agreement before pursuing any projects.

The partnership aims to contribute to Australia’s decarbonization efforts by investing in transmission infrastructure to transport renewable energy across the country. EDF Group expressed its commitment to helping Australia transition to a clean-energy economy and highlighted its expertise in developing and operating complex transmission infrastructure. Both companies are excited about collaborating on the New England Renewable Energy Zone project, which they believe will accelerate Australia’s transition to clean energy production and consumption.

Source APA Group 


bp reports 59.5% drop in Q3 2023 underlying replacement cost profit.

bp reports 59.5% drop in Q3 2023 underlying replacement cost profit
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BP has reported a 59.5% drop in underlying replacement cost profit for the third quarter of 2023, compared to the same period last year. Total revenues and other income also declined by 6.5% during this time. However, operating cash flow increased by 5.5% year-on-year. Capital expenditure rose by 12.8% in the third quarter, while net debt decreased by $1.3bn. BP expects upstream production in the fourth quarter to be largely flat and anticipates that OPEC+ production constraints and increased demand will sustain oil prices.

The price of gas in Europe and liquefied natural gas in Asia will be influenced by factors such as weather, European and Chinese demand, and geopolitical tensions. Despite weather-related risks in the US, higher storage levels and output could help reduce volatility. BP has declared a dividend of 7.27 cents per common share for the third quarter. The company remains focused on operational performance and is committed to executing its strategy for growth and delivering strong returns for shareholders.

Source bp


ABB and Polara collaborate to accelerate emissions reduction with transport charging solution

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ABB has been awarded a contract by Polara to provide e-mobility Compact Secondary Substation skid-mounted power distribution units to electrify vehicle fleets in Canada and the United States. The pre-engineered units are assembled and tested at the factory, making them ideal for public areas where safety is a top priority.

The Canadian government is investing around $11 billion USD over the next eight years in reliable, fast, affordable, and clean public transit, while in the US, the Bipartisan Infrastructure Law is promoting electrification. Québec’s 2030 Plan for a Green Economy includes the electrification of up to 65% of its existing school bus fleet.

Source ABB


Major milestone for Kidston Pumped Hydro

Major milestone for Kidston Pumped Hydro
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Genex Power has achieved a significant milestone in its Kidston Pumped Storage Hydro Project by completing the main access tunnel for the underground works. The tunnel was excavated within high-quality rock conditions, ensuring access for further excavation and fit-out activities. After a water ingress event in 2022, the tunnel was realigned to reduce risks.

This achievement marks a major step towards the project’s goal of energization in the second half of 2024. Genex CEO, Craig Francis, expressed satisfaction with the response to the water ingress event, minimizing delays and costs. This milestone brings them closer to commencing power station fit out works.

Source Genex Power


SunCable eyes Tasmania for subsea cable manufacturing

The Most Important 10 Energy News in The 1th Week of November
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Sun Cable has identified Bell Bay in Tasmania as its preferred site for building an advanced high-voltage subsea cable manufacturing facility. This facility aims to address global supply constraints and support Australia’s renewable energy supply chain.

The proposed facility will include workshop buildings, port facilities, and a tower for manufacturing processes. SunCable plans to consult with local communities and stakeholders before making a final decision. The project has the potential to create jobs and boost the region’s economy. Construction is scheduled to begin in 2025, with the first cable expected to be manufactured in 2029.

Source SunCable


All Energy Solar Hits the Jackpot in Las Vegas

All Energy Solar Hits the Jackpot in Las Vegas
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All Energy Solar, a Minnesota-based solar installer, won two awards at the RE+ 2023 event in Las Vegas, showcasing its outstanding work in the industry. The company, which has over 14 years of experience, was awarded the title of REC Installer of the Year in the Central Region for the second consecutive year.
The U.S. Installer Awards, hosted by RE+ and EUPD Research, recognized companies progressing the country’s transition to solar power. All Energy Solar operates in Illinois, Iowa, Massachusetts, Minnesota, New Hampshire, and Wisconsin, but consistently ranks among the top in the nation. The company plans for another successful 2024 year.

Source All Energy Solar


D.E. Shaw completes 100-MW solar project for SMUD

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The Drew Solar project has begun commercial operations, according to D. E. Shaw Renewable Investments (DESRI) and Sacramento Municipal Utility District (SMUD). This 100-MWAC solar energy facility, located in Imperial County, California, began operations in December 2022.

Drew Solar is expected to generate enough clean energy to power approximately 30,000 homes per year under a power purchase agreement with SMUD. Hy Martin, DESRI’s chief development officer, expressed satisfaction in providing SMUD with affordable and reliable clean energy while also supporting their Zero Carbon Plan. SOLV Energy was the EPC and will continue to provide operations and maintenance services, while the Navajo Tribal Utility Authority and Bona Terra Energy collaborated on the project.

Source: DESRI


Duke, others leverage new IRA rules to finance clean energy, but cost, complexity are hurdles

 

According to financial analysts, the transferability provision of the Inflation Reduction Act could triple the $20 billion annual tax equity market that finances clean energy in the United States. The provision allows for the purchase and sale of federal production and investment tax credits, bringing significant new capital to wind, solar, battery, clean hydrogen, and carbon capture projects.

A much larger pool of buyers is expected to bring capital to the sector, and clean energy developers will be able to earn money by selling tax credits. New transactions, however, must still be cost-effective and secure for new investors, while avoiding political backlash from previous tax reallocations.

Source: Duke

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