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The Driven: Swedish automotive giant Volvo Group plans to produce the world’s first vehicles to be made from fossil fuel-free steel, with the first vehicles expected later this year. The race to decarbonise more than just a vehicle’s operating emissions is on, with automakers around the world investigating and investing in fossil fuel-free materials production. […]
IEEFA
OffshoreWind.biz: The first turbine at the Kriegers Flak offshore wind farm is in place and will deliver the first fossil-free electricity to the Danish grid shortly, Vattenfall said. Once completed, the 605 MW Kriegers Flak will comprise 72 8 MW Siemens Gamesa turbines and be the largest offshore wind farm in Denmark. The turbines come […]
IEEFA
Bloomberg: Vattenfall AB plans to turn the site of its recently shuttered Moorburg coal power plant in northern Germany into a hub for turning wind and solar power into hydrogen. The Swedish state-owned utility is riding the growing enthusiasm for hydrogen, with many countries seeing the clean fuel as key to a low-carbon economy. Governments […]
Tim Buckley
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment announcements combined with fossil fuel exclusion policies by globally significant financial institutions during December 2020, building on the pledges two months earlier by the leaders of China, Japan and South Korea committing to net zero emissions targets. On top of that, three leading corporate announcements show […]
IEEFA
S&P Global Market Intelligence ($): RWE AG was the major winner in Germany’s first tender for shutting down hard coal-fired power plants, taking two-thirds of the compensation handed out by the government, as strong competition elsewhere drove average prices down to well below the maximum available. RWE and Vattenfall AB both secured contracts for closing […]
IEEFA
Clean Energy Wire: Swedish utility Vattenfall wants to shut down its youngest and most efficient coal-fired power plant in Germany because it is unprofitable. After participating in the first hard coal phase-out tender, CEO Magnus Hall said that if his company’s bid is successful, the 1.6 gigawatt Moorburg plant in the city of Hamburg would […]
IEEFA
Reuters: Swedish green steel venture HYBRIT, owned by SSAB, state-owned utility Vattenfall and miner LKAB, on Monday started test operations at its pilot plant for fossil-free steel in Lulea, Sweden. A successful development of the HYBRIT project could have big implications for efforts to cut carbon dioxide emissions, with SSAB alone accounting for 10% of […]
IEEFA
Bloomberg: Vattenfall AB took a massive hit on the value of a new German coal plant in yet another sign of how the fossil fuel is struggling in Europe. The Swedish utility wrote down the value of the Moorburg facility in Hamburg by 9.1 billion kronor ($1 billion), according to its first-half earnings statement on […]
IEEFA
The Guardian: Global offshore wind investment more than quadrupled in the first half of the year even as the coronavirus pandemic triggered an unprecedented economic shock. A report has found that investors gave the greenlight to 28 new offshore wind farms worth a total of $35bn (£28bn) this year, four times more than in the […]
IEEFA
S&P Global Market Intelligence ($): Vattenfall AB secured development consent from the U.K. Secretary of State for Business, Energy, and Industrial Strategy, Alok Sharma, for its application to build the 1.8-GW Norfolk Vanguard offshore wind farm off the east coast of England. The wind farm is expected to power almost 2 million homes each year, […]
IEEFA Europe: Can Coal Power Hang On?
Investors May Not Be Eager to Absorb More Losses Like Those Seen in Recent Dutch Build-OutsInvestment in new coal-fired power plants appears off the agenda in Western Europe. Witness the astonishing write-down of brand-new assets in the Netherlands, where European utility giants RWE, Uniper, and Engie have drastically reduced their valuations of plants barely a year old (read the report we published this morning, “The Dutch Coal Mistake,” which concludes […]