European Commission President Ursula von der Leyen has presented the outlines of her "Green Deal Industrial Plan". The 27-nation bloc will become stronger in its fight against unfair trade practices if they emanate from Washington, or more importantly, Beijing. The EU does not want to be dependent on China for rare-earth materials critical to the development of battery storage, hydrogen and wind power.
The United Arab Emirates (UAE) has decided to invest $30 billion in Korean industry. Investments will target sectors such as nuclear power, defence, hydrogen and solar. South Korean President Yoon Hee-yeol met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. The two countries also signed 13 memorandums of understanding on expanding economic cooperation.
The proposed rule change is expected to save developers $1 billion over 20 years. The U.S. Department of the Interior has approved the first two commercial-scale offshore wind projects in the United States. The department expects to hold as many as four auctions and review at least 16 new commercial facilities by 2025. President Biden's administration has set a goal of having 15 GW of floating offshore wind capacity by 2035.
Zimbabwe's net metering system, launched in 2020, allows those producing private renewable energy to transfer excess generation to the national grid. The southern African country is suffering from chronic power shortages, especially after its main Kariba hydropower plant cut power last month due to low water levels. According to the latest official figures, Zimbabwe's net metering system currently has 117 active customers with a total power capacity of 4.9MW. But some analysts and lawmakers have questioned whether the system can be relied upon or expanded sufficiently to truly address the worsening energy crisis.
Albania aims to become the region's energy leader and net electricity exporter by 2030. The drought and energy crisis of the past year and a half have devastated the state's finances. Albania is almost 100% dependent on hydroelectric power plants as it still has no wind farms. The country is preparing for its first wind auction. Deputy Prime Minister Edi Balluku has announced plans to conduct 200 megawatts (MW) of solar auctions by the end of the year.
In the initial public call, the quota was 100 MW, with the possibility of increasing to 150 MW. A total of 55 projects are awaiting approval from the Ministry of Infrastructure and Energy, Balluku said. In her words, the total capacity is 1.7 GW and the total value is 1.1 billion euros.
A decade ago, China dominated solar manufacturing with low prices, eliminating Western rivals. The US and Europe are determined not to let the same happen to hydrogen. It is possible to extract hydrogen from water without producing any planet-warming emissions. This is a crucial step towards creating green fuels that could decarbonise industries such as steel, cement or shipping. Electrolyzers use electrical energy to split water into hydrogen and oxygen.
The European Union has set a target of producing 10 million tonnes of green hydrogen per year by 2030. But it has yet to decide which methods qualify as "green". Analysts expect Chinese electrolyzers to become more efficient, undermining the technological advantage of European companies.
AP takes fourth place in green energy generation in 2022 and will be the leader in the next two to three years. The state government has already arranged several large-scale projects in the field of renewable energy. Gujarat added a staggering 7,880 MW, while Rajasthan added 9,227 MW. Adani Group alone invested 160 billion in green energy factories in AP.
India’s renewable energy capacity (excluding large hydro) is expected to reach 122 GW by December 2022, against the government’s target of 175 GW – a deficit of 30%. Over the past five years, solar and wind capacity additions have averaged around 9 GW per year, against a corresponding target of 19 GW. Despite a strong policy push, growing demand, and low costs, most states appear reluctant to buy more renewable energy.
Orient Green is one of the largest independent power producers of renewable energy in the country. The company's managing director also explained the business outlook for expanding renewable energy to 1 GW in the next 2-3 years. The government's strong focus on green and renewable energy presents a great opportunity for companies to become major leaders in the field.
The coming year will see a big splash in hybrids, RTC (all-weather) electric projects and hydrogen projects, as well as offshore wind. India's long coastline and highly price-competitive electricity market support expansion logic beyond physical purchases. Virtual Power Purchase Agreements (VPPAs) are the basis for achieving the 30 GW offshore wind capacity target.