Masdar, a UAE-based clean energy company, has signed a memorandum of understanding with Austrian electricity utility VERBUND to produce green hydrogen. To export green hydrogen to Central Europe, especially Austria and Southern Germany, the two companies will concentrate on developing new methods of producing it.
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Targets should be integrated into Member States’ NECPs to ensure that the target sits within the heart of a Member State’s energy and climate planning but remains flexible to allow for new developments and new technologies. The attached document “Innovation in Eastern European Countries” by EUREC contains a brief look at the potential of renewables (and particularly innovative renewables) in some Member States – with a focus on Eastern Europe.
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Alternus Energy, a producer of renewable energy with its headquarters in Ireland, has agreed to a project financing facility with Deutsche Bank for up to $532.3 million. Additionally, a $85.1 million initial draw has been authorised.
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High fossil fuel prices have resulted in windfall profits for some energy companies. In fact, the profits of major oil, gas, coal and refinery companies in the first half of 2022 more than doubled from the same period last year, and discussion on windfall profits in the European Union has extended to electricity generators (including renewables-based ones) that can produce electricity at lower marginal costs than natural gas-fuelled power plants.
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The European Commission (EC) has awarded more than $394 million for 168 climate action ‘green deals’ across Europe. The programme, according to the EC statement, can help the EU in becoming climate neutral by 2050.
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The UK government has, as part of its new Energy Plan published on 21st September 2022, proposed a six month scheme for businesses, voluntary sector organisations (such as charities) and public sector organisations (such as schools and hospitals), known as the Energy Bill Relief Scheme (the “Scheme”). The Scheme seeks to provide protection to businesses equivalent to that afforded to domestic household consumers under the Energy Price Guarantee mechanism.
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This report published by icct in conjunction with the European Clean Trucking Alliance (ECTA), identifies several levers that can be activated today to catalyze the growing demand from the logistics sector and accelerate the deployment of zero-emission trucks in Europe. It also recommends a number of actions to accelerate the deployment of zero-emission trucks in Europe.
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In accordance with EU State Aid rules, the European Commission has authorised Euro 134 million German initiative to assist BASF SE in producing renewable hydrogen with the objectives of decarbonising its chemical production processes and promoting hydrogen use in the transportation sector.
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Umicore, a Belgium-based company and the battery unit of the Volkswagen Group, PowerCo, have formed a joint venture with an aim to invest around $2.9 billion to build a significant supply chain for sustainable batteries. The two companies will jointly control the venture and share costs, investments, revenues, and profits equally under the terms of the agreement.
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The Dubai Investment Fund (DIF), a management company for investment, has announced plans to invest in five renewable energy projects spread throughout Europe and Australia. The $320 billion corporation will invest in two solar power projects for regional towns in Australia. The solar installations are anticipated to produce about 300 MW of energy in their initial stages.
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The EU is confronted with the effects of a severe mismatch between energy demand and supply, due largely to the continued weaponisation by Russia of its energy resources. To ease the increased pressure this puts on European households and businesses, the European Commission is now taking a next step in tackling this issue by proposing exceptional electricity demand reduction measures, which will help reduce the cost of electricity for consumers, and measures to redistribute the energy sector’s surplus revenues to final customers.
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The summer of 2022 is a clear indicator of the importance of solar energy in Europe’s power mix. While the recent records are clearly positive, the EU needs to make an even bigger push towards 2030, reducing permitting barriers, and increasing funding and solar deployment speeds. This is essential not only for climate targets but, perhaps most of all, for the security of the continent. Europe is breaking solar records every year, with the pace of solar deployment accelerating.
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We advise against hurrying into reform along the so-called Greek proposal, consisting of a new price-setting mechanism for renewables, hydropower and nuclear electricity. Unlike fossil fuel prices, it is extremely difficult to determine the price for renewable energy: once launched, renewable energy plants (e.g. wind farms) have hardly any operating costs. The coupling with other energy prices has become a proven system of pricing at levels above marginal cost.
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Aquila Clean Energy EMEA, Aquila Capital’s European clean energy development platform, has completed a EUR 1 billion construction facility with funding from the Invest EU programme. Over the next three years, the funding will help in the development and construction of the company’s renewable energy pipeline in Spain and Portugal.
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When taking office in late 2021, the German government announced plans to pass sweeping energy sector reforms in 2022. The energy crisis that erupted after the Russian invasion of Ukraine accelerated this legislation process further and necessitated additional efforts to safeguard supply security and cutting dependence on natural gas from Russia. This article summarises the ongoing rapid changes and dynamics of Germany’s energy sector.
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In order to purchase its greenfield solar development project in Western Poland, MET Group entered into a share purchase agreement with TOREN Spóka Akcyjna, a Polish renewables project development firm. In 2023, the solar power plant is anticipated to be ready for construction.
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Demand for battery electric vehicles (BEVs) significantly increased in Europe between 2020 and 2021. New BEV registrations in the passenger car segment grew by 70% from almost 578,000 to over 981,000 among 21 European markets. These numbers are promising as national governments continue to work towards decarbonizing the transportation sector. Looking at who is buying BEVs, over half were purchased by private individuals—54% in 2020 and 57% in 2021.
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Blue Elephant Energy (BEE), a German platform for renewable energy, the French private equity firm Antin Infrastructure Partners. BEE, which was founded in 2016, focuses on the acquisition, development, and operation of solar and wind farms throughout Europe and Latin America. Currently, the company has 1.3 GW of renewable energy capacity, which includes 13 wind projects and 67 solar assets spread across eight different countries.
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The UK government’s Department for Business, Energy & Industrial Strategy has released its Hydrogen Sector Development Action Plan. The purpose of this Sector Development Action Plan is to highlight the nature and scale of opportunities across the hydrogen economy in the UK. It focuses on four key areas: investment; supply chains; jobs and skills; and exports. It sets out actions in those areas being taken by government and industry to maximise the benefits from scaling up the UK hydrogen economy.
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The energy crisis caused by the invasion of Ukraine has focused the attention of EU Member States and European institutions, forcing them to reevaluate energy security and the clean energy transition in the region. Where Europe gets its energy from and how much it pays for it is an increasingly pressing concern. Prioritizing a ‘just transition’ has been voiced by politicians at the highest level, including the European Commission’s Vice President Frans Timmermans.
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