Results for: Renewable Energy

Capital Power Corp., an Edmonton-based energy company, has announced the termination of its $2.4-billion carbon capture and storage project at its Genesee natural gas-fired power plant. The decision was made after evaluating the project’s technical viability and economic feasibility, with the company determining that the project was not financially viable at this time. Capital Power remains committed to its goal of achieving net-zero greenhouse gas emissions by 2045 and may explore carbon capture and storage options in the future if economic conditions improve.

Despite a decline in overall off-grid solar funding, Productive Use of Renewable Energy (PURE) technologies experienced a surge in investor interest, raising $65 million in 2023. These technologies, such as solar-powered water pumps, refrigerators, and cold rooms, enhance livelihoods by enabling new revenue-generating activities, particularly in the agriculture sector. Laura Fortes, GOGLA’s senior Access to Investment manager, attributed the increased interest to the transformative impact of PURE technologies on resilience and income opportunities.

Vestas Wind Systems, a leading player in the wind turbine manufacturing industry, has experienced significant improvement in its operating margins and profitability in fiscal 2023. This surge is primarily attributed to the rising demand for wind power plants, leading to higher prices and increased revenue. The company’s positive performance is expected to continue in fiscal 2024, driven by record-high order intake and a strong backlog. However, Vestas faces several risks, including macroeconomic challenges such as high interest rates and intensifying competition from Chinese companies.

Kyle Wool, CEO of Dominari Securities, emphasizes the potential for lucrative investments in ancillary businesses supporting tech giants like Nvidia and Super Micro. Wool highlights the increasing demand for sustainable and efficient power sources for massive data centers, suggesting that nuclear energy is a promising investment opportunity. Companies like Constellation Energy and Talen Energy have seen significant stock growth due to the growing recognition of nuclear’s potential. Wool also discusses private investment opportunities in small nuclear reactors that can power data centers directly. Acclaimed investors Sam Altman and Bill Gates have invested heavily in this sector, recognizing its long-term potential. Wool believes that these investments have the potential for 10 to 20 times returns.

The Biden administration announced comprehensive regulations to upgrade the aging US electrical grid and reduce greenhouse gas emissions from power plants. The regulations establish the first-ever limits on carbon emissions from power plants, tighten restrictions on mercury and coal ash, and include a new process to expedite the construction of essential transmission lines. These actions align with the administration’s climate spending laws and aim to eliminate nearly 1.4 billion metric tons of carbon pollution by 2047, equivalent to taking 328 million gasoline-fueled cars off the road or a year’s worth of emissions from the current US electric power sector. While the new regulations exempt existing natural gas plants, the EPA is considering ways to reduce their emissions after receiving feedback from industry stakeholders. To facilitate the expansion of renewable energy, the Department of Energy has introduced rules to streamline the approval process for new transmission lines and established a new federal program to accelerate permitting. The administration also highlighted advancements in nuclear fission and geothermal energy as zero-carbon alternatives to power plants.

Australian mining giant BHP Group has offered to acquire its U.K.-based rival Anglo American in a deal valued at approximately $38.9 billion. The proposed all-share transaction would create the world’s largest copper mining company, with a combined global copper output of around 10%. The offer comes amid surging copper prices driven by increased demand for the metal used in electric vehicles and renewable energy. Anglo American’s board is currently reviewing the offer, which includes a condition to spin off two of its South African units.

The National Electric Power Regulatory Authority (Nepra) has approved K-Electric’s (KE) seven-year investment plan of Rs392.49 billion ($2 billion) for grid upgradation. The funds will be utilized to enhance transmission and distribution infrastructure, reduce losses, and integrate renewable energy. The approval comes after thorough scrutiny and evaluation, with provisions for quarterly third-party audits and progress reports.

The Sun Streams 3 battery storage yard, part of the Longroad Sun Streams Complex in Arizona, is nearing completion, with approximately one million battery cells spanning 15 acres. The complex, when completed, will comprise over 950 MWdc of solar and 600 MWac / 2500 MWh storage. The three projects in the complex, Sun Streams 2, 3, and 4, will generate clean energy to power 200,000 average American homes, support 1,000 construction jobs, and provide more than $300 million in benefits to Arizona schools and communities. The complex is expected to avoid 1,4000,000 metric tons of CO2 emissions annually, equivalent to the emissions of four natural gas-fired power plants.

In Washington state, the expansion of biodiesel capacity is underway. Additionally, a new platform in the Gulf of Mexico is being brought online, marking significant progress in the renewable energy sector. In Indiana, updates to turbines at a wind farm are being made, while in the Gulf of Mexico, energy production is being increased with reduced emissions. These advancements showcase the ongoing commitment to sustainable energy solutions.

The Biden administration has announced a new five-year schedule for leasing federal offshore tracts for wind energy production. The plan includes up to a dozen lease sales anticipated beginning this year and continuing through 2028, with sales planned for the Gulf of Mexico, Central Atlantic, Gulf of Maine, Oregon, New York Bight, and California, Hawaii, and an as-yet unspecified U.S. territory.