October 2 Energy News

October 2, 2015

World:

¶ Oil giant BP Plc’s second-quarter profit reported missed analyst estimates. The investor presentation accompanying the earnings call following the results announcement highlighted the difficulties faced by BP Plc as cash flow dries up. The company’s earnings did not cover costs. Other oil companies are also suffering. [Bloomberg]

Image by BP. Please click on the image to enlarge it.

Image by BP

¶ Nottingham’s Robin Hood Energy is bringing a not-for-profit model to the UK city of Nottingham, which could save participants up to £237 a year each on their utility bills. The company is supplying energy from the city’s incinerator, solar panels, and “waste food plants,” as well as gas and electricity purchased on the market. [CleanTechnica]

¶ India has submitted its 2030 climate action plan to the United Nations in advance of December’s Paris climate talks. The plan includes a pledge to expand its renewable power capacity to 40% of its energy mix and cut greenhouse gas emissions 35% by 2030. It aims to install 175 GW of solar, wind and biomass power capacity by 2022. [PennEnergy]

¶ Renewable energy will represent the largest single source of electricity growth over the next five years, driven by falling costs and fast expansion in emerging economies, the IEA said today in an annual market report. The report warns governments to reduce policy uncertainties that are acting as brakes on greater deployment. [Commodities Now]

¶ After oil prices hit a record high in 2008, the Marshall Islands declared an economic emergency. Around 90% of its energy needs were met by imported petroleum products. Now solar powers 99% of lighting on its outer islands, and solar energy is being fed into the otherwise diesel-powered grids on the main urban islands. [Christian Science Monitor]

A woman checks the roof of her home as a storm approaches the central Pacific island nation of Kiribati, which consists of islands that stand just a few feet above sea level. David Gray/Reuters/File

A woman checks the roof of her home as a storm approaches the central Pacific island nation of Kiribati, which consists of islands that stand just a few feet above sea level. David Gray/Reuters/File

¶ Half of the world’s coal isn’t worth digging out of the ground at current prices, according to Moody’s Investors Service. The global metallurgical coal benchmark has fallen to the lowest level in a decade, hitting $89 a metric ton. “Further production cuts are necessary to bring the market back into balance,” an analyst wrote. [The Globe and Mail]

¶ During the 70th United Nations General Assembly, SkyPower, the world’s largest developer of utility-scale solar projects, together with Prime Minister Hasina of Bangladesh, announced plans to build 2 GW of utility-scale solar energy over the next five years in that country, representing an investment of $4.3 billion. [Your Renewable News]

¶ A small fishing village on the Caribbean coast of Honduras has become an example for renewable power, replacing candles and dirty costly fossil fuels with hydropower from a mini-dam, while reforesting the river basin. They now have round-the-clock electric power, compared to just three hours a week in the past. [Inter Press Service]

The village of Plan Grande. Credit: Thelma Mejía/IP

The village of Plan Grande. Credit: Thelma Mejía/IP

US:

¶ Florida Power & Light Company has revealed that three of the company’s solar PV projects are on track to be completed in 2016. Each of these facilities is expected to have a nameplate electricity generation capacity of about 74 MW. Once completed, the projects will effectively triple the firm’s current solar energy capacity. [CleanTechnica]

¶ The Obama administration continued its push for clean, renewable energy during a White House summit on offshore wind, awarding a half-million dollar competitive grant to state offices in Maine, Massachusetts, New York and Rhode Island to “advance offshore wind market development through multi-state cooperation”. [Fx Report Daily]

¶ US utility Duke Energy Corp says it is taking steps to realise the first project under a plan to install up to 500 MW of solar power capacity in Florida by 2024. The company’s long-term plan for the state envisages installing 35 MW of solar by 2018, which will help the firm retire half of its Florida coal-fired fleet by 2018. [SeeNews Renewables]

Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy

Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy

¶ New solar power farms could be coming to Louisa, Powhatan and Isle of Wight counties, Dominion Virginia Power announced Thursday. The utility has asked the State Corporation Commission for permission to build three projects that would generate 58 MW, enough electricity to power about 3,500 homes each year. [Richmond Times-Dispatch]

¶ If you want to install solar panels at your home in New Hampshire, it’s about to get a little more expensive. A reduction in the state’s renewable energy rebate goes into effect Thursday. The previous rebate was $.75 per watt, up to a maximum of $3,750, whereas the new one will be $.50 a watt, up to $2,500. [New Hampshire Public Radio]

¶ National Grid wants to impose new fees on wind and solar systems in Rhode Island, and renewable-energy developers and advocates are not happy. It is Rhode Island’s primary electric utility. It says the fees are necessary to offset the costs of running and improving the electric grid as power generation shifts toward renewables. [ecoRI news]

¶ A group of nuclear industry leaders bemoan the Clean Power Plan is a “missed opportunity” to ramp up what they call the largest source of zero-carbon power. Nuclear plants produce roughly 20% of the country’s electricity, but they face tough times making money these days, and their market share is in decline. [StateImpact Pennsylvania]

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