Record renewable energy production promises a greener future for UK

A sustainable green future looks closer as record renewable energy production in UK shows rapid progress is possible.

During the third quarter of 2019 renewable energy in UK provided more electricity to homes and business than fossil fuels.

Advances in technology and price reductions in the renewable energy industry have made such progress possible. Now governments across the world need to do more to help green energy replace fossil fuels entirely.

During Q3 renewables accounted for 40% of the UK energy mix and the National Grid expects green energy to overtake fossil fuel power generation.

Moreover, the UK is far from leading the way regarding widespread adoption of green energy. This suggests that progress around the world could easily speed up if provided with governmental assistance. Continue reading “Record renewable energy production promises a greener future for UK”

IKEA parent confirms acquisition of Vestas’ 80% stake in Romanian wind farms

Ingka Group, the parent company of Swedish furniture giant IKEA, has confirmed in a press release it has reached an agreement with Denmark’s Vestas Wind Systems to acquire an 80% stake in 7 wind farm entities in South-East Romania.

Although the transaction between IKEA’s parent company and the Danish wind turbine manufacturer is signed, final completion is still subject to regulatory approval and is expected at the end of October, Ingka Group said. Continue reading “IKEA parent confirms acquisition of Vestas’ 80% stake in Romanian wind farms”

New US Legislation will Extend Tax Credits for Bioenergy Investments

New legislation was introduced on 13 August to extend tax credits for investments in qualified renewable energy production.

The bill, named the Renewable Electricity Tax Credit Equalisation Act, was introduced by US Representatives Elise Stefanik and Scott Peters and covers investments in renewable energy production including closed-loop biomass, open-loop biomass, municipal solid waste, geothermal, qualified hydropower and marine and hydrokinetic. Continue reading “New US Legislation will Extend Tax Credits for Bioenergy Investments”

Saudi group to invest $1bn in UK renewable energy sector

Saudi Arabia’s Alfanar Group has announced plans to open a renewable energy investment vehicle in London to push ahead with a $1 billion programme to develop six waste-to-energy plants in the UK.

UK renewable energy

The Saudi conglomerate announced the establishment of its UK-based energy venture Alfanar Energy UK during a visit from Graham Stuart, Britain’s Minister for Investment to the Saudi capital Riyadh.

“Alfanar has been working in the UK market since 2006, and today’s announcement demonstrates their confidence in the UK economy and our world-leading renewable energy sector,” Stuart said during a press event in Riyadh. “Their investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050.” Continue reading “Saudi group to invest $1bn in UK renewable energy sector”

Renewable energy is good money, not just good for the earth

Climate change has been framed as an ethical issue for years now, with mixed success. But now the calls for socially responsible investing to save the planet are increasingly being reinforced by cold economic logic.

Mainstream institutional investors are recognising that climate change is not just a threat to the health of the planet, but also a threat to the wealth of their clients.

The oil industry is on the front lines of rising investor fears about the long-term returns of fossil fuel energy sources. That is partly because of bitter experience. The European utility sector has seen hundreds of billions of euros wiped off its market capitalisation by the roll out of wind and solar power in the past decade.

The reason why wind and solar energy pose such a threat to the energy system established over the past 100 years is simple: they have a short-run marginal cost of zero. Continue reading “Renewable energy is good money, not just good for the earth”

Why Is U.S. Demand For Solar Panels Booming?

Solar modules prices in the United States have reversed in recent months the trend of steady declines of the past few years, as many U.S. solar companies are hoarding panels to take advantage of the full solar subsidy that is set to step down beginning next year.

Due to high demand, the price of solar modules has recently increased by 10 percent from earlier this year, Reuters’ Nichola Groom writes, citing data from energy consultancy Wood Mackenzie.

Although actual installations and in-service dates could be years away, solar power developers have been stockpiling panels in order to take advantage of the 30-percent solar Investment Tax Credit (ITC) in the United States, which, under current legislation, is set to step down to 26 percent in 2020, to 22 percent in 2021, and to drop to a permanent 10-percent beginning in January 2022.

Developers who begin construction or spend at least 5 percent of a project’s capital expenditure this year are eligible to get the 30-percent tax credit regardless of when their solar power plants actually start producing electricity. Continue reading “Why Is U.S. Demand For Solar Panels Booming?”

How Businesses Can Further the Development of Renewable Energy

The corporate world has multiple incentives for switching to more sustainable practices. Direct savings realized by business leaders include taking advantage of tax credits and deductions and lowered utility bills. Indirect savings often take the form of increased profits as public relations improve and the company customer base grows.

How Businesses Can Further the Development of Renewable Energy

In the past, certain technologies like wind and solar posed problems for industry leaders due to intermittent outages. However improvements in equipment and storage have made wind and solar power equivalent to the traditional grid in terms of performance and reliability. Here are the reasons to convert your organization to renewable energy and reap the financial rewards. Continue reading “How Businesses Can Further the Development of Renewable Energy”

India will need $250 bn in green energy funds from 2023 to 2030

(Photo: AFP)

India’s emerging green economy will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30, said the Economic Survey 2019.

The investment estimates, which have been made at current prices, come at a time when India has become one of the top renewable producers globally with ambitious capacity expansion plans. The country has an installed renewable energy capacity of about 80 gigawatts (GW) and is running the world’s largest renewable energy programme with plans to achieve 175GW by 2022 and 500GW by 2030, as part of its climate commitments.

“Thus, on an annualized basis, investment opportunity for over $30 billion per year is expected to come up for the next decade and beyond,” the Survey said. Continue reading “India will need $250 bn in green energy funds from 2023 to 2030”

Electric cars could form battery hubs to store renewable energy

A fleet of 35m electric vehicles could help the UK reach its net-zero carbon target by forming large battery hubs to store renewable energy, according to the country’s energy system operator.

National Grid predicts that by 2050 millions of electric cars will use wind and solar power to charge up within minutes to act as battery packs for when the grid needs more energy.

The grid operator’s long-range energy forecasts predict that smart charging systems will use algorithms to help cars balance demand and supply on the grid, while making the most of renewable energy and saving customers money.

It found that the plug-in car fleet could hold a fifth of the electricity produced by the UK’s solar panels, which it predicts will quadruple over the same period.

This scenario would make the UK’s ambitious target to cut emissions to net zero by 2050 achievable because it helps cut carbon from the energy and transport sectors, according to the report. Continue reading “Electric cars could form battery hubs to store renewable energy”

‘Super battery’ for Scottish Power’s Whitelee wind farm

A huge “super battery” will be built on the site of the UK’s largest wind farm, after plans were approved by the Scottish government.

It will store power generated by the 215 turbines at Whitelee wind farm on Eaglesham Moor, near Glasgow.

Scottish Power, which operates the wind farm, said the battery storage site would be the size of half a football pitch.

Its planned capacity will make it largest wind farm battery in the UK.

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The energy firm said the facility would support the National Grid in maintaining the resilience and stability of the electricity grid, even when the wind is not blowing.

It will be able to achieve full charge in less than half an hour. Continue reading “‘Super battery’ for Scottish Power’s Whitelee wind farm”