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And perhaps best of all, money — from selling the electricity generated by the wind turbines studding the flat green fields stretching out to the North Sea. A slice of the cash goes to the villagers themselves, with the local buy-in making this windy farming enclave near the border with Denmark a showcase for ways to push ahead with renewable energy projects. The S&P Global Clean Energy Index of shares in companies with clean energy-related businesses has fallen 26% over the past year, even as broader market indexes have surged to records. In sub-Saharan Africa, where half the population lacks access to electricity, renewable projects face even steeper challenges with financing. In Nigeria, where blackouts are an everyday event for about half of the country’s 213 million people, some 14 solar projects have stalled because the finances don’t add up.

Persons: ”, Astrid Nissen, moos, “, Mackenzie, it's, Nissen, Christian Andresen, Andresen, Orsted, Vattenfall, David Shepheard, Edu Okeke, Taiwo Organizations: U.S . Federal Reserve, European Central Bank, University College London, Solar, Energie Andresen GmbH, Energy, logjams, World Bank Locations: SPRAKEBUELL, Germany, Denmark, village's, Spain, Italy, Africa, Flensburg, Sprakebuell's, German, Danish, New Jersey, Swedish, North American, Saharan Africa, Nigeria, Katsina, Abuja

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ Britain solves half of its wind power problem
▼ + stars: | 2023-11-16 | by ( George Hay | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Nov 16 (Reuters Breakingviews) - Maybe UK wind isn’t a busted flush after all. Britain needs 50 gigawatts (GW) of offshore wind by 2030, against 14 GW completed now and around 13 GW in development. It will also increase by 52% for floating offshore wind projects, from 116 pounds per MWh to 176 pounds per MWh. In AR6, offshore wind will also be given a separate funding pot in recognition of the high number of projects ready to participate. The UK aims to deliver 50 gigawatts (GW) of offshore wind by 2030, including up to 5 GW of floating offshore wind.

Persons: Andrew Boyers, Sweden’s Vattenfall, Jefferies, Denmark’s, LCPDelta, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Jefferies, Grantham Research, Thomson Locations: Watchfield, Swindon, Britain, British

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

☆ No Bidders in British Offshore Wind Auction
▼ + stars: | 2023-09-08 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +3 min

Why It Matters: Wind developers say they are facing steep costs. Hit with rising costs on all aspects of offshore wind farms, from wind turbines to steel and copper, developers are signaling that they need higher revenues to make the projects financially viable. The costs of electric power from offshore wind, which have declined sharply over the last two decades, also seem likely to rise. The British auction did attract bidders for onshore wind and solar schemes. Recently, Orsted, the largest offshore wind developer, announced a potential $2 billion write-down on planned projects in the United States and warned that it could wind up canceling them.

Persons: Deepa Venkateswaran, Bernstein, ”, Venkateswaran, “ Organizations: British, Offshore Locations: Europe, United States, Britain

☆ Offshore wind drops out of UK auction on costs, risking climate goals
▼ + stars: | 2023-09-08 | by ( Nora Buli | ) www.reuters.com time to read: +4 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. The result was bad news for Britain's 2050 net zero emissions target, which calls for 50 gigawatts (GW) of offshore wind capacity by 2030 versus around 14 GW now. In a 2022 auction, offshore wind projects were the main recipient of funding, with 7 gigawatts (GW) awarded, but developers did not even bid in the latest auction, the results of which were published on Friday. The lack of new offshore wind capacity would cost consumers 1 billion pounds a year, it added. Bid prices for renewable energy CfDs are expressed in 2012 money, with inflation meaning actual prices are higher.

Persons: Orsted, Phil Noble, Graham Stuart, Ed Miliband, Sweden's Vattenfall, Nora Buli, Miral Fahmy, Jason Neely Organizations: REUTERS, UK's Department for Energy Security, Turbine, Energy, Britain, Labour Party, Conservatives, Thomson Locations: Walney, Blackpool, Britain, OSLO, Oslo

☆ Orsted’s issues fan way beyond the United States
▼ + stars: | 2023-08-30 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

The 16 billion crown ($2.3 billion) overall hit is over half the book value of Orsted’s U.S. operations. And he’s sticking with assumptions that Orsted’s projects can generate returns of up to 300 basis points over their costs of capital. But the $7 billion hit to Orsted’s market value on Wednesday suggests investors don’t see this as a United States-specific headache. On top of this, the increase in long-dated interest rates in the United States affected both offshore as well as some onshore wind projects and will cause impairments of around 5 billion crowns, Orsted added. Orsted’s share price fell 20% to 444 Danish crowns as of 1038 GMT on Aug. 30.

Persons: Mads Nipper, don’t, Orsted’s, Nipper, Sweden’s Vattenfall, Orsted, Orsted hadn’t, George Hay, Oliver Taslic Organizations: Reuters, U.S, Siemens, Thomson Locations: U.S, United States

Vattenfall, a Swedish energy company, has for years been doing preliminary work for what would be one of the world’s largest offshore wind complexes, in the North Sea off eastern England. Last month, Vattenfall said it would halt the first of three phases of the wind farm complex, the Norfolk Offshore Wind Zone, which is projected to provide power for about four million homes in Britain. The estimated price tag for the three phases has risen to 13 billion pounds, or about $16.6 billion, from £10 billion. “With the new market conditions, it simply doesn’t make sense to continue the project,” Helene Bistrom, head of business area wind at Vattenfall, said during a video presentation. The decision led Vattenfall, which is owned by the Swedish government, to write-down more than $500 million.

Persons: Vattenfall, ” Helene Bistrom Locations: Swedish, North, England, Norfolk, Britain, Vattenfall

☆ Vattenfall says it is stopping British Norfolk Boreas offshore wind farm
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Swedish utility Vattenfall (VATN.UL) is stopping the development of the 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, designed to power around 1.5 million homes, it said in an earnings statement on Thursday. The company said the decision would have an impact on earnings of 5.5 billion Swedish crowns ($537 million). Vattenfall also said it would examine the best way forward for the entire Norfolk zone which also includes the Vanguard East and West projects. Britain has a target of increasing offshore wind capacity to 50 GW, from around 14 GW now, as a part of efforts to meet its climate targets and boost energy security. ($1 = 10.2438 Swedish crowns)Reporting by Susanna Twidale, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

Persons: Vattenfall, Susanna Twidale, Gwladys Organizations: Norfolk, Vanguard East, Thomson Locations: Norfolk Boreas, Britain, Norfolk

☆ UK is in danger of becoming the Nigeria of wind
▼ + stars: | 2023-07-20 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters Breakingviews) - Britain is supposed to be the Saudi Arabia of wind power. Vattenfall’s decision on Thursday to halt the 1.4 gigawatt (GW) Norfolk Boreas project is just the latest sign that Britain’s most appropriate fossil-fuel comparator may not be the biggest and most efficient producer. Vattenfall, a state-held Swedish power company, has gone cool for reasons that are well-discussed in the wind sector. The obvious move for UK Prime Minister Rishi Sunak would be to allow developers to charge more for power, to make up for higher costs. Follow @gfhay on TwitterCONTEXT NEWSVattenfall is stopping the development of its 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, the state-owned Swedish utility said on July 20.

Persons: Boris Johnson’s, Vattenfall, Rishi Sunak, Liam Proud, Oliver Taslic Organizations: Reuters, Siemens, UK, FTI, Norfolk, Thomson Locations: Britain, Saudi Arabia, United Kingdom, Riyadh, Norfolk Boreas, Swedish, Norfolk, Orsted, Nigeria

Representatives of the renewable energy sector say those goals could be missed without policy changes, especially as other countries are doing more to attract investment in green power. Rod Wood, managing director at wind energy developer Community Wind Power, is among those seeking changes to the EGL in Britain's March 15 budget. OIL AND GAS SECTOR UNHAPPY TOOOil and gas producers, which have been subject to a windfall tax since May 2022, also want change. Finance Minister Jeremy Hunt, in a meeting in December, rebuffed calls from the oil and gas industry to amend the windfall tax. Meanwhile, Britain's biggest oil and gas producer Harbour , has announced job cuts and shunned the latest licensing round.

☆ In-wheel motors could be the future of electric cars
▼ + stars: | 2022-10-26 | by ( Nell Lewis | ) edition.cnn.com time to read: +7 min

Mounted in the rim of an electric vehicle’s wheels, the motors increase efficiency by delivering power directly to where it’s needed most. Supercars and pickup trucksElaphe, which was founded in 2006 by Gorazd Lampič and quantum physicist Andrej Detela, has designed in-wheel motors for a range of electric vehicles. In-wheel motors are far more exposed to the elements as well as impacts and vibrations from the road. The report notes that as electric vehicles become more popular, automakers are looking towards in-wheel motors for their space-saving abilities and improved power efficiency. Another major player is Protean Electric, which was acquired by British electric vehicle maker Bedeo in 2021.

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