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Austria advances hydrogen subsidy law
Austria advances hydrogen subsidy law
Hamburg, 16 May (Argus) — Austria's government has agreed on a law for subsidising renewable hydrogen production. The law foresees €400mn being allocated to projects through a competitive bidding system this year as fixed-premium subsidies over a 10-year period, with another €420mn to be made available in 2025-26 . Funds could be made available by utilising the European hydrogen bank's "auction-as-a-service" scheme, which allows EU member states to use the mechanism to allocate funds to projects on their territory. A second European hydrogen bank auction is due to launch towards the end of this year. Austria could use this to allocate funds, but the law also leaves the option open of conducting auctions outside of the hydrogen bank mechanism. In a supplementary text, the government said that the projects supported through the law could start operations between 2027 and 2030. The government estimates that the €820mn budget could support some 18,000-40,000 t/yr of renewable hydrogen production, assuming subsidies come in at an average €2-4.50/kg. Under the hydrogen bank auction mechanism, funds are allocated to the projects requesting the least amount of support. In the hydrogen pilot auction, for which results were announced in late April, five Austrian projects participated, but they were all unsuccessful. Subsidies went to plants in Spain, Portugal, Norway and Finland instead . The Austrian projects represented a combined 278MW of electrolyser capacity with anticipated production of around 33,200 t/yr. A single project made up well over half of this and with a bid of around €0.60/kg was not far off the clearing price. Meanwhile, bids for the other, much smaller projects were close to the auction's ceiling price of €4.50/kg. Germany was the only country to use the "auction-as-a-service" mechanism for the pilot auction, but other countries, such as Belgium , are also considering using it in the future. Austria's hydrogen subsidy law has now been passed to parliament for review. By Stefan Krumpelmann Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EBRD ‘green project’ funding hit €6.54bn in 2023
EBRD ‘green project’ funding hit €6.54bn in 2023
London, 15 May (Argus) — The European Bank for Reconstruction and Development (EBRD) hit a record level of investments in the "green economy" in 2023, at €6.54bn ($7.1bn) in 337 projects — up from €6.36bn in 2022. The multilateral development bank (MDB) again reached its target for at least 50pc of its total annual investment to go towards green projects. Of total investments, 50pc went to green projects — flat on the year. The EBRD initially set the goal for 2025, but hit it in 2021, with 51pc of its investment going to green projects. The EBRD's investments stood at €13.1bn in 2023 — a new record high — going towards 464 individual projects. The bank has since the beginning of 2023 ensured that all new investment projects are in line with the Paris climate agreement goals. The Paris agreement seeks to limit the rise in temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C. Countries' focus on MDBs and their role in delivering climate finance has intensified in recent years. Climate finance is set to dominate climate talks this year, including at the UN Cop 29 summit, set for November in Baku, Azerbaijan. Mukhtar Babayev, Cop president-designate, last month called on MDBs and parties to the Cop process to deliver on climate finance. The EBRD is owned by 73 shareholder governments, the EU and the European Investment Bank. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazilian governors back renewable H2 support bill
Brazilian governors back renewable H2 support bill
Rotterdam, 15 May (Argus) — A group comprising the governments of nine states in northeast Brazil has endorsed the latest amendments filed in the country's hydrogen bill, which envisage generous tax credits and financial incentives for renewable hydrogen production and demand. Governors from the nine states have joined calls by the Brazilian green hydrogen industry association ABHIV to push the national government to embrace the suggestions, recently filed by senator Otto Alencar. The consortium, which is an instrument for "political, judicial and economic" integration of the states that make up the northeast region, is urging more support from federal government at the World Hydrogen Summit in Rotterdam. The current pipeline of planned projects in the northeast would amount to approximately 12mn t/yr of renewable hydrogen production, and "if only 10pc of these projects materialise, it would already place us in a global leadership position," Piaui's governor and consortium representative Rafael Fonteles said. The proposals in the bill resemble incentives that were given to other energy sectors such as ethanol and biodiesel to make alternative sources more competitive, ABHIV director Fernanda Delgado said. "Brazil knows how to do these policies, this is not new". The amendments are currently being discussed by the senate. ABHIV expects some pushback from the finance ministry regarding the tax credits, mainly regarding the 20-year offer, Delgado told Argus , but the initial proposal has left some room for negotiation and even a more modest version will already help the industry, she said. The current proposal envisions tax credits to up to 15GW of electrolyser capacity in the country, with up to 6.58 Brazilian reais ($1.27) per kg for production and 8.55 reais/kg for domestic consumers. While the northeast of Brazil offers competitive renewables generation and available land, these factors alone are "not enough" because "competition is worldwide," according to the head of Latin America at French renewables firm Voltalia, Robert Klein. The first molecules will be the most expensive ones and the tax cashback will help make them more competitive and projects reach gigawatt scale, Klein said. Momentum has accelerated for Brazilian renewable hydrogen projects, although almost all are at a very early stage. During the event, Brazilian utility Eletrobras signed an agreement to support European group Green Energy Park's planned renewable hydrogen and ammonia production in Piaui with electricity transmission infrastructure. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Chinese importers seek five LNG cargoes for Jun-Sep
Chinese importers seek five LNG cargoes for Jun-Sep
Shanghai, 15 May (Argus) — Five Chinese importers, mostly second-tier buyers, are each seeking one LNG cargo for June-September delivery, according to an official notice published by China's national pipeline operator PipeChina on 15 May. The five importers are PipeChina, Chinese independent ENN, Hong Kong-listed city gas firm China Resources Gas, Hong Kong-based Towngas and state-owned China Gas. PipeChina and ENN have indicated a target price of at most $9.50/mn Btu for their intended cargoes, both for delivery to PipeChina's 6mn t/yr Tianjin terminal. China Gas has indicated a target price of at most $9.30/mn Btu for delivery to PipeChina's 6mn t/yr Beihai termial. China Resources Gas and Towngas have both indicated a target price of at most $9/mn Btu for delivery to PipeChina's 2mn t/yr Yuedong and Tianjin terminals, respectively. This consolidated requirement came about because of a need for PipeChina to better leverage on its infrastructure advantages and, at the same time, meet the varying needs of gas importers and consumers in the country. But this requirement comes at a time when spot LNG prices are still somewhat higher than the importers' targeted prices. But the importers can choose not to buy if offers are not within their expectations. The front-half month of the ANEA, the Argus assessment for spot LNG deliveries to northeast Asia, was last assessed at $10.485/mn Btu on 15 May. Chinese importers mostly perceive spot prices below $9-9.50/mn Btu for June-September deliveries to be unattainable for now because there is strong buying interest from south and southeast Asia in particular. Indian state-controlled refiner IOC most recently bought LNG for delivery between 22 May and 15 June at around $10.60/mn Btu, through a tender that closed on 14 May. Thailand's state-controlled PTT most recently bought three deliveries for 9-10 July, 16-17 July and 22-23 July through a tender that closed on 13 May , at just slightly above $10.50/mn Btu. The most recent spot transaction was Japanese utility Tohoku Electric's purchase of a 10-30 June delivery at around $10.55/mn Btu through a tender that closed on 14 May . This is at least $1/mn Btu higher than Chinese importers' indications. Summer requirements have so far been muted but concerns among buyers about potential supply disruptions remain. Malaysia's 30mn t/yr Bintulu LNG export terminal suffered a power loss on 10 May, but this issue may have been resolved as of early on 15 May, according to offtakers. Some unspecified upstream issues may still be affecting production at the Bintulu facility, resulting in Malaysia's state-owned Petronas having to ask some of its buyers for cargo deferments, according to offtakers. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Europe's Developing Biomethane Market and Pricing
Consumer appetite for fossil fuel alternatives is supporting the development of Europe’s biomethane industry, while voluntary biomethane trade is developing as a guarantee of origin market.
WhitePaper - 24/05/16The European Hydrogen Bank: Examining the pilot auction results and looking ahead to round two
Seven renewable hydrogen projects with a combined 1.5GW of electrolyser capacity will receive EU subsidies for their output.
WhitePaper - 24/05/16European Electricity: End-of-year market review
The winter 2023-24 power season in Europe has started mostly with bearish fundamentals. In this white paper, the European power team analyses some of the main questions impacting the market.
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