Power transmission upgrades proposed in South Australia
South Australian (SA) power transmission group ElectraNet has proposed A$2.35bn ($1.55bn) in network upgrades as it seeks to meet power demand for new and existing customers.
The group's transmission annual planning report update released on 31 May pointed to demand forecasts as proof of the need for further investment. ElectraNet said the company was experiencing an unprecedented level of enquiries from renewable energy generators, grid-scale battery providers and customers, totalling 2,000MW in new transmission, dwarfing the state's present maximum electricity demand level of 3,300MW.
"Electrification of the state's economy, new large industrial loads and the hydrogen sector are the key drivers of these high demand growth forecasts," said ElectraNet chief executive Simon Emms.
The company has developed priorities for new transmission in the state's mid-north, southeast and Eyre Peninsula districts to increase capacity and connect with projects in the state's renewable energy zones. The plans contain several options for each region, with a total price tag of up to A$2.35bn across a construction period stretching from the mid-2020s to the early 2030s.
ElectraNet and its New South Wales' counterpart TransGrid are currently building the 860km EnergyConnect interconnector to replace SA's gas-fired power stations. SA is already a national leader in renewable developments, with a target of 100pc renewable electricity production by 2030.
Related news posts
Methanex to acquire OCI’s methanol business for $2bn
Methanex to acquire OCI’s methanol business for $2bn
Houston, 9 September (Argus) — Methanol producer Methanex announced Sunday that it will acquire OCI's international methanol business for $2.05bn. As part of the transaction, Methanex will acquire four primary assets, including a 910,000 t/yr methanol facility and 340,000 t/yr ammonia facility in Beaumont, Texas. Methanex will acquire OCI's 50pc interest in the 1.7m t/yr Natgasoline methanol plant in Beaumont. The acquisition of Natgasoline is subject to a legal proceeding between OCI and Proman, the other 50pc holder in Natgasoline, over certain shareholder rights. If the dispute is not resolved within a certain period, Methanex has the option to exclude the purchase of the Natgasoline joint venture and proceed with the rest of the transaction. The transaction also includes OCI HyFuels, a producer of green methanol products such as biomethanol and bio-MTBE, and trading and distribution capabilities for renewable natural gas (RNG) and ethanol. Additionally, Methanex will acquire an idled 1m t/yr methanol facility in Delfzijl, Netherlands. The purchase price includes $1.15 billion in cash, the issuance of 9.9 million shares of Methanex valued at $450 million and the assumption of about $450 million in debt and leases. The acquisition of fertilizer producer OCI began over a year ago, according to OCI officials. "We identified Methanex as the natural owner of OCI Methanol at the outset of our strategic process, which we initiated in the spring of 2023," OCI executive chairman Nassef Sawiris said. This acquisition moves Methanex, primarily a methanol maker, into the ammonia sector. "From an operating perspective, we have a shared culture of safety and operational excellence, and we expect the OCI team will help us build new skills in ammonia while enhancing our capabilities in the evolving business of low carbon methanol production and marketing," Methanex CEO Rich Sumner said. The deal is expected to close in the first half of 2025. The transaction has been approved by the boards of directors of the two companies and is now awaiting certain regulatory approvals and other closing conditions. The transaction is also subject to approval by a simple majority of the shareholders of OCI. The largest shareholder of OCI, has signed an agreement to vote for the transaction. By Steven McGinn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore lifts low-carbon power import goal to 6GW
Singapore lifts low-carbon power import goal to 6GW
Singapore, 6 September (Argus) — Singapore has raised its low-carbon electricity import goal to 6GW by 2035, up from its initial target of 4GW. The target has been raised on the back of "strong interest by credible parties to participate in electricity import projects, and to ensure adequate supply to meet Singapore's future energy needs," said the country's Energy Market Authority (EMA) on 5 September. In line with this, the EMA has granted conditional approvals to two new projects to import 1.4GW of low-carbon electricity from Indonesia to Singapore. The first project is by Singa Renewables, a joint venture between TotalEnergies and energy resources development company RGE, with an import capacity of 1GW. The second is by Shell Eastern Trading in partnership with power producer Vena Energy, with a 0.4GW capacity. The EMA in September last year granted conditional approvals to five companies to import 2GW of low-carbon electricity from Indonesia. The EMA has now granted conditional licences to the companies, following substantive progress by these five projects. These conditional licences are issued to electricity import projects that have been assessed to be technically and commercially viable, and are at an advanced development stage. The EMA may subsequently issue the companies an electricity importer license to begin construction and commercial operations, once the obligations under the conditional licenses are fulfilled. The companies aim to begin commercial operations in 2028. The EMA "will continue to engage companies with credible and commercially viable proposals that can contribute to Singapore's 2050 net zero ambitions," it said. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore’s SP to launch 240MW solar project in China
Singapore’s SP to launch 240MW solar project in China
Singapore, 6 September (Argus) — Singapore's state-owned utility SP plans to start up a 240MW peak (MWp) agrivoltaic project in Guangdong province's Huizhou city, which will be fully operational by the end of this year. MWp refers to the maximum power output potential a solar farm has when reaching ideal conditions. SP expects the project to generate 7.5bn kWh of green electricity over the next 25 years, reduce coal use by 920,000t and avoid 4.46mn t/yr of carbon emissions. The project's solar installation capacity is 240MW, and marks SP's largest solar investment in China, the company said on 5 September. SP has secured 1.45GW of solar projects in China to date, spanning 18 provinces and municipalities. SP in May also partnered with China environmental technology solutions provider Qingdao Daneng Environmental Protection Equipment to invest and build a 90MW aquavoltaic farm in Qingdao city. This will power a green hydrogen facility in Qingdao, likely referring to Chinese refiner Sinopec's 4,500 t/yr facility . The solar project has an investment value of over 76mn Singapore dollars ($58.5mn) and is on track to connect to the grid by the end of the year. SP expects it to produce 162mn kWh/yr of green electricity and reduce carbon emissions by 160,000 t/yr. The operational model will incorporate renewable energy generation, grid integration, demand-side management, and energy storage. SP's first investment in solar assets was in June 2023, for 78MWp of agrivoltaics assets across four agricultural sites in the Dabu county of Meizhou city in Guangdong province. The project will generate 91.3GWh/yr of clean electricity, and reduce coal usage by almost 30,000t, which amounts to cutting more than 91,000 t/yr of carbon emissions. The operational date of this project was not disclosed. SP in May entered a strategic alliance with Shanghai-based CMB Financial Leasing to obtain financing services, which is expected to reach up to 8bn yuan ($1.13bn) over the next three years, to support the firm's deployment of renewable energy solutions in China. The projects will span utility-scale solar farms, distributed solar photovoltaic, energy storage, and district cooling and heating. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EU commits €50mn to Namibian, South African H2 funds
EU commits €50mn to Namibian, South African H2 funds
Hamburg, 5 September (Argus) — The EU will contribute €50mn ($55mn) to renewable hydrogen investment funds in Namibia and South Africa. The funds will come from the bloc's Global Gateway international investment scheme, EU energy commissioner Kadri Simson said at the Global African Hydrogen Summit in Windhoek. "Investment will especially target private sector projects across the hydrogen value chain, such as the production, transportation and storage, as well as downstream industries," Simson said. Namibia's SDG Namibia Fund will receive €25mn, one of its managers, the Netherlands-headquartered Climate Fund Managers, said. This suggests the €50mn could be split equally between funds in Namibia and South Africa. The SDG Namibia Fund was launched in late 2022 with a target of raising $1bn in blended financing for renewable hydrogen projects and related infrastructure. It has received backing from Dutch state-owned Invest International and USAID Southern Africa Mobilizing Investment, and made a first investment late in 2023, supporting the Hyphen renewable hydrogen and ammonia project with an initial €23mn. South Africa's SA-H2 Fund is also targeting $1bn and is similarly backed by Invest International and other Dutch institutions. Simson announced two smaller support programmes in Windhoek. The EU together with the German government will provide €2.7mn for Namibia's planning efforts for expanding renewable hydrogen generation capacity and increasing access to this. It will grant €1.2mn to the Namibia Green Hydrogen Programme, a government-led initiative for drawing up regulations and support mechanisms for the sector. The EU plans to invest €1bn in Namibian renewable hydrogen and sustainable raw material value chains . The European Commission said last year that the bloc, its member states and European financial institutions would provide these funds as part of the Global Gateway initiative. By Stefan Krumpelmann Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more