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Brazil's Bndes to finance state power distributor

  • : Electricity
  • 24/08/08

Brazil's Bndes development bank approved R1.394bn ($247mn) in financing for Rio Grande do Sul state's largest power distributor, in yet another effort to aid the flood-hit state.

The bank will award the money to power distributor RGE Sul to "adapt to climate change and mitigate its effects from the extreme weather events that affected Rio Grande do Sul in May," it said, referring to the devastating floods that hit the state earlier this year.

RGE Sul is responsible for around 65pc of the power in Rio Grande do Sul, with approximately 7.1mn clients.

The financing will also allow the state to maintain power prices stable until 2026, Bndes said. "This Bndes support will be essential to ensure that Rio Grande do Sul's population does not suffer from any adjustments to their electricity tariffs," mines and energy minister Alexandre Silveira said.

That is the latest in a series of government measures to aid the flood-ravaged state. In early May, President Luiz Inacio Lula da Silva signed a decree to ease relief spending. The country also launched a R50.9bn multi-step program to aid victims. Bndes created a R15bn fund — dubbed the Bndes emergency program for Rio Grande do Sul — of which it has approved R4.8bn, it said.

The heavy rains in late April and early May left around 150 dead and more than 500,000 displaced, according to Rio Grande do Sul's civil defense.


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US inflation slows to 2.4pc in Sep


24/10/10
24/10/10

US inflation slows to 2.4pc in Sep

Houston, 10 October (Argus) — US inflation slowed slightly less than expected in September, but still came in at the lowest annual rate since February 2021, in the first major inflation report since the Federal Reserve started cutting interest rates last month. The headline consumer price index (CPI) eased to an annual 2.4pc in September, down from 2.5pc in August, according to the Labor Department. The decline was less than the 2.3pc forecast in a survey of economists by Trading Economics. Excluding volatile food and energy, so-called core inflation rose to a 3.3pc annual pace, higher than forecasts for core inflation to match the prior period's 3.2pc pace. Today's report is the final CPI report ahead of the next Federal Reserve policy decision on 7 November and it follows a much stronger than expected employment report for September, which together could prompt the Fed to move more cautiously. Still, CPI has come down sharply from its peak of 9.1pc in mid-2022 and, despite aggressive Fed tightening, hiring has continued at a healthy rate and the overall economic expansion remains on track, partly thanks to falling energy prices. The energy index contracted by an annual 6.8pc pace in September after contracting 4pc through August. The food index rose by an annual 2.3pc following a 2.1pc gain in the prior period. Transportation services rose by 8.5pc. Within energy, the gasoline index fell by 15.3pc after a 10.3pc decline in the prior period. Energy services rose by 3.4pc after a 3.1pc gain. Natural gas services rose by 2pc. Shelter rose by 4.9pc after a 5.2pc gain. Transportation services rose by 8.5pc following a 7.9pc gain. Auto insurance was up 16.3pc. On a monthly basis, CPI rose by 0.2pc in September, matching gains in August and July, Labor said. Shelter rose by 0.2pc and food increased by 0.4pc, together accounting for over 75pc of the monthly headline increase, Labor said. The energy index declined by 1.9pc over the month, after falling by 0.8pc in the prior month . By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Ecuador appoints new interim energy minister


24/10/09
24/10/09

Ecuador appoints new interim energy minister

Quito, 9 October (Argus) — Ecuador's minister of environment Ines Manzano has been appointed interim minister of energy, replacing Antonio Goncalves, the presidency said today. Goncalves had been the country's energy minister for three months. He left his position in the middle of a power-supply crisis in the country that started on 23 September with rolling blackouts amid a harsh dry season that hit hydropower generation. The country is currently scheduling 10-hour blackouts per day. When Goncalves took office in July, crude production averaged 469,413 b/d. It recovered to 477,601 b/d in August but it fell again to 471,061 b/d in September. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

IEA: Renewable growth by 2030 to fall short of tripling


24/10/09
24/10/09

IEA: Renewable growth by 2030 to fall short of tripling

London, 9 October (Argus) — Paris-based energy watchdog the IEA expects renewable additions to grow by 2.7 times by 2030, according to its 2024 report. This would surpass most individual countries' targets, but fall short of the target set at last year's Cop 28 gathering of tripling growth. Solar photovoltaic (PV) additions are forecast to drive this growth, making up 80pc of new power plants by 2030. China is expected to be responsible for 60pc of this growth, the IEA said. With 670GW of new renewable capacity added so far in 2024 — a 20pc increase on the year — the IEA expects half of global energy generation to come from renewables by 2030. The EU is expected to double the pace of renewable capacity growth between 2024 and 2030. While the IEA sees renewable growth being driven increasingly by the market rather than government policies, executive director Fatih Birol deems slow grid connection the biggest hurdle facing expansion. The average wait for a connection permit is seven years for wind and five for solar. And lead author of the report, Heymi Bahar, added that PV manufacturers have been limiting expansion investment in response to a supply glut, with forecast manufacturing capacity for 2030 revised down from last year's report because of the financial risk facing smaller producers and negative net margins. The report also highlights the need for more investment in wind turbine manufacturing. Despite estimates that electricity generated from renewables will almost double by 2030, the IEA sees renewable fuels — bioenergy, biogas, hydrogen and e-fuels — expanding by just 28pc by 2030, and making up less than 6pc of the energy mix. Europe is also expected see a 6pc increase in renewable fuel demand between 2023 and 2030. Geothermal, tidal and concentrated solar power growth is expected to decline because of a lack of policy support, while hydro is expected to account for less than 1pc of global renewable additions by 2030. By Bea Leverett Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japan’s power sector cuts CO2 emissions in 2023-24


24/10/09
24/10/09

Japan’s power sector cuts CO2 emissions in 2023-24

Osaka, 9 October (Argus) — Japanese power suppliers reduced CO2 emissions in the April 2023-March 2024 fiscal year, because of increased use of nuclear and renewable power sources as well as higher thermal generation efficiency. CO2 emissions by the country's power firms totalled 311mn t in 2023-24, equivalent to 0.421 kg/kWh, based on 738.2TWh of electricity sales which accounted for 91.4pc of the country's total power sales, according to preliminary data released by the electric power council for a low carbon society (ELCS) — a group of 61 Japanese power firms. The 2023-24 emissions were lower by nearly 5pc from 327mn t, or 0.437 kg/kWh, in 2022-23. The ELCS is aiming to cut CO2 emissions to 0.25 kg/kWh by 2030-31, in line with the government's goal for all the country's power sources in the same fiscal year. Japan's renewable power output — including hydropower generation — totalled 148TWh in 2023-24, up by 3.1pc from a year earlier, according to the country's trade and industry ministry Meti. Nuclear generation also rose by 50pc to 80TWh during the period. Renewable and nuclear accounted for 18pc and 10pc respectively of the country's total power generation. Thermal output fell by 6.5pc from a year earlier to 594TWh in 2023-24, but still accounted for 72pc in the power mix. Japan's greenhouse gas (GHG) emissions in 2022-23 fell by 2.5pc from a year earlier to 1.135bn t of CO2, because of higher renewable power output and lower energy consumption, according to the environment ministry. This marked the lowest level in 33 years or since 1990-91, when Japan started recording its emissions data. Japan's nationally determined contribution (NDC) targets for a 46pc reduction in its GHG emissions by 2030-31 against the 2013-14 levels. Tokyo is set to update and submit its new NDC with an emission reduction goal for 2035 in 2025. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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