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Noteworthy Energy Sector Developments Abroad

Developments abroad in Natural Gas, Oil, Renewable Energy and Nuclear Energy Sector...

We have compiled major weekly Energy Sector developments in markets abroad.

European Investment Bank (EIB) has postponed the decision to stop extending financing to fossil fuel-based energy projects. Countries like Germany, Italy, Spain, Poland and Lithuania want financing of Natural Gas Power Plant investment to continue for reasons of their objectives of stopping coal and nuclear-based generation facilities and also for energy security reasons.

Natural Gas and Oil Sector

Agreements signed for Bulgaria-Greece Natural Gas Pipeline construction and pipe supply, and tax system and financing. Pipe supply and construction agreement signed by Greek companies J&P-Avax and Corinth Pipeworks Industry. 

USA extended Iraq’s immunity on Iran embargoes 3 months more. Thus, Iraq will continue to take  Natural Gas from Iran for electricity generation. 

Russia and Saudi Arabia have agreed upon long term cooperation for maintaining balance in oil markets. Saudi Arabia and Russia have signed 20 cooperation agreements of billions of Dollars in various fields, primarily on energy. 

India has announced a minimum USD 60 billion investment would be made until 2024 for installing inter-state gas distribution network and Natural Gas import facilities.

Renewable energy

 According to WindEurope’s “2023 Wind Energy Outlook” report, uncertainties of European Governments’ national energy and climate plans, delays in required regulatory permissions and investment, remove Europe far from reaching the targeted level. European wind energy capacity envisaged to be 277 GW with 88 GW increase by taking required steps, 208 billion euro investment to be made on new wind energy assets until 2023. 

Paris Climate Agreement signed by 196 countries and197 parties until now included the European Union, has taken effect in the Russian Federation recently as well. Turkey is still among the final 10 countries where the agreement not effective.

Renewable energy-based electricity generation has left behind the fossil fuel-based electricity generation in England for the first time at a quarter. 

 EnBW, one of the biggest energy companies of Germany has announced the final investment decision given for 180 MW Solar Power Plant project. The project, to be the biggest solar power plant in Germany, will be installed without taking any public incentive. 

Vetroelektrane Balkana (WBEG) has commissioned 158 MW capacity Cibuk 1 WPP, the biggest wind power plant of West Balkans in Serbia.

Norway energy company Equinor will make 550 million euro investment in Norway for 88 MW capacity floating wind power plants.

Nuclear energy

According to a news story of Le Monde, the French Government has instructed energy company EDF to be ready for the construction of 6 EPR nuclear reactors in the next 15 years. EDF will be asked to install 3 nuclear power plants with two reactors each. 

It is announced that the first unit of Ostrovets Nuclear Power Plant (NGS), twin of Akkuyu, to be installed in Belarus at the end of the year  by Russian Rosatom, contractor company of Akkuyu Nuclear Power Plant.

Annual Report