Big Solar Slapped With Tariffs For Dodging China Duties
The US Department of Commerce will on Friday finalise a decision to impose import duties on solar panel manufacturers who made their products in Southeast Asian nations in a bid to avoid tariffs on Chinese-made goods.
The Commerce probe found that units of Chinese companies BYD, Trina Solar, Longi Green Energy and Canadian Solar (NASDAQ: CSIQ) were dodging U.S. tariffs on Chinese solar panels by finishing their products in Cambodia, Malaysia, Thailand and Vietnam before shipping them to the U.S. market.
The U.S. has had anti-dumping duties for a decade now on Chinese-made solar products after the government determined that Chinese companies were receiving unfair government subsidies that made it hard for U.S. panel manufacturers to compete.
The tariffs will hurt buyers of solar panels that rely on cheap products from China and Asia to make their projects competitive.
However, the tariffs are bound to be music in the ears of the small U.S. solar manufacturing industry, which has long struggled to compete with Chinese goods.
Meanwhile, the U.S. government is currently scrutinizing Chinese electric-vehicle battery and car parts supply chains for possible links to forced labor.
Under the newly enacted Uyghur Forced Labor Prevention Act (UFLPA), the U.S. has banned the importation of goods made in Xinjiang, China, where the U.S. believes Chinese authorities have set up labor camps for Uyghurs and other Muslim minority groups.
This could signal difficult times ahead for EV makers, who might be required to provide solid proof that their supply chains are free of any form of forced labor.
China Likely Tapped Its Crude Inventories In July
Two years ago, CBP banned U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry Co over forced labor allegations.
The U.S. Commerce Department also restricted exports to Hoshine, the paramilitary Xinjiang Production and Construction Corps (XPCC), Xinjiang Daqo New Energy Co, a unit of Daqo New Energy Corp. (NYSE: DQ,) Xinjiang East Hope Nonferrous Metals Co, a subsidiary of Shanghai-based manufacturing giant East Hope Group; and Xinjiang GCL New Energy Material Co, part of GCL New Energy Holdings Ltd.
Source: Oilprice.com
Kenya: KenGen Appoints Eng. Peter Njenga As Managing Director And CEO
Kenya Electricity Generating Company PLC (KenGen) Board has appointed Eng. Peter Waweru Njenga as Managing Director and Chief Executive Officer.
Eng. Njenga assumes the position previously held by Mr. Abraham Serem in an acting capacity.
“Eng. Njenga takes over leadership of the NSE-listed company at a pivotal moment as it unveils an ambitious 10-year plan to significantly increase baseload electricity generation, aiming to reach a milestone of up to 3,000MW of installed electricity generation capacity,” a statement issued by the company on Friday said.
Stepping into this pivotal role, Eng. Njenga brings with him a remarkable legacy of excellence in corporate leadership and management.
Prior to his appointment, he distinguished himself as a reputable energy expert most notably as General Manager for Infrastructure Development at Kenya Power.
Throughout his tenure, Eng. Njenga held various senior management positions and played a pivotal role in driving growth in the energy sector.
With an illustrious career spanning over 31 years, Eng. Njenga began as a graduate trainee at Kenya Power in 1991, and he steadily ascended the ranks to attain this prestigious appointment.
Eng. Njenga’s academic foundation includes a Bachelor of Science Degree in Electrical Engineering from the University of Nairobi, complemented by a Master’s Degree in Business Administration (Strategic Management) from the same institution.
Eng. Njenga’s appointment ushers in an existing era for KenGen PLC as it embarks on a transformative journey towards increased baseload electricity generation.
His strategic foresight, unwavering commitment, and dynamic vision make him a pivotal addition to the leadership team.
The KenGen PLC Board of Directors congratulated Eng. Peter Njenga on his appointment.
“The Board also takes this moment to acknowledge and express gratitude for the exceptional leadership demonstrated by Mr. Abraham Serem during his tenure in an acting capacity.
“The Board eagerly anticipates witnessing the realization of the company’s ambitious 10-year plan under Eng. Njenga’s able stewardship,” the statement concluded.
Source: https://energynewsafrica.com
Ghana: Daniel Osei-Appiah Appointed Acting Managing Director Of TOR
The immediate past General Manager for Finance at state-owned Tema Oil Refinery (TOR), Mr. Osei-Appiah has been appointed as the Acting Managing Director of the refinery.
Mr. Appiah worked at the refinery for several years and retired on July 11, 2023.
On Friday, August 12, 2023, this portal reported that Mr. Jerry Kofi Hinson, Managing Director of the refinery had been fired over the controversial planned leasing of the refinery to Torentco Assets Management, a private firm registered about six months ago without track record in the oil and gas business both locally and international.
Mr. Jerry Kofi Hinson had refused to sign the deal which many considered is not in the best interest of the State.
After the publication, a letter emerged suggesting that Mr. Jerry Kofi Hinson resigned due to ‘unforeseen health circumstances’, a claim some industry experts have described as laughable.
In a letter dated 17th August 2023, which confirms the appointment of Mr Daniel Osei-Appiah as the Acting Managing Director, and copied Board Chairman of Tema Oil Refinery, David K.T Adomakoh, Nana Bediatuo Asante, Secretary to the President of Ghana wrote “With reference to your correspondence no. BOARD)DKTA/eh/R..18/23 dated 14th August,2023, bearing on the above mentioned subject matter, I write to inform you that the President of the Republic has granted a no.objection to the appointment of Mr Daniel Osei-Appiah as Acting Managing Director for the Tema Oil Refinery TOR Ltd. Please accept the President’s best regards.”
Following the President’s approval, the Human Resource Department on Friday issued a notice informing all staff about the development.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Nigeria: Tinubu Appoints Banker As New Minister For Power
A former Deputy Governor of the Central Bank of Nigeria responsible for Operations Adebayo Adelabu has been appointed as the new Minister for Power by President Bola Ahmed Tinubu.
His name was part of the ministerial list released by the Presidency earlier in the week.
He started his career with PriceWaterhouse (now PricewaterhouseCoopers), an international firm of chartered accountants and management consultants.
During his seven years with the firm, he led and managed various audit and consultancy engagements for large banks and non-bank financial institutions within and outside Nigeria.
He was on secondment to the Central Bank of Nigeria for one year in 1999 when he led the finance team on the CBN re-engineering and corporate renewal project tagged “Project EAGLES”.
Adelabu left the firm in 2000 as an audit manager and senior consultant to join First Atlantic Bank as the Financial Controller and Group Head of Risk Management and Controls.
He was later promoted to Chief Inspector of the Bank in 2002 and Group Head of National Public Sector Business in 2003.
He then moved to Standard Chartered Bank as the West African Regional Head of Finance and Strategy (Consumer Banking Business) with dual offices in Lagos and Accra.
He was there till 2009 and later he became an Executive Director/Chief Financial Officer (CFO) of Nigeria’s largest bank, First Bank of Nigeria Plc. (FBN) at the age of 39.
He was later appointed by former President Goodluck Ebele Jonathan in February 2014 as Deputy Governor, Operations of the CBN.
Adelabu serves as the Chairman, of the Board of Directors of the Nigeria InterBank Settlement Systems and has chaired the board of the Financial Institution Training Centre.
He is also a serving member of the Board of Federal Inland Revenue Services, Nigeria Security Printing and Minting Company, the Assets Management Corporation of Nigeria, and the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of Chartered Institute of Bankers of Nigeria and an Associate Member of the Institute of Directors of Nigeria and the United Kingdom.
Adelabu has also taken up professional courses in various business schools, including Harvard, Stanford, Wharton, Columbia, Kelloggs, Euromoney, and the University of London.
Source: https://energynewsafrica.com
Energy Personalities Outreach Programme: ‘Aburi Girls’ Tasked To Take Responsibility For Their Lives
The reigning Energy Personalities of the Year (Male and Female) at the 2022 Ghana Energy Awards (GEA) in the Republic of Ghana, Emmanuel Antwi-Darkwa, Chief Executive of the Volta River Authority (VRA) and Ing. Harriette Amissah-Arthur, Executive Partner of Arthur Energy Advisors, have engaged students of the Aburi Senior High School for the 2023 Energy Personalities Outreach Programme.
Organised by the Energy Media Group (EMG), the Outreach was held under the theme: “Impacting the Next Generation Leaders Today.”
It is a platform for the apex winners of the Awards to interact with students of second-cycle institutions for them to learn about the energy sector and its prospects, as well as to help the youth to cultivate habits and develop attitudes requisite for a successful future.
The 2023 Energy Personalities Outreach Programme (EPOP) took place at the school’s premises in Aburi in the Eastern Region and involved over 900 students of the school.
The energy sector giants urged the students to own and take responsibility for their lives, and be intentional about their actions and choices.
They also tasked the students to use their time judiciously and effectively utilise all resources at their disposal to achieve their set targets.
Arthur Energy Advisors’ Executive Partner, Ing. Amissah-Arthur, the Energy Personality of the Year for 2022, advised the students to own their lives, manage their resources and relationships well, and define their idea of success.
Commitment, consistency, sustaining positive actions through the efficient and effective use of time, and developing individual capacities, according to her, will lead them to excel.
She subsequently called for more such programmes to extend the reach of youth engagements in the country, which will further spread and increase the impact of national empowerment efforts.
VRA’s Chief Executive, Emmanuel Antwi-Darkwa, who is a three-time winner of the Apex Award, encouraged the students to be ambitious and set goals for themselves, and to not be afraid to fail, but rather persevere with all humility to achieve what they set out to do while keeping God at the fore of their lives.
Speaking to the media, he underscored the need to bridge the existing gap in female participation, especially in the energy sector.
He said such avenues, such as the Energy Personalities Outreach Programme, create the needed platform to awaken their consciousness of their unique capabilities for the sector and stimulate an interest to aspire to its prospects.
Chief Executive Officer of the Energy Media Group, Ing. Henry Teinor, in a welcome address, noted that the Outreach programme “is designed to contribute to Ghana’s STEM education efforts, using the approach of mentorship to motivate the youth into developing interests and actively participating in the country’s energy sector.
The programme included a Character Development Session, and an Interactive Session, led by Lawyer Kwame Jantuah, Chairman of the GEA Awards Panel, where the students were allowed to ask questions.
This Outreach Programme is the fifth in the series and is an initiative of the Ghana Energy Awards. In previous years, EPOP has featured various schools including the Achimota School, West Africa Senior School, Nungua Senior High School, and the St. Mary’s Senior School in Accra.
Source: https://energynewsafrica.com
Ghana: BOST Registers Huge Net Profit Of Gh¢342Million In 2022
Ghana’s strategic petroleum stock keeping company, BOST, registered a huge net profit after tax of Gh¢342,494,604 in 2022 compared to the net profit of Gh¢160,718,361 in 2021.
This means that the company’s 2022 net profit went up by 112 % over the 2021 figure.
The company’s operating income also increased by 69 percent from Gh¢254,291,419 in 2021 to Gh¢428,923,102 in 2022.
This was on the back of a 77 per cent increase in revenue from Gh¢1.121 billion in 2021, to Gh¢3.019 billion in 2022.
Revenue from fuel product sales also saw an increase of 387 per cent in 2022 compared to 2021.
Revenue from gasoline sales increased by 224 per cent, from Gh¢340,633,871 to Gh¢1,103,299,371, whilst gasoil sales increased by 352 per cent from Gh¢331,063,261 to Gh¢ 1,495,912,905.
Storage fees increased by 27 per cent, from Gh¢21,889,891 in 2021 to Gh¢27,715,044, while Rack fees also increased by 24 per cent, from Gh¢30, 753,298 in 2021 to Gh¢30,172,046 in 2022.
This was revealed by the Board Chairman, Mr Ekow Hackman on Thursday at the company’s 2nd Annual General Meeting held at its new head office in Accra, capital of Ghana.
“This positive trading performance can be attributed to improved financing arrangements, more effective customer engagement and retention initiatives as well as the prudent management of trading risks,” he explained.
BOST had been recording losses since 2011 until in 2021 when the company under the current management started posted profit.
With smiles beaming all around his face, Board Chairman Mr Ekow Hackman said the Board expects that the declaration of profits by BOST become an annual tradition to be celebrated by all and sundry.
Giving details of the transformation that has taken place over the years, Mr. Ekow Hackman stated that the company revived its strategically located pipelines and barges which enabled them to deliver fuel products securely and cost-effectively to consumers across the country.
He added that through the dedicated efforts of management and workers, BOST increased significantly the revenue generating assets of the company to 97 per cent from a trough of 34 per cent in 2017.
“We are committed to ensuring that 100 per cent of our assets are generating revenue by the end of 2023,” he assured.
Touching on the company’s outlook, Mr Ekow Hackman said BOST would continue to put measures in place to further enhance efficiency saying there would be automation of its depots which has stalled for many years.
He said the company has concluded the Front- End Engineering Design (FEED) for the Tema Kumasi Pipeline Project (TKPP) saying the company is looking forward to partner with private entities to construct this pipeline.
He was hopeful that the execution of the project would help to reduce the company’s carbon footprint and in addition to planned construction of LPG tanks, would also ensure the diversification of revenue streams as well as support government initiatives for youth employment.
He commended the Managing Director of the company, Mr Edwin Alfred Nii Obodai Provencal for his quality leadership skills that have seen the transformation of the company since he assumed office in August 2019.
The Managing Director of BOST, Mr Edwin Provencal said the company will continue to explore new markets within the sub-region for petroleum products while at the same time, prepare to transition from a purely oil and gas company to a full energy company.
He said they will do this by diversifying product mix by investing in the storage of new transition fuels such as LPG, Blended ethanol amongst others.
Minister for Energy, Dr Matthew Opoku Prempeh who was excited by BOST’s success story commended the Board, Management and staff of the company.
He said the remarkable performance of BOST reinforces his firm belief that State-Owned Enterprises can generate profits, pay dividends and make significant contributions to the government’s fiscal policies with the right leadership, attitude and balance.
“The BOST model should serve as an exemplary example for all SOEs,” he stated.
The Director -General of the State Interests and Governance Authority (SIGA), Ambassador Edward Boateng who was also excited praised Management and staff for transitioning BOST from negative equity position of Gh¢ 248,190,799 in 2021 to a positive position of Gh¢86,466,542.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
With smiles beaming all around his face, Board Chairman Mr Ekow Hackman said the Board expects that the declaration of profits by BOST become an annual tradition to be celebrated by all and sundry.
Giving details of the transformation that has taken place over the years, Mr. Ekow Hackman stated that the company revived its strategically located pipelines and barges which enabled them to deliver fuel products securely and cost-effectively to consumers across the country.
He added that through the dedicated efforts of management and workers, BOST increased significantly the revenue generating assets of the company to 97 per cent from a trough of 34 per cent in 2017.
“We are committed to ensuring that 100 per cent of our assets are generating revenue by the end of 2023,” he assured.
Touching on the company’s outlook, Mr Ekow Hackman said BOST would continue to put measures in place to further enhance efficiency saying there would be automation of its depots which has stalled for many years.
He said the company has concluded the Front- End Engineering Design (FEED) for the Tema Kumasi Pipeline Project (TKPP) saying the company is looking forward to partner with private entities to construct this pipeline.
He was hopeful that the execution of the project would help to reduce the company’s carbon footprint and in addition to planned construction of LPG tanks, would also ensure the diversification of revenue streams as well as support government initiatives for youth employment.
He commended the Managing Director of the company, Mr Edwin Alfred Nii Obodai Provencal for his quality leadership skills that have seen the transformation of the company since he assumed office in August 2019.
The Managing Director of BOST, Mr Edwin Provencal said the company will continue to explore new markets within the sub-region for petroleum products while at the same time, prepare to transition from a purely oil and gas company to a full energy company.
He said they will do this by diversifying product mix by investing in the storage of new transition fuels such as LPG, Blended ethanol amongst others.
Minister for Energy, Dr Matthew Opoku Prempeh who was excited by BOST’s success story commended the Board, Management and staff of the company.
He said the remarkable performance of BOST reinforces his firm belief that State-Owned Enterprises can generate profits, pay dividends and make significant contributions to the government’s fiscal policies with the right leadership, attitude and balance.
“The BOST model should serve as an exemplary example for all SOEs,” he stated.
The Director -General of the State Interests and Governance Authority (SIGA), Ambassador Edward Boateng who was also excited praised Management and staff for transitioning BOST from negative equity position of Gh¢ 248,190,799 in 2021 to a positive position of Gh¢86,466,542.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Nigeria: Fadeyibi Resigns As AEDC CEO, New CEO Appointed
The Chief Executive Officer and Managing Director of Abuja Electricity Distribution Company (AEDC), Engr Adeoye Fadeyibi, has resigned from his position, energynewsafrica.com can confirm.
It is not yet clear why Engr Fadeyibi resigned.
A notice by AEDC sighted by this portal said: “This is to officially bring to our notice that rising from a meeting with the Board and EMT this morning, it has been officially disclosed that our dear MD/CEO Engr. Adeoye Fadeyibi* has resigned his appointment effective yesterday upon the ratification during the board meeting.”
Engr. Fadeyibi was appointed in May 2022.
Before joining AEDC, he was the Managing Director/CEO of Eko Electricity Distribution (EKEDC).
He is an astute professional with over 20 years of power sector experience.
Following his exit, the Board of AEDC appointed Mr. Christopher Ezeafulukwe, the MD/CEO of Transcorp Energy, as his replacement and presented him to the staff.
Source: https://energynewsafrica.com
Ghana: Fuel Prices Shoot Up Significantly
Fuel prices have been increased in the Republic of Ghana with a litre of petrol selling around Gh¢13.50 while diesel is sold at Gh¢13.90 per litre.
The increment in fuel prices is a result of the rise in prices of finished products—diesel and petrol —and crude oil prices within the first pricing window from August 1-15, 2023.
Data from the regulator, National Petroleum Authority (NPA), showed prices of finished products—diesel and petrol—jumped on the international market within the last two weeks with an estimated price of gasoline (petrol) being US$967.29 per metric tonne while gasoil (diesel) was US$901.73 per metric tonne.
As of Wednesday morning, August 16, 2023, leading oil marketing companies— GOIL Plc, Shell, TotalEnergies and Star Oil adjusted their pump prices upward.
GOIL and TotalEnergies adjusted their pump prices of petrol to Gh¢13.50 per litre from the previous Gh¢12.95 per litre while diesel was adjusted to Gh¢13.80 per litre.
Shell adjusted its petrol price to Gh¢13.29 per litre while diesel was adjusted to Gh¢13.39 per litre. It previously sold both petrol and diesel at Gh¢12.95 per litre.
Star Oil also adjusted its pump prices for both petrol and diesel at Gh¢12.49 per litre. It previously sold petrol at Gh¢11.99 per litre while diesel was sold at Gh¢12.25 per litre.
Dukes adjusted petrol price to Gh¢12.38 per litre while diesel was adjusted to Gh¢12.45 per litre.
Petrosol Ghana also adjusted its pump prices with petrol selling at Gh¢12.99 per litre while diesel is sold at Gh¢13.19. It previously sold petrol at Gh¢12.65 per litre while diesel was sold at Gh¢12.69 per litre.
Pacific also adjusted its pump prices with petrol selling at Gh¢12.95 per litre while diesel is sold at Gh¢13.15.
Cash Oil also adjusted both pump prices for petrol and diesel at Gh¢12.49 per litre.
Allied is selling petrol at Gh¢12.47 per litre while diesel is sold at Gh¢12.57 per litre.
Lucky Oil is selling petrol at Gh¢12.45 per litre while diesel is sold at Gh¢12.49 per litre.
Zen is selling petrol at Gh¢12.38 per litre while diesel is sold at Gh¢12.49.
Unlike in other parts of Africa where fuel prices are reviewed monthly, in Ghana, fuel prices are reviewed every two weeks.
Source: https://energynewsafrica.com
Kenya: GDC Strikes Huge Geothermal Well In Baringo County
Kenya continues to boost power production in the area of geothermal energy with the latest news being the discovery of a huge geothermal well at Paka Hills, Baringo County, with a capacity of producing 22MW of electricity.
This latest discovery brings GDC’s total potential output in the region to 70MW.
Commenting on the latest discovery, Energy and Petroleum Cabinet Secretary, Davis Chichir described the discovery as a significant milestone which brings Kenya closer to lowering the cost of power.
“It’s a moment of pride for Kenya. By the end of this year, we should be going to tender and invite investors to convert the steam here into electricity,” he said.
He said Kenya Electricity Transmission Company (KETRACO) would start to work on the modalities of evacuating power from Paka Hills to the national grid. It is expected that power from Paka Hills would be cheaper, estimated to cost less than seven US cents.
According to him, an independent power producer in Menengai, Nakuru, is already producing 35MW of power geothermal selling at 6.9 US cents.
“That’s very competitive. It explains why the government is committed towards the development of geothermal resources in the country,” the CS said.
“With such low tariffs and considering that geothermal is green energy, Kenya will attract investors who will also take advantage of our infrastructure like the SGR, ICT and educated workforce,” he added.
The Managing Director and CEO of Geothermal Development Company (GDC), Paul Ngugi said hitting such huge geothermal wells saves time and costs.
“On average, a geothermal well would produce 5MW. Therefore, hitting 22MW is like drilling four wells for one which is a terrific achievement,” he said.
Source: https://energynewsafrica.com
According to him, an independent power producer in Menengai, Nakuru, is already producing 35MW of power geothermal selling at 6.9 US cents.
“That’s very competitive. It explains why the government is committed towards the development of geothermal resources in the country,” the CS said.
“With such low tariffs and considering that geothermal is green energy, Kenya will attract investors who will also take advantage of our infrastructure like the SGR, ICT and educated workforce,” he added.
The Managing Director and CEO of Geothermal Development Company (GDC), Paul Ngugi said hitting such huge geothermal wells saves time and costs.
“On average, a geothermal well would produce 5MW. Therefore, hitting 22MW is like drilling four wells for one which is a terrific achievement,” he said.
Source: https://energynewsafrica.com Uganda: Two Countries To Build 15,000MW Capacity Of Nuclear Power Stations–Says Museveni
Two countries known for their expertise in nuclear power technologies–Russia and Korea—have agreed with the East African nation, Uganda, to build two nuclear power stations that will generate 15,600 megawatts of power.
One of the plants will generate 7,000MW of power while the other will produce 8,400MW.
“We have agreed with Russian and Koreans to build two uranium power stations for electricity,” President of Uganda H.E. Yoweri Museveni said at a coffee summit in Russia a few days ago.
He, however, did not provide details as to how the project would be funded or when it would commence.
Currently, Uganda generates about 1402MW of power but only 800MW is consumed, leaving the rest not consumed, which the government plans to export abroad.
According to President Museveni, Uganda has uranium deposits, which are used for the production of nuclear power, adding that several investors have approached him to mine them for export which he rejected.
“A Western company proposed to mine uranium. I asked them, ‘Mine it and take it where?’ They said to export it. Did I ask to export it for what purpose? They told me, ‘We want to take uranium’,” President Museveni said.
He said he refused because Uganda still has power challenges and that if they wanted uranium, they should start by processing it in Uganda for power generation.
He said he banned the export of raw materials because the country would lose money and jobs if the raw materials are processed abroad.
Citing an example, he said an Indian investor in iron ore approached him to mine and export iron ore to India, but in his investigations, he found out that Uganda is only going to get US$47 (about Shs168, 000) from a tonne of iron ore and if it was processed, the investors would make US$700 (about Shs2.5m) from the quantity of raw materials.
“I told them to process the iron here,” he said.
Source: https://energynewsafrica.com
OPEC+ Oil Supply Plunges By 1.2 Million Bpd As Saudi Arabia Cuts Output
Oil supply from the OPEC+ group dipped in July by 1.2 million barrels per day (bpd) to 50.7 million bpd, the lowest level in nearly two years as Saudi Arabia began its unilateral production cut of 1 million bpd, the International Energy Agency (IEA) said last Friday.
The alliance’s oil production was down by more than 2 million bpd from the start of the year. Over the same period, oil producers outside the OPEC+ group increased their combined production by 1.6 million bpd to 50.2 million bpd. For the rest of the year, the non-OPEC+ production gains are expected to be limited, the IEA said.
OPEC alone saw its crude oil production from all its member states fall by 836,000 bpd to 27.31 million bpd in July, due to a 968,000 bpd decline in Saudi output as the Kingdom nearly delivered its promised 1-million-bpd cut last month.
Saudi Arabia, leader of the cartel and the OPEC+ agreement, saw its crude oil production slump by 968,000 bpd from June to average 9.021 million bpd in July, per OPEC’s secondary sources in its latest monthly report. Due to Saudi Arabia’s cut, the Kingdom’s crude oil production has now fallen below the production of Russia, the key partner of OPEC in the OPEC+ alliance.
Global oil supply plunged by 910,000 bpd to 100.9 million bpd in July, as the Saudi cut more than offset a 310,000 bpd increase in non-OPEC+ supply to 50.2 million bpd last month, the IEA’s estimates showed.
This year, global oil output is set to rise by 1.5 million bpd to a record 101.5 million bpd, with the U.S. driving gains of 1.9 million bpd from non-OPEC+ producers. Next year, non-OPEC+ supply is also set to dominate world supply growth and is expected to increase by 1.3 million bpd while OPEC+ could add just 160,000 bpd, the agency said.
Source:Oilprice.com
The Regional Electricity Market In View: The Relevance Of Independent Power Producers In Regional Electricity Markets (Article)
Independent Power Producers (IPPs) are emerging as transformative agents in regional electricity markets, reshaping the dynamics of energy production, distribution, and consumption. As the global energy landscape undergoes significant shifts towards sustainability and efficiency, the role of IPPs becomes increasingly pivotal. This article explores the relevance of IPPs in regional electricity markets, highlighting their contributions to diversification, market competition, reliability, and renewable energy integration.
Diversification and Market Competition.
IPPs inject diversity into regional electricity markets, offering a range of energy sources beyond traditional fossil fuels. Their participation introduces a broader mix of technologies, such as solar, wind, hydro, and natural gas. This diversification mitigates the risk associated with overreliance on a single energy source, enhances supply resilience, and fosters energy security.
Additionally, IPPs enhance market competition by introducing new players and driving innovation, ultimately resulting in more efficient and cost-effective energy solutions.
Reliability and Resilience
The presence of IPPs bolsters the reliability and resilience of regional electricity markets. Traditional centralized power systems can be vulnerable to single points of failure, leading to widespread outages. IPPs introduce decentralized generation points, reducing the impact of potential disruptions and enhancing grid stability.
Furthermore, their distributed nature supports load balancing and reduces transmission losses, contributing to a more robust and efficient energy network.
Renewable Energy Integration
IPPs play a pivotal role in accelerating the integration of renewable energy sources into regional electricity grids.
With growing concerns about climate change and environmental sustainability, renewable energy technologies have gained prominence.
IPPs specializing in renewables bring expertise and investment to harness solar, wind, and hydroelectric resources, reducing greenhouse gas emissions and promoting a cleaner energy mix.
This shift aligns with global efforts to transition towards more sustainable energy solutions.
Investment and Economic Growth
The involvement of IPPs attracts private sector investment, fostering economic growth in regional electricity markets. These investments not only stimulate the energy sector but also have cascading effects on associated industries and local communities.
The revenue generated from IPP projects contributes to tax bases and infrastructure development, driving job creation and improving overall living standards. This injection of capital amplifies economic dynamism and supports sustainable development.
Independent Power Producers are instrumental catalysts in shaping the future of regional electricity markets. Their contributions extend beyond energy generation, influencing market competition, supply reliability, renewable energy adoption, and economic growth. As regional electricity markets seek to balance sustainability, affordability, and resilience, IPPs emerge as essential partners, driving positive change and fostering an energy landscape that is both dynamic and sustainable.
Source: Dr. Elikplim Kwabla Apetorgbor. He is Power Systems Economist & CEO of the Independent Power Generators, Ghana.
Nigeria: Three West African Nations Owe Nigeria $16 Million Electricity Bills
Three West African nations namely the Republic of Niger, Benin and Togo owe the Federal Republic of Nigeria US$16.11 million for electricity supplied to them in the first quarter (Q1) of 2023.
This is contained in the first quarter of 2023 report by Nigerian Electricity Regulatory Commission (NERC) published on its website.
The report shows the value of electricity sold to four firms namely Paras-SBEE and Transcorp-SBEE, both from the Benin Republic; Mainstream-NIGELEC from Niger; and Odukpani-CEET from Togo.
The Commission said Paras-SBEE owed $3.46 million, Transcorp-SBEE owed $3.85 million, Mainstream-NIGELEC owed $5.48 million, and Odukpani-CEET will pay $3.32 million.
It said the non-remittance by international and bilateral customers continues a trend that should prompt it to invoke the provision of the market rules to curtail the payment indiscipline being exhibited by the various market participants.
The report reads: “None of the under-listed international customers made any payment against the cumulative $16.11 million invoice issued to them in Q1 2023; Paras-SBEE ($3.46 million), Transcorp-SBEE ($3.85 million), Mainstream-NIGELEC ($5.48 million) and Odukpani-CEET ($3.32 million).
“The market operations (MO) issued invoices to all the eight bilateral customers in the NESI in 2023/Q1 which amounted to N842.38 million. During the quarter, only North-South/Star Pipe made a remittance of ₦15.38 million against an invoice of N24.69 million issued to them.
“This means that for the period, the cumulative remittance performance of bilateral customers was 1.83 per cent.”
Source: https://energynewsafrica.com
UK: Natural Gas Price For Electricity Generation To Go Up By 35% In 2025
The price of natural gas for electricity generation in the United Kingdom (UK) is estimated to rise to 35 per cent by 2025, according to a release by Department for Energy Security and Net Zero.
Per the latest updated estimates, by 2025, gas costs for generating electricity in the UK will surge by 35 per cent compared to previous estimates.
According to Department for Energy Security and Net Zero, renewable energy sources would become even more cost-effective than previously anticipated.
Offshore wind is expected to become 23 per cent cheaper, while onshore wind and solar power are projected to be four per cent and seven per cent cheaper respectively.
Solar Energy UK has responded to the latest energy cost estimates with a call for attention to the potential of solar power.
The confirmation that solar farms offer the most cost-effective way to generate electricity in the UK is seen by Solar Energy UK as a wake-up call for those who may have doubted the feasibility of achieving net zero emissions.
The revised levelised cost estimates indicate that solar power affordability surpasses other energy generation methods, the trade association has said.
With projected costs of only £41 per megawatt-hour in 2025, solar energy emerges as a strong contender in the nation’s quest for cleaner and more economical power sources, Solar Energy has noted.
Chis Hewett, Chief Executive of Solar Energy UK, said: “This is yet another ringing endorsement of solar energy in the UK and further justification for the government’s target to reach 70GW of capacity by 2035.
“In Britain, power generated by the sun is now a third of the cost of power made from burning gas and it will only get cheaper. The fastest way to permanently drive down energy bills is to build more renewables.”
Source: https://energynewsafrica.com