EU Needs $460 Billion Investment To Maintain Nuclear Power Capacity
The European Union will need up to $462 billion (450 billion euros) in investment just to keep the current level of its nuclear power generation capacity, the EU Commissioner for Energy, Kadri Simson, said at a nuclear energy forum this week.
Nuclear power will have an important role to play in the EU’s climate targets of low-carbon electricity generation, Simson said at the European Nuclear Energy Forum in Prague.
“The backbone of the future European carbon free power system will be predominantly renewables. But the reality is that these renewables will need to be complemented with a stable Baseload electricity production. This is why nuclear energy is not just a safety and security concern, but also a real solution,” she added.
This year, a year when surging energy prices have highlighted the importance of energy security, the EU is particularly focused on its nuclear power availability.
According to the EU modeling, nuclear power generation will account for around 15%-16% of the EU’s power output in 2030 and 2050, Simson said.
The EU needs a stable generation capacity, at the level of just over 100 GW, in the coming decades. Yet, a lot of investment will be needed to keep that generation capacity in the future.
“Our analysis shows that without immediate investment, around 90% of existing reactors would be shut down around the time when we need them most – in 2030,” Simson noted.
The EU will need between $360 billion (350 billion euros) and $462 billion (450 billion euros) of investment just to maintain the current generation capacity, and another up to $51.3 billion (50 billion euros) in the long-term operation of existing reactors, according to the EU commissioner.
New technology, such as Small Modular Reactors (SMRs), could be the solution to integrate the energy system and decarbonize the sectors that pose the biggest challenge, said Simson, adding that the EU aims to have the first European SMRs go live in the early 2030s.
Source: Oilprice.com
Power Outages As Rare November Storm Hits Florida
More than 300,000 homes and businesses in Florida have been left without power as storm Nicole batters the US state.
States of emergency and evacuation orders are in place, and residents have been told to stay indoors with heavy rain and storm surges forecast.
Two people were killed when they were electrocuted by a downed power line in Orange County in the centre of the state.
Storms of this size so late in the year are extremely rare.
The storm has already lashed the Bahamas as a huge category one hurricane, and caused widespread flooding.
Nicole hit Florida’s eastern coast as a hurricane at 03:00 EST (08:00 GMT) with winds of up to 75mph (120km/h).
These have weakened slightly to around 60mph and Nicole has been downgraded to a tropical storm as it makes its way north-west across the sunshine state.
Since the storm hit in the early hours, more than 600,000 homes and businesses have lost power.
Electricity has been restored to around half of these but 308,000 remain without, according to service providers.
The storm is expected to weaken further as it heads north towards Georgia and the Carolinas, over the next two days.
Its remnants could possibly even hit Ohio, Pennsylvania and New York later in the week.
Most of Florida’s 22 million residents remained under a tropical storm, high wind and storm surge warnings along with local hurricane statements that urged people to stay indoors and watch for flooding.
Source: BBC
The storm has already lashed the Bahamas as a huge category one hurricane, and caused widespread flooding.
Nicole hit Florida’s eastern coast as a hurricane at 03:00 EST (08:00 GMT) with winds of up to 75mph (120km/h).
These have weakened slightly to around 60mph and Nicole has been downgraded to a tropical storm as it makes its way north-west across the sunshine state.
Since the storm hit in the early hours, more than 600,000 homes and businesses have lost power.
Electricity has been restored to around half of these but 308,000 remain without, according to service providers.
The storm is expected to weaken further as it heads north towards Georgia and the Carolinas, over the next two days.
Its remnants could possibly even hit Ohio, Pennsylvania and New York later in the week.
Most of Florida’s 22 million residents remained under a tropical storm, high wind and storm surge warnings along with local hurricane statements that urged people to stay indoors and watch for flooding.
Source: BBC
Ghana: Gov’t Is Planning To Sell TOR—Jinapor
The Government of Ghana is planning to sell the country’s premier refinery, Tema Oil Refinery (TOR), a Ranking Member of the Mines and Energy Committee of Parliament, John Abdulai Jinapor has claimed.
According to him, information available to him indicates that the government intends to hand over the refinery to a private entity.
The 45,000 barrel per stream-day refinery constructed in 1963 has been idle for several months and many are of the view that the incessant hikes in fuel prices could have been averted if the refinery were functioning.
Speaking in an exclusive interview with energynewsafrica.com, Mr John Abdulai Jinapor, who is also the Member of Parliament for Yapei Kusawgu was asked whether he supports calls for the revamping of TOR and he responded in the affirmative.
“We think that TOR can be revamped. TOR can do almost half of our total consumption. Its processing capacity is about 45,000 per stream daily. If you upgrade it, you can even have 65,000 per stream day capacity.
“So as a matter of urgency, I hold the view that something should be done about TOR,” he advised.
In June 2022, this portal reported that a former Managing Director of the refinery, Mr Asante Berko, was returning to the refinery as an investor, this time around, leading a company by the name Decimal Capital Ltd.
On 23rd June 2022, the management of Tema Oil Refinery (TOR), in a statement, confirmed that it had selected Decimal Capital Ltd among other companies they were considering, claiming Decimal Capital Ltd’s proposal was better.
Even though TOR’s statement did not give details of the partnership, energynewsafrica.com’s sources indicate that Decimal Capital Ltd is going to be part of the new management.
According to the statement, the deal “is expected to boost the local supply of refined oil products and help stabilise the Ghana cedi, in the face of the ongoing international oil market crisis.
“A local Transactional Advisor has been contracted by TOR to lead the negotiations in formulating the lease agreement, which is expected to be completed over the next three to four weeks.
“The investment partner is expected to provide funding for a first phase, which will bring the Crude Distillation Unit (CDU) of TOR back on stream to refine about 45,000 barrels per day in the next few months,” parts of the release stated.
However, Mr. Jinapor, who is aware of this yet-to-be-concluded deal, said the government had approached a Chinese company to take over the refinery for five years.
“Let me serve notice that we will not accept the situation where they try to sell TOR for the balance of payment purposes.
“We believe that TOR must be revamped but that must not be an avenue for somebody to use unorthodox, opaque and financially engineered ways for their private benefits. We will not accept that. We will ensure that the right thing is done,” he stressed.
Source: https://energynewsafrica.com
Ghana: Genser Energy Commended For Promoting Local Participation
Genser Energy, a Ghana-based energy solution provider, has been praised for giving opportunities to more Ghanaians to work in providing energy solutions to the industrial and mining sectors of Ghana and other parts of Africa.
The independent power producer, serving multinational clients in the industrial and mining sectors, prides itself on people and focuses on hiring local staff. Over 80 per cent of its staff is Ghanaian.
Genser Energy received high approval ratings from the members of the Energy and Mines Committee of Ghana’s Parliament during a tour of the company’s natural gas power plant, which is providing energy to Gold Fields Ghana Limited’s Tarkwa Mines in the Western Region and the Ejisu Plant Metering Station in the Ashanti Region.
Dr Kwabena Donkor, the MP for Pru East and a member of the committee, said: “As one of the key drivers of local content policy, I am very proud of your participation in the midstream oil and gas sector. You are probably the best example of Ghanaian participation in the midstream sector.
“Genser is the company of the future,” said Emmanuel Armah-Kofi Buah, another member of the committee and a former Energy Minister. “If you are familiar with the Gas Master Plan of Ghana, it’s as if everything that has been envisioned by Ghana, Genser has just picked up and running ahead of everybody.”
In its 15 years of operation, Genser Energy provides summer internship opportunities for undergraduate students from Ghanaian universities, where selected interns have the opportunity to work alongside project engineers and managers in developing existing and new projects. Genser also has a partnership arrangement with the Sponsors for Educational Opportunity (SEO), a non-profit leadership development organization, to recruit National Service Personnel as part of measures to harness their soft and technical skills while building a career.
“It has been a wonderful and admirable journey with Genser. Now and then there are new opportunities and new things to learn,” Nathaniel Nortey Tetteh, who joined Genser Energy as an intern in 2010 from the Kwame Nkrumah University of Science and Technology (KNUST) and now acting as a project manager at the company’s Prestea Gas Plant, said.
“The love for co-workers is admirable and everyone is willing to help, especially the young ones. You’ll never want to miss such an environment because it’s been very great working at Genser. If you want to learn more, the best place for you is Genser because the opportunities are many. The people are loving and very accommodating,” Tetteh said.
For his part, Daniel Ayi, Vice President in charge of Operations at Genser Energy, said they aim to empower indigenous Ghanaians, especially the young ones, in the energy sector.
“Genser is a multinational company with a few foreigners and the rest between 85% to 90% are local engineers. We take the engineers from the universities and train them. Most of our workforce is made up of the youth. We’ve been able to train them to take up certain key positions and with time most of them will graduate to the management level,” Ayi said.
“Genser has come to stay and we want to conquer, especially West Africa to push our power to the neighbouring countries. Genser has training opportunities and plans for the youth in particular. We’re aiming to put the image of Ghana on the world map,” he added.
Nana Osae Nyampong VI, the Board Chairman of Genser Energy, said the company is more interested in creating opportunities for young indigenous locals to blaze the trail in a sector dominated by ex-pats. He said once Ghanaians are empowered it holds the key to turning the economic fortunes of the country.
“We are a Ghanaian company, so we look to Ghana for our staff. It’s only when we cannot get, then we look elsewhere for it,” Nana Nyampong VI said.
Genser Energy focuses on providing affordable and reliable energy and moving toward cleaner sources. It works closely with the government to advance the transition responsibly. The Ghana-based company provides direct and indirect jobs and also brings in foreign direct investment into the country.
Source: https://energynewsafrica.com
IEA Chief: OPEC+ May Have To Rethink Its Decision To Cut Oil Production
The OPEC+ group may have to “rethink” its decision to slash their collective oil production target by 2 million barrels per day (bpd) from November as it further stokes inflation and worsens the economic outlook for oil-importing developing nations, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Bloomberg on Wednesday.
“The recent decision of OPEC+ to cut the production by 2 million barrels a day was definitely not helpful,” Birol said, commenting on the global economic prospects.
The OPEC+ decision may need a rethink, he told Bloomberg on the sidelines of the COP27 climate summit in Egypt.
The cut in production increases energy security risks worldwide and could lead to higher oil prices that could be the tipping point for a global recession, the IEA said in its Oil Market Report for October, describing the OPEC+ cut as one of the multiplying “disruptive market forces.”
“Disruptive market forces are multiplying as the world struggles to navigate the worst global energy crisis in history. The OPEC+ bloc’s plan to sharply curtail oil supplies to the market has derailed the growth trajectory of oil supply through the remainder of this year and next, with the resulting higher price levels exacerbating market volatility and heightening energy security concerns,” the agency said.
“With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession,” the IEA added in its report last month.
The agency also expressed doubts that the current high prices would incentivize an investment and supply response from non-OPEC producers, considering that U.S. shale keeps discipline and faces supply-chain issues and cost inflation.
Global energy security requires continued investment in fossil fuels, alongside major investments in renewables, Birol told Bloomberg today.
That’s a stark contrast from the IEA’s 2021 warning that if the world is to reach net zero by 2050, it wouldn’t have to invest in new oil and gas supply after 2021.
Oilprice.com
Ghana: NPA Moves To Avert Flooding In Koforidua Filling Stations
Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), and other stakeholders have outlined measures to avert the recurrence of flooding at fuel-filling stations in Koforidua in the Eastern Region.
The short, medium and long-term measures include the reengineering of the Okuma River storm drain, dredging of the storm drain, halting of further development in the wetland areas, perforation of holes through the walls of the filling stations and regular inspections.
Others are the development of a buffer zone along the Okuma River and the discouragement of the people from throwing debris into the river to allow for the free flow of water.
The actions were agreed upon last Tuesday by the stakeholders, including the Ghana Highways Authority, the Department of Urban Roads, the National Disaster Management Organization (NADMO) and the Ghana National Fire and Rescue Service, after an inspection of three filling stations in Koforidua that were flooded on October 2, 2022.
The flooding led to the closure of Vivo Energy, Frimps and GOIL filling stations.
GOIL and Frimps, which have passed the water presence, observation well, marker concentration and product purity tests conducted by the NPA have been allowed to start operations. But Vivo Energy, which has failed the tests, remains closed.
A Deputy Chief Executive of NPA, Mr Perry Okudzeto, supported by the Director of Quality Assurance of NPA, Mr Theophilus Mohenu, visited the filling stations in the company of the Eastern Regional Minister, Mr Seth Kwame Acheampong, and heads of the other state institutions.
In his remarks at a stakeholders’ meeting after the inspection, Mr Okudzeto said the Eastern Regional NPA team did an initial assessment of the filling stations, after which a team of directors and senior officers from Accra also inspected the affected outlets and presented a report to management.
Mr. Okudzeto said he was detailed by the Chief Executive Officer, Dr Mustapha Abdul-Hamid, to go and learn at first-hand what had happened, have a discussion with stakeholders and put measures in place to avert any disaster at the filling stations in future.
He said the NPA did not intend to close the retail outlets, but fashion out how they could be supported to operate in a safer environment.
“Not a case to shut them down but what we can do for them to operate in a safer environment so that if the flood happens, they will be safer and help other outlets in the city to avoid being submerged,” he explained.
Consequently, Mr Okudzeto said two of the filling stations, Frimps and GOIL, which had met the prescribed requirements, had resumed operations and indicated that Vivo Energy would also be allowed to start operations once it passed the tests.
In his remarks, Mr Mohenu said it was industry practice for retail outlets to check for water in their petroleum products every morning.
However, he said the attention of Authorities had been drawn to the fact that many of them were not complying with that requirement.
Consequently, he said three weeks ago, the NPA wrote letters to Oil Marketing Companies (OMCs), stating that retail outlets needed to check for water in their products every morning and record it.
Mr Mohenu said the NPA team would be visiting the retail outlets monthly to check for water and the quality of products and compare with what had been recorded.
He cautioned that appropriate actions would be taken against retail outlets that would be found to have falsified their recordings.
For his part, Mr Acheampong affirmed the commitment of the government to creating the enabling environment for businesses, including retailing petroleum products to thrive.
Source: https://energynewsafrica.com
In his remarks at a stakeholders’ meeting after the inspection, Mr Okudzeto said the Eastern Regional NPA team did an initial assessment of the filling stations, after which a team of directors and senior officers from Accra also inspected the affected outlets and presented a report to management.
Mr. Okudzeto said he was detailed by the Chief Executive Officer, Dr Mustapha Abdul-Hamid, to go and learn at first-hand what had happened, have a discussion with stakeholders and put measures in place to avert any disaster at the filling stations in future.
He said the NPA did not intend to close the retail outlets, but fashion out how they could be supported to operate in a safer environment.
“Not a case to shut them down but what we can do for them to operate in a safer environment so that if the flood happens, they will be safer and help other outlets in the city to avoid being submerged,” he explained.
Consequently, Mr Okudzeto said two of the filling stations, Frimps and GOIL, which had met the prescribed requirements, had resumed operations and indicated that Vivo Energy would also be allowed to start operations once it passed the tests.
In his remarks, Mr Mohenu said it was industry practice for retail outlets to check for water in their petroleum products every morning.
However, he said the attention of Authorities had been drawn to the fact that many of them were not complying with that requirement.
Consequently, he said three weeks ago, the NPA wrote letters to Oil Marketing Companies (OMCs), stating that retail outlets needed to check for water in their products every morning and record it.
Mr Mohenu said the NPA team would be visiting the retail outlets monthly to check for water and the quality of products and compare with what had been recorded.
He cautioned that appropriate actions would be taken against retail outlets that would be found to have falsified their recordings.
For his part, Mr Acheampong affirmed the commitment of the government to creating the enabling environment for businesses, including retailing petroleum products to thrive.
Source: https://energynewsafrica.com
COP27: Ghana Needs U$561Billion To Achieve Net Zero Emissions By 2070—Akufo-Addo
Ghana says it will require a total of five hundred and sixty-one billion dollars (US$561.8 billion) to implement its energy transition policy initiatives to be able to achieve net zero emissions by 2070.
President of the West African nation, Nana Akufo-Addo revealed this when he addressed a high-level meeting on ‘Sustainable Energy for All’, organised by Bloomberg philanthropists on the sidelines of the ongoing United Nations Climate Change Conference (COP27) at Sharm el-Sheikh, Egypt.
Ghana’s Ministry of Energy, last year, constituted an Energy Transition Committee to solicit views from stakeholders to develop an Energy Transition Framework.
Touching on the Energy Transition Framework, President Akufo-Addo stated that all existing policies have been considered and the programmes are being implemented towards achieving Ghana’s Nationally Determined Contributions.
“Wide stakeholder consultations were held to ensure that the energy transition issues in various parts of the country were captured and addressed in the framework. These included organised and non-organised labour, market women, academia, Ministries, Departments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs) and the international community,” he said.
He explained that the Framework provides the optimal and sustainable pathway for fuel supply security, diversified energy mix and cost-efficient electricity generation, with an estimated generation tariff of fewer than 4.5 cents per kilowatt hour to accelerate the socio-economic development of Ghana.
“Ghana aims to achieve universal access by 2024. The Energy Transition Framework will meet the future electricity demand of 380 Terawatt-hours, with a corresponding installed capacity of 83 Giga-Watts. Ghana’s diversified energy mix will include 21 Gigawatts of renewable energy installed capacity, which will provide the opportunity to enjoy a greater share in the renewable energy carbon credit market,” he added.
The President continued: “The transition will mitigate 200 million tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”
Source: https://energynewsafrica.com
Emissions Still Rising, Climate Chaos Imminent—UN Chief Warns
The United Nations Secretary-General, Antonio Guterres, has revealed that the last eight years on the planet earth have been the hottest and climate chaos irreversible as emissions around the world are still growing.
According to a report produced by a UN agency, World Meteorological Organisation (WMO), the situation is leaving the climate goals set out in the 2015 Paris Climate Accords “barely within reach.”
The report noted that the rate of sea level rise has doubled since 1993 and that the global average temperature in 2022 is about 1.15°C above the 1850-1900 pre-industrial average.
According to the WMO, 2023 is only expected to bring a rise in the average temperature, with the chilling effects of the La Nina weather pattern set to recede at the end of 2022.
The Greenland ice sheet, located 3,200 meters above sea level, lost mass for the 26th consecutive year, and, in September, rain, rather than snow, was recorded on the sheet for the first time.
In the European Alps, glacier melt was at record levels, with average thickness losses measured between three and four meters, “substantially more than in the previous record year [of] 2003,” the report said.
“The greater the warming, the worse the impacts,” WMO Secretary-General Professor Petteri Taalas warned.
“We have such high levels of carbon dioxide in the atmosphere now that the lower 1.5°C of the Paris Agreement is barely within reach.”
“It’s already too late for many glaciers and the melting will continue for hundreds if not thousands of years, with major implications for water security,” Taalas said.
Taalas added that often “those least responsible for climate change suffer most,” but posited that this year, “even well-prepared societies” suffered from extreme weather events, a possible reference to Hurricane Ian, which ravaged the US state of Florida in September.
On the opening day of the COP27 UN Climate Summit, António Guterres, the UN Secretary-General, told delegates, “Emissions are still growing at record levels…that means our planet is on course for reaching tipping points that will make climate chaos irreversible and forever bake in catastrophic temperature rise.”
Guterres implored the global community to use the conference, which is taking place in the Egyptian resort town of Sharm el-Sheikh, as an opportunity to “rebuild trust and re-establish the ambition needed to avoid driving our planet over the climate cliff.”
Source: https://energynewsafrica.com
Nigeria Will Require 834 Trillion Naira To Meet Net Zero Target-Report
Nigeria has revealed that it will require $1.9trillion or 834trillion Naira to attain net zero by 2060 as part of its support to the global fight against climate change and meeting the country’s Energy Transition Plan.
According to a report filed by The PUNCH, the West African nation stated the amount in its Energy Transition document.
Per the report, the country wants to spend $10bn or N4trn annually over the coming decades.
There would be incremental investments from 2021 through 2060 to attain the plan.
A breakdown of the required spending by the sector shows that $135bn will be spent in the infrastructure sector, while $150bn is to be spent on the power sector.
Also, $12bn will be expended on the oil and gas sector; $21bn on the industry; $79bn on the cooking sector; and $12bn on the transport sector.
Source: https://energynewsafrica.com
Ghana: Zambian Energy Board Visits NPA To Tap Expertise
A seven-member delegation from the Energy Regulatory Board of Zambia is in Ghana to understudy the operations of the National Petroleum Authority (NPA) in the regulation of the petroleum downstream industry.
The delegation will seek to have a better insight into the implementation of price deregulation, fuel marking, electronic cargo tracking and the Unified Petroleum Price Fund (UPPF).
As part of the study visit, the delegation will visit the Bulk Oil Storage and Transportation (BOST) depot in Akosombo in the Eastern Region to have hands-on experience in their operations.
Welcoming the delegation at the NPA in Accra today, Monday, a Deputy Chief Executive of NPA, Mr. Perry Okudzeto said the collaboration between countries was critical now, especially for regulators of the energy industry.
For instance, he said with the crisis in the energy industry, access to forex and petroleum products has become difficult.
Therefore, Mr. Okudzeto said such collaboration and sharing of experiences were crucial to helping member countries to come out of the storm.
He assured the delegation of the NPA’s readiness to take it through its operations, including visits to system areas in Accra and Tema “to gain insight into what we do.”
The leader of the delegation, Mr. Simweemba Buumba thanked the NPA for accepting the request to understand Ghana’s downstream industry.
He said his team was ready to learn from NPA and affirmed the commitment of Zambia to continue its collaboration with Ghana.
“We look forward to learning from you. The collaboration will continue,” he said.
Giving an overview of Ghana’s downstream petroleum industry, the Director of Policy Coordination of NPA, Mrs. Sheila Abiemo said the deregulation regime introduced by the government had brought about price decontrol and transparent pricing and ensured the implementation of the UPPF regime.
She said the NPA regulates the importation of crude oil and refined petroleum products and indicated that the Authority supplies the products to the power, aviation and mining industries as well as the retail markets.
Mrs. Abiemo mentioned illegal imports, pricing issues, delayed payments of premix and residual fuel oil (RFO) subsidies and inadequate storage infrastructure as some of the challenges in the industry.
She said the NPA had taken steps to address the challenges while also intensifying education to get compliance.
For his part, the UPPF Coordinator, Mr Jacob Amuah said the implementation of the UPPF regime had ensured equal prices of petroleum products across the country and reduced dumping and fraudulent claims.
Source: https://energynewsafrica.com
Welcoming the delegation at the NPA in Accra today, Monday, a Deputy Chief Executive of NPA, Mr. Perry Okudzeto said the collaboration between countries was critical now, especially for regulators of the energy industry.
For instance, he said with the crisis in the energy industry, access to forex and petroleum products has become difficult.
Therefore, Mr. Okudzeto said such collaboration and sharing of experiences were crucial to helping member countries to come out of the storm.
He assured the delegation of the NPA’s readiness to take it through its operations, including visits to system areas in Accra and Tema “to gain insight into what we do.”
The leader of the delegation, Mr. Simweemba Buumba thanked the NPA for accepting the request to understand Ghana’s downstream industry.
He said his team was ready to learn from NPA and affirmed the commitment of Zambia to continue its collaboration with Ghana.
“We look forward to learning from you. The collaboration will continue,” he said.
Giving an overview of Ghana’s downstream petroleum industry, the Director of Policy Coordination of NPA, Mrs. Sheila Abiemo said the deregulation regime introduced by the government had brought about price decontrol and transparent pricing and ensured the implementation of the UPPF regime.
She said the NPA regulates the importation of crude oil and refined petroleum products and indicated that the Authority supplies the products to the power, aviation and mining industries as well as the retail markets.
Mrs. Abiemo mentioned illegal imports, pricing issues, delayed payments of premix and residual fuel oil (RFO) subsidies and inadequate storage infrastructure as some of the challenges in the industry.
She said the NPA had taken steps to address the challenges while also intensifying education to get compliance.
For his part, the UPPF Coordinator, Mr Jacob Amuah said the implementation of the UPPF regime had ensured equal prices of petroleum products across the country and reduced dumping and fraudulent claims.
Source: https://energynewsafrica.com
COP27: IRENA Director General Calls On Global Leaders To Bridge Renewable Energy Deployment Gap
The Director-General of the International Renewable Energy Agency, IRENA, Francesco La Camera, has called on global leaders to invest in renewable energy sources to bridge the renewable deployment gap in pursuit of resilience, energy security and inclusive economies.
According to the IRENA Director-General, renewables are the backbone of the energy transition and a viable climate solution.
Sadly, he noted that out of the 183 parties to the Paris Agreement with renewable energy components in their Nationally Determined Commitments (NDCs), only 143 have quantified targets with the vast majority focusing on the power sector. Only 12 countries had committed to a percentage of renewables in their overall energy mixes.
“At a time when we desperately need to see rapid implementation, I call on world leaders to urgently close the renewable deployment gap in pursuit of resilience, energy security and inclusive economies. IRENA’s report is a warning to the international community telling them that renewables offer a readily achievable climate solution but require immediate action. Climate pledges must enhance ambition to unlock the full and untapped potential of renewables.
“There is a need for real urgency. Despite some progress, the energy transition is far from being on track,” he added.
“Any near-term shortfall in action will further reduce the chance of keeping 1.5°C within reach. Under the COP27 slogan ‘Together for implementation’, we must move from promises to concrete solutions to benefit people and communities on the ground,” IRENA’s Director-General Francesco La Camera said in a statement issued on Monday at the opening of the United Nations Climate Change Conference in Egypt.
To achieve current targets by 2030, IRENA stressed that countries would need to add 2.3 TW of capacity, equivalent to average yearly additions of 259 gigawatts (GW) in the next nine years.
This is below the actual installed capacity added in the past two years—in 2020 and 2021, despite the complications that resulted from the covid-19 pandemic and consequent supply chain disruptions, the world added almost 261 GW each year.
Furthermore, renewable power targeted by 2030 remains concentrated in a few regions globally.
Asia makes up half of the global targeted capacity, followed by Europe and North America.
In comparison, the Middle East and North Africa account for just three per cent of global deployment targets for 2030, despite the region’s high potential. And Sub-Saharan Africa accounts for just over two per cent of the total global for 2030.
The countries targeting the highest level of deployment are all part of the G20, making up almost 90 per cent of the global aggregated target. Although they make up a small share of past renewable deployment, aggregated targets by least developed countries (LDCs) and small island developing states (SIDS) would double their current renewable capacity.
Source: https://energynewsafrica.com
Egypt: Ghana Is Committed To Increasing Share Of Renewable Energy—President Akufo-Addo
The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has assured the global community of Ghana’s full commitment to increasing the country’s share of renewable energy in the energy mix.
Speaking at a High-Level Event on Sustainable Energy for All, organised by Bloomberg Philanthropies, on the sidelines of COP27 in Sharm el-Sheikh, Egypt, President Akufo-Addo stated that “we will continue to increase the share of renewable energy in our electricity generation mix, as well as explore the options of hydrogen gas and other clean energy sources to meet our energy needs.”
According to President Akufo-Addo, “Energy transition has become a global responsibility for us all, especially given the impact of climate change, and the global energy crisis brought forth by the Russian invasion of Ukraine.”
With Ghana being a signatory to the Paris Agreement and other international conventions which require the country to reduce her carbon dioxide emission levels, he indicated that it has become imperative for Ghana to develop plans and strategies toward the creation of a net-zero energy sector, whilst aggressively pursuing the nation’s economic development.
“Our updated Nationally Determined Contributions, under the Paris Agreement, affirm the country’s resolve to address the impacts of climate change and build a resilient economy for our people,” he stressed.
President Akufo-Addo continued, “Ghana’s position on energy transition is to continue the responsible exploitation of our natural resources for our development and transition at our own pace. The Government of Ghana is mindful of the actions of the developed countries about the energy transition, and their effect on us.”
To this end, he told the gathering that it has, thus, become necessary for the Government of Ghana to develop an Energy Transition Framework that will guide the country as the entire world moves towards realizing net zero.
The President also said that the Government of Ghana, being mindful of the implications of such a framework and its implementation on the entire economy, directed the Committee to undertake extensive stakeholder consultations, in addition to expert input, to produce the National Energy Transition Framework to guide its transition to a net-zero economy by 2070 in a just and equitable manner, as well as minimise possible stranded assets and job losses in the oil and gas sector.
The total cost of the transition is estimated at five hundred and sixty-one billion dollars (US$561.8 billion), the President added.
Energy Transition
President Akufo-Addo also addressed the High-Level Meeting on ‘Just Energy Transition’, where he indicated that Ghana has developed a National Energy Transition Framework to provide the vision and guidance for Ghana’s energy transition.
In preparing this framework, the President stated that all existing policies were considered and the programmes that are being implemented towards achieving Ghana’s Nationally Determined Contributions.
“Wide stakeholder consultations were held to ensure that the energy transition issues in various parts of the country were captured and addressed in the framework. These included organised and non-organised labour, market women, academia, Ministries, Departments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs) and the international community,” he said.
He explained that the Framework provides the optimal and sustainable pathway for fuel supply security, diversified energy mix and cost-efficient electricity generation, with an estimated generation tariff of fewer than 4.5 cents per kilowatt hour to accelerate the socio-economic development of Ghana.
“Ghana aims to achieve universal access by 2024. The Energy Transition Framework will meet the future electricity demand of 380 Terawatt-hours, with a corresponding installed capacity of 83 Giga-Watts. Ghana’s diversified energy mix will include 21 Gigawatts of renewable energy installed capacity, which will provide the opportunity to enjoy a greater share in the renewable energy carbon credit market,” he added.
President continued, “The transition will mitigate 200 million tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”
Source: https://energynewsafrica.com
President Akufo-Addo continued, “Ghana’s position on energy transition is to continue the responsible exploitation of our natural resources for our development and transition at our own pace. The Government of Ghana is mindful of the actions of the developed countries about the energy transition, and their effect on us.”
To this end, he told the gathering that it has, thus, become necessary for the Government of Ghana to develop an Energy Transition Framework that will guide the country as the entire world moves towards realizing net zero.
The President also said that the Government of Ghana, being mindful of the implications of such a framework and its implementation on the entire economy, directed the Committee to undertake extensive stakeholder consultations, in addition to expert input, to produce the National Energy Transition Framework to guide its transition to a net-zero economy by 2070 in a just and equitable manner, as well as minimise possible stranded assets and job losses in the oil and gas sector.
The total cost of the transition is estimated at five hundred and sixty-one billion dollars (US$561.8 billion), the President added.
Energy Transition
President Akufo-Addo also addressed the High-Level Meeting on ‘Just Energy Transition’, where he indicated that Ghana has developed a National Energy Transition Framework to provide the vision and guidance for Ghana’s energy transition.
In preparing this framework, the President stated that all existing policies were considered and the programmes that are being implemented towards achieving Ghana’s Nationally Determined Contributions.
“Wide stakeholder consultations were held to ensure that the energy transition issues in various parts of the country were captured and addressed in the framework. These included organised and non-organised labour, market women, academia, Ministries, Departments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs) and the international community,” he said.
He explained that the Framework provides the optimal and sustainable pathway for fuel supply security, diversified energy mix and cost-efficient electricity generation, with an estimated generation tariff of fewer than 4.5 cents per kilowatt hour to accelerate the socio-economic development of Ghana.
“Ghana aims to achieve universal access by 2024. The Energy Transition Framework will meet the future electricity demand of 380 Terawatt-hours, with a corresponding installed capacity of 83 Giga-Watts. Ghana’s diversified energy mix will include 21 Gigawatts of renewable energy installed capacity, which will provide the opportunity to enjoy a greater share in the renewable energy carbon credit market,” he added.
President continued, “The transition will mitigate 200 million tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”
Source: https://energynewsafrica.com Ghana: Eni Strikes More Oil In Aprokuma -1X Well Offshore Cape Three Points
Italian oil and gas major, Eni, has made an oil discovery at the Aprokuma-1X well at the Cape Three Points offshore Republic of Ghana, energynewsafrica.com can report.
The discovery was made at the Aprokuma-1X well located at the block 4.
It is not clear what the volume of the discovery is but further studies are being conducted to determine whether it merits appraisal or not
“They made a discovery in the Cape Three Points block 4 but are doing further studies to determine whether it merits appraisal or not,” a source told energynewsafrica.com.
Eni is an operator with 44.44 per cent of the permit for OCTP, which is governed by a concession agreement.
The block, which has reserves of about 40 billion m3 of non-associated gas and 500 million barrels of oil, is located about 60 kilometres off the coast of western Ghana.
Source: https://energynewsafrica.com
Germany To Allocate $83 Billion For Energy Price Caps In 2023
The German government plans to spend as much as $82.8 billion (83.3 billion euros) on funding a planned cap on electricity and gas prices next year as it looks to help businesses and consumers who are coping with high energy costs, Reuters reported, citing a draft proposal it had seen.
The proposed financing for energy price caps would represent 42% of the planned $199 billion (200 billion euros) “defensive shield” to protect companies and consumers against the impact of soaring energy prices.
At the end of September, the German government said that it would ditch earlier plans for a gas levy on consumers and instead would introduce a gas price cap to curb soaring energy bills.
Last month, a panel of experts proposed measures to alleviate the impact of soaring energy prices on consumers, with steps including a one-off payment and subsidizing more than half of the expected gas consumption.
The experts recommended giving households and businesses a one-off payment worth a month of their respective gas bills and subsidizing between 60% and 80% of the expected gas consumption, while consumers will pay the rest at market prices.
The one-off payment is planned to be made in December, while the plan for the gas price cap was to be implemented in March or April 2023.
The commission will propose measures to blunt the impact of soaring energy prices on large industrial consumers at a later stage.
The expert gas commission in Germany has submitted a final proposal to the government, calling for a gas price cap at $0.12 (12 euro cents) per kilowatt hour to cover 80% of household gas consumption beginning in March and running until April 2024, Reuters reported last week.
The gas price cap is meant to aid households that are now dealing with gas prices that are over 2.5 times higher than this time last year as soaring energy prices risk industrial shutdowns and job losses in Europe’s biggest economy.
Source: Oilprice.com