Montel Magazine 1 2022 - Uproar over green investm Montel Magazine 1 2022 - Uproar over green investm - Page 11

Market talk

“ unless there are safety reasons to do so ”, he added , a U-turn on previous policy to close 12 reactors by 2035 , which had been aimed at cutting reliance on nuclear energy to 50 %, down from 70 % currently . He also urged state-owned operator EDF to study the feasibility of prolonging reactor lifespans beyond their statutory 50 years , in light of predictions power demand would rise 60 % by mid-century . Macron confirmed France would invest EUR 1bn by 2030 in developing small modular reactors , which range from 10-300 . MB
Scottish Power secures 7 GW ScotWind capacity UK developer Scottish Power secured the seabed rights to develop three offshore wind projects with a total capacity of 7 GW in the ScotWind leasing auction , leading a list of winning bids . A total capacity of 24,826 MW , relating to 17 projects , was awarded in the auction , which would generate around GBP 700m for Crown Estate Scotland . All the proposals selected in the auction must now go through consenting , financing and planning stages . KP
EDF unions to launch legal challenge against Arenh rise France ’ s four biggest energy unions will launch legal action against the government ’ s decision to raise the volume of nuclear
power sold at the Arenh regulated rate . The energy arms of the CGT , FO , CFDT and CFE-CGC unions would bring a case to the country ’ s State Council , its highest administrative court , to quash the move , they said . Forcing state-run EDF to sell more power to rivals at levels four times cheaper than market prices would put the firm in “ major and unprecedented difficulty ”, they said . The government , which has an 84 % stake in EDF , defended the move , saying boosting the annual sale of nuclear volumes sold at the Arenh rate by 20 TWh would help limit rises in household bills to 4 %. ST
EDF delays Flamanville start-up to end 2023 on weld issues French utility EDF has postponed the commercial start-up of its Flamanville nuclear plant by six months to the end of 2023 to repair defective welds , though it warned there were other issues related to corroded valves . The main reason for the delay was the need for more time to repair 110 faulty welds , which would now end in August , four months later than initially scheduled , said Alain Morvan , head of EDF ’ s Flamanville project . “ To date , 70 % of these welds are in progress and 12 are completely finished before heat treatment ,” he said . However , the firm highlighted further issues at the 1.6 GW new generation European pressurised reactor
on the Channel coast and how it was dealing with them , pointing to corroded safety valves . the country ’ s safety watchdog ASN will decide on this issue by the end of June . MB
UK rejects 2 GW interconnector to France The UK government has refused development consent for the 2 GW Aquind power cable that would have linked the south coast of England to Normandy , France . In a notice of the decision from the UK ’ s Department for Business , Energy & Industrial Strategy , consent was refused on the grounds of “ planning harms associated with the scheme ”, impacts on tourism , private losses and a potential delay to the North Portsea Island coastal defence scheme , among other reasons . The company developing the Aquind interconnector – Aquind Ltd – said it would challenge the decision . KP
Uniper secures credit lines to shield from volatility German utility Uniper has secured additional funds to shield itself from risks in a volatile trading environment . “ The reason for the additional financial hedging measures are the unprecedented price increases of partly several hundred per cent within a few months in a highly volatile market environment ,” Uniper CFO Tiina Tuomela said , referring to
skyrocketing energy prices . The Duesseldorf-based utility can now access a EUR 2bn credit facility provided by the German stateowned KFW bank as back-up “ in case of further extreme commodity market developments ”. Similarly , Swiss utility Alpiq has secured financial support from its shareholders to manage increased liquidity and credit risks stemming from Europe ’ s energy price crisis . CD
Poland to add 12 GW green capacity by 2025 – minister Poland will add 12 GW of renewables capacity by 2025 to its existing 16 GW fleet , said renewables minister Tadeusz Zyska . The forecast was based on the outcome of the renewables auctions held to date and grid connection agreements , he added . Zyska urged the development of small , dispersed renewables sources throughout the country . Poland ’ s total renewables capacity stood at 16.3 GW at the end of November , an increase of 4.3 GW from a year earlier and 0.6 GW from October . The country ’ s renewables fleet consists mainly of solar plants ( 7.1 GW ) and onshore wind ( 7 GW ). Poland , reliant on coal-fired plants for 80 % of power consumed , is facing a supply squeeze from 2025 when around 8 GW of old fossil fuel-fired plants face closure due to the loss of EU subsidies . MC
Montel Magazine 1 – 2022
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