Power prices to bounce
back after virus – Endesa
Spanish power prices have been
heavily impacted by the coronavirus
pandemic but should climb
back to EUR 50/MWh once the
crisis is over, said Jose Bogas,
CEO of Spanish utility Endesa,
noting 2021 and 2022 forward
prices were highly affected by the
current health crisis. Endesa was
“assessing a potential change of
strategy” in its hedging for 2022
amid the pandemic’s impact. PB
Spain’s Naturgy to
renegotiate gas deals as
sales slump
Spanish energy firm Naturgy will
renegotiate its gas supply contracts
to adjust to a “new reality”,
as Q1 gas sales had dived 20%
amid the coronavirus crisis, said
CEO Francisco Reynes. The firm
would pursue renegotiations on
a “one on one” basis but did not
rule out arbitration if necessary.
BB
Spanish government
tables draft energy law
The Spanish government has
tabled a draft energy law to
the national parliament after a
two-year delay due to political
wrangling, as the country saw
two general elections in 2019.
The law would form the legal
basis for policies included in the
country’s national energy and
climate plan, which set a carbon
neutrality target by 2050, with
renewables pegged to make up
35% of energy consumption by
the end of this decade. PB, BB
Danes to double offshore
wind with 4 GW “energy
islands”
Denmark’s government plans to
facilitate the construction of two
offshore wind “energy islands”
with a combined generation
capacity of 4 GW by 2030, a
doubling of existing capacity. The
two facilities – one in the North
Sea and another in the Baltic
Sea – should also feature energy
storage or enable the transition
of excess wind power into
hydrogen, the finance ministry
said. The government presented
the plans as part of a new climate
action policy, with the country
aiming to cut emissions by 70%
from 1990 levels by the end of the
decade. OV
Not “crazy” to open new
coal plant – Fortum CEO
Finnish utility Fortum is not
“crazy” to open a new coal-fired
plant in Germany and plans to unveil
a “decarbonisation target” by
year end, CEO Pekka Lundmark
said. He was referring to the
launch of the 1.1 GW Datteln 4
plant this summer, run by Uniper
– in which Fortum had recently
increased its majority share in to
73.4% – with the Finnish group
set to publish a strategic plan for
its ownership of the German utility
by 31 December. Several NGOs
recently urged Fortum stop the
commissioning of Datteln 4, with
Germany looking to exit coalfired
power to meet its climate
goals. OV
Alpiq expands Nordic
presence with Helsinki
office
Swiss utility Alpiq has expanded
its presence in the Nordic region
Montel Magazine 2–2020