Montel Magazine 2 - 2020 - Page 24

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