🌞 Energy Futures #41

Happy Monday 👋

A significant factor contributing to the lag in clean energy expansion is the imbalance between clean energy installations and the development of energy storage and distribution networks. This week, India announced a substantial investment of approximately $100B to enhance transmission infrastructure for renewable energy sources, reflecting their focus on addressing critical bottlenecks in its clean energy transition and improving grid capacity to support the growing demand for sustainable power generation. Similarly, Iberdrola pledged a $31B investment to upgrade the UK's energy grid and build new wind farms as part of its commitment to boost Britain's green energy future. This week, Rio Tinto completed its $6.7B acquisition of Arcadium Lithium, making the former the largest mining company in the world. 

🌅 New Energy

⚠️ World Fails First Review of COP Renewable Energy Goal. The International Renewable Energy Agency warned that a dramatic increase in spending is required to get the world back on track to meet the renewable energy goals set at the COP climate conferences.

⚡ India Unveils $109 Billion Green Power Transmission Plan. India has unveiled a $109 billion plan to build transmission infrastructure for renewable energy sources.

☀️ France Achieved Record Solar Capacity Addition in 2023. According to the International Energy Agency (IEA), France installed a record 4GW of solar photovoltaic (PV) capacity in 2023.

🔌 Utilities

🌍 Iberdrola commits $31 Billion to upgrade UK's green energy infrastructure. Iberdrola, owner of Scottish Power, pledges a $31B investment to upgrade the UK's energy grid and build new wind farms as part of its commitment to boost Britain's green energy future.

🌪️  Hurricane Milton Cuts Power to Millions in Florida. Hurricane Milton, a Category 3 storm, made landfall in Florida and caused widespread power outages, cutting electricity to 3 million customers as it dealt another blow to the state's power grid.

⚡ Nigeria's National Power Grid Collapses for the 5th Time in 2024. The Power Holding Company of Nigeria reported that the Nigerian national electricity grid collapsed again on Monday evening, leaving millions without power.

⛽ Oil & Gas

⚠️ Red Sea Oil Tanker Traffic Drops by 50% in 2024, Says EIA. The U.S. Energy Information Administration (EIA) reports that crude oil traffic through the Bab el-Mandeb strait in the Red Sea has decreased by over 50% during the first eight months of 2024.

⚠️ Oil Prices Drop Amid China Briefing and Israel-Iran Tensions. Oil prices fell as a highly anticipated Finance Ministry briefing in China failed to announce additional 

⛽ Global Gas Supply Shortage. The global energy industry reports that the world is facing a shortage of gas supply, and new sources of gas are not being brought online quickly enough to meet the increasing demand.

💎 Mining and Metals

🏭 Turkey Solidifies Position as Europe's Largest Coal-Fired Power Producer. Turkey is cementing its position as Europe's top coal-fired power system. As power systems across Northern Europe are expected to reduce coal usage in power generation further, Turkey's lead in Europe is likely to widen.

⛽ China's Top Miner to Spend $24 Billion on Coal-to-Oil Project. China Energy Investment Corporation, China's biggest coal miner, announced the construction of a massive $24B project to convert coal into oil and supply feedstock for petrochemicals makers.

💰 Energy Deals

⚡ Rio Tinto's $6.7 Billion Lithium Acquisition. Rio Tinto, a mining company, acquired Arcadium Lithium for $6.7B to become a global leader in the lithium industry.

🌱 50Hertz's parent issues $1.9B green bonds. Eurogrid GmbH, the parent company of German transmission system operator 50Hertz, raised $1.9B from green bonds.

💰 Woodside Acquires Tellurian for $1.2 Billion, Gains Control of Driftwood LNG Project. Woodside, an Australian company, acquired Tellurian, a U.S. Gulf Coast company, for $1.2B, giving Woodside control over Tellurian's Driftwood LNG project.

🔋 Form Energy Raises $405 Million for Multi-Day Energy Storage Solution. Form Energy, an energy storage technology company, raised $405M in a Series F financing round to scale up its multi-day energy storage solution for the electric grid.

☀️ Enel Colombia secures $300 Million loan from EIB for solar projects. Enel Colombia, a Latin American utility company, secured a $300M loan from the European Investment Bank to finance the construction of around 486 MW of solar power plants.

Thank you for reading. Have a great week ahead!
Have some feedback or suggestions? Let us know at hello@holoniq.com