🌞 Energy Futures #43

Happy Monday 👋

ACWA Power announced a transformative $7B investment in renewable energy projects across Africa, aimed at delivering clean energy to approximately 200,000 households while reducing carbon emissions. In the U.S., NextEra Energy secured 10.5GW renewables and storage deals, showcasing its commitment to enhancing clean energy capacity. KKR’s acquisition of a 25% stake in Eni's biofuel subsidiary, Enilive, for $3.17B, further reinforces investment in sustainable energy solutions. Rising gas prices in Europe, exacerbated by geopolitical tensions and diminished wind output, triggered market volatility, with the Dutch TTF hub benchmark reaching €42.20/MWh. In the UK, the government increased support for critical mineral importers to strengthen domestic manufacturing and reduce reliance on foreign sources.

What's new?
HolonIQ’s new Green Skills Map and Workforce section reveal industry-wide sustainability skills and jobs, as well as workforce development initiatives, supporting upskilling for a sustainable economy.

🌅 New Energy

🌍 ACWA Power Invests $7B in African Renewable Energy Projects. ACWA Power, a Saudi Arabian electric power generation company, is investing $7B in renewable energy projects in Africa, which will provide clean energy to around 200,000 households and significantly reduce carbon emissions.

⚡ World's Largest Undersea Energy Project Links Australia and Asia. The Australia-Asia PowerLink (AAPowerLink), a groundbreaking 5,000-kilometer subsea energy project, will link Australia and Asia to supply up to 15% of Singapore’s electricity demand, reducing CO2 emissions by 8.6 million tons annually.

☀️ Record Renewable Energy Generation in Europe. In the third quarter of 2024, Europe achieved record-breaking renewable energy generation, with solar power reaching 94 TWh and wind power 104.7 TWh, driven primarily by Germany, Italy, Spain, and Britain. Solar generation rose 15% from the previous year, while wind output set a third-quarter record. 

🔌 Utilities

⚡️ NextEra Energy Secures Massive 10.5GW Renewables and Storage Deals. NextEra Energy, a leading clean energy company, secured massive 10.5GW deals for renewables and storage projects with unnamed firms outside the technology sector.

🔋 Li-S Energy Achieves Major Breakthrough in Lithium-Sulfur Battery Technology. Li-S Energy, an Australian battery tech company, announced that its latest lithium-sulfur battery technology iteration achieved an energy density close to 500 Wh per kilogram, marking a major performance improvement.

⚡️ AI Weather Forecasting Technology Aids Power Grid Resilience. AI-driven weather forecasting, developed by Argonne National Laboratory and top tech firms, is set to revolutionize utilities' ability to predict storm threats, potentially reducing power outages. Using AI models trained on ECMWF historical weather data, scientists in the U.S., Europe, and China are achieving faster, more accurate 12-day forecasts.

⛽ Oil & Gas

⚠️ Rising Gas Prices in Europe Amid Geopolitical Tensions. Gas prices in Europe are rising due to geopolitical tensions and lower wind output, with the Dutch TTF hub benchmark reaching €42.20/MWh. Increased gas demand is anticipated, especially in Britain, where usage could rise by 32 million cubic meters per day. The ongoing conflict in the Middle East adds a risk premium to gas prices, leading to potential market volatility. European gas storage remains high at 95.31% capacity.

⛽ India's Rising Gas Demand Outpacing Local Production. India's gas consumption is expected to nearly double by 2040, reaching 113.7 billion cubic meters, driven by population growth and economic expansion. Despite a projected 51% increase in domestic production by 2025, the country will still rely heavily on imports, particularly from the Middle East, where significant uncontracted LNG volumes present favorable opportunities for securing supply.

🐄 Madison County Dairy Farm Hosts $25M Renewable Natural Gas Facility. Full Circle Dairy, established a $25M renewable natural gas facility in Lee, Florida, capturing methane from manure produced by its 3,700 cows. An initiative to prevent methane emissions and repurpose the gas as fuel for homes and businesses.

💎 Mining and Metals

⛏️ UK to Support Critical Mineral Importers in Budget. The UK government enhanced financial support for companies importing critical minerals, including lithium, graphite, and cobalt. This initiative, spearheaded by Chancellor Rachel Reeves, aims to strengthen domestic manufacturing and reduce dependency on Chinese imports. Eligible importers will have access to UK Export Finance, provided they secure long-term contracts with UK exporters. 

⛏️ Major lithium mine approved in Nevada to support domestic supply of critical minerals. The U.S. Department of the Interior (DOI) and the Bureau of Land Management (BLM) approved the Rhyolite Ridge Lithium-Boron mining project in Nevada to support a domestic supply of critical minerals.

⛏️ Canadian Government Boosts Major Mining Project Near Stikine River. The Canadian government is investing $15M to develop the Galore Creek mining project, which focuses on extracting copper and gold from a site near the Stikine River. This funding will facilitate the construction of a crucial road, enhancing access to significant mineral reserves.

🛠️ Skills and Workforce

HolonIQ is now tracking reskilling and upskilling initiatives critical in bridging workforce gaps. Impact industries are rapidly evolving, fueled by technological advancements, decarbonization, geopolitical dynamics, and socio-economic factors. To that extent, these sectors require considerable workforce/professional development initiatives to enhance workers' capabilities, boost economic growth, and promote social well-being. Read on for this week’s insights.

🌱 UK must address green skills shortfall. The City & Guilds Impact Report 2024 revealed a significant increase in demand for green skills, with the organization providing 13,545 certifications in 2023-24. The report showed particularly strong support among business owners (76%) for investment in ecological, environmental, sustainability, and other ‘green skills’ essential to boosting short- and long-term productivity. More than a quarter of business owners (27%) identified green skills gaps in existing roles. 

📖 Cornwall College Empowers Students with Green Skills. Cornwall College is providing a Pre-16 Green Skills Construction Pathway to GCSE students across Cornwall to equip them with skills for a sustainable future. Partnering with local schools, Cornwall College has rolled out a series of workshops, assemblies, and after-school clubs, offering students a practical introduction to sustainable practices. The program has already generated a range of student-led projects, highlighting the efforts young people are making toward a greener future.

🎓 CHIETA Highlights Skills Development, Green Hydrogen Milestones. The Chemical Industries Education & Training Authority successfully trained and upskilled over 75,000 people in the chemical sector, of which 74% are youth. These people have acquired new skills that will significantly improve their employability and quality of life, contributing to employment creation and entrepreneurial opportunities across the country. 

🏫 Milton Keynes College Group Opens New Green Skills Centre. Milton Keynes College Group has opened a new Green Skills Centre, specializing in skills required to install energy storage systems, electric car charge points, and solar panels. The courses have been designed with significant input from employers including SJD Electrical Contractors & Engineers and solar and electric vehicle specialist Eden.

HolonIQ has launched the Green Skills Map, an open-source framework initiated to catalog, evaluate, and context components of the rapidly expanding field of green jobs. This comprehensive taxonomy will serve as a resource for understanding the full spectrum and complexity of green skills required across various sectors, thereby enabling a cohesive approach toward achieving net zero and decarbonizing the global economy. Green Skills Map spans 11 areas, 54 sub-areas, and 243 green skills clusters. A snippet of the map covering four areas has been included above. Explore the full map on greenskills.org.

💰 Energy Deals

🌱 KKR to Acquire 25% Stake in Eni's Biofuel Subsidiary Enilive. US fund KKR signed an agreement to acquire a 25% stake in Eni's biofuel subsidiary, Enilive, for $3.17B, with Eni retaining control over the business.

💰 Lithium Americas secures $2.26B loan from U.S. Department of Energy. Lithium Americas, a lithium mining company, closed a $2.26B loan from the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) program.

💰 Gold Fields Acquires Osisko Mining for $1.39B. Gold Fields, a South African gold producer, acquired Canada-based mineral exploration company Osisko Mining for $1.39B.

⚛️ Major funding boost for US fusion start-up Pacific Fusion. Pacific Fusion, a US-based start-up, raised $900M in Series A funding to develop high-gain pulsed magnetic fusion technology.

Thank you for reading. Have a great week ahead!
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