Latest news with #greenpower
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Malaysia, Singapore explore importing wind energy from Vietnam
Sembcorp Industries Ltd said the 'industry alliance' will look to export green electricity, especially offshore wind power, from Vietnam. (ADB pic) KUALA LUMPUR : Major power companies in Singapore, Malaysia and Vietnam have agreed to explore renewable energy links across their borders, as Southeast Asia takes steps to realise its long-held vision of a regional supergrid. The 'industry alliance' will look to export green electricity, especially offshore wind power, from Vietnam to the other two countries, according to a statement from Singapore's Sembcorp Industries Ltd today. The pact comes as the Association of Southeast Asian Nations steps up efforts to connect its 10 member countries through a regional power grid, which is seen as critical to meeting ambitious climate targets and voracious demand from sectors like artificial intelligence and data centres. Still, the region will need to significantly ramp up grid investment to accommodate rapidly expanding renewables. Announced on the sidelines of an Asean summit in Kuala Lumpur, the collaboration will bring together a unit established by Malaysian utility Tenaga Nasional Bhd and state-owned oil and gas company Petroliam Nasional Bhd and subsidiaries of Sembcorp and PetroVietnam, the statement said. The countries will evaluate the feasibility of exporting clean energy from Vietnam to Malaysia and Singapore via a new subsea cable and through the Malaysian grid, the statement said. Currently, there are more than a dozen projects underway in Asean related to the regional power grid.
Reuters
26-05-2025
- Business
- Reuters
Italy's Enel to raise US green energy capacity with wind farms swap
MILAN, May 26 (Reuters) - Italy's biggest utility Enel ( opens new tab has signed a swap deal with U.S. Gulf Pacific Power covering some wind farm assets which will boost its net consolidated green capacity in the United States by 285 megawatts, it said on Monday. The deal is part of Enel's strategy to up its generation capacity from renewable sources also through the acquisition of so-called 'brownfield' assets, which are projects already in operation. Enel's total net installed consolidated green capacity in the United States amounted to 11,620 MW in the first quarter of 2025. Enel, through its subsidiary Enel Green Power North America, will pay GPP about $50 million, subject to an adjustment mechanism. It did not specify the assets that will be included in the agreement. The deal, when completed, will boost the group's ordinary earnings before interest, taxes, depreciation and amortisation (EBITDA) by approximately $50 million. The transaction will increase its net financial debt by about $20 million.
Wall Street Journal
21-05-2025
- Business
- Wall Street Journal
The $10 Billion AI Startup That Thinks It Is an Energy Company
In just ten years, Octopus Energy has gone from being a startup run by a handful of whiz kids, to a successful global business with several thousand employees and a valuation close to $10 billion. Visitors to its bright pink London office include Hollywood stars such as Idris Elba and top-tier politicians like U.K. Prime Minister Keir Starmer and former U.S. Vice President Al Gore. And earlier this year, it became the largest household energy supplier in Britain, providing green power to more than 7 million consumers in the U.K. and close to 10 million globally.
Reuters
19-05-2025
- Business
- Reuters
Denmark plans offshore wind tender with up to $8.3 bln subsidy
COPENHAGEN, May 19 (Reuters) - Denmark will launch an offshore wind tender with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion). The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting governments to halt or postpone tenders due to a lack of interest from bidders. "We need more secure green power and energy to make Denmark and Europe independent of energy from Russia," Energy Minister Lars Aagaard said in a statement. The bids offered in the tender will determine the level of subsidy needed, with a cap set at 55.2 billion crowns over 20 years. "It is the bid price and the development of electricity prices that determine whether it will be necessary to support the projects, or whether money will come to the state," the ministry said. Denmark in January announced it would halt all ongoing offshore wind tenders to revamp its model, saying that a framework where no subsidies were offered did not work under existing market conditions. A month earlier, the Nordic country had failed to attract any bids in its biggest offshore wind tender yet, with analysts pointing to a rigid auction model and a failure to adapt to a changed economic reality for renewable energy projects. Denmark has been a pioneer in both onshore and offshore wind, and is home to turbine maker Vestas ( opens new tab and the world's largest offshore wind developer Orsted ( opens new tab. ($1 = 6.6318 Danish crowns)
