Latest news with #renewableprojects
Reuters
2 days ago
- Business
- Reuters
Germany's Uniper to invest $5.8 billion through 2030 in strategy revamp
FRANKFURT, Aug 7 (Reuters) - Germany's Uniper ( opens new tab will invest 5 billion euros ($5.8 billion) through 2030, the state-owned utility said on Thursday, in a strategy update that reflects more sobering expectations for green energy markets. Uniper last year said it would slow down an initial plan of investing 8 billion euros in its transformation by 2030, citing falling returns on renewable projects as well as a delay in the development of hydrogen markets. As a result, several European utilities, including larger peer RWE have come under pressure from investors to review their capital allocation, forcing them to trim ambitious spending plans. "The regulatory and geopolitical environment is challenging," Uniper CEO Michael Lewis said, citing delays to German government plans to build new gas-fired power plants as well as well as a slowing hydrogen ramp-up. "Consequently, we have decided to sharpen the strategic focus of our portfolio through 2030 even more on activities and projects that generate reliable earnings streams." ($1 = 0.8570 euros)
Yahoo
6 days ago
- Politics
- Yahoo
'Big Beautiful Bill' imperils tribe's critical survival project: 'We still have homes that are not electrified'
'Big Beautiful Bill' imperils tribe's critical survival project: 'We still have homes that are not electrified' The vast majority of Americans can expect their electricity to be available when they need it — even though energy rates have risen significantly over the years, and there are emerging concerns about how new technologies could impact grid reliability. However, the One Big Beautiful Bill could uniquely threaten access to electricity for residents on the Hopi Tribe's reservation in Arizona, according to Tribal Business News, leaving tribal members vulnerable to extreme weather conditions, such as heat waves, and economic hardship as they fight to preserve their lands and cultural values. What's happening? President Donald Trump signed the Big Beautiful Bill, also known as House Resolution 1, into law July 4 after months of debate and amendments to the legislation by Congress. As expected, the final version of the bill is slashing many clean-energy tax incentives that the Hopi Tribe has relied on to expand access to electricity on the reservation, including electric credits for renewable projects that have reduced building costs by up to 30% to 50%. This could also imperil utility-scale solar projects meant to replace jobs and revenue after the 2019 closing of the Navajo Generating Station coal plant. The plant supplied others in the region with power while doing little to improve access to electricity on Hopi lands — while also releasing toxic, heat-trapping pollution into the surrounding area and atmosphere. Why is this important? According to the U.S. Department of Energy, a 2023 investigation into Tribal Electricity Access and Reliability found that lack of access to electricity on the Hopi Reservation and Trust Lands hit nearly 29%, whereas that percentage was just 1.4 for the average U.S. household. In an area where a round trip to the grocery store can take four hours, access to electricity can mean the difference between having food that's fit to eat or going without. Northeastern Arizona, where the Hopi reservation is situated, is also experiencing more frequent and intense heat waves because of a changing climate, making it all the more essential for residents to stay cool and protect themselves from the No. 1 weather-related killer. Hopi Tribal Chairman Timothy Nuvangyaoma told Tribal Business News that the passage of the Big Beautiful Bill has introduced "a lot of uncertainty" to the situation. "We're disappointed in leaders that don't look beyond their nose when it comes to those communities that rely on moving forward with this technology. We're in 2025 right now and we still have homes that are not electrified," Nuvangyaoma said. Do you think our power grid needs to be upgraded? Definitely Only in some states Not really I'm not sure Click your choice to see results and speak your mind. What is being done about this? While provisions in the Big Beautiful Bill do disincentivize many green projects that can improve access to electricity and stabilize rates — and cut the Tribal Energy Loan Guarantee Program — attorney Pilar Thomas told Tribal Business News that there's still a window of opportunity to get projects off the ground before tax incentives end. "The One Big Beautiful Bill Act is a big step backward, but I'm not quite as pessimistic as some, because most tribes are doing smaller projects," the partner at the Quarles and Brady law firm said. "... You've got to move, but I think tribes are doing mostly smaller projects for themselves, and I think those are still viable." The legislation also permanently reauthorized the New Markets Tax Credit, which has supported some tribal projects and makes it attractive for companies to build in underserved areas. For his part, Nuvangyaoma said the Hopi Tribe was "digesting" how the act could impact larger projects in development, including a 40-megawatt utility-scale solar array. Despite potential setbacks, he indicated his tribe still saw solar as a path toward achieving energy sovereignty. "I believe that there's people out there who see the impacts that tribal energy sovereignty can have, and so I am hopeful," he said. "We're always looking at what can be done in the darkest situations. We're used to that. With a little bit of light, we'll still move forward with development — we're acting as though none of our projects will be impacted until we can't do so anymore." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
Yahoo
24-07-2025
- Business
- Yahoo
New renewable projects now cheaper than fossil fuel alternatives: IRENA report
The International Renewable Energy Agency (IRENA) has confirmed that renewable power generation costs have continued to outcompete fossil fuel alternatives in 2024. The agency's latest 'Renewable Power Generation Costs in 2024' report highlights that 91% of new renewable projects were more cost-effective than new fossil fuel alternatives last year, with onshore wind and solar photovoltaics (PV) leading the charge. The report details that solar PV costs were on average 41% lower than the least expensive fossil fuel options while onshore wind projects were 53% cheaper. Onshore wind remained the most affordable source of new renewable electricity at $0.034/kWh, followed closely by solar PV at $0.043/kWh. This cost leadership has been driven by factors such as technological innovation, competitive supply chains, and economies of scale. Adding 582 gigawatts (GW) of renewable capacity in 2024, these energy sources have led to substantial cost savings by avoiding fossil fuel consumption valued at approximately $57bn. Renewables have proven not only to be cost-competitive but also beneficial in reducing dependence on international fuel markets and enhancing energy security, thus strengthening the business case for their adoption. Despite the optimism, the report acknowledges short-term challenges that could potentially increase costs. Geopolitical shifts, including trade tariffs, raw material bottlenecks, and evolving manufacturing dynamics, especially in China, are among the risks identified. Higher costs are anticipated to persist in Europe and North America due to structural challenges such as permitting delays and limited grid capacity. The report also underscores the importance of stable and predictable revenue frameworks to reduce investment risk and attract capital. It notes that financing risk mitigation is crucial for scaling up renewables, with instruments such as power purchase agreements (PPAs) being instrumental in accessing affordable finance. Conversely, inconsistent policy environments and opaque procurement processes can undermine investor confidence. Integration costs are highlighted as a new barrier to renewable deployment, with grid connection bottlenecks and slow permitting processes causing delays in wind and solar projects. This issue is particularly acute in G20 and emerging markets, where grid investment must align with the growing electricity demand and renewable expansion. Financing costs remain a decisive factor in renewable project viability, with high capital costs in developing countries inflating the levelised cost of electricity (LCOE) due to macroeconomic conditions and perceived investment risks. For instance, IRENA found that in 2024, onshore wind generation costs were similar in Europe and Africa at around $0.052/kWh, but the cost structures varied significantly due to differing capital expenditure and financing costs. Technological advances beyond generation are also enhancing the economics of renewables. The cost of battery energy storage systems (BESS) has plummeted by 93% since 2010, reaching $192/kWh for utility-scale systems in 2024. These reductions are attributed to manufacturing scale-up, improved materials, and optimised production techniques. Battery storage and hybrid systems, along with AI-enabled digital tools, are becoming increasingly important for integrating variable renewable energy. However, challenges such as digital infrastructure, flexibility, and grid expansion and modernisation must be addressed, particularly in emerging markets, to fully realise the potential of renewable energy. IRENA director general Francesco La Camera said: 'New renewable power outcompetes fossil fuels on cost, offering a clear path to affordable, secure, and sustainable energy. This achievement is the result of years of innovation, policy direction, and growing markets. 'However, this progress is not guaranteed. Rising geopolitical tensions, trade tariffs, and material supply constraints threaten to slow the momentum and drive up costs. To safeguard the gains of the energy transition, we must reinforce international cooperation, secure open and resilient supply chains, and create stable policy and investment frameworks—especially in the Global South. 'The transition to renewables is irreversible, but its pace and fairness depend on the choices we make today.' "New renewable projects now cheaper than fossil fuel alternatives: IRENA report" was originally created and published by Energy Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
28-05-2025
- Business
- BBC News
Hull and East Yorks mayor outlines his position on green energy
The new mayor of Hull and East Yorkshire has said he would always put the region before party during a meeting of the combined authority's executive board about his position on green energy, Reform UK's Luke Campbell said: "I represent the people of this region, and if that can create local jobs and help local businesses that is what I will do."Campbell also told the meeting that all types of energy – including nuclear and hydrogen power – should be UK previously said it would impose taxes on the renewable energy sector under its plans to scrap the country's net-zero target. In February, deputy leader Richard Tice claimed net-zero policies were to blame for higher energy bills and deindustrialisation, adding that renewable energy was a "massive con".Campbell previously said he did not think net-zero was in answer to a question from a member of the public at Wednesday's meeting, the former Olympic gold medallist boxer said: "I have consistently supported the region in green energy for local business, creating local jobs."I will keep on that same track – I was brought in by the people of this region."At the meeting, the board approved a bid to enter into a funding agreement with the Department of Energy Security and Net Zero (DESNZ) and bid for up to £1.6m for public sector renewable energy projects, according to the Local Democracy Reporting Service. The meeting was attended by Mike Ross, leader of Hull City Council, and Anne Handley, leader of East Riding of Yorkshire described them as "two very good, strong leaders" who were "ready to fight for this region", adding: "Including myself, you've got the third one."As head of the combined authority, Campbell is responsible for housing, public transport, infrastructure, economic development, business, skills and regeneration. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
