Last Sunday at 12:45 it was sunny and windy, and the end of a long holiday weekend. It looks like this resulted in more than 90% renewable energy, a whopping 13.6 GW of power exports, and EPEX spot intraday continuous power prices down to -178.01 EUR/MWh, with a weighted average of -144.78 EUR/MWh during that time.
Archive for the 'Oil' Category
The IBA Oil and Gas Law Committee is organising a conference on “Opportunities and Challenges for the Oil & Gas Business: from a North Sea and Atlantic Perspective” in Oslo from 22 to 24 June 2016. I will be on the panel discussing the Paris Agreement and its impact for the oil and gas business.
With its Electricity Market 2.0 project, the German government wants to take an important step towards enhanced integration of renewable energy sources into the electricity market. Renewables in 2015 already constituted about one third of Germany’s electricity consumption. The challenge is to integrate an increasing amount of intermittent renewable energy with feed-in priority into the system, in a secure, cost-efficient and sustainable way.
Various newspapers have started to published initial information on a ministerial draft for the new Electricity Market Act (Strommarktgesetz). The draft contains many elements from the the White Paper presented at the beginning of July and the government agreement of early July. It rejects proposals to introduce a capacity market, and instead relies on the concept of an “electricity market 2.0”, with additional capacity, climate and grid reserve mechanisms to secure generation adequacy.
Interesting new provisional data by the International Energy Agency (IEA) for 2013 show that driven by generation in non-OECD countries, electricity generated by coal reached its highest level yet at 9,613 TWh. This represents 41.1% of global electricity production. In the same year renewable electricity generation overtook natural gas to become the second largest source of electricity worldwide producing 22% of total electricity or 5,130 TWh. Global non-hydro renewable electricity also surpassed oil-fired generation for the first time ever in 2013, rising to 1,256 TWh or 5.4% of global electricity production.
German energy consumption rose by 3% in the first six months of 2015 compared with the same period last year, Arbeitsgemeinschaft Energiebilanzen (Working Group Energy Balances – AGEB) said based on preliminary figures. AGEB cited the colder weather as the main reason. Renewable energy sources moved up one place in the table of the most important energy sources, ranking fourth.
The debate about a legislative package regulating the controversial fracking technology seems to become an never ending story. The ruling coalition government composed of Conservatives (CDU/CSU) and Social Democrats (SPD) has withdrawn bills concerning the controversial fracking technology. Parliament (Bundestag) was supposed to debate this Friday. The withdrawal is due to concern from within the parties, in particular against the involvement of an expert commission. The bill shall now be submitted to Parliament in autumn media sources say.
Mainly due to colder weather energy consumption in Germany rose by almost 5% in Q1 2015, compared with the same period last year, Arbeitsgemeinschaft Energiebilanzen (Working Group Energy Balances – AGEB) reported. Heating fuels like natural gas and mineral oil benefitted in particular. Wind power gained even more, while solar power lost against the trend.
As of 1 January 2016 E.ON spin-off Uniper will start operations at the current E.ON headquarters in Düsseldorf managed by long-term E.ON manager and CFO Klaus Schäfer. The new company will encompass conventional power generation, energy trading, and exploration and production. E.ON CEO Johannes Teyssen will continue to head the company that wants to focus on renewables, energy networks, and customer solutions. Michael Sen, currently CFO of Siemens Healthcare, will become E.ON’s CFO effective June 1, 2015. Headquarters will be in Essen.