Odin Global

The US Federal Energy Regulatory Commission's (FERC) May 2024 "Energy Infrastructure Update" reveals significant growth in solar energy. Solar energy accounted for nearly 80% of new capacity additions in May, contributing 2,517 MW out of the 3,189 MW added. So far in 2024, solar has led capacity additions, with 10,669 MW out of the total 14,435 MW added. As of May 2024, the US has a total of 1,296 GW of electric generation capacity. Natural gas dominates with 43%, followed by coal (16%), wind (12%), and solar, which has now reached nearly 9%, surpassing nuclear energy at 8%. FERC forecasts continued dominance of solar in new additions, predicting approximately 90 GW of solar, 24 GW of wind, and 14 GW of natural gas to be added from June 2024 to May 2027. Concurrently, around 17 GW of natural gas and 18 GW of coal capacity are expected to be retired. https://lnkd.in/d4AExQx3 #SolarEnergy #EnergyTransition #OdinGlobal

In the first half of 2024, Germany added 377 MW of offshore wind capacity with 36 new turbines connected to the power grid and built 73 additional foundations. Industry figures reveal 29 offshore wind projects with an installed capacity of 8858MW and 1602 machines are currently in operation in Germany. The industry groups, including BWE (Bundesverband WindEnergie e.V.), BWO - Bundesverband Windenergie Offshore e.V. , VDMA Power Systems, WAB e.V., WindEnergy Network e.V., and Stiftung OFFSHORE-WINDENERGIE, noted that the first 2024 offshore wind tender demonstrated investor interest but also highlighted the need for tender design reforms. They argued that the current bid process, which resulted in a €3 billion sum, could raise costs and slow down investments. They advocate for tender designs that ensure project security and prompt implementation, reduce default risks, and support the growth of offshore wind capacities. Additionally, they emphasize the importance of infrastructure and logistics investments, including heavy-duty port spaces, hinterland connections, and specialized ships, to facilitate project execution and maintain innovation and leadership in the industry. https://lnkd.in/eYTuWZF2 #WindEnergy #Germany #OdinGlobal

The US is projected to invest $65 billion in offshore wind projects by 2030, potentially supporting 56,000 domestic jobs. The American Clean Power Association (ACP)'s 2024 Offshore Wind Market Report highlights 12GW of projects with active agreements, including 4GW under construction. There are 56GW of capacity under development across 37 leases, aiming to power 22 million homes. Analysts predict 14GW of offshore wind will be deployed by 2030, 30GW by 2033, and 40GW by 2035. The report emphasizes the economic benefits, including job creation, pollution reduction, and energy security. The industry has committed $3 billion in supply chain investments in 2023, with total infrastructure investments exceeding $9 billion. Over 40 new vessels are being built to support the industry. State initiatives are crucial, with New Jersey leading in offshore wind capacity under contract (5252MW) and Virginia leading in capacity under construction (2587MW). Additional state procurements could add 8800MW-12,200MW in 2024, particularly off the Northeast coast. https://lnkd.in/eCYHZBRT #OffshoreWind #EnergyTransition #OdinGlobal

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ENGIE has started constructing a 200MW/800MWh battery energy storage system (BESS) in Vilvoorde, Belgium, making it one of Europe's largest BESS projects. Announced on July 5, the project will occupy a 3.5-hectare site and include 320 battery units. The BESS will be co-located with Engie's 870MW combined cycle gas turbine (CCGT) plant. The project, which has a 15-year contract with Belgium's transmission system operator Elia Group, will be commissioned in two phases: 100MW in September 2025 and another 100MW in January 2026. This is one of three large-scale projects for which Engie has construction permits, along with Kallo (100MW) and Drogenbos (80MW). Belgium is a favorable market for energy storage, offering numerous revenue opportunities in flexibility services, energy trading, and capacity markets. As of the end of 2023, Belgium had about 372MWh of grid-scale BESS online, with significant growth expected, including a 1.7GWh increase set for 2025. Engie's projects contribute to its 3.6GW BESS development pipeline, adding to its already-operational 1.3GW of assets. https://lnkd.in/etd5xfKH #EnergyStorage #Engie #OdinGlobal

The world will add 3.8 terawatts (TW) of new solar capacity and 1.6 TW of new wind capacity by 2033, driven by government decarbonisation goals, according to a Wood Mackenzie report. This will bring the global total installed solar and wind capacity to 8 TW by 2033, averaging an addition of 560 gigawatts (GW) annually from 2024 to 2033, up from 450 GW in 2023. Solar photovoltaic (PV) will dominate, contributing 59% of new capacity. China is expected to account for about half of the new solar installations, with significant contributions also from the US, where solar installations in Q1 2023 exceeded the total of 2019. Energy storage will play a critical role, with global cumulative storage capacity expected to reach 159 GW/358 GWh by the end of 2024, and an additional 926 GW/2.8 TWh by 2033, marking a 636% increase. Storage capacity growth in 2023 surged by 162%, with China leading in annual capacity additions. Europe’s distributed storage sector is projected to grow from 2026 due to lower system costs and regulatory changes. https://lnkd.in/dtWunjdf #EnergyTransition #RenewablePower #OdinGlobal

The United Kingdom has surpassed 16 GW of installed solar capacity, reaching 16.8 GW in May 2024, according to revised figures from the Department for Energy Security and Net Zero (ESNZ). However, the pace of new solar capacity addition has slowed in 2024 compared to the previous year. The first five months of 2024 saw 582 MW added, down from 640 MW during the same period in 2023. For the year to date, small-scale installations (below 10 kW) added 255 MW, large-scale installations (5 MW or greater) added 257 MW, and medium installations (10 kW to 50 kW) added 71 MW, with minimal additions from installations between 50 kW and 5 MW. Mark Sommerfeld from the Renewable Energy Association (REA) acknowledged the progress but emphasized the need for further acceleration to meet the UK's net zero targets, calling for governmental focus on grid connections and planning reforms to enhance solar deployment. https://lnkd.in/eWemuxmw #SolarEnergy #UnitedKingdom #OdinGlobal

The newly elected Labour government has lifted the de facto ban on onshore wind developments in England, effective July 8. This ban, implemented by the Conservative government in 2015, required onshore wind farms to meet stringent planning conditions, which included inclusion in local development plans and community approval making it difficult to advance onshore wind projects. Chancellor Rt Hon Rachel Reeves and Energy Security Secretary Ed Miliband highlighted that removing these barriers will enhance energy security, reduce costs, and combat climate change. The policy change aligns with Labour’s goal to double onshore wind capacity by 2030, signaling a strong commitment to renewable energy. The energy industry has welcomed the move, seeing it as a significant step towards boosting investments in renewable energy. Industry leaders like Zoisa North-Bond of Octopus Energy Generation and Dan McGrail of RenewableUK praised the decision, emphasizing public support and the benefits of low-cost, clean energy. https://lnkd.in/egQzCje8 #OnshoreWind #LabourGovernment #OdinGlobal