Energy/Automotive News Nov. 25, 2023| WTI Crude @ $75.54/bbl, Brent @ $80.58/bbl
London,24 November, 2023, (Oilandgaspress): – OPEC+ announced on Wednesday the postponement of ministerial meeting by four days to Nov. 30 after struggling to reach a consensus on production levels.
South Korea’s Ministry of Trade, Industry and Energy has revealed that two energy companies, Corio Generation and BP, have submitted investment plans for offshore wind projects in South Korea totalling 1.5 trillion won (about EUR 1.06 billion).
The announcement was made on 22 November during South Korean President Yoon Suk Yeol’s state visit to the UK.
The investments are expected to expand the demand for domestic companies in core equipment fields such as tower structures, turbines, and power cables, and support the local economy and create jobs, said the ministry. Read full article
The Finnish Government has adopted a resolution to launch the tendering procedure for five offshore wind projects in public water areas. With the government resolution, Metsähallitus will immediately launch the process to select the implementing partners for two offshore wind power projects.
The competitive tendering procedures to be launched this year will concern the offshore wind projects located off Närpiö and off Pyhäjoki and Raahe on the west coast of Finland. The Edith offshore wind project will be located in the sea area belonging to Närpiö and the Ebba project in the sea areas off Pyhäjoki and Raahe.
The municipalities have approved the planning proposals for the projects and the preliminary studies launched by Metsähallitus, which manages the land and water areas of the Finnish state, are progressing. Read full article
Renault Group presented the Renault Frères Innovation Trophies 2023 at Hangar Y in Meudon (France), an emblematic site of aeronautical innovation in the 19th and 20th centuries. For this 3rd edition, 10 teams were rewarded, each having innovated in categories as varied as Industry, Quality, Customer Relations, Technology, Small & Smart and Transformation.
The winning teams, made up of Renault Group employees, were selected from among the 570 who applied this year to present innovations that have already been implemented in recent months. They were presented with their trophies by Luca de Meo and members of the Group’s Top Management.
Renault was born of an innovation nearly 125 years ago with the invention of the direct-drive gearbox. Since then, the Group has never ceased to innovate, and now boasts more than 12,000 active patents, which constitute the company’s intellectual capital.
The rhythm at which new technologies are being introduced has never been as high as it has been in recent years, and innovation is therefore of decisive importance. Renault Group has understood this by stimulating the talents and initiatives of its employees, resulting in a sharp acceleration in the rate of patent filings since 2020. Innovation is at the heart of Renault’s strategy and is a key factor in shaping the future of the automotive industry and new forms of mobility, and in ensuring the Group’s competitiveness. Read full article
The production of renewable energy in Portugal broke new records: 149 consecutive hours in which energy from renewable sources exceeded the needs of industrial consumption and families across the country. Between 4am on October 31st and 9am on November 6th, that is, for more than 6 consecutive days, 1102 GWh were produced, exceeding the national consumption value for the same period (840 GWh) by 262 GWh. . The previous record dated from 2019 and was 131 hours.
In this period of 149 hours, two more highs were reached.
The first, between 22:00 on October 31st and 09:00 on November 6th, in which the production of renewable energy was greater than necessary to supply the entire National Electric System (including pumping needs in hydroelectric reservoirs), without that any use of conventional thermal generation sources was necessary, namely Natural Gas Combined Cycle Plants. There were 131 consecutive hours, almost tripling the previous record, dated 2021, in which the record was maintained for 56 hours.
The second maximum occurred between 10:00 am on November 1st and 9:00 am on November 5th, and corresponds to 95 consecutive hours in which renewable production was greater than consumption, without the need to use Combined Cycle Plants. Natural Gas and with Portugal exporting to Spain, surpassing the previous record of 52 hours, recorded in 2018.
These important records confirm that Portugal has maintained a sustainable trajectory in the progressive incorporation of endogenous renewable sources, maintaining the primary objectives of security of supply and quality of service. Read full article
The REN Prize, one of the oldest scientific awards in Portugal, was awarded to Justino Rodrigues, a student at the Faculty of Engineering of the University of Porto (FEUP), for his doctoral thesis “Advanced Control Functionalities for Smart-Transformers Integrating Hybrid MicroGrids”, and Nuno Mendes, from the University of Coimbra (UC), for the master’s thesis “Federated Learning for the Prediction of Net Energy Demand in Communities of Buildings”. At the ceremony for the 28th edition of the REN Prize, which took place at the Ritz Four Seasons Hotel, in Lisbon, two REN Scientific Merit Medals – Science LP – FCT were also awarded.
The REN Prize for the best doctoral thesis in the energy area, awarded every two years, awarded Justino Rodrigues for his work which aims to improve and consolidate the controllability of Hybrid Micro-Grids in view of the expected increase in integration of energy resources. energy.
The REN Prize for the best master’s thesis, awarded annually, was awarded to Nuno Mendes for his work improving net energy consumption forecasting systems within energy communities. “REN’s Strategic Plan includes support for innovation and scientific research, the keys to technological advances that will allow us to live on a more sustainable planet”, states Rodrigo Costa, president of the REN Board of Directors. “The REN Prize, which we have been awarding for 28 years, has distinguished qualified and talented young scientists studying at Portuguese universities and who have the desire to find solutions for the future of us all. We will continue to reward this desire to discover the future,” he adds. Read full article
Renewable production supplied 67% of the electricity consumed in Portugal during the month of October. Non-renewable production supplied 17%, while the remaining 16% corresponded to imported energy. This month, electricity consumption registered a positive evolution, with an increase of 3.1% (plus 2.1% correcting for the effects of temperature and number of working days). In October, conditions were very favorable for hydroelectric and wind production. In hydroelectric power, with a producibility index of 1.75 (historical average of 1), it registered the third highest value in REN’s records for October (since 1971), while in wind power the value stabilized at 1.22. Still in the wind sector, new historic highs were recorded this month in the power delivered to the grid (4843 MW) and in daily production (108.0 GWh).
In photovoltaics, on the contrary, the producibility index stood at 0.84. In the period from January to October, the hydroelectric producibility index stood at 0.86, the wind producibility index at 1.00 and the solar producibility index at 1.02. In the same period, renewable production supplied 56% of consumption, divided between wind with 24%, hydroelectric with 18%, photovoltaic with 8% and biomass with 6%. Natural gas production supplied 21% of consumption, while the remaining 23% corresponded to imported energy. In the first ten months, consumption is practically in line with that recorded in the same period of the previous year, with a decrease of 0.1% (minus 0.2% correcting for temperature and working days). Read full article
A training programme developed by JLR to provide a new career route for the next generation of budding digital engineers has helped deliver more than £430 million in value for the business over the past year. JLR’s Data Engineering Conversion Programme, which was launched in 2021, has provided dozens of new data engineers within JLR with new skills. Digitally skilled colleagues are now able to use data to predict global supply and manufacturing challenges. This means JLR can make decisions to protect build schedules for its strong order bank of over 150,000 vehicles, contributing to a best-ever cashflow performance for the business for the first half of the 2023/24 financial year. The multi-million-pound return in value was achieved by developing digital tools to deliver process efficiencies, automate parts ordering to protect supply, and monitor global industry trends to understand the risk of future challenges and trigger mitigation activities. These digital tools are also enabling JLR to achieve its sustainability goals, which are at the heart of the company’s Reimagine strategy. For example, they enable JLR to process data on vehicle CO2 emissions optimisation and manufacturing waste management, supporting JLR’s commitment to be a net-zero carbon business by 2039. JLR’s use of Google Cloud Platform (GCP) products to deliver this suite of tools has resulted in a Google Customer Award for Manufacturing in 2023, which recognises innovative use of its products on a global scale. The training programme has seen 30 colleagues ‘graduate’ since its first cohort. Those graduates worked their way through an eight-week intensive course followed by an additional six-months of once-a-week training before being embedded in specific areas of the business to support their digital needs. Read More
Nigeria’s economy recorded flat growth in the third quarter, as oil prices somewhat stabilized while the impact of reforms by the newly created government at boosting output were yet to have an impact. The economy expanded by 2.54% in Q3 2023, a slight improvement from 2.51% posted in the second quarter but way below the 6% clip that President Bola Tinubu pledged during his inauguration in May.
The oil and gas sector contracted 0.85% in the third quarter, a big improvement from the 13.43% contraction recorded in the third quarter. The sector is critical for the Nigerian economy since it accounts for 90% of foreign-exchange reserves and the bulk of government revenue.
Back in May, Tinubu scrapped a costly but popular petrol subsidy and also lifted currency controls. But his actions have fuelled anger and frustration after inflation worsened and hit double digits. But Africa’s largest economy is not bereft of opportunities to expand the economy. Read More
LG Energy Solution (LGES) and SK On are laying off workers as it reduces electric vehicle (EV) investments in North America. The South Korean battery suppliers are slowing their expansion in North America due to sluggish demand in the electric vehicle market.
LG Energy Solution announced it would be laying off 170 workers at its Michigan plant this month. The South Korean battery supplier stated it would lay off almost 10% of the employees in its wholly owned site in Holland, Michigan. LGES explained that the layoffs are due to “automakers realigning the speed of the EV transition.” Read More
Brazil has signed onto an agreement to triple renewable energy by 2030 and shift away from using coal, according to a letter reviewed by Reuters on Friday, joining a prospective deal backed by the European Union, U.S. and United Arab Emirates. Read More
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