Westinghouse sale to Brookfield for US$4.6bn complete (US)

The sale of the bankrupt US nuclear technology company Westinghouse to the financial services firm Brookfield Business Partners has been completed as previously announced in January 2018. The transaction has become effective and enables Westinghouse to successfully emerge from Chapter 11 bankruptcy protection file submission, which was submitted in March 2017 by Westinghouse's former parent company Toshiba. Toshiba had been seeking a buyer for more than a year.

Westinghouse is in charge of all AP1000 nuclear projects worldwide, including four in the United States (two units at VC Summer in South Carolina and two at Vogtle, in Georgia), and four in China (two at Sanmen and two at Haiyang). Toshiba purchased Westinghouse in 2006 from British Nuclear Fuels (BNFL), expecting a significant growth of the global nuclear power generation and a 130 GW growth of the global nuclear capacity between 2006 and 2020. However, only a fourth of this figure was achieved between 2006 and 2017 (+28 GW), which means that Westinghouse's growth potential was not that high.

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Record-high global GHG concentrations were recorded in 2017

According to the 28th annual State of the Climate report released by the United States National Oceanic and Atmospheric Administration (NOAA), the levels of greenhouse gas (GHG, including CO2, CH4 and NOx) concentration have reached a new high at 405 ppm, the highest data measured in the last 38 years.

2017 was the third-warmest year on record, only behind 2016 (1st) and 2015 (2nd). Observed land and ocean surface temperatures were 0.38-0.48°C above the 1981-2010 average, placing 2017 as the second-third warmest year since records began in the mid- to late 1800s. Heat in the upper ocean and the surface temperatures have also hit a near-record high.

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Germany's solar capacity addition increases by 50% in first half of 2018

According to the German solar power industry group (Bundesverband Solarwirtschaft, BSW), 1,340 MWp of new solar capacities were commissioned in Germany in the first half of 2018, which is 50% more than in the first half of 2017 (901 MWp). The domestic solar power output also went up by 8% in the same period as 23.6 TWh were injected into the grid.

The recent data meet BSW’s expectations for the first time in the last years and are more in line with the annual PV expansion target set by the Federal Government. The constant decrease in the solar PV installation costs is the main factors for the boost in PV systems demand. The government is trying to slow down the momentum: a slight regulation of the subsidies will be implemented and the funding rates will be adjusted to avoid overcapacity. In August 2018, the German Federal Network Agency already announced additional cuts for solar PV projects commissioned between 1 August 2018 and 31 October 2018 by 1% per month.

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TransCanada's Keystone XL pipeline secures environmental review (US)

TransCanada's proposed 830,000 bbl/d Keystone XL oil pipeline secured a positive environmental review from the US State Department, which ruled that a plan for an alternative route through Nebraska (United States) would have no significant environmental impacts. The Public Service Commission of Nebraska approved the project in December 2017 but not TransCanada’s preferred route.

Keystone XL would link the Alberta oil sands through Nebraska (US) to the Mexico Gulf coast refiners over a 1,897 km route and has been repeatedly delayed by the US Government. Following the recent election of US President Trump, the US State Department approved the pipeline permit in March 2017. However, the project is still opposed by environmental groups, Native American tribes and some landowners and facing a case before the Nebraska Supreme Court, which TransCanada expects to be resolved by the end of 2018. Preparatory works are expected to start in autumn 2018 in Montana and full construction could begin in 2019.

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German solar PV subsidies will drop by 1% per month in Q3 2018

The German Federal Network Agency (Bundesnetzagentur or BNetzA) will cut subsidies for solar PV projects commissioned between 1 August 2018 and 31 October 2018 by 1% per month. The BNetzA estimates that the newly solar PV added capacity (2,727 MW) is above the planned capacity expansion path of 2,500 MW. For this purpose, a slight regulation of the subsidies will be implemented and the funding rates will be adjusted to avoid overcapacity.

Germany is shifting from a subsidy-based system to an auction-based one. Since the beginning of 2017, solar and wind power projects over 750 kW have to compete in tenders in order to secure power purchase deals, as feed-in tariff (FiT) contracts are no longer available. However, projects that were approved in 2016 are still eligible.

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Mexico plans US$16bn investment to boost oil production, power generation

The Mexican government has unveiled a US$16bn investment plan to boost the domestic oil production, refinery capacity and hydropower generation. US$9.5bn will be invested in 2019 to upgrade existing refineries, build a new one for US$8.6bn in Dos Bocas in the state of Tabasco and increase oil exploration.

The country's crude oil output is flagging and declines to 1.88 md/d in the first half of 2018 down from 3.4 mb/d in 2005 and the government plans to add 600,000 bbl/d in the next two years to reach 2.5 mb/d. The main drivers behind this decline are the natural depletion of oil fields and a lack of investment. In 2018, Mexico imported 590,000 bbl/d of gasoline and 232,000 bbl/d of diesel from the Unites States while the domestic output has halved since 2013.

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TEPCO targets 7 GW of renewable energy capacity in Japan and overseas

The Japanese utility Tokyo Electric Power (TEPCO) plans to develop between 6 GW and 7 GW new renewable energy capacity both in Japan and overseas. The group plans to focus on offshore wind power (2 GW of which to be built in Japan, including floating wind projects, and 2 GW overseas) and on hydropower operations in Japan and South East Asia.

TEPCO aims to gain a competitive advantage and will pursue new renewable energy projects instead of nuclear power. Renewables currently account for only 15% of its power output, which is less than any other Japanese power company. The company is seeking partners and expects to build its first wind park in Japan.

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