Top 3 stories
1) Modi says low renewables costs are a ‘game changer’ – and firms pledge to build renewables in India
Following Modi’s announcement on India’s renewables push yesterday, the PM has described the narrowing difference between the cost of solar and conventional energy as a “game changer” for the sector – and has called for further innovation and research to make solar and wind power affordable – the Economic Times reports.
This happened as several renewables firms pledged to invest in renewables in India, including US-based Sun Edison and First Solar – which have promised to build over 20,000MW by 2022 – Reuters reports. India’s Adani Enterprises and Essel Group have also pledged investment in renewables.
The Hindustan Times writes that companies from China and Britain will invest billions of dollars in India’s solar and wind power industries under Modi’s new initiative, according to India’s power minister.
India’s government is looking for up to $200bn in investments into its renewables sector to more than double its renewables capacity – from 6% to 15%.
Meanwhile, India’s goal of reaching 100 gigawatt solar energy goal by 2022 could create one million jobs, a new analysis said.
2) Anglo American warns coal downturn to continue – while Shenhua predicts fall in revenues
US mining giant Anglo American has warned the coal mining industry there is no sign of market sentiment improving in the near term, with the trend for cost cutting, asset sales and job losses expected to continue into 2015, the Sydney Morning Herald reports.
The firm reported its third consecutive full-year statutory loss over the weekend.
Meanwhile, the shares of China’s Shenhua Energy, the listed part of the majority state owned company, dropped on projected revenue and sales declines. China’s economic slowdown and a shift in growth focus to less energy-intensive manufacturing and services, plus coal sector oversupply are factors, reports South China Morning Post.
3) Oil futures fuel optimism – but IS militancy could affect oil prices in the coming decade
Bloomberg reports oil traded at a two-month high in London as OPEC ministers signaled their confidence that the market can sustain its rebound, with futures advancing as much as 1.2%, gaining for the third time in four days.
Despite the low oil price of recent weeks, Europe’s large oil companies are getting a boost from their refining businesses, WSJ reports.
But the IEA’s chief economist has warned that the rise of the Islamic State (IS) in Iraq and Syria presents a major challenge for the investment necessary to prevent an oil shortage in the next decade – according to Reuters.
Meanwhile, Fox reports a train carrying more than 100 tankers of crude oil derailed during a snowstorm in southern West Virginia on Monday, sending at least one tanker into the Kanawha River, igniting at least 14 tankers in all and sparking a house fire, officials said.
In other news
The UK’s Green Investment Bank launches a £100m community renewables push – £60m funded by the GIB and an additional £40m from co-investors, reports Business Green.
Half of UK households ‘paying £200 a year too much for their energy’, say ministers – The Telegraph writes.
Apple has committed nearly $850 million to help build a solar energy farm that will generate power for its California facilities.
The European Bank for Reconstruction and Development (EBRD) and the Turkish Energy Ministry are joining forces to develop a renewable-energy action plan, according to Hurriyet Daily News.
JKX Oil & Gas has filed a claim worth $180m against Ukraine, reports Interfax.
New World Bank figures show 140 billion cubic metres of gas is flared each year.
North America lags behind Europe in offshore wind energy projects, reports the Globe and Mail.