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					</table><p>Norway-based independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> reported a net profit of NOK724 million (~$70 million) in the fourth quarter (Q4) of 2023, improving from a loss of NOK433 million (~$41.5 million) a year ago, as the company executed various asset sales in the quarter to streamline its operations.</p>
<p>The company owns and operates solar, wind, hydro, green hydrogen, and battery energy storage projects across the globe.</p>
<p>Scatec sold a 40 MW solar plant in Mozambique and divested 32% of its shares in <a href="https://releasesolar.com/" target="_blank" rel="noopener">Release</a>, a solar plant leasing firm, contributing an additional NOK 532 million (~$51 million) to its net income in Q4.</p>
<p>The company’s quarterly revenue stood at NOK906 million (~$87 million), a 12% increase from NOK773 million (~$74 million) last year. The jump in revenue was positively affected by NOK75 million (~$7.2 million) in insurance proceeds in Ukraine.</p>
<p>Power production, however, reduced to 811 GW in the quarter from 979 GW last year, hit by the divestments of Upington in South Africa, Guañizuil in Argentina, and Mocuba in Mozambique during the year, and lower production in the Philippines because of El Niño.</p>
<p>Meanwhile, earnings before interest, taxes, depreciation, and amortization (EBITDA) in the Development and Construction (D&amp;C) segment reached NOK7 million (~$671,000) from a negative EBITDA of NOK20 million (~$1.9 million) in the same quarter last year. The increase was driven by the implementation of the cost-efficiency program and strong gross margin.</p>
<p>Additionally, the construction of Kenhardt, the largest project in the company’s history, was completed and started commercial operation in the quarter. The project consists of 540 MW solar and 225 MW battery storage in South Africa.</p>
<p><strong>FY 2023</strong></p>
<p>For the full year 2023, Scatec reported a net profit of NOK1.12 billion (~$107 million) from a loss of NOK1.22 billion (~$117 million) a year ago, primarily driven by divestments throughout the year.</p>
<p>The company divested four solar power plants across South Africa, Mozambique, Argentina, and Rwanda during the year, contributing NOK1.27 billion (~$121.6 million) to the bottom line.</p>
<p>The company also reported a 13% rise in its full-year revenue, from NOK3 billion ($287 million) in 2022 to NOK3.4 billion (~$325.5 million) in 2023. The increase was attributable to high construction activity and positive foreign exchange effects.</p>
<p>Power production in 2023 was 3,615 GW, down 7% from 3,898 GW in the previous year. The change was mainly driven by divestments and weaker hydrology in the Philippines, partly offset by the Kenhardt project and increased production in Ukraine.</p>
<p>Meanwhile, D&amp;C revenues reached an all-time high of NOK8.17 billion (~$784 million) in 2023 due to high construction activities in South Africa, Brazil, and Pakistan.</p>
<p>During 2023, Scatec also secured NOK2.7 billion (~$258 million) of growth funding from strategic transactions and raised $202 million in debt and equity funding for Release to accelerate growth.</p>
<p>“Throughout 2023, we delivered on our strategy, and I am proud of the achievements by our global team. We generated 3.6 TW of clean energy with no lost time incidents, while our power plants helped to avoid 3.9 million tonnes of greenhouse gas emissions,” said Scatec CEO Terje Pilskog in a statement.</p>
<p>Scatec’s net profit in the previous quarter <a href="https://www.mercomindia.com/scatec-net-profit-falls-q3" target="_blank" rel="noopener">fell</a> 72% compared to last year on a significant increase in operating expenses associated with a claim from the National Irrigation Administration in the Philippines related to water fee charges for previous periods related to the lease of the Magat Dam.</p>
<p>While the war in Ukraine and lower water inflow leading to reduced power production in Laos in 2022 <a href="https://www.mercomindia.com/scatec-42-million-loss-in-q4-as-laos-underperform" target="_blank" rel="noopener">impacted</a> the company’s EBITDA for the year by 11.7%.</p>
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Scatec Swings to Q4 Profit on Solar Asset Sales and Divestments


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					</table><p>Electricity demand in the European Union (<a href="https://european-union.europa.eu/index_en" target="_blank" rel="noopener">EU</a>) is expected to reach its lowest level in two decades, marking a significant decline of 3% in 2023, according to the latest &#8220;Electricity Market Report&#8221; by the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>The report attributes this drop to the ongoing effects of the global energy crisis and an economic slowdown impacting advanced economies.</p>
<p>However, while electricity demand is expected to ease worldwide in 2023, overall global electricity demand growth is predicted to increase strongly in 2024.</p>
<p>The agency said the United States anticipates a nearly 2% decline in electricity demand this year and Japan a 3% fall.</p>
<p>Combined with the 2022 reduction, the 3% drop represents the EU&#8217;s most substantial slump in electricity demand on record, potentially leading to consumption levels not seen since 2002.</p>
<p>This is despite strong growth in electrification with a record number of electric vehicles and heat pumps sold.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-56548 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6.png" alt="" width="733" height="437" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6.png 733w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6-300x179.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6-650x388.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6-624x372.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-6-600x358.png 600w" sizes="(max-width: 733px) 100vw, 733px" /></p>
<p>Europe&#8217;s energy-intensive industries have not yet recovered from last year&#8217;s production slump, as evidenced by the staggering 6% year-on-year decline in total EU electricity demand during the first half of 2023.</p>
<p>The substantial demand declines in advanced economies contrast sharply with the growth observed in emerging economies such as China and India.</p>
<p>Despite the decline in advanced economies, global electricity demand is still expected to grow moderately by slightly less than 2% in 2023, down from 2.3% in 2022.</p>
<p>Nevertheless, the IEA&#8217;s projections indicate that with an improving world economic outlook, demand growth will rebound to 3.3% in 2024.</p>
<p><strong>Strong Growth in China and India</strong></p>
<p>Factors contributing to rising global electricity demand include the electrification of energy systems, efforts to reduce emissions, increased indoor cooling needs due to climbing temperatures, and robust demand growth in emerging and developing economies.</p>
<p>For instance, after a moderate 3.7% year-on-year increase in electricity demand in 2022, China is expected to witness an average annual demand growth rate of 5.2% over the next two years, closely resembling its 2015-2019 average.</p>
<p>In India, the strong post-pandemic recovery and intense heat waves drove electricity demand up by 8.4% in 2022. The country is projected to experience an average annual growth rate of 6.5% through 2024, significantly surpassing its 2015-2019 average.</p>
<p><strong>Renewables to Surpass Coal Generation</strong></p>
<p>The deployment of renewables is proving crucial in meeting the additional electricity needs. Renewables will fulfill all the additional growth in global electricity demand over the next two years.</p>
<p>By 2024, renewables are expected to account for over one-third of global electricity generation, and it is possible that, depending on weather conditions, 2024 may be the first year in which renewables generate more electricity worldwide than coal.</p>
<p>In 2023, as demand growth slows down, the increase in renewable generation alone is projected to meet the additional demand. This trend is expected to continue in 2024, despite a predicted acceleration in demand growth, the report said.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-56549 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4.png" alt="" width="752" height="412" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-4-600x329.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>At the same time, electricity generation from fossil fuels is anticipated to decrease over the next two years. Electricity generated from oil is projected to experience a significant decline, while coal-fired generation will slightly decrease in 2023 and 2024, following a 1.7% increase in 2022.</p>
<p>Keisuke Sadamori, the IEA&#8217;s Director for Energy Markets and Security, emphasized the growing need for electricity worldwide and urged policymakers and the private sector to capitalize on the momentum of renewables&#8217; increasing share in electricity generation.</p>
<p>In June, the IEA <a href="https://www.mercomindia.com/iea-renewable-additions-107-gw-2023" target="_blank" rel="noopener">said</a> global renewable capacity additions are set to soar by an unprecedented 107 GW to over 440 GW in 2023. This growth is driven by expanding policy support, concerns over energy security, and the improved competitiveness of renewable energy compared to fossil fuel alternatives.</p>
<p>In the same month, the IEA <a href="https://www.mercomindia.com/iea-forecasts-utility-scale-solar-india-drop" target="_blank" rel="noopener">forecasted</a> a slowdown in India&#8217;s utility-scale solar projects in 2023 and 2024 due to a module shortage, lower auction volumes, and supply chain challenges.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Electricity Consumption Decline in Advanced Economies to Impact Global Demand in 2023


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					</table><p>The <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> has adopted a new Temporary Crisis and Transition Framework to support measures in sectors that are key for the transition to a net-zero economy in line with the Green Deal Industrial Plan.</p>
<p>The Commission in February <a href="https://mercomindia.com/eu-e250-billion-green-industrial-plan/" target="_blank" rel="noopener">presented</a> the Green Deal Industrial Plan to enhance the competitiveness of Europe&#8217;s net-zero industry and support the fast transition to climate neutrality.</p>
<p>The Green Deal Industrial Plan is seen as a counter to the United States Inflation Reduction Act, which has <a href="https://mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s/" target="_blank" rel="noopener">proposed</a> a $369 billion spending for clean energy.</p>
<p>The new framework amends and prolongs in part the “Temporary Crisis Framework,” adopted last March, to enable member states to support the economy in the context of the Russia-Ukraine war.</p>
<p>The framework is expected to help speed up investment and financing for clean tech production in Europe.</p>
<p><strong>Highlights of the Framework</strong></p>
<ul>
<li>Prolongs the possibility for member states to support measures needed for the transition towards a net-zero industry. This concerns programs for accelerating the rollout of renewable energy and storage and schemes for the decarbonization of industrial production processes.</li>
<li>Simplifies the conditions for the granting of aid to small projects and less mature technologies, such as renewable hydrogen, by lifting the need for a competitive bidding process</li>
<li>Expands the possibilities of support for the deployment of all types of renewable energy sources, including hydrogen-derived fuels, and for providing higher aid ceilings and simplified aid calculations.</li>
<li>Introduces new measures, applicable until December 31, 2025, to further accelerate investments in key sectors for the transition, enabling investment support for the manufacturing of strategic equipment.</li>
</ul>
<p><strong> </strong>Additionally, member states may design simple and effective programs to provide support capped at a certain percentage of the investment costs and nominal amounts, depending on the location of the investment and the size of the beneficiary.</p>
<p>Other remaining provisions of the Temporary Crisis Framework include limited amounts of aid, liquidity support in form of state guarantees and subsidized loans, aid to compensate for high energy prices, and measures aimed at supporting electricity demand reduction, all of which are more linked to the immediate crisis. These remain applicable until December 31, 2023.</p>
<p>&nbsp;</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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EU Adopts New Framework to Transition Towards Net-Zero Economy


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					</table><p>Norwegian independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> swung into a net loss of NOK 433 million (~$42 million) in the fourth quarter (Q4) of 2022, compared with a profit of NOK 136 million (~$13.14) year-over-year (YoY).</p>
<p>The company said its consolidated quarterly losses were due to reduced income from joint ventures (JVs) impacted by lower power generation from hydropower projects in Laos, Asia.</p>
<p>For the October-December quarter, the company posted revenue of NOK 993 million (~$96.2 million), a decrease of 4.5% YoY basis.</p>
<p>Scatec’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) came in at NOK 689 million (~$6.8 million), an 11% decline YoY, primarily due to higher operating expenses.</p>
<p>During the quarter, the company signed agreements to sell the Upington solar project in South Africa for a consideration of NOK 569 million and refinanced $100 million of Bridge-to-Bond into a term loan with core banks.</p>
<p>The greenhouse gas (GHG) emissions avoided from the renewable power projects where Scatec has operational control reached 0.5 million tonnes. For all projects where Scatec has an ownership share, the GHG emissions avoided reached 4.7 mill tonnes in 2022.</p>
<p>For the financial year (FY) 2022, Scatec posted a loss of NOK 1.228 billion (~$119 million) compared to a profit of NOK 456 million (~$44.4 million).</p>
<p>The company recorded a revenue of NOK 3.75 billion (~$363.6 million) for FY 2022, down 1.31% YoY.</p>
<p>The company said that for FY 2022, revenues were driven by hydro and storage operations in the Philippines.</p>
<p>EBITDA for FY 2022 stood at NOK 2.56 billion (~$248.2 million), a decline of 11.7% YoY.</p>
<p>The decrease in EBITDA compared to 2021 is mainly explained by the effects of the war in Ukraine and lower water inflow leading reduced power production in Laos, which were partially offset by contributions from new renewable power projects and foreign currency effects, the company said.</p>
<p>The company currently has a total renewable energy capacity of 4.6 GW under operation and construction across four continents.</p>
<p>The company <a href="https://mercomindia.com/scatec-q3-revenue-up-10-yoy-driven-increased-hydropower-sales/" target="_blank" rel="noopener">posted</a> consolidated revenue of NOK 1,163 million (~$110.6 million) for Q3, 2022, an increase of 10% year-over-year (YoY) primarily due to better power sales at higher prices in the Philippines.</p>
<p>For its second quarter (Q2), it <a href="https://mercomindia.com/scatecs-revenue-surges-114-million-q2-2022/" target="_blank" rel="noopener">recorded</a> a revenue of NOK1,130 million (~$114 million), a year-over-year (YoY) increase of 12% from NOK1,007 million (~$102 million).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Scatec Posts $42 Million Loss in Q4 as Laos Projects Underperform


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					</table><p><strong>The government </strong><a href="https://mercomindia.com/rbi-auction-first-tranche-green-bonds-worth-80-billion/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of sovereign green bonds (SGB) worth ₹80 billion (~$986 million) through an auction by the Reserve Bank of India, Mumbai, on January 25</strong>. The auction will be in two parts of ₹40 billion ($485.56 million) each. The first one is for ‘New GOI SGrB 2028’ (5-year tenure), and the second is ‘New GOI SGrB 2033’ (10-year tenure) through a yield-based uniform price method. The proceeds of the bonds will be deployed in public sector projects which help reduce the economy’s carbon intensity.</p>
<p><strong>India’s Minister for New and Renewable Energy (MNRE) R K Singh </strong><a href="https://mercomindia.com/india-making-efforts-to-push-clean-farming-power-minister/" target="_blank" rel="noopener"><strong>said</strong></a><strong> that the country is aiding farmers with millions of solar water pumps</strong> while providing them with ammonia-based fertilizers by producing sufficient green ammonia— which will ultimately also cut India’s dependence on gas imports. Singh urged the developed nations to help smallholder farmers in developing countries with cheaper access to irrigation, fertilizers, and markets. Singh was addressing ministers from different countries at the 53rd World Economic Forum (WEF) annual meeting in Davos.</p>
<p><strong>The Government of India has </strong><a href="https://mercomindia.com/ireda-revenue-target-%e2%82%b933-61-billion-fy23/" target="_blank" rel="noopener"><strong>set</strong></a><strong> a revenue target of ₹33.61 billion (~$414 million) for the financial year (FY) 2022-23 for Indian Renewable Energy Development Agency (IREDA)</strong>, 18% higher than the previous year’s revenue from the operations. The target was set under the memorandum of understanding signed between the IREDA and the Ministry of New and Renewable Energy (MNRE). The government has set key performance parameters such as return on net worth, return on capital employed, non-performing assets (NPAs) to total loans, asset turnover ratio, and earnings per share.</p>
<p><strong>The total revenue of Sterling and Wilson Renewable Energy </strong><a href="https://mercomindia.com/sterling-wilsons-q3-revenue-shrinks-73-yoy/" target="_blank" rel="noopener"><strong>fell</strong></a><strong> by 73% year-over-year (YoY) to ₹4.18 billion (~$51.5 million)</strong> in the third quarter (Q3) of the current financial year (FY 2023). The company’s revenue in Q3 FY2022 stood at ₹15.02 billion (~$185.1 million). The revenue slump contributed to the company’s quarterly loss reduction, which narrowed to ₹1.01 billion (~$12.4 million) from ₹4.22 billion (~$51.9 million) YoY. The company’s Earnings Before Tax, Interest, Depreciation, and Amortization (EBITDA) for the period fell 86% YoY to ₹530 million (~$6.5 million).</p>
<p><strong>The United States Trade and Development Agency (USTDA) </strong><a href="https://mercomindia.com/us-train-renewable-energy-procurers-eight-indian-states/" target="_blank" rel="noopener"><strong>launched </strong></a><strong>the Interstate Clean Energy Procurement Program (ICEPP) to train public procurers of clean energy</strong> on the best value and life-cycle cost analysis of renewables. The program aims to support the development of clean energy infrastructure across eight Indian states, which include Gujarat, Karnataka, Haryana, Maharashtra, Kerala, Tamil Nadu, Punjab, and West Bengal. USTDA is funding ICEPP through its Global Procurement Initiative (GPI), which helps partner countries acquire high-quality, long-lasting technologies while building smart, sustainable infrastructure with overall savings to their government.</p>
<p><strong>LONGi Green Energy Technology has signed an investment agreement with the local government of Shaanxi province to manufacture 100 GW of monocrystalline silicon wafers and 50 GW of monocrystalline cells. </strong>The construction period for the infrastructure project is 18 months, with phased construction and commissioning time for each phase not exceeding six months and production time not exceeding 24 months. LONGi was the <a href="https://mercomindia.com/jinko-trina-ja-longi-adani-top-solar-module-suppliers-1h-22/" target="_blank" rel="noopener">leading</a> module supplier to the Indian solar market in the first half of 2022.</p>
<p><strong>Researchers at the École Polytechnique fédérale de Lausanne (EPFL) have </strong><a href="https://mercomindia.com/researchers-produce-hydrogen-air-using-solar-power/" target="_blank" rel="noopener"><strong>invented</strong></a><strong> a solar-powered device that is capable of harvesting water from the air for conversion into hydrogen fuel.</strong> The team has developed the system by combining a semiconductor-based technology with novel electrodes. These electrodes allow the device to maximize contact with water in the air. Since it is transparent, it maximizes sunlight exposure of the semiconductor coating. The researchers said they took inspiration for their device from the process of photosynthesis in plants which converts sunlight into chemical energy using carbon dioxide from the air.</p>
<p><strong>The search for clean and secure sources of low-carbon power may </strong><a href="https://mercomindia.com/search-for-clean-energy-sources-trillion-investments-by-2050/" target="_blank" rel="noopener"><strong>present</strong></a><strong> as much as a $45.8 trillion investment opportunity by 2050, a new BloombergNEF study said.</strong> The amount would comprise 97% of all power generation spending. The study considered Net Zero Scenario (NZS) and Economic Transition Scenario (ETS) to make its estimates. Wind and solar technologies will significantly transform the power sector to net zero, taking the top spots and accounting for $26.8 trillion and $13.7 trillion in capital spending by 2050 in the NZS and ETS, respectively.</p>
<p><strong>The Energy Information Administration (EIA) </strong><a href="https://mercomindia.com/rising-renewables-us-cut-back-conventional-power/" target="_blank" rel="noopener"><strong>forecasted</strong></a><strong> an increase in U.S. power generation from new renewable sources, primarily wind and solar, </strong>which would cut down on generation from coal-fired and natural gas-fired power plants in 2023 and 2024. EIA said the solar capacity expansion is consistent with its declining construction cost and favorable tax credits announced in the Inflation Reduction Act. This decline in fossil fuel-based power generation reflects the retirement of almost 10 GW of coal-fired capacity in 2023 and another 4 GW in 2024. At the same time, renewable generation will increase by 20% between 2022 and 2024, reducing coal-fired generation.</p>
<p><strong>Germany’s renewable shift is well on track despite setbacks and has accelerated post the Russian invasion of Ukraine, Chancellor Olaf Scholz </strong><a href="https://mercomindia.com/german-chancellor-reaffirms-net-zero-2045/" target="_blank" rel="noopener"><strong>said</strong></a> while addressing a session at the 53rd World Economic Forum (WEF) Annual Meeting 2023. Germany, the top importer of Russian gas before the war in Ukraine, was at the epicenter of the energy crisis in Europe after the invasion. Scholz said that within a few months after the war, Germany had made itself completely independent from Russian gas, oil, and coal. With new laws mandating the expansion of renewables, including wind, solar, and hydrogen, the German government expects to eliminate bureaucratic challenges and expedite grid connection two years earlier than was previously projected.</p>
<p><strong>The Inflation Reduction Act (IRA) in the U.S. will </strong><a href="https://mercomindia.com/us-renewable-114-billion-investments-2031-report/" target="_blank" rel="noopener"><strong>propel</strong></a><strong> the annual investment in the country’s renewable energy sector to nearly $114 billion by 2031 from $64 billion in 2022</strong>, Wood Mackenzie’s latest report said. The report added that the legislation would be a game-changer for the original equipment manufacturers. The legislation provides an option for tax credits, also known as advanced manufacturing production credits (AMPC), for U.S.-made renewable equipment. Further, the legislation will offer extra incentives to renewable energy developers in the form of a tax credit for buying domestically manufactured equipment.</p>
<p><strong>The U.S. Department of Energy (</strong><strong>DOE) </strong><a href="https://mercomindia.com/us-announces-funding-community-centered-clean-energy-programs/" target="_blank" rel="noopener"><strong>released</strong></a><strong> guidance for state, local, and tribal governments to apply for funding through the Energy Efficiency and Conservation Block Grant (EECBG) Program. </strong>This program has opened applications for $430 million in formula grant funding from the Bipartisan Infrastructure Law, aimed at supporting clean energy projects and programs in local communities across the country. States and territories must submit their applications by July 31, 2023. Local and tribal governments must submit the applications by January 21, 2024.</p>
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Daily News Wrap-Up: RBI to Auction Green Bonds on January 25


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					</table><p>Germany’s renewable shift is well on track despite setbacks and has accelerated post the Russian invasion of Ukraine, Chancellor Olaf Scholz said while addressing a session at the 53<sup>rd</sup> World Economic Forum (<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023" target="_blank" rel="noopener">WEF</a>) Annual Meeting 2023.</p>
<p>“Whether you are a business leader or a climate activist, as a security policy specialist or an investor, it is now crystal clear to each and every one of us that the future belongs solely to renewables for cost reasons, for environmental reasons, for security reasons, and because in the long run, renewables promise the best returns,” Scholz said as he reaffirmed Germany’s goal to achieve net-zero and climate neutrality by 2045.</p>
<p>Germany, the top importer of Russian gas before the war in Ukraine, was at the epicenter of the energy crisis in Europe after the invasion.</p>
<p>Scholz said that within a few months after the war, Germany had made itself completely independent from Russian gas, oil, and coal.</p>
<p>He added that the country has more than doubled the volume of calls for tender for onshore wind farms alone by 2023.</p>
<p>He allayed the initial fears of energy shortfalls and said new partnerships with Asia, Africa, and America helped reduce fossil fuel dependence by securing the energy supply for the winter.</p>
<p>With new laws mandating the expansion of renewables, including wind, solar, and hydrogen, the German government expects to eliminate bureaucratic challenges and expedite grid connection two years earlier than was previously projected.</p>
<p>“By 2030, 80% of our electricity production will come from renewable sources, double what it is at present,” he said. “At the same time, our electricity requirements are increasing from 600 TWh today to 750 by the end of the decade, and we are expecting them to double yet again in the 2030s.”</p>
<p>In December last year, the European Commission <a href="https://mercomindia.com/european-commission-approves-germanys-plan-renewables/" target="_blank" rel="noopener">approved</a> the amendment to a German government’s program called Renewable Energy Act 2023 (EEG 2023), which seeks to extend and modify the country’s support of renewable energy. The EEG 2023 support program, with an overall budget of €28 billion (~$29.6 billion), aims at achieving a share of 80% of electricity produced from renewable energy sources by 2030.</p>
<p>The country <a href="https://mercomindia.com/germany-installs-solar-moves-russian-gas-dependency/" target="_blank" rel="noopener">installed</a> 4.9 GW of solar capacity in the first nine months (9M) of 2022, up 21% year-over-year, bringing the cumulative solar capacity to 63.4 GW.</p>
<p>In a separate session at the WEF, the European Commission President Ursula von der Leyen said, “Europe has replaced around 80% of Russian pipeline gas. The net-zero transformation is already causing huge industrial, economic, and geopolitical shifts – by far the quickest and the most pronounced in our lifetime. It is changing the nature of work and the shape of our industry.”</p>
<p>She also introduced a Green Deal Industrial Plan for the EU countries, under which the union will try to make Europe the home of cleantech and industrial innovation. The Green Deal Industrial Plan will cover four key pillars: the regulatory environment, financing, skills, and trade.</p>
<p>Mercom had recently <a href="https://mercomindia.com/ira-rankles-europe-full-scale-green-trade-war-unlikely/" target="_blank" rel="noopener">reported</a> on how U.S.’s Inflation Reduction Act created concerns amongst the European countries for its protectionist intent.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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German Chancellor Reaffirms Commitment to Achieve Net Zero by 2045


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					</table><p>The International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>) has said the global energy crisis is accelerating the installation of renewable power, with the total capacity growth set to almost double in the coming five years.</p>
<p>Countries have turned to renewables to reduce dependency on expensive imported fossil fuels following the war in Ukraine.</p>
<p>It can overtake coal as the largest source of electricity generation and keep alive the possibility of limiting global warming to 1.5°C, IEA said in a new report, Renewables 2022.</p>
<p>“The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years,” said IEA Executive Director Fatih Birol. “This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system.”</p>
<p>The report pegs global renewable capacity growth by 2,400 GW over the 2022-2027 period, an amount equal to the entire power capacity of China today.</p>
<p>The expected increase is 30% higher than the estimates a year ago.</p>
<p>Renewables (wind and solar) are set to account for over 90% of global electricity expansion in the next five years, overtaking coal to become the largest source of global electricity by early 2025, the report said.</p>
<p>The agency makes the following forecasts in the report:</p>
<ul>
<li>Global solar photovoltaic (PV) capacity is set to almost triple over the 2022-2027 period.</li>
<li>Installations of solar panels on residential and commercial rooftops are expected to accelerate, which will help consumers reduce energy bills.</li>
<li>Global wind capacity is expected to nearly double in the forecast period, with offshore projects accounting for one-fifth of the growth.</li>
<li>Emerging signs of diversification in global PV supply chains are seen, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as $25 billion over the 2022-2027 period.</li>
<li>China, which currently remains the dominant player, will see its share in global manufacturing capacity decrease from 90% today to 75% by 2027.</li>
<li>Total global biofuel demand is set to expand by 22% over the 2022-2027 period. The United States, Canada, Brazil, Indonesia, and India make up 80% of the expected global expansion in biofuel use.</li>
</ul>
<p>In Europe, governments and businesses are rapidly looking to replace Russian gas with alternatives. The amount of renewable capacity to be added in Europe during the 2022-27 period is expected to be twice as high as in the previous five-year period. This is driven by a combination of energy security concerns and climate ambitions.</p>
<p>Europe, China, the United States, and India are implementing policies and introducing regulatory and market reforms more quickly than planned to combat the energy crisis.</p>
<p>The report also lays out an accelerated case in which renewable power capacity grows a further 25% on top of the main forecast.</p>
<p>The accelerated scenario requires efforts to resolve supply chain issues, expand grids, and deploy flexible resources to securely manage larger shares of variable renewables.</p>
<p>The agency says this would move the world closer to a pathway consistent with reaching net zero emissions by 2050 for which the advanced economies would require tackling regulatory and permitting challenges.</p>
<p>For emerging and developing economies, policy and regulatory uncertainties, weak grid infrastructure, and a lack of access to affordable financing have to be addressed.</p>
<p>Fossil fuel combustion will grow by less than 1% in 2022 as the strong expansion of renewables and electric vehicles prevent a sharper rise, IEA <a href="https://mercomindia.com/co2-emissions-from-fossil-drop-due-to-of-renewables-iea/" target="_blank" rel="noopener">said</a> in another recent report.</p>
<p>Another IEA report earlier this year <a href="https://mercomindia.com/renewables-account-global-power-capacity-iea/" target="_blank" rel="noopener">assessed</a> that around 280 GW of new renewable energy capacity would be operational in 2022. The expansion would exceed the record annual capacity additions of 2017-2019 by more than 50%.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Renewable Capacity Growth Set to Double in Next Five Years: IEA

<p>The <a href="https://ec.europa.eu/info/index_en" target="_blank" rel="noopener">European Commission</a> presented the REPowerEU Plan proposal detailing its strategy to respond to the hardships and global energy market disruption caused by Russia&#8217;s invasion of Ukraine.</p>
<p>The Commission had earlier this year <a href="https://mercomindia.com/eu-to-expedite-renewable-expansion/" target="_blank" rel="noopener">proposed</a> an outline of this plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas.</p>
<p><strong>Solar</strong></p>
<p>As a part of the plan, the EU Commission has proposed a Solar Rooftop Initiative, under which all new public, commercial and residential buildings will be legally obligated to install solar panels in a phased manner.</p>
<p>The plan also proposes an EU Solar Strategy, under which the Commission intends to double its solar photovoltaic (PV) capacity by 2025 and install 600 GW by 2030. It also proposes to increase the initial renewables target set under the ‘Fit for 55 Package’ from 40% to 45%.</p>
<p>The Commission will work towards doubling the deployment rate of heat pumps and measures to integrate geothermal and solar thermal energy in the modernized district and communal heating systems.</p>
<p>It has been proposed that the member states recognize renewable energy as an overriding public interest. It also suggests that they identify dedicated ‘go-to’ areas for renewables and shorten and simplify the approval process for such areas. To help quickly identify such ‘go-to&#8217; areas, the Commission would make available datasets on environmentally sensitive areas as part of its digital mapping tool for geographic data related to energy, industry, and infrastructure.</p>
<p><strong>Green Hydrogen</strong></p>
<p>The plan recommends setting a target of 10 million tons of domestic renewable hydrogen production and 10 million tons of imports by 2030 to replace natural gas, coal and oil in hard-to-decarbonize industries and transport sectors. To accelerate hydrogen projects, additional funding of €200 million (~$210 million) is set aside by the Commission for research. It commits to complete the assessment of the first Important Projects of Common European Interest by the summer.</p>
<p>The Commission will roll out carbon contracts for difference to support the uptake of green hydrogen by industry and specific financing for REPowerEU under the Innovation Fund, using emission trading revenues. In a recent speech, EU Commission President Ursula von der Leyen said, “Our Important Projects of Common European Interest on hydrogen shall be approved by the summer. This will kickstart large industry-driven investments, which are worth well over €50 billion (~$52.6 billion). Hydrogen is a perfect example of what public-private partnerships can achieve.”</p>
<p>The Commission would present a Greening of Freight Package, aiming to significantly increase energy efficiency in the sector and consider a legislative initiative to increase the share of zero-emission vehicles in public and corporate car fleets above a certain size.</p>
<p><strong>Funding for the REPowerEU plan</strong></p>
<p>To fund the proposed measures in the REPowerEU plan, the Commission plans to lend €225 billion (~$236.85 billion) available under the Recovery and Resilience Facility (RRF). It has proposed increasing this with €20 billion (~$21.05 billion) in grants from the sale of EU Emission Trading System allowances.</p>
<p>Under the current Multiannual Financial Framework’s cohesion policy, the Commission already has up to €100 billion (~$105.28 billion) approved for renewable energy, hydrogen and infrastructure projects. It plans to invest an additional €26.9 billion (~$28.32 billion) from cohesion funds and €7.5 billion (~$7.90 billion) from the Common Agricultural Policy towards the RRF.</p>
<p>The measures in the REPowerEU plans are expected to help the European Union help accelerate the renewable energy roll-out and eventually replace fossil fuels in homes, industry, and power generation.</p>
<p>In March this year, the European Solar Manufacturing Council <a href="https://mercomindia.com/industry-group-proposes-module-manufacturing-europe-35-gw/" target="_blank" rel="noopener">released</a> policy proposals for building extensive solar module manufacturing capacities with long-term competitiveness in Europe.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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EU Proposes Mandatory Rooftop Solar for All New Buildings in Member States

<p>Ukraine&#8217;s <a href="http://mpe.kmu.gov.ua" target="_blank" rel="noopener">Ministry of Energy</a> has proposed amendments to regulations on promoting renewable energy generation. The Ministry of Energy has invited comments and proposals to the draft regulations within a month.</p>
<p>Additionally, the &#8216;Government Priority Action Plan for 2021&#8217; approved by the Ukrainian Cabinet of Ministers is also proposed to be implemented under the amendment.</p>
<p>In place of the expired feed-in tariff program, which was the main driver of the solar sector in the country, a technology-neutral, feed-in-premium is proposed for renewable energy generators, in addition to the wholesale electricity price under contracts for difference.</p>
<p>In December 2020, the Ministry of Energy of Ukraine presented the trajectory for the first renewable energy auctions to be held in 2021 and estimates for 2022-2025, which could be further reviewed.</p>
<p>In 2021, the plan was to auction 365 MW of renewables, including 155 MW of solar, 150 MW of wind, and 60 MW of other renewable energy sources, including bioenergy and hydropower.</p>
<p>In 2022,  420 MW of projects were to be auctioned, including 170 MW each of solar and wind and 60 MW of other renewable energy sources. In 2023, of the total 470 MW of projects, 180 MW would be solar, 190 MW of wind, and 100 MW of other renewable energy sources. In 2024, 190 MW of solar, 210 MW of wind, and 120 MW for other renewable energy sources are expected to be auctioned. In the final year of 2025, auctions are expected for 200 MW of solar, 230 MW of wind, and 140 MW of other renewable energy sources.</p>
<p>In May this year, Oesterreichische Entwicklungsbank, the Development Bank of Austria, <a href="https://mercomindia.com/project-finance-brief-sonnedix-solar-italy/" target="_blank" rel="noopener">agreed</a> to provide €10.3 million (~$12.56 million) for the construction and operation of the Hlyniany II solar project near Lviv, Ukraine, owned by ECO Optima Group.</p>
<p>Earlier, Nebras Power, a joint venture of Qatar Electricity and Water Company (60%) and Qatar Holding (40%), <a href="https://mercomindia.com/project-finance-brief-baywa-re-secures/" target="_blank" rel="noopener">expanded</a> into the Ukrainian power market with the acquisition of six solar projects and a partnership agreement with UDP Renewables and their parent holding company UFuture.</p>
<p>On the wind project development in the country, DTEK Renewables <a href="https://mercomindia.com/daily-news-wrap-up-solar-3/" target="_blank" rel="noopener">signed</a> a joint venture agreement with Vestas to construct the first stage of DTEK&#8217;s Tiligulska wind power project, located in the Mykolaiv region, Ukraine. Financing for the project&#8217;s first stage will be drawn from funds raised by DTEK Renewables Finance&#8217;s green bonds issued in 2019.</p>
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