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Nephila Climate backs proxy revenue swap for Ranchero wind farm

N/A | January 18, 2019 | 111 views

Nephila Climate, the weather, climate risk and reinsurance focused unit of ILS fund manager Nephila Capital, has provided capacity to back another proxy revenue swap for a wind farm project, again alongside Allianz Risk Transfer. These transactions are becoming more frequent as the renewable energy sector, its investors and developers, increasingly gain an appreciation for the benefits of hedging out variability in their weather related energy sources.

Spotlight

BEL Valves

BEL Valves designs, manufactures and maintains high integrity valves and actuators for subsea, surface and onshore applications. We have over 50 years of expertise supplying a number of solution led, design firsts including the eccentric ball valve for sandy conditions, subsea HIPPS solutions and HP/HT ultra-deep applications for critical service conditions.

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How Does Employing Energy Management Systems Helps Businesses?

Article | August 16, 2022

While most businesses presently strive to achieve environmentally friendly operations and lower their carbon footprints, this argument might not sway all businesses or company executives. While using renewable energy sources or energy management systems has clear environmental benefits, businesses that want to improve their operations and decrease overhead expenses should also consider such technologies. A steady and high-quality power supply is required for the smooth running of any kind of industry. Energy management systems (EMS) are used by a variety of industries to provide a consistent and dependable supply of energy. Energy Management Systems: Advantages for a Business Businesses and industries that use energy management solutions often achieve considerably bigger savings than those that do not use such systems. EMS examines all of the company's processes and enhances them for energy savings. The savings realized by the usage of energy management systems have a direct influence on the bottom line. Some of the most significant benefits of energy management systems are listed below. Improved Brand Image Using energy management systems result in lower power usage and, as a consequence, more environmentally friendly operations. Process optimization is recognized by business clients, customers, and suppliers because it shows excellence in planning and management. Better Productivity and Competitive Edge Reducing energy consumption via process optimization and effective load planning not only increases the overall productivity of industrial operations but also helps businesses to catch up with their competitors through continual process development. Cost-Reduction Energy management systems can ensure at least a 20% decrease in energy bills. System administrators can save up to 10% of their total energy expenditures with modest investments and no upfront costs. Supervisors can save up to one-third of their initial overhead expenses by using energy management solutions in a planned and methodical manner. Closing Lines An energy management system can help any organization save money on energy bills. There are many different energy management systems on the market, so make sure you choose one that is the right size for your business. If you're unclear about which system to buy, a good energy monitoring system can help you assess your performance and point you in the correct direction for process improvement.

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ENERGY

The Role of AI Technology in the Renewable Energy Sector

Article | July 16, 2022

Machine learning and artificial intelligence (AI) are two of the most commonly used commercial phrases these days. As a result, companies across sectors are searching for methods to include them in order to optimize and automate their key operations. The energy sector is no exception! Indeed, throughout the years, renewable energy industries (wind, solar, hydro, nuclear) have substantially gained from the potential of machine learning. They were able to reduce their expenses, make better projections, and raise the rate of return on their portfolio. And this tendency is just going to gain momentum. If your company is in the energy industry or utilizes a lot of power, machine learning and AI can help you improve your business performance. But how precisely? Let's get started. Ways in Which AI and Machine Learning are Changing Energy Sector There are a few methods that machine learning and AI can be applied to positively improve the energy industry. Here are a few popular applications currently under development. Predictive Maintenance AI helps match energy output with demand and ensure power grid stability and resilience.In 2003, a low-hanging high-voltage electricity line hit an overgrown tree in Ohio, causing a widespread blackout. There was no power system alarm and no sign of the incident. The electric company didn't notice until three additional power lines failed. This carelessness ultimately brought down the whole grid. The 50 million-person blackout lasted two days. Eleven individuals died, and $6 billion was lost. Predictive maintenance can be implemented using machine learning and IoT Sensors gather operational time series data from electricity lines, equipment, and stations (data accompanied by a timestamp). Machine learning algorithms can then forecast when a component will fail (or n-steps). It can also anticipate machinery's remaining usable life or future breakdown. These algorithms detect machine failure, eliminate blackouts or downtimes, improve maintenance procedures, and reduce maintenance expenses. Grid Management Grid management is a promising AI application in energy. Complex networks distribute electricity to users (also known as the power grid). Generation and demand must always match in the electrical system. Other issues, like blackouts and system breakdowns, can occur. Despite being ancient, pumped hydroelectric storage is the most common way to store energy. It operates by moving water upwards and letting it fall into turbines. Renewable energy makes predicting the grid's power generation challenging. After all, it is affected by a variety of things, like sunlight and wind. Demand Response Large demand shifts can be expensive for nations that depend on renewable energy. As nations migrate to green energy, it's harder to adapt to demand fluctuations. Germany plans to use 80% renewable energy by 2050. Countries such as Germany will encounter two major challenges Demand fluctuations: On some days or times of the year, power consumption soars (on Christmas, for example) Weather volatility: Without wind or clear skies, it might be hard to meet electrical demand. In both circumstances, more stations or fossil fuel-powered facilities must meet demand Solving demand response issues Many nations are partnering with businesses to examine weather forecasts, power demand, etc. Germany's EWeLiNE project forecasts wind and solar energy at a specific moment. This enables the government to use non-renewable energy to meet additional power demand. They utilize enormous historical data sets to train machine learning algorithms, as well as data from wind turbines or solar panels, to properly balance supply and demand. Closing Lines AI increases the potential of humans. Several renewable energy producers are investing in artificial intelligence to boost their businesses.There are numerous uses of artificial intelligence in renewable energy. The fundamental purpose of AI integrated systems is to reduce forecasting issues and incorporate renewable energy into the central energy grid as effectively as possible. AI can also assist renewable energy providers in developing successful plans and policies based on present energy consumption and demand.

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SOLAR+STORAGE

AI in the Renewable Energy Sector: Investment Perspective

Article | June 8, 2022

As the worldwide use of artificial intelligence (AI) in the energy market is expected to reach $7.78 billion by 2024, with a CAGR of 22.49% from 2019 to 2024, it is easy to see why it's a popular topic on the minds of many leading brands in the energy sector, as well as investors looking to reap the future perks that AI could bring to the energy industry. According to BIS Research, North America is expected to be the largest market for AI in energy through 2024. However, Asia-Pacific is expected to rise rapidly over the same time due to the rising need for more decentralized power production. Investment Opportunities in AI-based Energy Industry: Economic Visibility AI's economic viability and progress in the energy business can be attributed to numerous factors, including: The desire to increase operational efficiency. Increased interest in energy efficiency. Decentralized electricity generation is being expanded. Battery storage solutions are gaining popularity. Since artificial intelligence has a wide range of applications, there are several investment opportunities in the energy industry. Upstream Oil and Gas Enhance efficiency and decrease downtime, which is critical for hydrocarbon companies owing to volatile oil prices and demand, to lessen the environmental implications of energy generation and consumption. AI Chatbots AI has the potential to enhance interactions between contact centers and consumers. Utilities that outsource to contact center providers can suffer significant fees. This is where AI, particularly when combined with natural language processing (NLP), can assist contact center operators by listening to conversations and automatically noting information in the appropriate apps, helping operators to make calls more reliable, effective, and satisfying to customers. Smart Homes and Cities AI integration benefits smart meters and smart energy management systems as well. Many residences and towns can utilize AI to collect real-time data and apply it in a number of ways to function more effectively and efficiently, enhancing sustainability while also making a living more comfortable and cities more accessible. Monitoring Trends in Energy Generation and Consumption Artificial intelligence is being utilized to assist energy companies and customers in recognizing and tracking patterns in energy generation and consumption. AI, for example, can predict the potential output of a certain wind or solar plant. Closing Lines Banking, finance, and trade are some of the suitable businesses that can profit. For example, AI and machine learning can be used in algorithmic trading, which involves utilizing computer programs to make trades in the energy business at speeds and frequencies that any human trader would consider inconceivable.

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STRATEGY AND BEST PRACTICES

Technologies Shaping the Future of Renewable Energy

Article | July 8, 2022

Introduction Renewable energy has transformed our planet. It's raised awareness of global warming and climate change. Both governments and ordinary people are seeking to move from fossil fuels to renewable energy because of this awareness. Technology's involvement in this revolution cannot be understated. Thought a few years ago that solar energy would power average houses in small communities. Thanks to the widespread manufacture of lithium-ion batteries, EVs will be the next big thing. Major Renewable Energy Technologies Transforming the Future Power-to-X Despite the name, this is not a conspiracy theory about global dominance. Modern technology converts electricity into synthetic fuels, thermal energy, and hydrogen. This breakthrough technology can minimize fossil fuel dependence by focusing on synthetic ones. It can also help with efficient storage solutions. Green Appliances and Machines Leading household appliance makers are launching solar-powered appliances. This is a wonderful start toward minimizing family power expenses. Many households have begun to invest in gadgets such as solar air conditioners. Distributed Generation Systems Several locations are experimenting with distributed generation. This reduces dependence on a centralized grid and simplifies transmission and distribution. It also reduces grid dependability and failures. Electrification Most European nations are actively electrifying to cut carbon emissions. This is not the same as a power supply. Rather, it implies developing assets and infrastructure that can shift and aid in the adoption of electricity. Providing public EV charging stations is a step towards electrification. Closing Lines Prominent private companies such as Google, Apple, and Microsoft have made significant commitments to renewable energy in recent years. While some governments are actively attempting to make the shift, others have yet to take environmental challenges such as global warming and climate change seriously. Technological breakthroughs are helping to make the transition to renewable energy greener, quicker, and more economical.

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STRATEGY AND BEST PRACTICES,INDUSTRY UPDATES

7 Necessary Steps for Effective Energy Management

Article | August 16, 2022

While most businesses presently strive to achieve environmentally friendly operations and lower their carbon footprints, this argument might not sway all businesses or company executives. While using renewable energy sources or energy management systems has clear environmental benefits, businesses that want to improve their operations and decrease overhead expenses should also consider such technologies. A steady and high-quality power supply is required for the smooth running of any kind of industry. Energy management systems (EMS) are used by a variety of industries to provide a consistent and dependable supply of energy. Energy Management Systems: Advantages for a Business Businesses and industries that use energy management solutions often achieve considerably bigger savings than those that do not use such systems. EMS examines all of the company's processes and enhances them for energy savings. The savings realized by the usage of energy management systems have a direct influence on the bottom line. Some of the most significant benefits of energy management systems are listed below. Improved Brand Image Using energy management systems result in lower power usage and, as a consequence, more environmentally friendly operations. Process optimization is recognized by business clients, customers, and suppliers because it shows excellence in planning and management. Better Productivity and Competitive Edge Reducing energy consumption via process optimization and effective load planning not only increases the overall productivity of industrial operations but also helps businesses to catch up with their competitors through continual process development. Cost-Reduction Energy management systems can ensure at least a 20% decrease in energy bills. System administrators can save up to 10% of their total energy expenditures with modest investments and no upfront costs. Supervisors can save up to one-third of their initial overhead expenses by using energy management solutions in a planned and methodical manner. Closing Lines An energy management system can help any organization save money on energy bills. There are many different energy management systems on the market, so make sure you choose one that is the right size for your business. If you're unclear about which system to buy, a good energy monitoring system can help you assess your performance and point you in the correct direction for process improvement.

Read More
ENERGY

The Role of AI Technology in the Renewable Energy Sector

Article | July 16, 2022

Machine learning and artificial intelligence (AI) are two of the most commonly used commercial phrases these days. As a result, companies across sectors are searching for methods to include them in order to optimize and automate their key operations. The energy sector is no exception! Indeed, throughout the years, renewable energy industries (wind, solar, hydro, nuclear) have substantially gained from the potential of machine learning. They were able to reduce their expenses, make better projections, and raise the rate of return on their portfolio. And this tendency is just going to gain momentum. If your company is in the energy industry or utilizes a lot of power, machine learning and AI can help you improve your business performance. But how precisely? Let's get started. Ways in Which AI and Machine Learning are Changing Energy Sector There are a few methods that machine learning and AI can be applied to positively improve the energy industry. Here are a few popular applications currently under development. Predictive Maintenance AI helps match energy output with demand and ensure power grid stability and resilience.In 2003, a low-hanging high-voltage electricity line hit an overgrown tree in Ohio, causing a widespread blackout. There was no power system alarm and no sign of the incident. The electric company didn't notice until three additional power lines failed. This carelessness ultimately brought down the whole grid. The 50 million-person blackout lasted two days. Eleven individuals died, and $6 billion was lost. Predictive maintenance can be implemented using machine learning and IoT Sensors gather operational time series data from electricity lines, equipment, and stations (data accompanied by a timestamp). Machine learning algorithms can then forecast when a component will fail (or n-steps). It can also anticipate machinery's remaining usable life or future breakdown. These algorithms detect machine failure, eliminate blackouts or downtimes, improve maintenance procedures, and reduce maintenance expenses. Grid Management Grid management is a promising AI application in energy. Complex networks distribute electricity to users (also known as the power grid). Generation and demand must always match in the electrical system. Other issues, like blackouts and system breakdowns, can occur. Despite being ancient, pumped hydroelectric storage is the most common way to store energy. It operates by moving water upwards and letting it fall into turbines. Renewable energy makes predicting the grid's power generation challenging. After all, it is affected by a variety of things, like sunlight and wind. Demand Response Large demand shifts can be expensive for nations that depend on renewable energy. As nations migrate to green energy, it's harder to adapt to demand fluctuations. Germany plans to use 80% renewable energy by 2050. Countries such as Germany will encounter two major challenges Demand fluctuations: On some days or times of the year, power consumption soars (on Christmas, for example) Weather volatility: Without wind or clear skies, it might be hard to meet electrical demand. In both circumstances, more stations or fossil fuel-powered facilities must meet demand Solving demand response issues Many nations are partnering with businesses to examine weather forecasts, power demand, etc. Germany's EWeLiNE project forecasts wind and solar energy at a specific moment. This enables the government to use non-renewable energy to meet additional power demand. They utilize enormous historical data sets to train machine learning algorithms, as well as data from wind turbines or solar panels, to properly balance supply and demand. Closing Lines AI increases the potential of humans. Several renewable energy producers are investing in artificial intelligence to boost their businesses.There are numerous uses of artificial intelligence in renewable energy. The fundamental purpose of AI integrated systems is to reduce forecasting issues and incorporate renewable energy into the central energy grid as effectively as possible. AI can also assist renewable energy providers in developing successful plans and policies based on present energy consumption and demand.

Read More
SOLAR+STORAGE

Treasury Wine Estates To Install Thousands Of Solar Panels

Article | June 8, 2022

As the worldwide use of artificial intelligence (AI) in the energy market is expected to reach $7.78 billion by 2024, with a CAGR of 22.49% from 2019 to 2024, it is easy to see why it's a popular topic on the minds of many leading brands in the energy sector, as well as investors looking to reap the future perks that AI could bring to the energy industry. According to BIS Research, North America is expected to be the largest market for AI in energy through 2024. However, Asia-Pacific is expected to rise rapidly over the same time due to the rising need for more decentralized power production. Investment Opportunities in AI-based Energy Industry: Economic Visibility AI's economic viability and progress in the energy business can be attributed to numerous factors, including: The desire to increase operational efficiency. Increased interest in energy efficiency. Decentralized electricity generation is being expanded. Battery storage solutions are gaining popularity. Since artificial intelligence has a wide range of applications, there are several investment opportunities in the energy industry. Upstream Oil and Gas Enhance efficiency and decrease downtime, which is critical for hydrocarbon companies owing to volatile oil prices and demand, to lessen the environmental implications of energy generation and consumption. AI Chatbots AI has the potential to enhance interactions between contact centers and consumers. Utilities that outsource to contact center providers can suffer significant fees. This is where AI, particularly when combined with natural language processing (NLP), can assist contact center operators by listening to conversations and automatically noting information in the appropriate apps, helping operators to make calls more reliable, effective, and satisfying to customers. Smart Homes and Cities AI integration benefits smart meters and smart energy management systems as well. Many residences and towns can utilize AI to collect real-time data and apply it in a number of ways to function more effectively and efficiently, enhancing sustainability while also making a living more comfortable and cities more accessible. Monitoring Trends in Energy Generation and Consumption Artificial intelligence is being utilized to assist energy companies and customers in recognizing and tracking patterns in energy generation and consumption. AI, for example, can predict the potential output of a certain wind or solar plant. Closing Lines Banking, finance, and trade are some of the suitable businesses that can profit. For example, AI and machine learning can be used in algorithmic trading, which involves utilizing computer programs to make trades in the energy business at speeds and frequencies that any human trader would consider inconceivable.

Read More
STRATEGY AND BEST PRACTICES

Technologies Shaping the Future of Renewable Energy

Article | July 8, 2022

Introduction Renewable energy has transformed our planet. It's raised awareness of global warming and climate change. Both governments and ordinary people are seeking to move from fossil fuels to renewable energy because of this awareness. Technology's involvement in this revolution cannot be understated. Thought a few years ago that solar energy would power average houses in small communities. Thanks to the widespread manufacture of lithium-ion batteries, EVs will be the next big thing. Major Renewable Energy Technologies Transforming the Future Power-to-X Despite the name, this is not a conspiracy theory about global dominance. Modern technology converts electricity into synthetic fuels, thermal energy, and hydrogen. This breakthrough technology can minimize fossil fuel dependence by focusing on synthetic ones. It can also help with efficient storage solutions. Green Appliances and Machines Leading household appliance makers are launching solar-powered appliances. This is a wonderful start toward minimizing family power expenses. Many households have begun to invest in gadgets such as solar air conditioners. Distributed Generation Systems Several locations are experimenting with distributed generation. This reduces dependence on a centralized grid and simplifies transmission and distribution. It also reduces grid dependability and failures. Electrification Most European nations are actively electrifying to cut carbon emissions. This is not the same as a power supply. Rather, it implies developing assets and infrastructure that can shift and aid in the adoption of electricity. Providing public EV charging stations is a step towards electrification. Closing Lines Prominent private companies such as Google, Apple, and Microsoft have made significant commitments to renewable energy in recent years. While some governments are actively attempting to make the shift, others have yet to take environmental challenges such as global warming and climate change seriously. Technological breakthroughs are helping to make the transition to renewable energy greener, quicker, and more economical.

Read More
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Spotlight

BEL Valves

BEL Valves designs, manufactures and maintains high integrity valves and actuators for subsea, surface and onshore applications. We have over 50 years of expertise supplying a number of solution led, design firsts including the eccentric ball valve for sandy conditions, subsea HIPPS solutions and HP/HT ultra-deep applications for critical service conditions.

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STRATEGY AND BEST PRACTICES,ENERGY

NextEra Energy Transmission MidAtlantic and WindGrid announce agreement to work together in support of New Jersey offshore wind transmission proposal

NextEra Energy | September 12, 2022

NextEra Energy Transmission MidAtlantic (NEETMA), a subsidiary of NextEra Energy Transmission, LLC, and WindGrid, a subsidiary of Elia Group, announced that they have signed a Memorandum of Understanding (MOU) to lay the foundation to work together to develop and construct offshore wind transmission infrastructure for New Jersey if selected by the Board of Public Utilities (BPU). "WindGrid and its parent Elia Group are leaders in the engineering, construction and operation of offshore electric transmission projects and we're pleased to be collaborating with them on our New Jersey proposals,We believe we are well-positioned to help New Jersey achieve its clean energy goals and we look forward to working with all stakeholders on making this important project a success." -Matt Valle, president, NextEra Energy Transmission. NEETMA has submitted a number of proposals, collectively called the NJ Seawind Connector, to the BPU to support the transmission needed to achieve the state's offshore wind goals. The NJ Seawind Connector offers New Jersey multiple solutions that would collectively deliver to the state the greatest offshore wind power with the least impact to the environment and local communities. NEETMA's superior design offers the most cost-effective approach to meeting New Jersey's clean energy needs, while protecting utility customers and providing BPU additional optionality, expandability and flexibility, and high-quality offshore wind transmission infrastructure to meet the state's future energy needs. WindGrid builds on Elia Group's unique offshore experience in both the North and Baltic seas in Europe. To date, Elia Group has connected 13 wind farms to onshore grids and is currently operating three subsea cable interconnections. Elia Group is also working on new innovative projects such as hybrid interconnectors and energy islands. The company is at the forefront of innovative approaches in offshore grid design and is well-positioned for playing a leading role in the shaping of future offshore grid projects. "We believe our offshore wind transmission experience will provide valuable insights and provide meaningful benefits if the NEETMA project is selected by the BPU. Thanks to our industry-leading position in offshore electric transmission, we have access to and relationships with an extensive network of technical equipment suppliers with whom we collaborate to ensure we are integrating the latest technical innovations into each of our projects. Working with NEETMA, we expect to make a meaningful contribution to accelerating the energy transition in New Jersey," -Markus Laukamp, chief executive officer of WindGrid. NextEra Energy Transmission NextEra Energy Transmission develops, finances, constructs, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in 10 states, six regional transmission organizations and one Canadian province, with numerous projects under development and construction. To learn more, visit www.NextEraEnergyTransmission.com. Elia Group Elia Group is a European key player in electricity transmission. Through our subsidiaries in Belgium (Elia) and the north and east of Germany (50Hertz), we operate 19,192 km of high-voltage connections at land and sea, meaning that we are one of Europe's top 5 transmission system operators. In addition to our activities as a system operator, we provide various consulting services (via Elia Grid International) and want to be a reliable partner (via WindGrid) for governments that want to proactively build offshore grid infrastructure and renewable energy developers that are looking for solutions which will allow them to securely connect and integrate their offshore energy projects into the onshore grid.

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PRODUCTS,INDUSTRY UPDATES

Mainstream Renewable Power and Ocean Winds Win 1.8 GW ScotWind Site

Mainstream Renewable Power | August 23, 2022

Mainstream Renewable Power ("Mainstream"), the global renewable energy company majority-owned by Aker Horizons, and Ocean Winds, the international company dedicated to offshore wind energy, have been appointed preferred bidder by Crown Estate Scotland for an area with the potential for a 1.8 GW offshore wind farm off the Shetland Islands in Scotland. Mainstream and Ocean Winds, as the preferred bidders, are now offered the opportunity to enter into an option agreement for the site which is located east of the Shetland Islands in approximately 100m water depth and is well suited for floating offshore wind. The project partners, which hold a 50-50 ownership, are committed to developing floating offshore wind on an industrial scale in Scotland, generating local jobs and opportunities in Scotland and the Shetland Islands. The site output is expected to power for the equivalent of over 2 million homes. We are proud of Mainstream and Ocean Winds' success in the ScotWind process. It is a testament to the strength of the partnership, and to Mainstream's standing as a leading developer of gigawatt-scale renewables platforms with significant offshore technology expertise. This was further reinforced by the company's recent combination with Aker Offshore Wind, said Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of Mainstream. "This is a very significant win for Mainstream, which plays to our key strengths as a global leader in floating offshore wind technology as well as our track record in offshore wind project development, In Scotland, we have already developed the 450 MW Neart na Gaoithe Offshore Wind Farm and we now look forward to working with all stakeholders to further develop and strengthen Scotland's offshore wind industry and help position it as a global leader in floating offshore wind power." -Mainstream's Chief Executive Officer Mary Quaney. Mainstream and Aker Offshore Wind in August 2022 completed a transaction to combine the two companies to create a stronger renewable energy company with more than 27 GW net portfolio. Combining Aker Offshore Wind's strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream's proven project development methodology, execution track record and global presence unlocks new opportunities worldwide. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland and Sweden. Mainstream, through its combination with Aker Offshore Wind, has already partnered with Ocean Winds in the joint venture KF Wind in South Korea and are in consortium to bid in the upcoming leasing round for floating wind at Utsira Nord in Norway. Mainstream and Ocean Winds are also major shareholders of the leading floating wind technology provider Principle Power. "We are proud of the strength that Ocean Winds and Mainstream Renewable Power teams have combined to secure this major new project, As Ocean Winds, we are looking forward to using our more than 10-year expertise as pioneer in floating offshore wind farms from development to operation to progress this large floating project awarded with Mainstream, as well as the 500 MW floating project also awarded to Ocean Winds during this clearing round. Both will bring major benefits to Shetland and Scotland, and an important contribution to Net Zero." -Bautista Rodriguez, Ocean Winds' chief executive officer. Ocean Winds was created as a 50-50 joint venture in 2020 by EDP Renewables and ENGIE. The company is one of Scotland's leading offshore wind developers, with 950 MW currently in operation at Moray East and 882 MW in late development stage at Moray West. In January 2022, Ocean Winds was successful in its ScotWind bid, the Caledonia Offshore Wind Farm, with a plan for up to 2 GW. About Mainstream Renewable Power Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, the Americas, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global portfolio of more than 27 GW. In May 2021, Aker Horizons acquired a majority stake in Mainstream and, in April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In August 2022, the transaction to integrate Aker Offshore Wind into the Mainstream Group was completed. Mainstream is one of the leading developers of offshore wind at scale globally. It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in 2015. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, where 450 MW is currently under construction. Overall, it has developed and consented 20% of the UK's offshore wind capacity either in operation or under construction. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland, the UK, and Sweden. Mainstream, through Aker Horizons' ownership and its combination with Aker Offshore Wind, will leverage the decades of offshore energy development experience through the Aker group. Aker has been instrumental in the design and deployment of more than half of all semisubmersible floating offshore installations in the world and has over four decades of experience in Scotland, including a global subsea centre of excellence. About Ocean Winds Oceans Wind (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world. When EDP and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development; OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. In 2022, OW's offshore wind gross capacity already operating, in construction or with advanced development rights granted reaches 14.5 GW.OW, headquartered in Madrid, is currently present in 8 countries, and primarily targets markets in Europe, the United-States, selected parts of Asia, and Brazil.For more information: www.oceanwinds.com About Aker Horizons Aker Horizons develops green industrial projects and technologies that accelerate the net zero transition. The company holds assets across renewable energy and carbon capture, and develops green industrial hubs that combine low-cost renewable energy with hydrogen production and downstream applications. As part of the Aker group and its 180-year industrial heritage, Aker Horizons applies industrial, technological and capital markets expertise to solve fundamental challenges to sustainable existence. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents. www.akerhorizons.com

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PRODUCTS

Gazelle Wind Power Teams Up with Ferrofab FZE to Manufacture a Modular Gazelle Hybrid PlatformFERROFAB FZE

Gazelle Wind Power and FERROFAB FZE | August 08, 2022

Floating offshore wind platform developer Gazelle Wind Power (Gazelle) has signed a memorandum of understanding (MOU) with Ferrofab FZE (Ferrofab), a UAE-based engineering and manufacturing firm, to establish a Center for Manufacturing Excellence at the Ferrofab Jebel Ali facility in the UAE. This Center is being established to manufacture a Gazelle hybrid modular offshore wind platform, based on Gazelle’s proprietary technology, that can be scaled to support any make and model of wind turbines, including models upwards of 20MW. “Ferrofab has a reputation for engineering, manufacturing, and execution that is needed to bring our technology to the market at the pace we need to address climate change, While many offshore wind projects originate from the oil and gas industry, Gazelle’s hybrid floating platform is designed solely to accelerate the development of the offshore wind industry and contribute to reducing the levelized cost of electricity (LCOE). Having a collaborator with experience in both sectors will allow us to deploy our solution and hasten the move to net-zero successfully.” -Gazelle CEO Jon Salazar. Ferrofab boasts a total of 800,000 square feet of state-of-the-art manufacturing facilities in Jebel Ali, which is located approximately 40 km southwest of Dubai. The company has extensive experience in engineering and manufacturing offshore and onshore process equipment and structures for the wind, oil, and gas industries, which will be leveraged to accelerate the manufacturing process for Gazelle’s floating wind platforms and the assembly and distribution to ports worldwide. “Based on our past experience in manufacturing offshore structures, Gazelle’s unique floating platform technology is on track to spur the needed evolution of the offshore wind industry, With its innovative design and modular components, the deployment of this solution will be a revolutionary step in the production of renewable energy.” -Johan Moraes, Executive Director of Ferrofab FZE Over the past year, Gazelle has been lining up top-performing partners, all leaders within their respective industries, to advance the implementation of the company’s unparalleled floating platform system, including MOUs previously signed with VCE, Bridon-Bekaert Ropes Group, and Maersk Supply Service. Gazelle also successfully completed its first-ever crowdfunding campaign and named four additional industry leaders to its board of directors. Gazelle’s unique hybrid floating wind platform splits the ‘two classical functions’ of buoyancy and stability for a lighter and more agile platform than current market designs and boasts the advantage of faster deployment in deeper waters. About Gazelle Wind Power Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com. About Ferrofab FZE Ferrofab is a global leader and a trusted name in the field of engineering and manufacturing. The company offers a full range of activities in matters of modular static and process equipment, well-testing equipment, and special dish head forming. With the endeavor toward self-development and increasing its portfolio of work, Ferrofab’s vision is to be known globally for "Engineering Excellence.” Learn more at www.ferrofab.com.

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STRATEGY AND BEST PRACTICES,ENERGY

NextEra Energy Transmission MidAtlantic and WindGrid announce agreement to work together in support of New Jersey offshore wind transmission proposal

NextEra Energy | September 12, 2022

NextEra Energy Transmission MidAtlantic (NEETMA), a subsidiary of NextEra Energy Transmission, LLC, and WindGrid, a subsidiary of Elia Group, announced that they have signed a Memorandum of Understanding (MOU) to lay the foundation to work together to develop and construct offshore wind transmission infrastructure for New Jersey if selected by the Board of Public Utilities (BPU). "WindGrid and its parent Elia Group are leaders in the engineering, construction and operation of offshore electric transmission projects and we're pleased to be collaborating with them on our New Jersey proposals,We believe we are well-positioned to help New Jersey achieve its clean energy goals and we look forward to working with all stakeholders on making this important project a success." -Matt Valle, president, NextEra Energy Transmission. NEETMA has submitted a number of proposals, collectively called the NJ Seawind Connector, to the BPU to support the transmission needed to achieve the state's offshore wind goals. The NJ Seawind Connector offers New Jersey multiple solutions that would collectively deliver to the state the greatest offshore wind power with the least impact to the environment and local communities. NEETMA's superior design offers the most cost-effective approach to meeting New Jersey's clean energy needs, while protecting utility customers and providing BPU additional optionality, expandability and flexibility, and high-quality offshore wind transmission infrastructure to meet the state's future energy needs. WindGrid builds on Elia Group's unique offshore experience in both the North and Baltic seas in Europe. To date, Elia Group has connected 13 wind farms to onshore grids and is currently operating three subsea cable interconnections. Elia Group is also working on new innovative projects such as hybrid interconnectors and energy islands. The company is at the forefront of innovative approaches in offshore grid design and is well-positioned for playing a leading role in the shaping of future offshore grid projects. "We believe our offshore wind transmission experience will provide valuable insights and provide meaningful benefits if the NEETMA project is selected by the BPU. Thanks to our industry-leading position in offshore electric transmission, we have access to and relationships with an extensive network of technical equipment suppliers with whom we collaborate to ensure we are integrating the latest technical innovations into each of our projects. Working with NEETMA, we expect to make a meaningful contribution to accelerating the energy transition in New Jersey," -Markus Laukamp, chief executive officer of WindGrid. NextEra Energy Transmission NextEra Energy Transmission develops, finances, constructs, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in 10 states, six regional transmission organizations and one Canadian province, with numerous projects under development and construction. To learn more, visit www.NextEraEnergyTransmission.com. Elia Group Elia Group is a European key player in electricity transmission. Through our subsidiaries in Belgium (Elia) and the north and east of Germany (50Hertz), we operate 19,192 km of high-voltage connections at land and sea, meaning that we are one of Europe's top 5 transmission system operators. In addition to our activities as a system operator, we provide various consulting services (via Elia Grid International) and want to be a reliable partner (via WindGrid) for governments that want to proactively build offshore grid infrastructure and renewable energy developers that are looking for solutions which will allow them to securely connect and integrate their offshore energy projects into the onshore grid.

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PRODUCTS,INDUSTRY UPDATES

Mainstream Renewable Power and Ocean Winds Win 1.8 GW ScotWind Site

Mainstream Renewable Power | August 23, 2022

Mainstream Renewable Power ("Mainstream"), the global renewable energy company majority-owned by Aker Horizons, and Ocean Winds, the international company dedicated to offshore wind energy, have been appointed preferred bidder by Crown Estate Scotland for an area with the potential for a 1.8 GW offshore wind farm off the Shetland Islands in Scotland. Mainstream and Ocean Winds, as the preferred bidders, are now offered the opportunity to enter into an option agreement for the site which is located east of the Shetland Islands in approximately 100m water depth and is well suited for floating offshore wind. The project partners, which hold a 50-50 ownership, are committed to developing floating offshore wind on an industrial scale in Scotland, generating local jobs and opportunities in Scotland and the Shetland Islands. The site output is expected to power for the equivalent of over 2 million homes. We are proud of Mainstream and Ocean Winds' success in the ScotWind process. It is a testament to the strength of the partnership, and to Mainstream's standing as a leading developer of gigawatt-scale renewables platforms with significant offshore technology expertise. This was further reinforced by the company's recent combination with Aker Offshore Wind, said Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of Mainstream. "This is a very significant win for Mainstream, which plays to our key strengths as a global leader in floating offshore wind technology as well as our track record in offshore wind project development, In Scotland, we have already developed the 450 MW Neart na Gaoithe Offshore Wind Farm and we now look forward to working with all stakeholders to further develop and strengthen Scotland's offshore wind industry and help position it as a global leader in floating offshore wind power." -Mainstream's Chief Executive Officer Mary Quaney. Mainstream and Aker Offshore Wind in August 2022 completed a transaction to combine the two companies to create a stronger renewable energy company with more than 27 GW net portfolio. Combining Aker Offshore Wind's strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream's proven project development methodology, execution track record and global presence unlocks new opportunities worldwide. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland and Sweden. Mainstream, through its combination with Aker Offshore Wind, has already partnered with Ocean Winds in the joint venture KF Wind in South Korea and are in consortium to bid in the upcoming leasing round for floating wind at Utsira Nord in Norway. Mainstream and Ocean Winds are also major shareholders of the leading floating wind technology provider Principle Power. "We are proud of the strength that Ocean Winds and Mainstream Renewable Power teams have combined to secure this major new project, As Ocean Winds, we are looking forward to using our more than 10-year expertise as pioneer in floating offshore wind farms from development to operation to progress this large floating project awarded with Mainstream, as well as the 500 MW floating project also awarded to Ocean Winds during this clearing round. Both will bring major benefits to Shetland and Scotland, and an important contribution to Net Zero." -Bautista Rodriguez, Ocean Winds' chief executive officer. Ocean Winds was created as a 50-50 joint venture in 2020 by EDP Renewables and ENGIE. The company is one of Scotland's leading offshore wind developers, with 950 MW currently in operation at Moray East and 882 MW in late development stage at Moray West. In January 2022, Ocean Winds was successful in its ScotWind bid, the Caledonia Offshore Wind Farm, with a plan for up to 2 GW. About Mainstream Renewable Power Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, the Americas, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global portfolio of more than 27 GW. In May 2021, Aker Horizons acquired a majority stake in Mainstream and, in April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In August 2022, the transaction to integrate Aker Offshore Wind into the Mainstream Group was completed. Mainstream is one of the leading developers of offshore wind at scale globally. It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in 2015. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, where 450 MW is currently under construction. Overall, it has developed and consented 20% of the UK's offshore wind capacity either in operation or under construction. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland, the UK, and Sweden. Mainstream, through Aker Horizons' ownership and its combination with Aker Offshore Wind, will leverage the decades of offshore energy development experience through the Aker group. Aker has been instrumental in the design and deployment of more than half of all semisubmersible floating offshore installations in the world and has over four decades of experience in Scotland, including a global subsea centre of excellence. About Ocean Winds Oceans Wind (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world. When EDP and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development; OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. In 2022, OW's offshore wind gross capacity already operating, in construction or with advanced development rights granted reaches 14.5 GW.OW, headquartered in Madrid, is currently present in 8 countries, and primarily targets markets in Europe, the United-States, selected parts of Asia, and Brazil.For more information: www.oceanwinds.com About Aker Horizons Aker Horizons develops green industrial projects and technologies that accelerate the net zero transition. The company holds assets across renewable energy and carbon capture, and develops green industrial hubs that combine low-cost renewable energy with hydrogen production and downstream applications. As part of the Aker group and its 180-year industrial heritage, Aker Horizons applies industrial, technological and capital markets expertise to solve fundamental challenges to sustainable existence. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents. www.akerhorizons.com

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PRODUCTS

Gazelle Wind Power Teams Up with Ferrofab FZE to Manufacture a Modular Gazelle Hybrid PlatformFERROFAB FZE

Gazelle Wind Power and FERROFAB FZE | August 08, 2022

Floating offshore wind platform developer Gazelle Wind Power (Gazelle) has signed a memorandum of understanding (MOU) with Ferrofab FZE (Ferrofab), a UAE-based engineering and manufacturing firm, to establish a Center for Manufacturing Excellence at the Ferrofab Jebel Ali facility in the UAE. This Center is being established to manufacture a Gazelle hybrid modular offshore wind platform, based on Gazelle’s proprietary technology, that can be scaled to support any make and model of wind turbines, including models upwards of 20MW. “Ferrofab has a reputation for engineering, manufacturing, and execution that is needed to bring our technology to the market at the pace we need to address climate change, While many offshore wind projects originate from the oil and gas industry, Gazelle’s hybrid floating platform is designed solely to accelerate the development of the offshore wind industry and contribute to reducing the levelized cost of electricity (LCOE). Having a collaborator with experience in both sectors will allow us to deploy our solution and hasten the move to net-zero successfully.” -Gazelle CEO Jon Salazar. Ferrofab boasts a total of 800,000 square feet of state-of-the-art manufacturing facilities in Jebel Ali, which is located approximately 40 km southwest of Dubai. The company has extensive experience in engineering and manufacturing offshore and onshore process equipment and structures for the wind, oil, and gas industries, which will be leveraged to accelerate the manufacturing process for Gazelle’s floating wind platforms and the assembly and distribution to ports worldwide. “Based on our past experience in manufacturing offshore structures, Gazelle’s unique floating platform technology is on track to spur the needed evolution of the offshore wind industry, With its innovative design and modular components, the deployment of this solution will be a revolutionary step in the production of renewable energy.” -Johan Moraes, Executive Director of Ferrofab FZE Over the past year, Gazelle has been lining up top-performing partners, all leaders within their respective industries, to advance the implementation of the company’s unparalleled floating platform system, including MOUs previously signed with VCE, Bridon-Bekaert Ropes Group, and Maersk Supply Service. Gazelle also successfully completed its first-ever crowdfunding campaign and named four additional industry leaders to its board of directors. Gazelle’s unique hybrid floating wind platform splits the ‘two classical functions’ of buoyancy and stability for a lighter and more agile platform than current market designs and boasts the advantage of faster deployment in deeper waters. About Gazelle Wind Power Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com. About Ferrofab FZE Ferrofab is a global leader and a trusted name in the field of engineering and manufacturing. The company offers a full range of activities in matters of modular static and process equipment, well-testing equipment, and special dish head forming. With the endeavor toward self-development and increasing its portfolio of work, Ferrofab’s vision is to be known globally for "Engineering Excellence.” Learn more at www.ferrofab.com.

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