The Drawbacks of Green Energy

March 13, 2019 | 89 views

Power generation is one of, if not the top concern when it comes to emissions and climate change. We need energy, and lots of it. Our demands for it are increasing every day, even with improvements in efficiencies. To kill two birds with one stone, industries are looking at alternative sources of energy. Solar, wind, and nuclear are the big three when it comes to these types of power generation and many have called for a carbon-free grid by 2050.

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Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 100 countries and has a network of approximately 1,000 locations, including manufacturing, service, research and development, and training facilities.

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STRATEGY AND BEST PRACTICES

Slashing Greenhouse Gas Emissions: A Business Perspective!

Article | July 8, 2022

“With Great Power Comes Great Responsibility” – Voltaire (François-Marie Arouet) We, humans, had completely buried this quote until it was brought back to life recently. Business leaders should remember this quote as it perfectly fits into the environmental-business perspective that we are presently facing. If the world has to tackle the problem of climate change or come even close to achieving that goal, businesses and industries will have to play a key role. Almost a quarter, or 23% to be precise, of greenhouse gas emissions in the United States, come directly from industries. This number rises to 29.6% if we combine indirect emissions too. When looking for causes of climate change, the private sector is often linked to. Minimizing your carbon footprint appears to be the year's buzzword, but where can businesses begin with such an ambiguous task? How do we assess progress? Peter Drucker wrote the premise of an answer back in 1954: "What gets measured, gets managed." If a business really wants to become more sustainable, the first step should be to try to understand its current situation and begin tracking its carbon emissions. Measuring carbon emissions is a difficult problem. Major businesses that do not have carbon monitoring and reduction programs have become the exception. Recognizing and measuring CO2 emissions aids in the identification of excessive energy consumption and other inefficiencies. Most of the time, lowering greenhouse gas emissions goes hand in hand with making a business's processes more efficient and cost-effective. Reducing Greenhouse Gas Emissions: What Do Businesses Gain? In addition to the long-term environmental benefits that will help us in saving our planet, organizations can also benefit from the positive impacts of greenhouse gas emission reduction. Some of the top benefits of effective emission management are as follows. Cost Saving When it comes to cost reductions, simply minimizing your energy consumption reduces both your organization's carbon footprint and its operating expenses. According to a 2016 Energy Star report, the owner of Kimberly-Clark Berkley Mill invested $350,000, which generated yearly savings of $160,000 and a rapid return on investment (ROI) of just over one and a half years when LED lighting was installed to replace the fluorescent and HID lighting that was traditionally used. Regulatory Compliance With a 20-fold rise in global climate change regulations since 1997, securing proactive regulatory compliance is much more important than ever in the minds of corporate leadership, public spheres, and stakeholders – and it's only becoming more important. Adopting an effective greenhouse gas emission reduction program, as well as tracking and reporting on progress, is essential for businesses to adopt in order to maintain operations and avoid penalties. Improved External Relations Consumer spending power has an enormous impact on the process of shaping organizational action. In the eyes of the public, the process of committing to responsibility in the domains of broader sustainability and greenhouse gas emissions reduction is a significant credibility boost. When your company takes proactive steps to reduce carbon dioxide and greenhouse gas emissions, the resulting increase in the quality and depth of relationships with potential partners and external business connections is priceless. Enhanced Stakeholder Relationships Along with a stronger relationship with the audience, the influence of transparent sustainability indicators and performance has the potential to strengthen crucial relationships with stakeholders. More investors than ever are shifting capital away from carbon-heavy, secretive businesses and toward companies that have decided to be open, proactive, and honest regarding their greenhouse gas emissions management within the sustainability world and beyond. Emission Sources Defined in Business Operations Within a business's operation chain, emission sources are classified into three categories. These scopes are established so that businesses can trace the source of their greenhouse gas emissions and modify their operations to minimize their carbon footprint. Emission scope is defined as follows: Scope 1 Emission Scope 1 emissions are directly caused by business operations. Organizations with fossil fuel-burning vehicle fleets, for example, are directly liable for carbon emissions by burning those fossil fuels. Scope 2 Emission Scope 2 emissions are caused by an organization purchasing energy (e.g., electricity, heat, or air conditioning) produced by a process that emits greenhouse gases. A scope 2 emission is, for example, electricity generated by burning coal that a business later purchases. Because the company consumes this energy, they must record the emissions generated when it was generated. Scope 3 Emissions Scope 3 emissions are not caused by a company's direct activities. Other entities in a company's value chain are responsible for these emissions. Scope 3 emissions for one organization could be scope 1 and 2 emissions for another. A company that manufactures products, for example, would have scope 3 emissions from a company that eventually disposes of those items. Scope 3 is responsible for most of a company's emissions, accounting for 65% to 95% of a company's carbon footprint. Currently, reporting scope 3 emissions is optional for businesses. Organizations must, however, start tracking their scope 3 emissions since this is where tremendous reductions in carbon emissions can occur. How Are Large Enterprises Measuring and Reducing Their Carbon Footprints? Larger enterprises, like Apple and ExxonMobil, have begun to provide scope 3 emissions data. Other companies are collaborating with their supply chain to build collaborative initiatives among companies to report these emissions. Businesses have begun to cooperate even outside of supply chains. Competitors in the same industry have started to form partnerships to solve the issue of measuring their carbon footprints. Because these organizations often share manufacturers and suppliers, they have decided to deal with the issue together. Other businesses manage environmental sustainability in a different manner.Enterprises in the agriculture industry have pledged to reduce greenhouse gas emissions, recycle, and provide resources and information to smaller agricultural organizations wanting to go green.Many of the world’s leading auto manufacturers help by producing vehicles that are more environmentally friendly and have the better fuel economy. Others are creating alternative-fuel cars or investing in sustainable energy projects. The major retailers, manufacturers, and software companies have all made efforts to reduce their carbon footprint in different ways. Many multinational enterprises are adopting more sustainable business practices, such as using renewable energy and recycled materials in product manufacturing. How Can Small Businesses Seek Help Measuring Their Carbon Footprints? For the time being, many small businesses are finding it difficult to gather data on all these emissions that are beyond their control. According to the BBC, only 10% of more than 1,000 organizations surveyed in the United Kingdom keep track of their carbon footprint. Moreover, one in every five companies does not understand what the term "net-zero" means and a third really hasn't sought any help to make their company more sustainable. Exploring available information on measuring emissions data is the best approach for small businesses to understand more about the ways they can reduce their carbon footprint. The EPA Center for Corporate Climate Leadership includes a wealth of resources to assist small business owners in measuring and reporting their emissions. Business owners can learn how to establish a greenhouse gas inventory, measure their emissions, collaborate with sustainable suppliers, and gather data to develop sustainable solutions. Small businesses can also utilize a carbon footprint calculator to determine the quantity of emissions generated by their activities. Once company owners realize how much carbon they are emitting, they can start to tackle where it is coming from and make the necessary modifications. The most important thing that business owners can do is to always look for ways to improve their business's sustainability. Additional information will be made available to help company owners as they seek guidance on how to minimize their carbon footprint. Best Practices for Companies to Achieve Net Zero and Stay Profitable Transitioning to net zero is such a demanding task that many businesses believe it is impossible to do while retaining profit margins. As a result, many businesses concentrate on low-hanging fruit and short-term alternatives, like offloading emissions onto others by divesting from high-carbon-emitting companies. Businesses, on the other hand, can start by creating a greenhouse gas inventory to monitor their carbon emissions. Here are just a few of the many ways we found that could help your business. Cut Emissions Across the Whole Value Chain For most businesses, the majority of emissions and the possibilities for climate action lie in "scope 3 assets". These aren't owned or managed by the reporting company, but they add to the business's value chain indirectly. Businesses must take action on scope 3 emissions in order to successfully cut emissions. Use Sustainable Web Hosting Services Hosting services are the silent consumers of fossil fuels. Until you host it yourself, your website is most certainly hosted on a data server in a warehouse that runs on fossil fuels. Data servers use a lot of energy since they have to be turned on and kept cool all the time. Renewable Energy Certificates are acquired by sustainable hosting providers in order to claim their renewable energy utilization. Tackle the Root Causes The areas of major emissions are often not the most effective sites for action. It is found that businesses are measuring emissions in order to determine underlying causes, either inside their own processes or anywhere in the value chain. Big tech businesses evaluate power efficiency down to the code level in their AI and cloud implementations and collaborate with chip manufacturers to reduce energy usage in the use of their products. Don’t Automatically Defund High-Carbon Business Investors are often enticed to enhance their portfolio of low-carbon activities merely by rearranging their capital allocation. However, when it comes to really incentivize reduction, a more effective technique is to engage in activities that presently generate high carbon emissions while giving out a clear and urgent roadmap to change. Some activists have realized this idea and are shifting their demands from divestment to a managed shift of high-carbon businesses. Purchase Carbon Offsets Carbon offsets are a type of trade. When you buy an offset, you are contributing to projects that decrease greenhouse gas emissions. A carbon calculator can help you calculate your travel carbon footprint and the monetary cost of those emissions. Remember that carbon offsets do not decrease the quantity of carbon in the atmosphere; rather, they serve as a balancing agent to neutralize the carbon emitted. Carbon offsets could be tax-deductible based on the company from whom you purchase them. Closing Lines Many prominent brands, from Amazon to L'Oréal, have started to make significant investments in renewable energy and commitments to reduce emissions in their freight and logistics operations. Being mindful of how your activities contribute to greenhouse gas emissions can assist you in minimizing your carbon footprint. With the above-mentioned methods under your belt, you will be able to support the environment that we live in a while simultaneously pushing your organization to the next level of success. Don't miss the opportunity to get involved in energy-efficiency and sustainability initiatives for your company because the newest generation of consumers, millennials, have $2.45 trillion in spending power and are eager to spend more on brands that share their values of going green. Frequently Asked Questions What are scope 3 emissions? The Greenhouse Gas Protocol Corporate Standard divides a company's greenhouse gas emissions into three "scopes." Scope 1 emissions are those emitted directly from owned or controlled sources. Scope 2 emissions are those caused by the production of bought energy. Scope 3 emissions encompass all indirect emissions (not included in scope 2) that happen in the reporting company's value chain, both in upstream and downstream emissions. What are product life cycle emissions? All emissions related to the production and utilize a single product, from the cradle to the grave, are referred to as the product life cycle emissions and include emissions from raw materials, manufacturing, transportation, storage, sale, usage, and disposal. How can industries reduce global warming? By implementing passive or sustainable energy-based heating and cooling systems, increasing energy efficiency, and solving other important concerns such as methane leaks, the industry can cut its emissions by 7.3 Gt per year. New food production technologies have the capability to cut emissions by 6.7 Gt per year

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ENERGY

A vision for renewable energy

Article | July 15, 2022

Right now, renewable energy makes up a very small part of the entire energy sector of Bangladesh. But as we move into the future, and concerns about the environment become too great to ignore, exploring cleaner and greener sources of energy becomes the need of the hour. Our economy is booming, and our population is growing, so it goes without saying that our energy requirements are immense. There is plenty of scientific evidence that burning fossil fuels indiscriminately is not sustainable in the long term, so we do need to up our game in looking at alternatives.

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SOLAR+STORAGE

2020: The Year of Convergence in Corporate Renewables

Article | June 8, 2022

The rapid growth of corporate renewable procurement has been nothing short of a buyer-driven revolution in the United States’ electric sector. Almost 20 gigawatts (GWs) of corporate power purchasing agreements (PPAs) were completed in 2019 across the globe, up from 13 GWs of corporate PPAs in 2018 and triple the numbers from 2017.1,2 And the majority of this growth has come from the United States. Fortunately for those of us committed to renewable energy, we expect this trend to continue. But as should be expected in such a dynamic, buyer-driven sector, we are starting to see some noticeable shifts in the marketplace as it evolves and grows. I wanted to highlight some of the trends Constellation is watching for this year.

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2020 Trends That Will Make Waves In The Energy Industry

Article | February 10, 2020

In the renewable world, energy is generated by weather and the amount of energy that can be produced depends on the current conditions. Energy storage can ensure a power supply is maintained when weather conditions are not optimal for generating energy. While energy storage products have already been introduced to all levels of the market there are several technology hurdles to overcome before energy storage will reach maximum potential. We believe there will be great advancements in 2020 on:

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Spotlight

Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 100 countries and has a network of approximately 1,000 locations, including manufacturing, service, research and development, and training facilities.

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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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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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