UK Approves 750 MW Offshore Wind Venture
The UK approved development of one of the largest offshore wind farms as the nation chases a European Union target to get 15 percent of all energy from renewable sources by 2020. Dong Energy A/S will install up to 750 megawatts of turbines at the Waltney Extension project in the Irish Sea off northwest England’s Cumbria. This is the second approval in less than two months for a U.K. project by Dong, the largest offshore wind developer. The U.K. already has more than half of the globe’s installed wind capacity, and is still pushing to meet its sustainable energy goals.
First Solar Profit Dives as Size of Utility Projects Wane
First Solar Inc. profit slumped in the third quarter as the biggest U.S. PV panel maker seeks to land new orders for power plants to replace the giant desert projects that led to record sales last year. Net income slipped to $88.4 million from $195 million a year earlier. The Tempe, Arizona-based firm builds large solar farms, mainly for utilities. CEO Jim Hughes is now pursuing orders for smaller utility projects and large commercial customers in new markets in Asia and South America. Gone are the days of the 500 MW plants, First Solar now needs to compete more in the 50 to 100 MW range., says Angelo Zino, an analyst at S&P Capital IQ.
Shale Drillers Withdraws as Rigs Are Idled Across the U.S.
Drillers are slowing down as crude prices have dropped 25% in the past four months. Transocean Ltd. recently said that its earnings will tumble due to a drop in fees and demand for its rigs. Oil rigs sank by 14 to 1,568 last week, the lowest level since Aug. 22. The Eagle Ford shale formation in Texas lost the most, diving by six to 212. Analysts say that the oil rig count will continue to drop to 1,325 by the middle of next year amid lower prices.
Alevo Raises $1 Billion; Aims for US Energy Storage Revolution
The Alevo Group, a new battery startup based in Switzerland, has reportedly raised over a billion dollars in private funding. It is now seeking to revolutionize the US energy storage industry. The company has developed a new battery that lasts longer than the current industry standard, as well as being considerably cheaper to manufacture. Alevo’s plan is to sell the batteries as grid-scale energy storage devices. They intend to produce and deliver roughly 200 MW worth of batteries in 2015 via their ex-cigarette-manufacturing plant in North Carolina.
