Global Climate News

Finland has made significant investments in its green transition, including over €3 billion in wind power in 2023 and an additional €2 billion planned for 2024. A new nuclear power plant was also launched. The country aims to achieve self-sufficiency in electricity generation and is attracting foreign investment in green hydrogen production and industrial electrification. Green investments are projected at €2 billion in 2024 and €4 billion in 2025 (excluding onshore wind power), with a total of €140 billion in planned projects.

ElectroIG has released the Nexus® 1500+ Power Quality Meter with Phasor Measurement Unit. This device is likely used for energy management and power quality monitoring, contributing to energy efficiency.

US-based EcoFlow has published a blog post on preparing for power outages, including creating an emergency supply kit with essential items like water, food, flashlights, and backup power solutions such as EcoFlow Portable Power Stations and solar generators. The blog also provides guidance on evacuation plans, vehicle preparedness, and actions to take during a power outage.

UK-based Modo Energy has released an upgraded revenue forecast for battery energy storage (BESS) in Great Britain, version 3.3. The upgrade includes intraday prices in the fundamental model and a new modeling approach for realistic optimization between revenue streams. This allows for more clarity and confidence in modeling BESS revenues.

US-based GridBeyond, a company focused on optimizing energy assets for sustainability, discussed the challenges and opportunities in BESS markets (ERCOT, CAISO, PJM), highlighting the impact of regulatory changes and the role of cryptocurrency miners in grid stability and revenue generation. The podcast also features Modo Energy, which provides market forecasts and data for energy assets.

Egypt saved $1 billion in fuel consumption for electricity generation last year. The country aims to increase renewable energy to 42% by 2030 and 60% by 2040, including 65 GW from wind and solar. Orascom Construction finished the first phase of a wind farm. Asia-Potash plans to invest $10 billion in Egypt for phosphate fertilizer production.

The UK's Ofgem has launched a statutory consultation on five change proposals (CP371, CP376, CP377, CP378, and CP381) to amend the Capacity Market rules. These changes aim to improve flexibility, clarify restrictions on agent roles, and address connection delays and capacity limits in the energy market.

Great Britain's battery energy storage revenues reached a two-year high in December 2024, driven by high wholesale prices and record Balancing Mechanism dispatches. Revenues increased 65% from November to £84k/MW/year. The new Quick Reserve service, launched December 3rd, contributed to record-high reserve revenues, five times higher than the previous record. Wholesale price spreads increased to £96/MWh on average, with peaks of £260/MWh and £409/MWh on December 11th and 12th, respectively.

Taiwan's Executive Yuan passed amendments to the Electricity Act, aiming to promote energy transition and a healthy green energy market. Key changes include maintaining Taipower's current operational model, easing green energy trading restrictions, and regulating emerging power resources like energy storage.

Taiwan's Executive Yuan passed an amendment to the Electricity Act, allowing Taiwan Power Company to maintain its current operating model while promoting green energy trading and incorporating new energy resources like energy storage and demand response. The amendment aims to create a favorable environment for renewable energy development, improve operational efficiency, and enhance grid resilience.

US-based KKR and PSP Investments have acquired a 19.9% stake in American Electric Power’s Ohio and Indiana & Michigan transmission companies for $2.82 billion. This investment will support AEP’s five-year capital plan to modernize infrastructure and increase grid reliability, enhancing its ability to meet growing customer demand.

US-based Edison International saw its shares plunge after its subsidiary, Southern California Edison, shut off power to nearly 70,000 customers due to the Los Angeles-area wildfires. The wildfires caused at least two deaths and widespread evacuations. Strong Santa Ana winds have prompted similar power outages in previous months.

US-based Clean Power Research had a record year in 2024, adding new utility customers in the US, Canada, and Central America. They expanded software solutions for transmission interconnection, distributed generation interconnection, incentive management, and transportation electrification. In 2025, they plan to evolve AI/ML features in PowerClerk, launch a partnership program, and expand into Europe.

The European Commission appointed Catharina Sikow-Magny as European Coordinator to oversee the completion of the Baltic energy synchronisation project, integrating Estonia, Latvia, and Lithuania into the continental EU electricity network by February 2025. This is to ensure the closest possible coordination between EU countries and Transmission System Operators (TSOs).

India launched the National Green Hydrogen Mission in 2023 with a goal to produce 5 million metric tonnes of green hydrogen by 2030. Visakhapatnam will be one of the two initial green hydrogen hubs, creating numerous job opportunities and boosting the manufacturing ecosystem in Andhra Pradesh. Projects worth over 2 lakh crore rupees were launched, including a Bulk Drug Park in Nakkapalli and the KrishnaPatnam Industrial Area (Kris City).

The Russian cut-off of gas supply to Transnistria, a pro-Russia breakaway region of Moldova, has caused severe power cuts amid freezing weather. Moldova has been forced to buy half its electricity from Romania, doubling tariffs. Russia's actions aim to destabilize Moldova's pro-European government before elections. The EU is considering supporting Moldova in energy round-tripping and combating Russian disinformation.

India has launched the first Green Hydrogen Hub under the National Green Hydrogen Mission. The NTPC Green Energy Limited Green Hydrogen Hub Project in Visakhapatnam, Andhra Pradesh, entails an investment of approximately ₹1,85,000 crore and will produce 1500 TPD Green Hydrogen and 7500 TPD Green Hydrogen derivatives. This project will contribute to India's target of 500 GW non-fossil energy capacity by 2030.

California is battling intense wildfires, causing mass evacuations and significant damage. Over 3,000 acres have been destroyed, and 30,000 residents have been evacuated. Governor Gavin Newsom declared a state of emergency, mobilizing state and federal resources. The American Red Cross and other organizations are providing support to affected residents. Climate change is cited as a contributing factor to the increased frequency and intensity of wildfires.

The UK's Ofgem has made significant progress in reforming the electricity connections process in 2024, aiming to accelerate net-zero objectives and lower costs. Key actions included raising entry requirements, introducing readiness criteria, aligning the connections queue with the Clean Power Action Plan 2030, and publishing an end-to-end review. In 2025, Ofgem plans to transition to the reformed process, including finalizing license changes and approving code modifications.

Europe has seen significant growth in battery storage capacity, increasing from 4.8 GW in 2022 to 10.8 GW in 2024. Great Britain leads with 4.3 GW, representing 9% of peak hour demand. However, supply chain issues hindered project completion. Over €1.8 billion in grants were confirmed for grid-scale battery energy storage projects in 2024, complementing 1.6 GW of capacity secured through auctions.