| From: Eric | 3/19/2024 9:13:41 PM | | | | | | IRENA says world needs 1.1 TW of renewables per year
The International Renewable Energy Agency (IRENA) released a new report on the sidelines of the Berlin Energy Transition Dialogue this week describing the actions needed so the world complies with targets set at the recent COP29 conference in the United Arab Emirates. IRENA President Francesco La Camera says renewables are the only energy sources with the speed and scale to achieve the ambitious targets set in Dubai.
March 19, 2024 Emiliano Bellini
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IRENA has released a new report describing the future actions that should be taken to reach the renewable energy targets set by the COP28 conference held in Dubai in December.
“We need to deploy around 1.1 TW of renewable energy capacity per year by 2030. Every technology that provides a reduction in CO2 emissions is good, but technology neutrality may not be the solution, as only renewables ensure the necessary speed and scale to achieve the proposed targets,” said IRENA President Francesco La Camera, in reference to the slow pace at which nuclear energy is currently driving the global energy transition.
According to the official documents, 123 national governments and supranational blocs, including the European Union, have signed up to triple the world’s installed renewable energy generation capacity to at least 11 TW by 2030. The signatories also vowed to double the global average annual rate of energy efficiency improvements, from 2% to 4%, until the end of 2030.
La Camera noted the importance of creating a workforce for the energy transition. He also discussed the need to create incentives to foster the emergence of a green hydrogen market and to develop grid infrastructure and interconnection sea cables for global energy trade.
In the Tracking COP28 Outcomes report, IRENA said that annual investments in renewable power generation must surge from $570 billion in 2023 to $1,550 billion on average between 2024 and 2030. The report also said that the proposed COP28 target will not be reached without urgent policy intervention.
“G20 nations, for example, must grow their renewable capacity from under 3 TW in 2022 to 9.4 TW by 2030, accounting for over 80% of the global total,” said IRENA.
The organization also said that wider international cooperation, as well as the strategic use of public finances, will be key to achieving the COP28 goals.
“This requires structural reforms, including within multilateral finance mechanisms, to effectively support the energy transition in developing countries,” it stated.
pv-magazine.com |
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| From: Sam | 3/20/2024 9:34:08 AM | | | | | | Why JinkoSolar Shares Are Diving Premarket Wednesday
BENZINGA 8:51 AM ET 3/20/2024
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| JKS | 26.45 | 0 (0%) | | QUOTES AS OF 04:10:00 PM ET 03/19/2024 | Symbol Last Price Change
JinkoSolar Holding Co Ltd (JKS) shares are trading lower after the company reported worse-than-expected fourth-quarter FY23 bottom-line results.
Revenue grew 9.4% Y/Y to $4.62 billion, beating the consensus of $4.28 billion.
Quarterly shipments increased 67.7% Y/Y to 27,862 MW (26,335 MW for solar modules and 1,528 MW for cells and wafers).
The mass production efficiency for JKS’ N-type TOPCon cells reached 26%, and N-type modules power output was more than 30wp higher than that of similar P-type modules.
Gross margin contracted to 12.5% from 14.0% in the prior year quarter owing to the decrease in the average selling price of solar modules. The gross profit came in at $576.2 million, down 2.8% Y/Y.
Operating profit margin was 1.1%, a contraction from 2.0% a year ago. The operating income fell 42.6% to $49.6 million. Adjusted EPADS of $1.21 missed the consensus of $2.50.
As of December 31, 2023, JinkoSolar(JKS) held $2.75 billion in cash, equivalents, and inventories were $2.57 billion.
Outlook: The Shanghai, China-based company expects its first-quarter module shipments to be around 18.0 GW-20.0 GW.
The company expects FY24 module shipments of 100.0 GW to 110.0 GW. JinkoSolar(JKS) expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 110.0 GW, and 130.0 GW by the end of 2024.
By the end of 2024, JinkoSolar(JKS) projects mass-produced N-type cell efficiency to reach 26.5%, with the proportion of N-type modules shipments in the total module shipments projected to reach around 90% in 2024 on anticipated strong demand for high-efficiency products.
On the other hand, the company expects reduced investments in capacity expansion in 2024 due to supply chain and market conditions.
Xiande Li, Chairman and Chief Executive Officer, said, “Phase I and II of our integrated project in Shanxi, China will start production gradually in the first half of 2024, as planned, and ramp up in the second half of 2024. This innovative production model relying on fully integrated automation will greatly improve efficiency in labor and operational processes and is expected to bring a significant reduction in operating costs once we reach full production.”
“We expect the decline in module prices to significantly improve the economics of solar energy industry in the short-to-mid-term, and we anticipate demand in the global PV market to continue to increase in 2024….We are confident to successfully navigate through cyclical fluctuations in the PV industry and we expect our market share to further increase in 2024.”
Also Read : Photovoltaic Company JinkoSolar Sets Milestone With Net-Zero Targets Validation: Details
Price Action: JKS shares are down 6.62% at $26.45 premarket on the last check Wednesday.
[my note: shares are down to 23.03 or so at the open, very volatile and bouncing around, now up to 23.7] |
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| From: Eric | 3/21/2024 8:19:47 AM | | | | | | South Australia’s world-leading renewable transition is attracting flood of new industry
Giles Parkinson
Mar 20, 2024
19
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Battery
Renewables
Solar
Wind
Will a grid based around wind and solar kill manufacturing and industry? It’s what the naysayers – the Coalition and conservative agitators – want you to believe, but the experience in South Australia, which leads the world in the uptake of wind and solar, proves the opposite.
The state’s transmission operator ElectraNet says wind and solar has accounted for a world-leading 75 per cent share of local demand in the last 12 months, and the accelerated target of “net” 100 per cent renewables by 2027 is attracting interest from new industry.
“As we enter the next phase of the energy transformation, South Australia is now seeing a level of interest from new, large electricity loads not seen for a very long time,” ElectraNet CEO Simon Emms says.
“Interest in new load connections currently exceeds 2,000 MW, driven by electrification and green re-industrialisation of the economy as loads seek access South Australia’s clean energy.”
This interest in new loads is coming from industries such as green steel, mining, desalination, hydrogen and other energy-intensive operations such as data centres. Much of it will be based in regional areas, and at least 1,000 MW of new load is expected by 2030, nearly doubling the state’s average load.
The assessment by Emms and ElectraNet is particularly interesting given that the former Coalition leader Tony Abbott had predicted that the South Australia steel city of Whyalla would be “wiped out” by the proposed carbon price and the switch to green energy.
The Coalition’s current leader Peter Dutton and his energy spokesman Ted O’Brien repeatedly insist that the “lights will go out” with a high level of renewables, and will be the death of industry and the modern economy.
South Australia, despite its lack of any long duration storage such as pumped hydro, is living proof that the federal Coalition’s stance is a complete nonsense.
The future of the Whyalla steelworks now depends on a switch to “green iron” and “green steel”, something it is well placed to do given the nature of the state’s iron ore reserves – which is magnetite and lends itself to new electric processes in steel making – and its abundant wind and solar resources.
The state Labor government is seeking to fast track the energy transition, recently announcing that its target of “net” 100 per cent renewables – actually set by the previous state Liberal government – has been accelerated from 2030 to 2027.
The government is also spending around $600 million building a 250 MW electrolyser and a 200 MW green hydrogen power plant that will both likely be the biggest of their type in the world, and add to the anticipated new load.
ElectraNet says that there is already more than 3,000 MW of large-scale wind and solar generation connected to the state’s network, and rooftop PV capacity has increased threefold to 2,200 MW over the last six years.
Those numbers are expected to grow again, and are being supported by an increasing number of big battery projects, with four already completed, two going through commissioning, two more under construction (which will be the biggest in the state), and many more in the pipeline.
ElectraNet says it has already added 1,000kms of new transmission lines, including its share of the new high voltage link to NSW, Project EnergyConnect, and an upgraded link to the Eyre Peninsula.
Its newly released transmission plan identifies a number of new transmission proposals, including the mid-north expansion to boost the “backbone” of the network, and new lines in the south-east and another upgrade on the Eyre Peninsula.
The document notes that the last coal plant in South Australia closed in 2016 and the share in output of gas generation continues to fall. And the state has no material hydroelectricity, pumped storage hydro or nuclear power, and it remains weakly interconnected with the rest of the National Electricity Market (NEM).
That, however, is creating challenges with periods of high renewable output followed by periods of very low output, and periods of “negative” demand where rooftop solar accounts for all the power demand in the state.
As a result, the state has become a leader in the “orchestration” of rooftop solar, the installation of big batteries, rollout of virtual power plants, and using battery inverters to provide key system services such frequency control, inertia and system strength.
ElectraNet warns, however, that its network is old and stringy, with more than 40 per cent of its transmission towers and 30 per cent of its conductors already beyond their standard asset life and requiring increased maintenance, and the state has the longest network per unit of peak demand in the NEM.
That extensive network over a small population explains the relatively high retail electricity costs in the state. Simms says, however, that its new transmission projects will help reduce the unit costs of electricity.
“Our analysis shows that the major transmission investment required to serve the expected increase in demand results in average unit cost falling due to costs being shared over a wider customer base,” he said.
“A range of further actions will be required to manage the energy transition including system services and emergency control schemes and uplift in systems and capabilities.”
The document did not provide details of the proposed costs and benefit analysis of the new projects – these will came at a later stage as it enters the detailed regulatory assessment process.
reneweconomy.com.au
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| From: Eric | 3/21/2024 9:19:20 AM | | | | | | Market operator explains why the lights won’t go out with wind, solar and storage
Giles Parkinson
Mar 20, 2024
39
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AEMO
Renewables
The Australian Energy Market Operator has become the second major institution to fight back against efforts to demonise their work, issuing an explanatory animated video as to why the lights won’t go out in the switch to renewables.
The video posted by AEMO on social media platforms on Wednesday comes just days after the CSIRO was forced to intervene, issuing a statement defending the GenCost report it prepares in conjunction with AEMO, and science in general, against repeated attacks from the Coalition and right wing commentators.
The AEMO video, posted on Facebook, Twitter and LinkedIn, has not been issued in direct response to the political polemic and the attacks from right wing media and so-called “think tanks”, but is part of a broader information campaign aimed at reaching bigger audiences.
In the animated video, the third in a series, AEMO explains how the grid’s bulk energy needs will be best served by lower cost wind and solar as coal fired generators exit the system, with gaps being filled by flexible and dispatchable energy sources.
“AEMO has developed an animation to answer this important question, ‘what will keep the lights on in the future?’,” it writes.
“As coal power stations retire, renewables, connected with transmission, supported by storage and gas, is the lowest-cost way to supply electricity to consumers.”
The video explains how the bulk of electricity during the day will be delivered by solar, with wind, battery storage, pumped hydro dams and gas turbines filling in the gaps during daytime hours and in the evening and overnight.
“The next day we will do it over again,” the video says.
And it notes: “There is a plan,” in relation to the Integrated System Plan, which is promoted at the end of the video. “The energy transition is happening. Australia needs to get on with the job of building the generation, storage and transmission to power us through the day and night.”
The timing of the video is interesting because both AEMO and the CSIRO are under attack from conservatives vowing to halt the roll of large scale wind and solar, and to keep ageing and increasingly decrepit coal fired power stations open until such a time that nuclear can be built.
The renewed culture war over energy has seen O’Brien and Dutton warn repeatedly that the “lights will go out” if the transition to renewables continues apace.
“It will be lights out Australia,” O’Brien trumpeted in a statement issued last August, predicting blackouts over summer that never eventuated.
“I don’t want to see Australian manufacturers exported under Labor’s energy policy,” Dutton said last week. “If we have intermittent power, lights going out … businesses will leave and power bills will continue to skyrocket under Labor.”
However, the country’s biggest manufacturers, the owners of aluminium smelters and refineries, have made it clear they want to switch to wind and solar because they are the lowest cost. Nuclear, they say, is too expensive, a view echoed by the country’s biggest generation company, AGL Energy, and other big utilities.
The Coalition is co-ordinating attacks on key institutions, including the CSIRO and AEMO, particularly their jointly produced GenCost, an annual report which has noted – since 2018 – that wind and solar are the cheapest form of energy, even after including back-up and transmission, and that nuclear is by far the most expensive.
The attacks have also focused on AEMO’s Integrated System Plan, which outlines scenarios to reach near 100 per cent renewables in little more than a decade, and maps out how to replace the ageing coal generators with wind, solar, storage and other firming capacity.
The Coalition and conservative media, however, have made misleading claims about the speed and cost of nuclear, and have sought to demonise new technologies such as EVs, battery storage, concepts such as demand management. This is part of a broader and global fossil-fuel industry led campaign against climate solutions.
Mostly, the Coalition is insisting that a modern economy cannot be supported by energy supplies that are not “baseload”, even though this is directly contradicted by virtually every major utility and investor in the grid, and energy experts, including the CSIRO and AEMO.
reneweconomy.com.au
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| To: Wharf Rat who wrote (7190) | 3/21/2024 4:10:56 PM | | From: Eric | | | | Hydro is storage.
True
But it involves a LOT of moving parts, destructive effects on rivers etc.
My dad took me thru all the dams on the Columbia River in the late 1950's early 1960's including Grand Coulee.
Battery storage can be anywhere. Your home, garage, car etc,
Dams can't.
They can't scale anymore, virtually every river worth putting a dam on it has been already done in the world.
Battery storage will scale thousands and thousands of times more than hydro potential.
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| From: Eric | 3/23/2024 9:15:41 AM | | | | | |
| Texas installs another big solar + battery storage project
Michelle Lewis | Mar 22 2024 - 2:36 pm PT
19 Comments
 Photo: Enel North America
Power-hungry Texas needs solar and battery storage to help meet demand and balance the grid, so its largest utility-scale storage operator is delivering.
Enel North America has started constructing the Ables Springs Solar + Storage Project in Kaufman County, near Dallas. The project pairs a 186-megawatt (MW) solar farm with 115 MW/169 MWh battery storage.
Ables Springs is Enel’s 17th renewables project in the state, where it has installed 3.8 GW of wind and solar plus over 1 GW of grid-scale storage.
Texas consumes more energy than any other state, and demand is growing. Already the US leader in solar and wind, it’s turning to battery storage to maintain the ERCOT grid’s reliability in the face of extreme weather and rising power needs. It’s expected to add more new grid battery capacity in 2024 – 6.4 gigawatts (GW) – than any other state, according to the US Energy Information Administration. (Let’s not forget that Texas is also the top crude oil- and natural gas-producing state as well – we did say power hungry.)
“When ERCOT conditions tightened this winter, Enel’s solar and storage plants provided crucial generation and quick-response batteries that helped keep the lights and heat on,” said Stephen Pike, head of Enel Green Power North America.
Ables Springs is expected to generate 320 GWh of clean energy each year, enough to supply clean power to over 30,000 households. Over its lifetime, the project is expected to generate around $60 million in tax revenue for schools and public services. It’s expected to come online in late 2024.
Just over a week ago, Enel surpassed 10 GW of installed wind and solar capacity across the US and Canada and over 1 GW of installed utility-scale battery storage.
Read more: Here’s how solar and wind kept the Texas grid online in 2023’s brutal summer heat
electrek.co |
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