| Commodity Market News |
S.Korea wins landmark Gulf nuclear power deal
30 December 2009
A South Korean group won a landmark deal to build and operate four nuclear reactors for the United Arab Emirates, beating more favoured U.S. and French rivals to one of the Middle East's biggest ever energy contracts. Under the $40 billion deal announced on 27 Dec 09, which Seoul said it hoped would kick-start an export drive for its nuclear technology, the first nuclear plant in the Gulf Arab region is scheduled to start supplying power to the UAE grid in 2017.
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Bangladesh to import power, gas from Myanmar
29 December 2009
Bangladesh intends to import gas and electricity from Myanma as it looks to boost energy supplies to help spur faster economic growth.
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Ethiopia sees power production up 900 pct in 10 yrs
26 November 2009
Ethiopia will start exporting power to neighbouring Sudan and Djibouti in 2010 and plans to produce 15,000 MW of power within 10 years, its mines and energy minister. Power shortages are common in Africa and have put off investors and shut down industries, even though the world's most underpowered continent has abundant potential resources of solar, hydro, oil, gas, coal and geothermal power.
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Wind farms 20 pct of Australia new power projects
19 November 2009
Wind farms account for about a quarter of australian electricity generating developments now under construction or planned as the country moves to increase its reliance on renewable energy. The Australian Bureau of agricultural and Resource Economic said in Nov 2009 that renewable energy sources accounted for only 3 percent of Australia's electricity generating capacity in 2007/08, according to the latest figures available.
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Dutch gov't sets 880 mln euro subsidy for windfarm
19 November 2009
The Dutch government said in Nov 2009 that it will provide an 880 million euro($1.31 billion) subsidy to build the country's largest windmill farm, an installation near the northen town of Urk with a capacity of 429 megawatts. The "Windpark Noordoostpolder", an initiative of farmers and companies in the region, will be able to power more than 4,00,000 households. It represents nearly 20 percent of the country's installed wind generation capacity s of the end of 2008.
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Renewables regulations in Saudi to attract investors
19 November 2009
Regulations for renewable energy in top oil exporter Saudi Arabia will give a boost to investment in the sector. The government body, which regulates the power and water desalination sector called the Electricity and Cogeneration Regulatory authority (ECRA), is expected to approve regulations for renewable energy in June 2010, as per National Solar Systems,. managing director Abdulhadi al-Mureeh.
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First Energy Bank to build $1 bln Saudi solar plant
19 November 2009
Bahrain-based First Energy Bank plans to build a $1 billion polysilicon plant in Saudi Arbia with a local partner to cater to rising regional investments in solar power. Polysilicon is used in the production of solar panels. The Gulf areb region is trying to capture more of its solar and wind energy, thereby reducing its consumption of oil.
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Chinese wind turbine firm plans U.S. plant
19 November 2009
China's A-Power Energy Generation Systems has signed a cooperation agreement with equity firm U.S. Renewable Energy Group (US-REG) to build a plant in the United States to supply wind energy turbines to renewable energy projects in North and south America. It planned a $1.5 billion wind farm project in West Texas along with U.S. companies.
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Bulgaria may grab Czech leadership in solar energy
19 November 2009
Bulgaria can outshine the Czech Republic as east Europe's most lucrative solar energy market if the government quickly removes legal pitfalls now blocking investment in the country's strong sun potential. Investors are on the lookout for new opportunities in central and southeastern Europe after spain and Germany, the global industry lraders in photovoltaics (PV) that turn sunlight into energy, have either cut or plan to curtail incentives.
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China selects 642 MW solar power capacity for subsidy
19 November 2009
China has identified 294 solar power projects with total generating capacity of 642 megawatts (MW) in its first pilot programme. Beijing has said it will subsidise at least half of the investment cost.
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