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<ul class="summary-list"><li><keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">Renewable energy</keyword> capacity increased by 45% in 2020 the International Energy Agency said. </li><li>The <keyword id="66776" type="ORGANIZATION" weightage="60" keywordseo="IEA">IEA</keyword> predicts that <keyword id="91910" type="ORGANIZATION" weightage="60" keywordseo="Renewable">renewable</keyword> energy sources will cover 90% of global power expansion in the next two years.</li><li>Demand for renewable energy increased during the pandemic, whilst use of other energy sources declined. </li></ul>Renewable energy sources increased by 45% in 2020, accelerating at their fastest rate since 1999, as demand for clean power grew during the COVID-19 pandemic, the International Energy Agency said in a <a href="https://iea.blob.core.windows.net/assets/18a6041d-bf13-4667-a4c2-8fc008974008/RenewableEnergyMarketUpdate-Outlookfor2021and2022.pdf">report</a> on Tuesday. Wind energy led the expansion, as global capacity increased by 90%. Solar energy capacity grew by 23%. The IEA links this increase in renewable energy capabilities to global policy decisions and deadlines that countries had set themselves in terms of expanding their renewables sectors. China, the US and Vietnam are credited with leading the renewables push after momentum slowed when the pandemic first hit. "Overall, IEA quarterly deployment estimates indicate that the slowdown in renewable capacity additions was limited to Q1 2020 only, mainly in China, while construction activity continued strongly in the rest of the world despite continuous movement restrictions and supply chain delays," the agency said in the report.Energy <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> were hit hard during the COVID-19 pandemic, which saw travel come to a halt, as lockdown restrictions forced people to stay at home. Oil prices fell and turned negative for the first time in early 2020, as demand for the fuel vanished. Crude has since recovered, as investors anticipate economies reopening. The decline in fossil fuel use also affected biofuel demand, the IEA said. Production fell by 8% in 2020, but still exceeded expectations - 150 billion liters of biofuel were needed in 2020 vs the 144 billion the IEA had predicted. The agency expects demand to rebound in 2021 and grow by a further 7% in 2022. Looking ahead, the IEA predicts renewable energy sources will be responsible for 90% of global power expansion in 2021 and 2022. The agency expects solar and hydrogen power to play key roles, while the growth of wind power is set to slow down after its surge in 2020. "The acceleration of hydropower additions through 2022 is driven by the commissioning of mega-scale projects in China. Meanwhile, expansion in other renewables, led by bioenergy, remains stable and represents 3% of total new renewable capacity additions," the IEA said. China had already been the driving force of renewable energy expansion in 2020, accounting for half of the new capacity installations and is expected to keep this leadership position, the IEA said. Despite President Joe Biden's recent <keyword id="17408" type="PERSON" weightage="60" keywordseo="infrastructure">infrastructure</keyword> plans, Europe is set to replace the US as the second-largest renewable market in 2021 thanks to national policies on <keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">climate change</keyword> and deadlines that are looming. Biden's infrastructure spending may not take effect until later this decade, the IEA said.

Renewable energy sources grew at their fastest rate since 1999 last year when COVID-19 struck, the IEA says

<ul><li><keyword id="11965073" type="UNKNOWN" weightage="60" keywordseo="blackrock" source="Orion">BlackRock</keyword> bought <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> producer Vanguard Renewables for $700 million.</li><li>Vanguard Renewables utilizes a combination of farm and food waste to produce renewable natural gas.</li><li>The purchase by one of BlackRock's real asset funds comes amid a spike in demand for the commodity.</li></ul>BlackRock purchased Vanguard Renewables, a company that utilizes a combination of farm and food waste to produce renewable natural gas, <a href="https://www.businesswire.com/news/home/20220720005157/en/Vanguard-Renewables-Announces-Acquisition-by-BlackRock-Real-Assets">for $700 million on Wednesday.</a>The deal puts a spotlight to the natural gas industry, which has seen a surge in demand for the commodity amid <a href="https://markets.businessinsider.com/news/commodities/natural-gas-prices-germany-europe-alarm-stage-russia-supplies-economy-2022-6">a global energy crisis exacerbated by</a> record-breaking temperatures in Europe and supply constraints stemming from Russia's war in Ukraine. Vanguard Renewables counts Ben &amp; Jerry's and Chobani as it customers, turning their food waste into renewable natural gas using anaerobic digesters. The digesters help facilitate the process of breaking down waste in the absence of oxygen, which ultimately turns it into a fuel. The byproduct of the process can then be used as fertilizer."Renewable natural gas is an attractive and fast-growing market that provides decarbonization solutions for both the provider of the waste, as well as the natural gas consumer," BlackRock's head of diversified infrastructure, Mark Florian, said. Renewable natural gas is a nascent market, but it has garnered increased interest from companies like <a href="https://markets.businessinsider.com/stocks/wm-stock">Waste Management</a> in recent years. The garbage company <a href="https://www.prnewswire.com/news-releases/wms-renewable-energy-investments-expected-to-power-over-1-million-homes-by-2026-301534790.html">recently announced an expansion</a> of its initiative to convert methane collected from its garbage landfills into renewable natural gas that's then used to powers its garbage trucks.Vanguard Renewables was founded in 2014 and partnered with Dominion <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">Energy</keyword> in 2019 to develop its renewable natural gas operations. BlackRock is purchasing Vanguard Renewables from Vision Ridge Partners via one of its real assets funds. "Vanguard Renewables' mission has always been to help America realize a future where waste is a resource for <keyword id="12195931" type="UNKNOWN" weightage="60" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> generation and regenerative agriculture practice," Vanguard Renewable's founder and chief strategy officer John Hanselman said.BlackRock is purchasing Vanguard Renewables from Vision Ridge Partners via one of its real assets funds. BlackRock could ultimately spend more than $1 billion to fuel the expansion of Vanguard Renewables, company sources <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fblackrock-is-buying-renewable-natural-gas-producer-for-700-million-11658311201">told The Wall Street Journal.</a> That expansion includes plans to build more than 100 anaerobic digesters that would produce renewable natural gas across the country by 2026.

BlackRock buys renewable natural gas producer for $700 million as demand for the commodity heats up amid global energy crunch

As the Modi government is gearing up for <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2016">Budget 2016</a>, we decided to take a look back at <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2015">Budget 2015</a>’s allocations for the <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> sector. 
 
The Indian government had announced $400 Million for <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> expansion and adaptation to climate change in Budget 2015. This money was supposed to be used in building grid-connected and distributed <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> projects. 
 
Around $12.5 million was allocated to boost production of electric and hybrid vehicles. Tax concessions were offered on the import of components used in the manufacturing of such vehicles. This was seen as a significant step to tackle the country’s growing air pollution issue. 
 The government also doubled tax on every metric ton of coal imported or produced. This tax doubled for the second consecutive time. It’s now over $3.3 per Metric Ton. However, the allocation to the <keyword id="118535" type="COMPANY" weightage="20" keywordseo="National-Clean-Energy-Fund">National Clean Energy Fund</keyword> (NCEF) remained the same at $780 million. The revenue collected from tax on coal imports and production was announced to be used to finance <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">renewable energy</keyword> projects. 
 
The government also announced lower tax rates for manufacturing solar power components. 
 
In the last financial year that will end in March 2016, the renewable energy target was 4,460 MW, a 24% hike over FY2014-15. 
 
India’s Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi</a> might have promised 175 Gigawatts of <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> by 2022. Of this target capacity, 100 GW is planned to be Solar power, 60 GW Wind power, 10 GW from Bio-mass and 5 GW from Hydro-electric power. However, the Central government's budget allocation for <a href="http://www.businessinsider.in/searchresult.cms?query=solar+energy">solar energy</a> for the current financial year is merely 0.45% of the required investment. 
 
Let’s hope <a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley">Arun Jaitley</a> makes some serious reforms to ensure India meets its ambitious target.

Look Back with
Skepticism – Renewable Energy

New Delhi, Feb 1 () Experts from the energy industry lauded the governments' decision on expanding the PM-KUSUM scheme and a proposal to allocate about Rs 22,000 crore to power and renewable energy sector in 2020-21, saying the step will help generate employment opportunities and give a boost to the agriculture sector.
While presenting the budget for 2020-21, Finance Minister Nirmala Sitharaman on Saturday announced expansion of Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM KUSUM) Scheme under which 20 lakh farmers would be provided funds to set up standalone solar pumps.
While presenting the budget for 2020-21, the minister said that farmers would be provided funds to set up grid-connected 15 lakh solar pumps.
In her budget speech, she also proposed an outlay of Rs 22,000 crore for power and renewable energy sector for 2020-21.
Imaan Javan, the director of operations at Suntuity Renewable Energy India, "We welcome the decision which reflects the union government's commitment and concern for renewable energy generation. One of the heartening features of the Union budget is its provision for the use of renewable energy sector of Rs 22,000 crore." 
 Sitharaman deserves praise for this innovative measure which will widen the scope of the PM-KUSUM scheme and enable farmers to set up grid-connected solar power generation capacity on barren land and renewable energy sector as a way to address pollution and climate change, poverty and give the farmers their livelihood."
The industry hope the measures will give boost to the agriculture sector, and help generate employment as well in rural India, he said. 
Nikunj Ghodawat, Chief Financial Officer, CleanMax opines for the renewable energy sector, the extension of the 15 per cent and 22 per cent tax rate to the new and existing power generation companies, which was earlier only earmarked for the manufacturing sector, is a welcome move.
 The new personal income tax structure should help to increase liquidity at the hands of the individuals, which will have a trickle-down effect to boost demand and consumption across multiple sectors, he said.
Anas Rahman, Programme Associate, Council on Energy, Environment and Water (CEEW), said the announcement of the expansion of the PM-KUSUM scheme is a very positive move as it can significantly benefit the Indian farmer.
 "However, the government must address certain concerns before scaling up the scheme. The current demand-based allocation of off-grid pumps among the states does not incentivise states to better target and address the inequity in irrigation access for small and marginal land farmers," Rahman said.
Anil Chaudhry, Zone President and Managing Director, Schneider Electric India, said the Budget has affirmed its commitment to clean energy with a proposal to allocate Rs 22,000 crore for the renewable sector.
The plan to provide standalone solar powered pumps to 20 lakh farmers, allows farmers to generate solar power and set up large solar power capacity along the rail tracks will encourage the use of clean and renewable energy.
"Further, the decision to extend concessional corporate tax rate of 15 per cent to new power generating companies engaged will give a major boost to the renewable sector," Chaudhry said.
Additionally, the focus on ensuring smart metering replacing conventional energy meters by prepaid smart meters in the states and UTs over the next 3 years will prove to be a positive step in addressing the financial stress of DISCOMs, he added. 
Anish De, Partner and leader for Energy and Natural Resources practice at KPMG India, said, "Big push for solar power for farming and for fallow lands by extending the Kusum scheme. This could potentially result in 10-15 GW of new capacity creation if it materializes. This will be a big push for framer's income, but will in turn require lesser demand for grid scale power, targets for which then should be adjusted downwards."
Somesh Kumar, National Leader, Power and Utilities, EY India, said, "The budget for power sector is quite progressive. The overall outlay of 22,000 crores as well mass measures like replacement of meters with prepaid meters and freedom to choose suppliers, could bring in much needed reforms in the distribution sector reducing losses and improving customer satisfaction. Further, closure of polluting plants can go a long away in reducing carbon footprint. The success will lie in the implementation of these measures which should be taken up the in the right earnest by the States." ABI MKJ

PM-KUSUM scheme expansion a boost for agri sector, job prospects: Renewable energy players

<ul class="summary-list"><li>French energy prices fell into negative territory on an overflow of renewable power, Bloomberg reported.</li><li>Day-ahead prices hit a four-year low of -€5.76 per megawatt-hour in one auction.</li></ul>Day-ahead energy prices in France fell into negative territory amid surging renewable power production, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-14/french-power-slumps-as-surging-renewables-push-out-atomic-plants?srnd=markets-vp">Bloomberg</a> reported.The prices, which are locked in before their operating day, fell to a four-year low of -€5.76 a megawatt-hour in an Epex Spot auction.While soaring wind and solar generation are to blame, demand is also expected to fall between through the weekend. The imbalance has pressured a state-owned utility company Electricite de France to shut off a number of nuclear reactors. Already, three plants were halted, with plans to take three others offline.According to Bloomberg, this isn't infrequent and can commonly occur on weekends in France. It's also a pan-European phenomenon, with reactor shutdowns occurring in Spain and the Scandinavian region.Across the continent, a push to decarbonize energy grids has accelerated a boom in renewable infrastructure. Yet, without the battery technology and investment to store the energy surplus, it's creating pricing inefficiencies.Negative prices have also hit Germany, where <a target="_blank" href="https://markets.businessinsider.com/news/commodities/solar-panel-supply-german-electricity-prices-negative-renewable-demand-green-2024-5">solar inventory has outpaced demand</a>, SEB Research reported in May.The situation in France is different in that the rollout of renewable power has been slower than in other countries in the region, <a target="_blank" href="https://www.reuters.com/sustainability/climate-energy/french-renewable-energy-sector-says-far-right-victory-risks-trouble-industry-2024-06-12/">Reuters</a> said. Paris has installed around 45 gigawatts of wind and solar capacity, and is behind European Commission targets.A bigger slowdown could be on the horizon amid recent political headwinds, as France's far-right looks set to win in domestic elections.If the National Rally party wins, it has pledged to slash renewable subsidies and end the wind power industry's expansion.

Energy prices in France turn negative as surging renewable output takes nuclear plants offline

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> energy consumption concerns have only boosted the move to renewable mining and solar power: <keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword>.</li><li><keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">ARK Invest</keyword>'s <keyword id="11407465" type="UNKNOWN" weightage="60" keywordseo="yassine-elmandjra">Yassine Elmandjra</keyword> broke down why the firm believes bitcoin is a positive for renewables in a webinar on Tuesday.</li><li>Elmandjra produced a chart that claimed bitcoin usage in a solar-battery system would allow renewables to provide 99% of total grid needs.</li></ul>Cathie Wood thinks recent environmental, social, and governance (ESG) concerns surrounding bitcoin's energy usage will only help boost the adoption of renewable mining and solar power.In an ARK Invest webinar on Tuesday, the famed fund manager said that the controversy was "a good thing" and reiterated previous claims about bitcoin's energy use being a net positive for the adoption of renewable energy."Half of the solution is understanding the 'problem,'" Wood said. "I think that we're probably going to see the scaling out of solar because of <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> much faster now than we would have seen without this controversy."The rise in ESG concerns only highlights something Wood and her team believe isn't really an issue. ARK Invest and Jack Dorsey's Square produced <a href="https://assets.ctfassets.net/2d5q1td6cyxq/5mRjc9X5LTXFFihIlTt7QK/e7bcba47217b60423a01a357e036105e/BCEI_White_Paper.pdf">a white paper</a> elaborating their stance in April.The paper, titled "Bitcoin is Key to an Abundant, Clean Energy Future," claimed that bitcoin has "network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity."Wood referred to her top crypto analyst, Yassine Elmandjra, for a breakdown of these claims in the Tuesday webinar.Elmandjra said:"With bitcoin mining integrated into a solar-battery system. Energy providers can basically play the arbitrage between electricity prices and bitcoin prices and then sell surplus solar and supply almost all grid power demands without actually lowering the profitability of the system."The analyst produced a graph in the webinar that showed rising renewable energy consumption for the grid as bitcoin miners' solar-battery system expands. "You can see as bitcoin mining scales the solar system increases in size and is, therefore, able to provide a higher percentage of the grid's needs," Elmandjra continued. "So, in the absence of bitcoin mining, you can see that renewables can satisfy only 20% of the grid's needs and then in the top right of the chart, by including bitcoin, renewables can satisfy up to 99% of the grid's energy needs."The analyst discussed recent developments in renewable energy bitcoin mining and solar expansion, saying that ARK has received "a lot of inbound" from companies looking to build out "this exact system."Despite ARK Invest's claims about a solar future brought about by bitcoin mining, many critics remain. According to <a href="https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/">data from Cambridge</a>, roughly 39% of proof-of-work mining is currently powered by renewables, and the entire bitcoin network uses more energy every year than all of the Netherlands. Stats like this have led critics like the Nobel Laureate Paul Krugman to bash bitcoin for its environmental impact, among other things.In an article titled "Tecnobable, Libertarian Derp, and Bitcoin," Krugman called the cryptocurrency "a natural Ponzi scheme." However, the noted economist added that these types of schemes can "last for decades."Krugman was widely bashed for his opinion column discussing bitcoin. With Twitter users pointing out the economist once said, "by 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

Cathie Wood says recent energy-use concerns surrounding bitcoin will help boost the adoption of renewable mining and solar power

New Delhi, Dec 20 () Infrastructure sector on Friday urged the government to bring captive renewable policy and exempt from cross subsidy and transmission charges to make renewable energy more viable for those willing to set up clean energy plants beyond factory boundaries.
The infrastructure companies raised these issues during a pre-budget consultation with Finance Minister Nirmala Sitharaman and top officials from finance, new &amp; renewable, road transport and environment ministries.
They also asked to make finance available for real estate and affordable housing to boost consumption of cement and other inputs like steel.
Besides, they were of the view that government should release stuck up funds meant for infrastructure sectors as soon as possible for bringing in buoyancy in the economy.
 "We asked government to see, how can finance be made available for real estate and affordable housing. We also asked to release funds withheld at different levels in the government.
"Cement and other Core infrastructure sector can do a lot of work toward renewable energy. But the deterrents are cross subsidy and transmission charges. These two charges made renewable energy even more expensive than thermal power," Dalmia Bharat Cement MD &amp; CEO Mahendra Singhi said after the meeting.
The infrastructure players have asked the government to bring captive renewable energy policy and give exemption from cross subsidy and transmission charges for clean energy plants beyond factory boundaries, he added.
Infrastructure sector players, particularly cement, claimed that they can also set up 12GW to 15GW of renewable energy projects and there is positive mood on this in the country.
The cross subsidy charges ranging from Rs 1.5 to Rs 2 per unit and transmission charges are to the tune of 50 paisa per unit. These add Rs 2.5 per unit to the cost of clean energy, which comes around Rs 3.5 per unit. That make renewable energy cost Rs 6 per unit, which is even higher than thermal power cost in most of the cases.
On the tax issues, he said that there was no discussion in the meeting held on Friday.
Cement sector is paying GST (Good &amp; Service Tax) at the rate of 28 per cent and contributing around Rs 40,000 crore annually to the exchequer.
They also informed the minister that how can infrastructure sectors can play a role in dealing with plastic and municipal waste or bio mass.
"Government is positive about it. Lets see what best comes out (budget)," he added.
 The main areas of discussion during the meeting included issues relating to challenges in the infrastructure sector vis-a-vis framing of trade rules and policies in global context, quality of resilience of infrastructure sector and related finance, railway infrastructure, enhanced focus on adapting renewable energy for economy and environment, and climate resilient infrastructure development among others, the finance ministry said in a statement.
The stakeholders of infrastructure sector and experts of energy sector and climate change gave a wide range of suggestions in the meeting including availability of finance for real estate, infrastructure and affordable housing; renewable energy sector to have larger capacity creation, further fine-tuning in IT Act and lower duties and softer lending rates.
They also suggested on automotive industry's role in fighting climate change through support for electric mobility, scrapping policy for old polluting vehicles and focus on mass transport powered by renewable energy; attention on taxonomy on green economic activities/climate finance; climate compliant investment and more funds for combating air pollution and increasing efficiency of resources.
They also called for promoting energy efficiency in SME sector via government support to cluster based intermediaries and faster phasing out of depreciated coal fired power plants.
The suggestions also include push to bio-fertiliser; viability gap funding for batteries to encourage renewable energy power storage, expansion of existing Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM), promotion of energy efficient appliances including LPG Cooking stoves and bringing technology for improving Railway infrastructure. KKS BAL

Infra players pitch for captive renewable energy policy, exemption from cross subsidy charges

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">EcotricityDale Vince, the CEO of Ecotricity spoke to Business Insider.</div></div></div>Britain's government is putting an abrupt end to renewable energy subsidies and in turn the move could potentially kill off the sector.Dale Vince, the boss of the world's first green energy company Ecotricity, told Business Insider exactly why he is not only not surprised that the Conservative-led government decided pull out of one of the most burgeoning developing sectors for Britain and the rest of the world but also how the country is now "embarrassing" for its lack of renewable energy support."Subsidies are not being phased out, they are being stopped - it's premature and suddenly," said Vince, who founded Ecotricity in 1995, which uses wind and sun parks to supply over 170,000 customers in Britain, in an interview with Business Insider. "I think it is a deliberate move to put the brakes on as renewable energy is now affecting competition and not in the way that favours fossil fuels.""The government is rigging the energy markets in favour of fossil fuels and nuclear energy. The energy sector is an incredible mess and taxpayers are footing the bill for the amount of money the government is just throwing at oil and gas at the moment."The International Monetary Fund revealed earlier this year that fossil fuel companies benefit from $5.3 trillion (£3.4 trillion) a year in global subsidies. <a href="http://www.imf.org/external/pubs/cat/longres.aspx?sk=42940.0">This is equivalent to $168,000 a second, $10 million a minute and $600 million per hour</a>. The IMF then showed that Britain's fossil fuel industry <a href="http://smartestenergy.com/News-Hub/Article.aspx?ArticleID=4547&amp;ArticleTitle=Fossil%20fuel%20subsidies%20in%20UK%20over%20seven%20times%20those%20for%20renewables,%20says%20IMF#sthash.gaFxYEUS.dpuf">siphoned seven times more in subsidies than the renewable energy industry</a>. This is equivalent to £400 per head of population, compared to £100 per head per year for subsidising renewable energy.This week, the government is expected to sign off on nearly <a href="http://www.ft.com/intl/cms/s/0/0f664c78-821b-11e5-8095-ed1a37d1e096.html#axzz3qKA8C0j2">£500 million more in </a><a href="http://www.ft.com/intl/cms/s/0/0f664c78-821b-11e5-8095-ed1a37d1e096.html#axzz3qKA8C0j2">subsidies for highly polluting diesel generators in order to sate demand and close the gap on power supply</a>. "Renewable energy is cheaper for the consumer, sustainable, and is really starting to cause problems for the fossil fuel sector - especially with the cost of oil falling so dramatically," said Vince. Oil prices have dropped from triple digit highs of summer 2014 to around $50 per barrel as of today."It's bad news for fossil fuels and the government is throwing money at them, whereas renewable energy isn't affected about these massive [market] moves at all. Renewable energy isn't just on the utility scale, people can put solar panels on their roofs for power. Renewable energy is radical and gives more power to consumers too and the government doesn't like that."Renewable energy, especially wind power, is growing in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>. Here are the latest stats from industry body RenewableUK:<div class="KonaFilter image-container display-table"><div><div class="image">RenewableUK</div></div></div>Britain is bound under European Union law to produce 15% of its energy from renewable sources by 2020. In February, the then-coalition government, made up of the Conservatives and the Liberal Democrats, said it was on track to hit this target.The Conservatives then won the General Election in May this year which brought an end to its coalition with the more green-friendly Lib Dems. As soon as the Tories came to power, the government took swift steps to phase out renewable energy subsidies altogether. The pivotal steps include radically changing planning laws and cancelling access to onshore wind subsidies, which has shaken the industry to the core.Ross McArthur, managing director and head of renewable energy at the infrastructure group <a href="http://markets.ft.com/tearsheets/performance.asp?s=uk:JLG" class="wsodCompany" data-hover-chart="uk:JLG">John Laing</a> said last month that the UK's coalition government completed or approved only 14 repowering energy projects, the types that are meant to update the infrastructure of existing energy projects, since 2010 but now, with the Tories in power, they are all "more or less gone."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Flickr/Lawrence Murray</div></div></div>"Prime Minister David Cameron is going to the world leaders' climate change conference this week and will have to have to explain how Britain is rying to fight global warming. God only know what he's going to say as he's the master of spin. He's like King Cnut," said Vince, referring to the 11th century King of Denmark who is mainly referred to popular culture as a deluded monarch believing he had supernatural powers."It's embarrassing that Britain is at the bottom of the European league table for renewable energy, along with Malta and Luxembourg. Everyone knew the Tories were capable of this [completely stopping subsidies to make it harder for renewable energy companies to grow]. Especially without the Lib Dems putting a brake on them. The government said it will hit its target. But it's not interested in make renewable energy a bigger part of Britain's energy complex. "Ecotricity is in a different league to a lot of newer renewable energy companies as it is more established and able to raise a large amount of funds from issuing bonds - all of which have been oversubscribed. It launched two £10 million ecobonds, one in 2010 and another in 2011, to help finance the building of a hybrid solar energy park and four wind power projects totalling nearly 20 megawatts of capacity.It is currently half way through its third bond issuance, worth £25 million, to assist in building more green energy projects in Britain - that could generate enough green energy to power over 10,000 homes. The bond offers investors a return of 5.5% per annum (or 6.0% per annum for Ecotricity customers). It is apparently having a faster uptake than the other two bonds and therefore is on track to be oversubscribed too.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Pool/John StillwellBritain's Prime Minister David Cameron (L) stands alongside former Deputy Prime Minister Nick Clegg.</div></div></div>However, a lot of developing renewable energy companies out there are finding difficulty in surviving, let alone expanding, due to the shake-up in the industry from the government.<a href="http://www.ft.com/intl/cms/s/0/591b0cc8-7d61-11e5-98fb-5a6d4728f74e.html#axzz3qKA8C0j2">RenewableUK told the Financial Times this week that the wind industry in particular is going to suffer because the turbines</a>, which are designed to last for 20-25 years, will reach the end of the serviceable life during the next government. It says the cut in subsidies and change in planning permission in England has made it difficult for groups to get funding or projects off the ground due to the uncertainty."We saw the problems three years ago with the Tories in the coalition. We have already given up on England for now for projects because we knew what they were capable of," said Vince. "Scotland has more wind and has a different approach to renewable energy, and of course planning permission. We are concentrating on Scotland for our wind power expansion. We saw it coming."Britain's Department of Energy and Climate Change said this week: "Our priority is providing clean, affordable and secure energy that hard-working families and businesses can rely on. We want to protect bill payers, ensuring technologies stand on their own two feet whilst also meeting our renewable energy commitments."However, Vince said nothing positive towards the nurturing of renewable energy will happen under this government and the industry will have to weather the storm until they are unseated."Every political party gets how important renewable energy is - apart from the Tories. That's why Ecotricity and I gave money to the Green Party, Labour, the Lib Dems - basically everyone apart from the Tories because they just don't get it." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bullard-raising-rates-macroeconomics-interest-sensitive-sectors-saving-investing-borrowing-2015-10">This is what will happen when the Fed raises rates</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BkbDlkeDqT2RZ4etnNLIpfljksCpCelH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

British green tech millionaire: The Tory government is rigging the energy markets

<ul class="summary-list"><li>TSMC has high power usage, and Taiwan's tight electricity supply will test its chip production.</li><li>Taiwan's sluggish electricity growth challenges the semiconductor industry's expansion.</li></ul>Taiwan's "sluggish growth" in its electricity supply will test the growth of <a target="_blank" href="https://businessinsider.com/tsmc-power-players-14-execs-leading-worlds-biggest-chipmaker-2024-9">TSMC, </a>the world's largest chipmaker, and also the <a target="_blank" href="https://www.businessinsider.com/chip-production-water-usage-tsmc-intel-2024-7">power-intensive</a> semiconductor industry's growth, according to a <a target="_blank" href="https://secure.signin.spglobal.com/oauth2/spglobal/v1/authorize?client_id=RTG_SPCOM_OIDC_SPA&amp;code_challenge=Bk9S7_SJyYqEOCxkOUBuTe2iWcW4uHfctng17EuplSU&amp;code_challenge_method=S256&amp;display=en&amp;nonce=dIYSe8rQGnsDHPvuatV7nJrZ2jty8y6ntny24ZnH4nCb2GKYIcvfr24OY6xPNxHc&amp;redirect_uri=https%3A%2F%2Fdisclosure.spglobal.com%2Fcallback&amp;response_type=code&amp;state=RznxF7r7DKgOtqv7T24s5fz1HXCswZMYPiH6GZ9RUlLjAknXngvBgS6KN7iYHE9P&amp;scope=openid%20email%20profile%20offline_access%20rtg_spcom%20ratings">new S&amp;P Global report</a> released last week.For the past four years, TSMC's total energy usage has grown 10%-20% annually due to its production scale and technology usage, and it's expected to surge this year, the analysts said. Compared to other chipmakers, TSMC's electricity consumption far outpaces its peers, such as Micron and <a target="_blank" class="" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Intel</a>, consuming more than <a target="_blank" class="" href="https://esg.tsmc.com/en-US/file/public/e-all_2023.pdf">24 billion kilowatt-hours in 2023</a>—almost equivalent to the entire city of <a target="_blank" class="" href="https://finance.yahoo.com/news/25-cities-highest-electricity-consumption-104528985.html">Phoenix</a>.The surge in energy consumption last year is likely due to the increase in 3nm semiconductor production, the analysts said.To develop cutting-edge chips at 7 nanometers or below, TSMC uses processes such as <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-08-25/energy-efficient-computer-chips-need-lots-of-power-to-make">EUV</a> or extreme ultraviolet lithography systems, which consume much more energy since making the chips smaller will require more energy-intensive manufacturing methods.TSMC consumes more than 8% of Taiwan's total electricity, and the report said that demand could triple by 2030. Taiwan's unique challenges could also create further ripples due to its limited available land for solar panels and its dependence on imported fossil fuels. This makes both citizens and chipmakers vulnerable to <a target="_blank" class="" href="https://www.ctee.com.tw/news/20240417700097-430104">power outages</a> from natural disasters that strain the electricity grid.In 2021, TSMC announced a commitment to reach net zero emissions <a target="_blank" href="https://pr.tsmc.com/english/news/2865">by 2050</a> through a <a target="_blank" href="https://esg.tsmc.com/file/public/2023-TCNFDReport-e.pdf">combination</a> of renewable energy certificates and power purchase agreements. Last year, the company pushed forward its deadline for 100% renewable energy consumption <a target="_blank" href="https://pr.tsmc.com/english/news/3067">to 2040</a> and upgraded to more efficient power transformers used for transferring electricity.Adding renewable energy supplies would help alleviate this problem, although the island's geography makes it difficult to increase solar and wind power sources. Local power providers have faced <a target="_blank" href="https://www.digitimes.com/news/a20240724PD214/taiwan-offshore-wind-supply-chain-market-government.html">procurement </a>regulation changes, <a target="_blank" class="" href="https://www.bloomberg.com/opinion/articles/2024-04-16/taiwan-s-wind-power-ambitions-are-in-peril">slowing down</a> the growth of offshore wind power.TSMC's risks will be controllable over the next three to four years since the company actively manages its power supply's stability, the analysts said. Still, the <a target="_blank" class="" href="https://www.businessinsider.com/ai-value-estimate-20-trillion-tech-wave">AI boom</a> will not slow down electricity demand anytime soon.

The world's largest chipmaker TSMC is about to be tested as it uses more and more power

<ul class="summary-list"><li>Germany has installed more solar capacity than consumer demand requires, SEB Research found.</li><li>During peak solar production hours, producers have taken a 87% price cut in the past 10 days.</li></ul>Sunny days in Germany mean gray clouds for solar profitability as the nation's dive into renewables has left it with too much energy.According to a note from <a href="https://research.sebgroup.com/macro-ficc/reports/49776" target="_blank" rel="noopener">SEB Research</a>, in the past 10 days, solar producers have had to take an 87% price cut during production hours. In fact, when production peaks, prices have slid well below zero.On average, the price received was 9.1 euros per megawatt-hour, significantly under the 70.6 euros paid during non-solar-power hours."This is what happens to power prices when the volume of unregulated power becomes equally big or bigger than demand: Prices collapse when unregulated power produces the most," the Swedish bank wrote on Tuesday.Last year's record wave of solar installations are what's driving Germany's price "destruction" as inventory outpaces consumption. While total solar capacity topped 81.7 gigawatts by 2023's end, demand load only reached 52.2 gigawatts, noted SEB chief commodities analyst Bjarne Schieldrop.The difference between the two actually widens even more in the summer, a season of peak production and lower demand. This also means that consumers are not necessarily benefiting from the low prices, as they typically consume more energy in non-solar hours. Unless new installations are spurred on by subsidies or power purchase agreements, oppressed profitability could eventually halt Germany's solar expansion, Schieldrop said. Instead, focus is likely to move onto improvements that will make more use of the energy produced, such as investments in batteries and grid infrastructure."This will over time exhaust the availability of 'free power' and drive solar-hour-power-prices back up," Schieldrop wrote. "This again will then eventually open for renewed growth in solar power capacity growth."The supply-demand imbalance is neither a new issue for Germany, nor is the country alone in experiencing it. The European market has raced to install solar capacity through last year, a move made urgent after Russia cut off its energy supplies to the continent.A European green-energy-supply glut — further extended by wind turbine and nuclear expansions — has <a href="https://markets.businessinsider.com/news/commodities/european-electricity-prices-negative-green-energy-wind-solar-renewable-demand-2023-7#:~:text=European%20electricity%20prices%20tumble%20into%20negative%20territory%20amid%20glut%20of%20green%20energy&amp;text=Electricity%20prices%20in%20Europe%20fell,in%20an%20abundance%20of%20supply.">triggered previous instances of negative price dips</a>.In reality, this doesn't mean that consumers are reimbursed to use electricity, as they're not paying raw market price. Instead, rates are typically agreed on beforehand.

Germany has too many solar panels, and it's pushed energy prices into negative territory

<ul class="summary-list"><li>Germany's cabinet backed a plan on Wednesday for a $180 billion fund to bolster energy efficiency. </li><li>The funding comes as Germany and other EU countries look to cut their reliance on Russian energy. </li></ul>Germany's cabinet on Wednesday approved plans for roughly $180 billion in funding aimed in part at reducing the country's reliance on Russian energy, as Moscow continues to cut gas flows into Europe.About €177.5 billion ($179.7 billion) will be put into Germany's Climate and Transformation Fund between 2023 and 2026, the <a href="https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2022/07/2022-07-27-klima-und-transformationsfonds.html">economy ministry said in a statement</a> translated into English. The plan will be sent to parliament for approval. The special fund is key for the modernization of the German economy as well as financing climate protection, the government said. It will support the conversion of Germany's energy supply, decarbonization efforts, and development of the hydrogen sector, among other items. Expansion of renewable resources is "even more topical and urgent" following Russia's invasion of Ukraine, Finance Minister Christian Lindner said at a press conference, <a href="https://www.bloomberg.com/news/articles/2022-07-27/germany-approves-180-billion-funding-to-accelerate-energy-shift?srnd=premium&amp;sref=GUP2BhaG">according to Bloomberg</a>. Moscow has been reducing natural gas flows into Europe since it launched its war against the former Soviet republic in late February, with the moves seen as retaliation against Western nations for imposing related sanctions on Russia.Russia's state-run energy giant <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">Gazprom this week cut flows again</a>, days after resuming deliveries. The European Union, in anticipation of Russia's move at its Nord Stream pipeline, on Tuesday approved plans to <a href="https://markets.businessinsider.com/news/commodities/eu-gas-consumption-rationing-europe-energy-crisis-russia-nord-stream-2022-7?utm_medium=ingest&amp;utm_source=markets">reduce gas consumption by 15% by August 1</a>. The EU has warned cuts could be made mandatory if the region's energy crisis worsens.Germany's special fund will also address building renovations, with €16.9 billion earmarked for making buildings more energy efficient. The government will put €5.6 billion toward electromobility development, including expansion of the charging infrastructure. But subsidies for electric vehicles will end, the economy ministry said. "In view of the billions in profits of car companies, such subsidies are no longer necessary," Lindner told reporters.

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