Business & Finance
Westermeerwind Reaches Financial Closure
Westermeerwind BV reached financial close on 25 July for the turn key construction of the Westermeerwind wind farm in IJsselmeer. Work can now start on building the 48 wind turbines. The Westermeerwind wind farm consists of 48 wind turbines with a capacity of 3 MW to be installed in the water betwee
French Consortium Seeks Vertiwind Platform Design
Consortium made of Nénuphar, Technip and renewable energy company EDF Energies Nouvelles is seeking a contractor for a job on its floating vertical-axis turbine. Vertiwind is an innovative Floating Vertical axis offshore turbine developed to produce in sea conditions. The turbine system has been dev
Gamesa Doubles Net Profit to EUR 42 Mln
Gamesa ended the first half of 2014 with €42 million in net profit, almost twice the 1H13 figure (€22 million). This increase strengthens the growing trend in profitability, with an EBIT margin of 7.7% at constant exchange rates, and in revenues, which increased by 21% at constant exchange rates. Th
DECC Releases CfD Budget Draft
UK Department of Energy and Climate Change has released a draft version of the Contracts for Difference (CfD) budget notice that the Secretary of State will give to the EMR Delivery Body, National Grid, ahead of the first allocation round in October 2014. The department divided the first allocation
Triton Knoll Shows Good Socio-Economic Benefits
1,800 jobs and up to £500,000 are just some of the benefits expected if the construction of a major offshore wind farm off the coast of Lincolnshire goes ahead. RWE Innogy UK has announced new details of the socio-economic benefits which could arise from the construction of its Triton Knoll Offshore
CFS Takes On Offshore Wind Wave
South Shields-based company has seen its turnover triple in one year. Due to offshore wind expansion and support from GROW: OffshoreWind programme, Complete Fabrication Services (CFS) increased its sales from GBP 1.1 million to GBP 3.5 million in just 12 months. The company is now focused on creatin
UK Releases Investment Guide
On 22 July 2014, the Government department for UK Trade and Investment (UKTI) and HM Treasury jointly published a guide detailing opportunities to invest in UK Infrastructure (Investment Guide). Highlights include potential investment opportunities/case studies in respect of renewable energy project
European Commission Approves Contracts for Difference
The European Commission has concluded that a UK scheme called “Contracts for Difference” that promotes the generation of electricity from renewable sources is in line with EU state aid rules. In separate investigations, the Commission has also found that public support worth GBP 9.7 billion (around
Vattenfall Operating Profit Hits EUR 1.08 Bln
Vattenfall reported an operating profit of SEK 10 billion (EUR 1.08 billion) for the first half of the year. Availability for all types of generation was favourable, but demand remained weak, and electricity prices fell further. Operating profit was positively affected by SEK 3.1 billion (EUR 0.34 b
Isle of Wight Council: No Objection to Navitus Bay Proposal
UK Planning Committee held a meeting yesterday regarding the proposed Navitus Bay offshore wind farm. Isle of Wight Council gave no objection to the proposal but recommended requesting more information in relation to noise and ecology. The council presented the main considerations in its report: The
Iberdrola H1 Earning Down 13% to EUR 1.5 Bln
Iberdrola’s first half net earnings came to €1,503.1 million, down 13%, while Ebitda was in line with the same period last year at €3,744.7 million. Solid business performance, especially international businesses, again mitigated the negative impact of regulatory and fiscal measures in Spain which c
ABB Shows Strong Q2 Results
ABB reported strong order growth, stable revenues and a significant increase in cash from operations for the second quarter of 2014. The lower operational EBITDA margin mainly reflects ongoing project-related challenges in the Power Systems (PS) division. Orders of $10.6 billion were 14 percent high
Carnegie Takes Part in EUR 0.91 Mln Wave Energy Study
Wave energy developer Carnegie Wave Energy Limited announced that it will be part of a AUD 1.3 million (EUR 0.91 million) national study undertaken by Australia’s premier science agency, the CSIRO, to develop a wave energy atlas and improve the assessment of wave energy extraction on the marine envi
Subsidies for Renewables, Good or Bad?
Generous subsidies for renewables are unsustainable and have contributed to electricity prices for residential consumers more than doubling in Germany, placing a strain on consumers and the economy there. In addition, renewable subsidies have clearly generated disequilibrium in the power markets, as