Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
Ministers now say Scotland has around 10% of European Union offshore energy potential, down from previous claims of 25%
The decommissioning sector is facing a myriad of challenges including inflationary pressures, skills shortages and a lack of project visibility according to Decom Mission, the Aberdeen-based trade body representing the industry.
Orsted A/S (CPH: ORSTED) shares slumped to their lowest level in six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments as the crisis in the wind industry is only getting worse.
The biggest manufacturers of wind turbines and solar panels are facing their most serious financial challenges in years even as deployments of clean energy head for an annual record.
A new 20-acre solar park has opened in Angus in the Northeast of Scotland, boosting green energy production in the local area.
Xinjiang Goldwind Science & Technology Co., the largest wind-turbine maker, said profit plunged as a price war continues to offset some of the benefits of China’s surge in clean energy investment.
A new 'state-of-the-art' tidal turbine blade has been manufactured in Scotland for the first time, and engineers say it could reduce the levelised cost of tidal energy (LOCE).
New York has selected three offshore wind farms to negotiate power contracts with the state as the industry faces increasing challenges from rising costs.
Scottish Renewables is calling on the UK government to take urgent action to maintain the country's position as a 'world leader' in renewables.
Inverness-headquartered Aurora Energy Services has acquired US wind turbine blade repair and maintenance specialist Cotech Group in its first international takeover.
The UK will fall further behind the US on green technologies without a national investment fund to help turn start-ups into the companies of tomorrow, a leading think-tank has warned.
Just a few weeks ago, the UK’s Energy Transitions Commission stated: “Rapidly scaling sustainable, diversified, and resilient clean energy supply chains is key to achieving net-zero targets on-time and at as low a cost as possible”.
Electricity transmission line construction can be cut to 7 years from 14 years, says Nick Winser in his report delivered Friday.
The deliberations come as CEO Wael Sawan focuses the company’s investments on fossil fuels.
Big Oil won’t be missed by its renewable power competitors.
Shell (LON: SHEL) executives are telling their renewable power business that it needs to become more profitable, not just deliver lower carbon emissions, and pull back from the less successful elements of its clean-energy strategy.
The next few years for the renewable energy sector will look very different from the decade just passed! At a recent event dubbed ‘Green Energy Day’ or ‘Energy Security Day’, the UK Government unveiled its plans for ‘Powering-up-Britain’ by sharing its package of green energy policies aimed at fast-tracking the UK’s net zero target whilst also ensuring a balanced energy mix to ensure security of supply.
Deal-making in the energy industry is no longer a simple affair, regardless of whether it is fresh investment in new capital projects off- or onshore; assets trading; oil & gas/power generation company mergers and takeovers, or supply chain related.
Westminster’s intervention in the electricity market risks “mothballing a series of multi-billion pound” green energy projects, a major investor has warned.
Petronas is the latest big oil company to move into Australian renewables, with the Malaysia state-backed energy company reportedly poised to acquire the local assets of German solar and storage developer Wirsol.
India, the third-largest greenhouse gas emitter, is planning for an expansion of its oil and gas sectors even as it aims to hit net-zero by 2070.
India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonisation.
Bangladesh is set to increase its coal-based power generation capacity to ensure supply security at a time when many other countries are focussing on cutting dependency on thermal coal power to achieve climate goals.
South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets.