Key Insights and Signals in Energy & Utilities
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Deals
KBR to provide solvent deasphalting technology for Hindustan Petroleum Corp
Hindustan Petroleum Corporation Limited selected KBR to provide solvent deasphalting technology for its refinery in Visakhapatnam, India. The deal will enable HPCL to produce cleaner fuels using high-quality, low-sulfur feedstocks. Read More>>
Icon Offshore wins contract from Petronas Carigali
Icon Offshore has secured a contract from PCSB to provide 24-hour services for an anchor-handling tug vessel to support offshore installations and drilling rigs. The operations commenced on April 18, 2023, for approximately 255 vessel days. Read More>>
PTC India inks pact for 115 MW power supply from VS Lignite Power, ET EnergyWorld
The deal aims to explore various opportunities to sell power to state utilities under different power sale arrangements. It highlights the growing importance of renewable energy sources in India’s energy mix. Read More>>
Partnerships
National Laboratories team with Idaho Power to evaluate hydrogen generation integrated with hydropower
Idaho National Laboratory and Pacific Northwest National Laboratory have teamed up with Idaho Power to evaluate the possibility of producing hydrogen at existing hydropower plants. By integrating hydrogen production with hydropower, the project aims to improve grid stability, support decarbonization efforts, and increase flexibility in energy production. Read More>>
Adnoc and Baker Hughes partner up for hydrogen technology solutions
ADNOC and Baker Hughes have agreed to develop technology solutions for green and low-carbon hydrogen and graphene. The collaboration will involve testing innovative solutions from Baker Hughes’ hydrogen portfolio, including Nemesys’ electrolyzer technology and Levidian’s methane plasma technology for carbon capture. Read More>>
Envision Energy partners with Harmony Energy Income Trust for ESS in the UK
Envision Energy and Harmony Energy Income Trust have joined forces to provide battery energy storage systems for two UK power plants. This partnership leverages Envision Energy’s expertise in battery technologies and energy storage systems and Harmony Energy’s position as one of the UK’s leading battery energy storage owners and operators. Read More>>
Centre Setup and Expansion
Centrica builds a giant battery park in the port of Ostend
Centrica is building a giant battery park in the port of Ostend. The battery park will have a capacity of 18 megawatts and will be able to power up to 20,000 homes. The battery park will help to stabilize the grid and support the integration of renewable energy sources. Read More>>
Bharat Petroleum Corporation to establish a biogas facility in a year
Bharat Petroleum Corporation Limited will set up a compressed biogas plant at Brahmapuram, Kochi, in collaboration with the state government. The project aims to use waste supplied by Kochi Corporation to produce gas, with pipeline connectivity expected to be simple. Read More>>
Merger and Acquisition
NW Natural Water broadens its scope by acquiring operations & maintenance businesses
Northwest Natural Holding Company has purchased Hiland Water Corporation and King Water Company. Through this acquisition, NW Natural Water aims to expand its business and provide operations and management support to water and wastewater system owners. Read More>>
Layoff
FirstEnergy to lay off 90 employees in five states
FirstEnergy laid off around 90 employees as part of a cost-cutting program called PEER. The affected employees are spread across the company’s operations in Ohio, Maryland, New Jersey, Pennsylvania, and West Virginia. The layoff is a part of the company’s effort to improve its cost structure. Read More>>
Executive Movements
Consumers Energy Co files (8-K) Disclosing Change in Directors or Principal Officers
Consumers Energy appointed Mr. Izzo to serve on the Audit and Finance Committees of the Boards. Mr. Izzo brings valuable experience and expertise to the Board. Mr. Izzo will enter into Director Indemnification Agreements with Consumers Energy to further support his role. Read More>>
Waste Management appointed Kathleen M. Mazzarella as board chair
Mazzarella has been a board member since 2015 and has extensive experience in executive-level positions at Graybar. She also serves on Cigna Corporation and Core & Main boards and previously chaired the Federal Reserve Bank of St. Louis. Read More>>
AltaGas appoints Enbridge CFO as new top boss
Yu spent three decades at Enbridge, most recently serving as EVP of corporate development, CFO, and New Energy Technologies unit president. Before joining Enbridge, Yu worked as an engineer at TransCanada Corporation and Bow Valley Industries. Read More>>
Financial and Market Activity
Enel profits up to EUR 1.5 Bn (US$ 1.6 Bn) in the quarter. Debt drops to EUR 58.9 Bn (US$ 63.8 Bn)
The company reported a net ordinary income of US$ 1.6 Bn and a 4.2% increase in Ebit to EUR 2.951 Bn (US$ 3.1 Bn). The operations’ positive performance helped offset the higher depreciation and amortization recorded during this period. Read More>>
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Latest Industry Insights from Draup Braindesk
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Improving the Reliability of the Energy Grid
- Duke Energy’s objective is to provide relief to customers who faced higher electric bills in 2022, caused by soaring fuel costs that impacted power production and energy markets.
- The company is committed to enhancing energy grid reliability and utilizing existing solar generation more efficiently.
- Duke Energy plans to introduce a commercial-grade fleet depot that integrates with solar, storage, and microgrid control software applications, offering fleet customers a dependable electric charging experience.
Advancements for Customer Experience
- Duke Energy is committed to creating a smarter energy future for its customers and communities by improving grid reliability and resiliency, connecting renewables, and preparing for the rapid adoption of electric vehicles.
- Duke Energy Florida’s self-healing technology is designed to benefit customers during power outages caused by hurricanes and thunderstorms. This technology can quickly detect outages and reroute power to restore service faster or prevent outages, resulting in nearly 250,000 avoided extended customer power outages in Florida.
Carbon Neutrality
- Duke Energy Florida is working to improve battery technology to provide flexibility and energy regulation and enhance the functioning of the power grid.
- The company aims to achieve a 70% reduction in carbon dioxide emissions by 2030 and carbon neutrality by 2050 through a diverse mix of renewable energy sources and energy efficiency programs, providing service providers with relevant expertise opportunities to serve Duke Energy.
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Key Funding Alert
Essar Oil and Gas invests in Microbial eCBM to boost production
Essar Oil and Gas will increase coal bed methane production, with the exact investment amount undisclosed. EOGEPL aims to improve operations and invest in research and development, focusing on boosting its reserve base and increasing CBM output. Read more>>
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Startup Spotlight
Company – Hometree
Total Funding – USD 77.85 Mn
About: Hometree offers comprehensive home emergency insurance, maintenance cover, energy-efficient heating installations, and affordable financing plans. Hometree helps homeowners across the full lifecycle of sustainable home improvements. Read more>>
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Latest Reports Published in Draup
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