Key Insights and Signals in Energy & Utilities
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Deals
Oil India Limited inks pact with AGCL for piped gas supply in Assam, Tripura
OIL and AGCL have signed an agreement to establish a Joint-Venture Private Limited Company (JVPLC) for city natural gas distribution networks in parts of Assam and Tripura. The JV company will also set up CNG stations for vehicles, providing a major thrust to industrial development in the state. Read More>>
Woodside and Keppel data centers progress liquid hydrogen supply deal
Woodside Energy and Keppel Data Centres have signed an agreement to explore the potential supply of liquid hydrogen from Woodside’s production facilities to Singapore. Keppel Data Centres may purchase up to 1000 tonnes per day of liquid hydrogen as early as 2030 to reduce emissions generated by data centers. Read More>>
Vattenfall signs agreement with Hellenic Cables to provide the inter-array cables for the Norfolk Offshore Wind Zone
Vattenfall has agreed with Hellenic Cables to provide 850km of inter-array cables for its Norfolk Offshore Wind Zone. The wind zone will power 4.6m homes, making it one of the world’s largest. Hellenic Cables is a leading European cable producer. Read More>>
Partnerships
LG&E and KU Energy becomes the first green energy partner of Churchill Downs
LGE and KU Energy partner with Churchill Downs as their first green energy partner. The partnership aims to promote sustainable energy practices. LGE and KU Energy plan to supply Churchill Downs with 100% renewable energy. Read More>>
Vopak and AltaGas combine to evaluate a new bulk liquids terminal at Prince Rupert port
AltaGas and Vopak have formed a joint venture to consider building a large-scale Ridley Island LPG and other bulk liquids export terminal. The partnership aims to expand the export capacity of the Prince Rupert port’s propane, methanol, and other liquids. Read More>>
Centre Setup and Expansion
Construction begins on the new Orange County Entergy plant
Entergy announced the groundbreaking for the new $1.8 billion power plant outside Bridge City. The new power plant will use a combination of hydrogen and natural gas to generate electricity. The plant will produce 1,215 megawatts of electricity annually to power 230,000 residences. Read More>>
Xcel Energy announces plans for new service center to replace Rice Street facility
Xcel Energy plans to build a new service center in St. Paul’s Greater East Side neighborhood. The new center will replace the one on Rice Street and be built on a 20-acre property in The Heights. The Rice Street Service Center employs about 375 people and handles distribution, natural gas, and other functions. Read More>>
Vattenfall plans to build 720MW hydropower plants in Sweden
Vattenfall announced the construction of four hydropower plants in Sweden, with a total capacity of 720 MW. The first plant will be located at the Harsprnget power station, with a second at the Porjus power station. Vattenfall is also exploring reinstating the Juktan power station and building a fourth plant at the Messaure power station. Read More>>
Executive Movements
Hindustan Petroleum appoints KS Shetty as Director of HR
Hindustan Petroleum Corporation Limited has appointed KS Shetty as its new Director of Human Resources. He will hold the position for five years. Shetty brings extensive experience in HR management, having previously served as Executive Director of Human Resources with the additional charge of the employee relations department. Read More>>
Pioneer Natural Resources appoints a new CEO
Pioneer Natural Resources appointed Richard P. Dealy as its next CEO, effective January 1, 2024. He will replace the current CEO, Scott D. Sheffield, who is set to retire at the end of 2023. Dealy has a wealth of experience in the oil and gas industry, having previously served as CEO and chairman of Parker & Parsley. Read More>>
Kenya Pipeline Board confirms appointment of Joe Sang as new MD
The Kenya Pipeline Company has appointed Joe Sang as the new Managing Director for a renewable 4-year term. Sang’s appointment was briefly suspended in February but was later allowed. Sang brings a wealth of experience to the role, having previously served as the acting Managing Director of KPC. Read More>>
Financial and Market Activity
Eni trims its 2023 profit outlook on lower energy prices
Italian energy company Eni reported the net profit for the three months was EUR 2.388 Billion, compared to EUR 3.583 Billion for the same period in 2022. Adjusted earnings and profit before taxes were also lower, with earnings at EUR 2.907 Billion and profit before taxes at EUR 4.981 Billion. 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 to invest INR 2,000 Cr (US$ 244.7 Mn) in the CBM project in Bengal
Essar will invest in extracting methane gas from coal seams in the Raniganj East block of West Bengal. The CBM project is expected to produce 2.3 million standard cubic meters of gas per day (mmscmd) over the next 10-12 years, which will be used for industrial and automotive purposes. Read more>>
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Startup Spotlight
Company – Waste4Change
Total Funding – USD 5 Mn
About: Waste4Change is a waste management platform for companies, individuals, and government agencies in Indonesia. The firm’s mission has been to solve waste problems that prevent environmental leakage and reduce the amount of waste in landfills. Read more>>
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Latest Reports Published in Draup
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Here’s what’s new on our Sales Intelligence Platform
Introducing outsourcing highlights
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- Experience an enhanced outsourcing section in the account profile of the Universe feature, with key highlights and a visually intuitive indicator for any new additions in the last 12 months
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- Introducing JD Reader App to help you search job listings and get talent demand insights
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