China Doubles Pace of Adding Renewables Amid Push to Cut Pollution
China doubled the pace of injecting renewable energy capacity for most of the year as the government took action to address climate change and reduce pollution in its biggest cities. Including nuclear power, the Asian-powerhouse installed 36 GW of renewable energy capacity in 10 months through Oct.31. Power from wind swelled by 7.9 GW, while solar increased 3.6 GW and nuclear grew 2.2 GW. Hydro power accounted for the remainder. Some analysts say that China will see continuous increase in the proportion of renewable in total power capacity up until 2030 mainly due to government support and declining costs.
Petrobras Slumps as Brazil Fails to Eliminate Fuel Subsidy
Petroleo Brasileiro SA’s shares fell the most in five years after the Brazilian government failed to meet the company’s request to disclose a clear policy for phasing out fuel subsidies that have curtailed earnings and increased liabilities. Petrobras’ shares fell 9.2 percent, the steepest one-day decline since Nov. 12, 2008. Fuel losses, a controversial capital increase and record-high debt have made Petrobras, once the sixth most valuable company, the worst-performing major oil stock in the past half decade.
Europe Sees a Cooler December Amid 5-Year Low Gas Reserves
Weather forecasts of colder-than-usual December poses the threat of boosting gas rates while further widening the region’s largest storage deficit in five years. December gas prices in the U.K. rose 1.7 percent higher than the start of November while French December power rose 5.4 percent over the same period to a record 54 euros a megawatt hour. Gas reserves are 10.4 percentage points below the five-year average on Nov. 30, compared with a 7.5 percentage-point shortfall a month earlier.
Swansea Bay May See the World’s First Tidal-Lagoon
A 10 kilometer long sea wall being built around Swansea Bay, near the South Wales coast, is designed to be the world’s first tidal lagoon. The horse-shoe shape barriers of the colossal coastal structure will completely surround the bay and will capture 11 km2 of water as the seas rise and fall to generate 14 GW of electricity each year. Project engineers say the tidal lagoon will be able to generate energy at least four times a day. The $1.6 billion project is on track for completion sometime in 2017.