FERC Approves License for Revolutionary Tidal Energy Project
The Federal Energy Regulatory Commission recently issued a 10-year license to Public Utility District No.1 of Snohomish County for the proposed 600-kW Admiralty Inlet Pilot Tidal Project to be located at Puget Sound, Washington. The endeavor is an experimental project designed to study and evaluate the environmental, economic and cultural effects of the previously untapped hydrokinetic energy. The project’s OpenHydro System will convert the kinetic energy of water flowing in current from 0.7 meters per second to 3.3 meters per second into rotational motion and deliver the energy through rotors into the generators. The turbines are seen to rotate about 70 percent of the time.
Global Solar PV Market May Increase to 500 GW by 2018
The global solar PV market is looking at a five-year growth spurt that will put it on-track for a cumulative installed capacity of 500 GW, says the latest NPD SolarBuzz Marketbuzz report. Released last Thursday, the report predicts a massive 100 GW solar PV deployment will be targeted in 2018, thereby increasing annual PV module revenues to $50 billion in that same year. NPD SolarBuzz says it also expects the current strength in demand will further stimulate revenues for manufacturers, with PV modules revenues of more than $200 billion available over the five year period from 2014 to 2018.
Coal Slips as Australian Flood Boost Lost in Drought
Sparse rains this year have led to drought in 79 percent of Australia’s Queensland and the heavy rains that crimped output and boosted prices in three of the last four years by flooding coal pits have not come this year. This means that coal producers are exporting record volumes into an oversupplied market, depriving them of the usual price gains caused by weather disruptions. Asian steelmakers are now getting record-low prices in supply contracts for hard coking coal. Some analysts say that a cut of at least 15 million tons is needed to restore health in the market.
EU Readies Natural-Gas Plan to Eliminate Reliance on Russia
The European Union’s 28 chiefs plan to ask the European Commission to outline within three months ways to diversify energy sources and reduce reliance on Russian natural gas as they seek to punish Russia for its annexation of Crimea. The European Union’s s energy dependency rate is set to further rise to 80 percent by 2035 from the current 60 percent, according to the International Energy Agency. Russian gas accounted for almost 32 percent for the bloc’s imports in 2010, according to EU data.