Future Energy Ventures’ Post

The Middle East is experiencing a significant shift in its energy landscape. According to recent research by Rystad Energy, the region’s renewables capacity is set to soar, with solar photovoltaic (PV) expected to become the predominant power source. By 2050, it’s projected that renewable energy sources, including solar and wind, will constitute an impressive 70% of the Middle East’s power generation mix. This transition is driven by the region’s rapid industrial growth, increasing population, and a global drive to reduce carbon emissions. Despite this surge in clean energy installations, natural gas will continue to play a significant role in the short term, with usage expected to peak around 2030. However, by 2050, the share of gas in the power generation mix is anticipated to shrink from 74% at the end of 2023 to 22%. The Middle East’s total solar capacity surpassed 16 gigawatts (GW) at the end of 2023 and is projected to reach nearly 23 GW by the end of 2024, with an expectation to hit 100 GW by 2030. This growth is partly fueled by green hydrogen projects and an annual growth rate of 30 percent. The region’s power demand is also expected to rise significantly, from the current 1,200 terawatt-hours (TWh) to about 2,000 TWh by 2050, due to strong industrial development, population growth, and the electrification of transport and other sectors. The residential sector currently accounts for 40% of total power demand, followed by the commercial sector at 26% and the industrial sector at 22%. This transformative shift towards renewable energy, particularly solar PV, is a clear indication of the Middle East’s commitment to meeting its soaring power demand while reducing its reliance on fossil fuels. It’s a strategic move that aligns with global efforts to transition to a more sustainable and clean energy future.

Victoria's energy landscape is evolving with the official launch of the 200 MW / 400 MWh Rangebank Battery Energy Storage System (BESS), now fully operational just 18 months after construction began. Developed by Eku Energy and Shell, this cutting-edge system bolsters grid stability, providing enough energy to power 80,000 homes for an hour during peak demand. As Shell’s first direct equity investment in a utility-scale BESS globally, Rangebank marks a milestone in advancing battery storage to complement renewables. With Victoria targeting 6.3 GW of renewable energy storage by 2035, this project is part of a growing portfolio of utility-scale batteries transforming the region's energy future. Victoria adds new big battery: https://lnkd.in/efdkTchV #EnergyStorage #BatteryInnovation #Renewables #CleanEnergy #Victoria #BESS

EDF Renewables and APS Ink 20-Year Agreement for 250 MW Beehive Battery Storage Project in Arizona EDF Renewables North America has signed a 20-year Energy Storage Power Purchase Agreement (PPA) with Arizona Public Service (APS) for the development of the Beehive Battery Energy Storage System in Peoria, Arizona. This stand-alone battery energy storage system (BESS), with a capacity of 250 MW and a four-hour duration, is expected to begin construction in 2025 and reach commercial operation in 2026. The Beehive facility will have a total energy output of 1,000 MWh. The Beehive BESS is designed to store excess power from the grid during periods of high renewable energy generation, then release it during peak demand times. […] Read the full story here: https://lnkd.in/dVF3daxn #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #america #arizona #arizonapublicservice #batterystorage #bess #edfrenewables #northamerica #renewableenergy

Renewables electricity on the rise – Clean Energy Regulator New large-scale renewable energy sources are strengthening at an accelerating rate, according to the latest Quarterly Carbon Market Report from the Clean Energy Regulator. The regulator’s Q2 2024 report found that total added renewable energy capacity could exceed 7 gigawatts (GW) this year — a combination of an upgraded estimate of 3-4 GW large-scale wind and solar reaching first generation and an estimated 3.1 GW of small-scale rooftop solar. Acting CER Chair Mark Williamson (pictured) said: “New power station approved capacity under the Large-scale Renewable Energy Target is increasing.” #electricity #renewables #solarPV Chris Bowen MP Clean Energy Regulator https://lnkd.in/g78UcBFR

NextEra Energy Plans Major Renewables Expansion by 2027 NextEra Energy Partners aims to grow its Renewables and Energy Storage portfolio to 81 GW by 2027, up from 38 GW. In Q3 2024, the company added nearly 3 GW to its backlog, primarily from Solar PV and Energy Storage. For 2024-25, it plans 7.3 GW of Solar PV and 3 GW of Energy Storage, with significant projects expected in the Southeast. Q3 earnings reached $2.1 billion.   Story Insights by Mansi NextEra Energy Partners aims to grow its renewables and energy storage portfolio to 81 GW by 2027 to capitalize on the increasing demand for clean energy solutions and to solidify its position as a leader in the renewable energy sector. While this initiative primarily impacts the U.S. market, it offers insights and potential benefits for India, where a similar transition towards renewable energy is underway, thus encouraging collaboration and investment in sustainable practices. Achieving this ambitious goal will involve adding substantial capacity through new solar PV and energy storage projects, supported by long-term power purchase agreements and partnerships with major corporate customers, as seen with the recent framework agreements totaling up to 10.5 GW. This expansion presents opportunities for job creation, technological advancements, and the development of a resilient energy infrastructure, ultimately contributing to a more sustainable energy future both in the U.S. and potentially influencing renewable energy strategies in India. To learn more about this Einfews story, please visit: https://shorturl.at/HGlHE For more Einfews stories on the power sector, visit Eninrac’s Einfews:  https://bit.ly/3OcLLXY To subscribe for more updates, mail us at: [email protected] #SolarPV, #EnergyStorage, #RenewableEnergy, #BESS, #NextEraEnergy

Victoria's energy landscape is evolving with the official launch of the 200 MW / 400 MWh Rangebank Battery Energy Storage System (BESS), now fully operational just 18 months after construction began. Developed by Eku Energy and Shell, this cutting-edge system bolsters grid stability, providing enough energy to power 80,000 homes for an hour during peak demand. As Shell’s first direct equity investment in a utility-scale BESS globally, Rangebank marks a milestone in advancing battery storage to complement renewables. With Victoria targeting 6.3 GW of renewable energy storage by 2035, this project is part of a growing portfolio of utility-scale batteries transforming the region's energy future. Victoria adds new big battery: https://lnkd.in/efdkTchV #EnergyStorage #BatteryInnovation #Renewables #CleanEnergy #Victoria #BESS

Clean Energy Australia Australia. * Growth in Renewable Energy: In 2023, renewable energy accounted for 39.4% of Australia’s total energy generation, marking a 9.7% increase from the previous year. This growth is indicative of the increasing adoption of solar and wind energy across the country. * Policy Advancements: The report emphasizes the importance of recent policy decisions at both federal and state levels aimed at accelerating the clean energy transition. 2024 and beyond are seen as pivotal years for sustaining this momentum. * Investment in Clean Energy: Australia is projected to expand its renewable energy capacity significantly, with forecasts indicating an increase of 85% to reach around 40 gigawatts (GW) by 2027. Such growth is supported by ambitious government targets and funding arrangements to bolster clean energy projects. * Energy System Transformation: The transition to renewable energy is expected to reshape the National Electricity Market (NEM), with an anticipated shift towards renewables constituting about 83% of the energy mix by 2030, as part of the government’s plans to enhance the clean energy landscape. * Challenges and Resilience: The report also identifies challenges, such as supply chain disruptions and the need for robust infrastructure to support high shares of variable renewable energy. It stresses the importance of enhancing energy security and resilience, particularly in the face of climate impacts and global energy price fluctuations.

HEXA And Bison Partner To Drive Solar and Energy Storage Growth In Japan HEXA Renewables, a platform owned by I Squared Capital, has entered a strategic equity investment option agreement with Bison Energy to advance solar energy and Battery Energy Storage Systems (BESS) projects in Japan. Through this collaboration, HEXA and Bison will jointly develop and construct a robust pipeline of solar and BESS projects, accelerating the growth of Bison’s project portfolio. This partnership strengthens both companies’ positions in the Japanese new energy market, driving innovation and progress in renewable energy solutions. Michael Zhang, CEO of Bison Energy, said in a statement, “Our partnership with HEXA Renewables represents a major milestone for Bison […] Read the full story here: https://lnkd.in/dJGGajS4 #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #asia #greenenergy #japan #renewableenergy #renewableenergy #solarenergy #solarpower #solarproject

Big news from down under! LDES Council member Energy Vault and ACEN Australia have announced a contractual agreement for two significant #battery energy storage system (BESS) deployments. Scheduled to begin construction later this year, Energy Vault will deploy both a 50 MW/100 MWh BESS and a 150 MW/300 MWh BESS at ACEN Australia’s New England Solar facility. The systems are targeted for commercial operations in 2025 and 2026, respectively. Backed by the New South Wales government’s Emerging Energy Program, Energy Vault’s #gravity and #kinetic energy based, long-duration energy storage solutions will deliver greater renewable energy sourced power to meet the region’s peak demand needs, reducing reliance on coal-fired generation. The #Time4Action is now to help the world achieve #3xRenewables by 2030.

🔋 Harmony Energy’s joint venture battery energy storage system has gone live. The facility for the Jamesfield battery energy storage system (BESS) has been completed. Jamesfield BESS is the second joint venture between global clean energy enterprise TagEnergy and renewable energy infrastructure developer Harmony Energy. This follows the first successful joint venture between the two companies, Chapel Farm. The 49MW/98MWh standalone project began coming online in November 2023, and was finalised in February 2024. The energisation of Jamesfield means that Harmony Energy now has an operational portfolio of over 500MW/1GWh. Peter Kavanagh, CEO of Harmony Energy, said: “Battery energy storage systems are vital for unlocking the full potential of renewable energy in the UK. They play a pivotal role in advancing the Net Zero transition through the reduction of Co2 emissions, and are crucial for securing the future stability of the UK’s energy supply and reducing dependence on foreign gas imports.” #renewables #battery #energystorage Read more below ⬇ https://lnkd.in/eJvtM7cE