A former coal-fired power station in the UK could be turned into a ‘sustainable community’

Utility giant Engie has unveiled plans to turn the site of a former 1-gigawatt coal-fired power station into a “sustainable and smart community.” In a statement Tuesday, the French multinational said the planned redevelopment of the U.K.’s Rugeley Power Station site had the potential to include over 2,000 low carbon homes, as well as a “substantial number of commercial buildings.” The power station, located in Staffordshire in the mid-west of England, closed in 2016. Engie added that the Rugeley


Utility giant Engie has unveiled plans to turn the site of a former 1-gigawatt coal-fired power station into a “sustainable and smart community.” In a statement Tuesday, the French multinational said the planned redevelopment of the U.K.’s Rugeley Power Station site had the potential to include over 2,000 low carbon homes, as well as a “substantial number of commercial buildings.” The power station, located in Staffordshire in the mid-west of England, closed in 2016. Engie added that the Rugeley
A former coal-fired power station in the UK could be turned into a ‘sustainable community’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: anmar frangoul, paul ellis, afp, getty images
Keywords: news, cnbc, companies, turned, energy, smart, sustainable, community, uks, uk, power, engie, station, rugeley, petrie, coalfired, site, redevelopment


A former coal-fired power station in the UK could be turned into a 'sustainable community'

Utility giant Engie has unveiled plans to turn the site of a former 1-gigawatt coal-fired power station into a “sustainable and smart community.”

In a statement Tuesday, the French multinational said the planned redevelopment of the U.K.’s Rugeley Power Station site had the potential to include over 2,000 low carbon homes, as well as a “substantial number of commercial buildings.” The power station, located in Staffordshire in the mid-west of England, closed in 2016.

Engie added that the Rugeley site could be “entirely maintained” using renewable energy, with as much as 50 percent produced on site. The firm added it would seek to utilize a range of technologies and community energy solutions on the site, including smart homes incorporating battery storage and solar power.

“Today’s announcement is an exciting step forward for the redevelopment of a former coal fired power station,” Wilfrid Petrie, the CEO of Engie U.K. and Ireland, said in a statement.

“Engie’s decision to retain ownership and lead the repurposing of the site builds on our track record of going beyond energy and confirms our position at the forefront of the U.K.’s transition towards lower carbon, more energy efficient development,” Petrie added.

The public consultation phase for the project has now started. Once that is completed, Engie said it expected to start pre-planning for the development in March 2019.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: anmar frangoul, paul ellis, afp, getty images
Keywords: news, cnbc, companies, turned, energy, smart, sustainable, community, uks, uk, power, engie, station, rugeley, petrie, coalfired, site, redevelopment


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Norwegian cruise ships to be powered using dead fish

Norwegian cruise operator Hurtigruten is to power its ships using liquefied biogas (LBG) produced from dead fish and other kinds of organic waste. In an announcement at the end of last week, the business said that the LBG used to power its ships would be fossil free and renewable. “While competitors are running on cheap, polluting heavy fuel oil, our ships will literally be powered by nature,” Skjeldam went on to state. The vessel uses a 24-meter-tall cylindrical rotor sail developed by Norsepow


Norwegian cruise operator Hurtigruten is to power its ships using liquefied biogas (LBG) produced from dead fish and other kinds of organic waste. In an announcement at the end of last week, the business said that the LBG used to power its ships would be fossil free and renewable. “While competitors are running on cheap, polluting heavy fuel oil, our ships will literally be powered by nature,” Skjeldam went on to state. The vessel uses a 24-meter-tall cylindrical rotor sail developed by Norsepow
Norwegian cruise ships to be powered using dead fish Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: anmar frangoul, lars lund
Keywords: news, cnbc, companies, rotor, cruise, business, biogas, sail, using, viking, uses, dead, power, ships, powered, company, fish, norwegian


Norwegian cruise ships to be powered using dead fish

Norwegian cruise operator Hurtigruten is to power its ships using liquefied biogas (LBG) produced from dead fish and other kinds of organic waste.

In an announcement at the end of last week, the business said that the LBG used to power its ships would be fossil free and renewable. The fish used in the biogas will come from “cutaways” – essentially waste produce – from fisheries.

“What others see as a problem, we see as a resource and a solution,” the company’s CEO, Daniel Skjeldam, said in a statement.

“While competitors are running on cheap, polluting heavy fuel oil, our ships will literally be powered by nature,” Skjeldam went on to state. “Biogas is the greenest fuel in shipping and will be a huge advantage for the environment. We would love other cruise companies to follow.”

Hurtigruten said that 2019 would see the company introduce the MS Roald Amundsen, which it described as “the world’s first battery-hybrid powered cruise ship.”

By the year 2021, the business wants to operate at least six of its ships with biogas and batteries, combined with liquefied natural gas.

Hurtigruten is the latest company looking to power its ships with renewable energy.

Finnish shipping business Viking Line’s M/S Viking Grace has been fitted with a rotor sail that enables it to use wind power during trips between Finland and Sweden.

The vessel uses a 24-meter-tall cylindrical rotor sail developed by Norsepower Oy, another Finnish company. The sail uses something called the “Magnus effect” for propulsion. As the rotor spins, passing air flows with a lower pressure on one side compared to the other, creating a propulsion force.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: anmar frangoul, lars lund
Keywords: news, cnbc, companies, rotor, cruise, business, biogas, sail, using, viking, uses, dead, power, ships, powered, company, fish, norwegian


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New designs unveiled for the ‘world’s most powerful’ tidal turbine

The designs for a commercial production tidal turbine have been unveiled by U.K.-based firm Orbital Marine Power, which claims it will be the “most powerful tidal generating platform in the world” when launched. In an announcement Friday, Orbital Marine Power said it planned to deploy its Orbital O2 2MW turbine at the European Marine Energy Centre, in Orkney, in 2020. The Orbital O2 will use a 73-meter-long “floating superstructure” to support two 1 megawatt (MW) turbines on each side and will h


The designs for a commercial production tidal turbine have been unveiled by U.K.-based firm Orbital Marine Power, which claims it will be the “most powerful tidal generating platform in the world” when launched. In an announcement Friday, Orbital Marine Power said it planned to deploy its Orbital O2 2MW turbine at the European Marine Energy Centre, in Orkney, in 2020. The Orbital O2 will use a 73-meter-long “floating superstructure” to support two 1 megawatt (MW) turbines on each side and will h
New designs unveiled for the ‘world’s most powerful’ tidal turbine Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: anmar frangoul, orbital marine power ltd
Keywords: news, cnbc, companies, orbital, world, designs, powerful, tidal, o2, unveiled, european, turbine, worlds, power, marine, sr2000, energy


New designs unveiled for the 'world's most powerful' tidal turbine

The designs for a commercial production tidal turbine have been unveiled by U.K.-based firm Orbital Marine Power, which claims it will be the “most powerful tidal generating platform in the world” when launched.

In an announcement Friday, Orbital Marine Power said it planned to deploy its Orbital O2 2MW turbine at the European Marine Energy Centre, in Orkney, in 2020.

The Orbital O2 will use a 73-meter-long “floating superstructure” to support two 1 megawatt (MW) turbines on each side and will have rotor diameters of 20 meters.

The device is set to have a nameplate power output — which refers to the maximum amount of power the turbine can produce — of 2 MW at tidal current speeds of 2.5 meters per second.

Formerly called Scotrenewables Tidal Power Ltd., Orbital Marine Power launched its SR2000 turbine in 2016. During its initial 12-month test program, the SR2000 generated more than 3 gigawatt hours of electricity.

“The Orbital O2 is a low-cost solution for future commercial projects and builds on the features which made the SR2000 an industry breakthrough,” Andrew Scott, Orbital Marine Power’s CEO, said in a statement.

“This optimized turbine will unlock tidal markets around the world at a competitive price point and provide regulators and investors with a new, predictable renewable energy option,” Scott added.

The European Commission, the legislative arm of the EU, has described “ocean energy” as being both abundant and renewable. Ocean energy could potentially contribute around 10 percent of the European Union’s power demand by 2050, according to the Commission.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: anmar frangoul, orbital marine power ltd
Keywords: news, cnbc, companies, orbital, world, designs, powerful, tidal, o2, unveiled, european, turbine, worlds, power, marine, sr2000, energy


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11′ scenarios: power outages, bank runs, changed data

But it’s easy to imagine how a similar attack could shut down basic services, like electricity or water, that affect millions of people. Around a quarter-million residents were left without power, but the outages only lasted a few hours before government agencies were able to restore service. They can be strictly criminal in nature, or come from a malevolent backer under the guise of a criminal attack. Power outages or water supply corruption are the most worrisome to Peter Beshar, general couns


But it’s easy to imagine how a similar attack could shut down basic services, like electricity or water, that affect millions of people. Around a quarter-million residents were left without power, but the outages only lasted a few hours before government agencies were able to restore service. They can be strictly criminal in nature, or come from a malevolent backer under the guise of a criminal attack. Power outages or water supply corruption are the most worrisome to Peter Beshar, general couns
11′ scenarios: power outages, bank runs, changed data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: kate fazzini, reuters david mdzinarishvili
Keywords: news, cnbc, companies, cyberattacks, scenarios, stemming, data, criminal, power, strictly, shut, sewage, outages, bank, 11, runs, changed, services, water


11' scenarios: power outages, bank runs, changed data

Cyberattacks that cause major disruption to public services have happened many times in the real world.

Some of them are very old news, in fact. But it’s easy to imagine how a similar attack could shut down basic services, like electricity or water, that affect millions of people.

In 2000, a disgruntled sewage treatment plant worker in Queensland, Australia hacked into his employer’s industrial control system to unleash torrents of raw sewage onto public grounds, flooding the city’s local Hyatt hotel. The perpetrator was sentenced to two years for the attack.

In 2007, the country of Estonia was subject to widespread outages in its entire telecommunications network, following a cyberattack stemming from a dispute with Russia over a military statue. The incident was so damaging, it led to a decision to place the North Atlantic Treaty Organization’s Cyber Security organization in Tallinn, the country’s capital.

In 2015, Ukraine’s power grid had massive outages after a cyberattack — which some officials have attributed to Russia — two days before Christmas, during a cold snap. Around a quarter-million residents were left without power, but the outages only lasted a few hours before government agencies were able to restore service.

Major cyberattacks aimed at taking down official services don’t need to be strictly nation-state sponsored or terrorist-backed. They can be strictly criminal in nature, or come from a malevolent backer under the guise of a criminal attack.

The NotPetya cyberattacks of June 2017, known by the name of the criminal ransomware-inspired computer virus behind it, were notorious for the real-world harm they caused to companies. In Germany, consumer goods-maker Reckitt Benckiser halted shipments of numerous products. Ships belonging to logistics giant Maersk were at a standstill, and the company later said it took a $300 million hit from the attack. In the U.S., a facility owned by Merck that makes the HPV vaccine Gardasil was shut down to such a big extent, the company had to borrow hundreds of millions of dollars worth of back-up vaccines stockpiled by the Center for Disease Control.

Power outages or water supply corruption are the most worrisome to Peter Beshar, general counsel for risk management firm Marsh & McLennan. Loss of electricity, he said, is just one piece of the greater risk for physical security stemming from a cyberattack.

“Utilities are one vital resource. But it’s not just power, water is another type of utility. If all of a sudden, the quality of drinking water is called into question, and then manufacturers who rely on using untainted water for making drugs or food is called into question. That is a potential crisis,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: kate fazzini, reuters david mdzinarishvili
Keywords: news, cnbc, companies, cyberattacks, scenarios, stemming, data, criminal, power, strictly, shut, sewage, outages, bank, 11, runs, changed, services, water


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Tesla cuts prices on solar power systems as it looks to entice customers

Tesla has reduced prices on its solar power systems as it looks to make sustainable energy use more affordable. This pricing change would help Tesla’s average customer make savings of between $3,000 and $4,000, the spokesperson added. “This change, along with our push to continue shortening the time between sale to installation, will accelerate the adoption of solar and the world’s transition to sustainable energy.” Shah added that the business wanted to become the lowest-cost solar provider in


Tesla has reduced prices on its solar power systems as it looks to make sustainable energy use more affordable. This pricing change would help Tesla’s average customer make savings of between $3,000 and $4,000, the spokesperson added. “This change, along with our push to continue shortening the time between sale to installation, will accelerate the adoption of solar and the world’s transition to sustainable energy.” Shah added that the business wanted to become the lowest-cost solar provider in
Tesla cuts prices on solar power systems as it looks to entice customers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: anmar frangoul, smith collection gado, archive photos, getty images
Keywords: news, cnbc, companies, prices, spokesperson, power, systems, sustainable, customers, tesla, entice, cuts, teslas, solar, energy, sales, looks


Tesla cuts prices on solar power systems as it looks to entice customers

Tesla has reduced prices on its solar power systems as it looks to make sustainable energy use more affordable.

“As a result of the vertical integration of our solar products into Tesla’s retail stores and the increased efficiencies we’ve realized over the past year by closing more expensive sales channels like door-to-door sales, we are now able to reduce prices for our solar power systems,” a Tesla spokesperson told CNBC in a statement Friday.

This pricing change would help Tesla’s average customer make savings of between $3,000 and $4,000, the spokesperson added. “This change, along with our push to continue shortening the time between sale to installation, will accelerate the adoption of solar and the world’s transition to sustainable energy.”

In an interview with Reuters on Thursday, Tesla’s senior vice president of energy operations, Sanjay Shah, said that the price reductions should make the firm “highly competitive.”

Shah added that the business wanted to become the lowest-cost solar provider in the U.S., Reuters reported.

Tesla deployed 93 megawatts of solar energy generation systems in the third quarter of 2018.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: anmar frangoul, smith collection gado, archive photos, getty images
Keywords: news, cnbc, companies, prices, spokesperson, power, systems, sustainable, customers, tesla, entice, cuts, teslas, solar, energy, sales, looks


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‘Pretty overwhelming’ evidence against PG&E in deadly Paradise fire, says attorney suing CA utility

Danko also represents a group of plaintiffs suing PG&E over the 2017 wine country fires, a group of Northern California blazes. That’s something that PG&E never did until after the wine country fires.” The attorney claims PG&E sent out emails indicating it would shut off power before the Camp Fire but didn’t do it. The utility spokesperson said “115kV transmission lines are not currently part of the Public Safety Power Shutoff program due to a variety of safety and regulatory factors.” Jerry Bro


Danko also represents a group of plaintiffs suing PG&E over the 2017 wine country fires, a group of Northern California blazes. That’s something that PG&E never did until after the wine country fires.” The attorney claims PG&E sent out emails indicating it would shut off power before the Camp Fire but didn’t do it. The utility spokesperson said “115kV transmission lines are not currently part of the Public Safety Power Shutoff program due to a variety of safety and regulatory factors.” Jerry Bro
‘Pretty overwhelming’ evidence against PG&E in deadly Paradise fire, says attorney suing CA utility Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff daniels, justin sullivan, getty images
Keywords: news, cnbc, companies, suing, pretty, camp, ca, evidence, power, safety, pge, overwhelming, deadly, danko, utility, paradise, shut, wine, attorney, transmission, country, california


'Pretty overwhelming' evidence against PG&E in deadly Paradise fire, says attorney suing CA utility

What happens to PG&E if it’s found to be the cause of the Camp Fire 5 Hours Ago | 01:44

The site near Pulga is now being protected as investigators continue their probe. The Camp Fire was 35 percent contained early Wednesday, according to Cal Fire.

Danko also represents a group of plaintiffs suing PG&E over the 2017 wine country fires, a group of Northern California blazes. Cal Fire has pinned the blame on PG&E in at least 16 wildfires in last year’s fire siege, including some blazes with fatalities.

According to Danko, other California utilities do a better job of “mitigating the risk. For example, in Southern California when there are windy conditions, the utilities as a matter of routine for some time have shut off the power so that if the lines come down it won’t spark a fire. That’s something that PG&E never did until after the wine country fires.”

The attorney claims PG&E sent out emails indicating it would shut off power before the Camp Fire but didn’t do it. “Their meteorologists were watching the conditions, and then they decided not to,” he said. “They decided to leave the power on.”

PG&E’s Tostado said, “The safety of our customers and the communities we serve is our highest priority. Right now, our primary focus is on the communities, supporting first responders and getting our crews positioned and ready to respond when we get access, so that we can safely restore gas and electricity to our customers.”

The electrical outage that PG&E experienced in Butte County was to a 115kV transmission line and the damage observed near the fire was to a 115kV transmission line. The utility spokesperson said “115kV transmission lines are not currently part of the Public Safety Power Shutoff program due to a variety of safety and regulatory factors.”

Still, Danko alleges that PG&E has “nefarious” reasons for keeping the power on.

“PG&E does not want to shut off power for the reason that management bonuses are tied not to safety, but rather the lack of customer complaints,” Danko said. He said when the power is shut off to customers they complain so management is therefore hesitant to flip the power off.

Danko said he plans to subpoena PG&E’s witnesses and their documents to get even more information on the incident.

Earlier this year, PG&E and its parent renewed liability insurance coverage for wildfire events for approximately $1.4 billion, covering the period from Aug. 1, 2018, through July 31, 2019.

The state legislature already has given PG&E some relief that allows them in the event of a wildfire to sell bonds to essentially pay for damages. That relief, known as state Senate Bill 901, was approved by Gov. Jerry Brown on Sept. 21 and followed the catastrophic wine country fires last year.

“If they file bankruptcy, so be it,” said Danko. “That means that ultimately their equipment is essentially auctioned off. Perhaps someone more responsible will end up operating the electric and gas facilities.”


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff daniels, justin sullivan, getty images
Keywords: news, cnbc, companies, suing, pretty, camp, ca, evidence, power, safety, pge, overwhelming, deadly, danko, utility, paradise, shut, wine, attorney, transmission, country, california


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Tidal ‘kite’ technology to be installed in Faroe Islands

A deal has been struck to install tidal kite technology in waters surrounding the Faroe Islands. Minesto’s technology harnesses underwater current, which creates a hydrodynamic lift force on its wings, pushing it upwards. “For the last year, we have carried out tidal stream measurements, as tidal energy at the right cost level can be one important piece of the puzzle,” Djurhuus went on to add. A site for the installation of Minesto’s technology has been identified in Vestmannasund, a strait in t


A deal has been struck to install tidal kite technology in waters surrounding the Faroe Islands. Minesto’s technology harnesses underwater current, which creates a hydrodynamic lift force on its wings, pushing it upwards. “For the last year, we have carried out tidal stream measurements, as tidal energy at the right cost level can be one important piece of the puzzle,” Djurhuus went on to add. A site for the installation of Minesto’s technology has been identified in Vestmannasund, a strait in t
Tidal ‘kite’ technology to be installed in Faroe Islands Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: anmar frangoul, getty images
Keywords: news, cnbc, companies, power, islands, installation, technology, installed, minesto, minestos, kite, ocean, faroe, tidal, energy


Tidal 'kite' technology to be installed in Faroe Islands

A deal has been struck to install tidal kite technology in waters surrounding the Faroe Islands.

The agreement, between Swedish marine energy business Minesto and Faroese power firm SEV, encompasses the installation, commissioning and operation of two of Minesto’s DG100 models.

SEV has also committed to buy the electricity produced by the technology through a power purchase agreement, Minesto said in a statement Monday.

Weighing between one and two tons, the DG100 model has a wing span of four to six meters and a power rating of up to 100 kilowatts.

Minesto’s technology harnesses underwater current, which creates a hydrodynamic lift force on its wings, pushing it upwards. A rudder steers the kite in a figure of eight trajectory and as it “flies”, water flows through the turbine, producing electricity.

“As a remote island society, we don’t have the option of buying electricity from neighboring countries,” Hakun Djurhuus, SEV’s CEO, said in a statement.

“For the last year, we have carried out tidal stream measurements, as tidal energy at the right cost level can be one important piece of the puzzle,” Djurhuus went on to add.

A site for the installation of Minesto’s technology has been identified in Vestmannasund, a strait in the north west of the Faroe Islands. The first unit is to be installed at the end of 2019 or beginning of 2020, while the second will be installed in 2020.

The European Commission has described “ocean energy” as being both abundant and renewable. Ocean energy could potentially contribute around 10 percent of the European Union’s power demand by 2050, according to the Commission.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: anmar frangoul, getty images
Keywords: news, cnbc, companies, power, islands, installation, technology, installed, minesto, minestos, kite, ocean, faroe, tidal, energy


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Fierce winds fan California wildfires, more than 200 missing

Fierce, dry winds were expected to fan the flames of deadly wildfires burning in California on Monday, heightening the risk of fresh blazes from scattered embers as investigators searched for more than 200 people who were unaccounted for in one of the fires. Both fires have been whipped up by hot dry winds expected to continue through Tuesday evening, according to officials. Its death toll of 29 equals that of the Griffith Park Fire in 1933, the deadliest wildfire on record in California. In sou


Fierce, dry winds were expected to fan the flames of deadly wildfires burning in California on Monday, heightening the risk of fresh blazes from scattered embers as investigators searched for more than 200 people who were unaccounted for in one of the fires. Both fires have been whipped up by hot dry winds expected to continue through Tuesday evening, according to officials. Its death toll of 29 equals that of the Griffith Park Fire in 1933, the deadliest wildfire on record in California. In sou
Fierce winds fan California wildfires, more than 200 missing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, fierce, southern, missing, power, wildfire, 200, expected, woolsey, fan, record, winds, states, wildfires, california


Fierce winds fan California wildfires, more than 200 missing

Fierce, dry winds were expected to fan the flames of deadly wildfires burning in California on Monday, heightening the risk of fresh blazes from scattered embers as investigators searched for more than 200 people who were unaccounted for in one of the fires.

The so-called Camp Fire, the state’s most destructive blaze on record, had left at least 228 people missing as of early Monday, according to Kory Honea, sheriff of northern California’s Butte County, site of the fire. It and one in the state’s south have killed at least 31 people.

Both fires have been whipped up by hot dry winds expected to continue through Tuesday evening, according to officials.

The Camp Fire, 40 miles north of Sacramento, burned down more than 6,700 homes and businesses in the town of Paradise, more structures than any other wildfire recorded in California.

The fire had scorched more than 111,000 acres and was 25 percent contained by late Sunday, officials said. Its death toll of 29 equals that of the Griffith Park Fire in 1933, the deadliest wildfire on record in California.

In southern California, the Woolsey Fire had forced authorities to issue evacuation orders for a quarter million people in Ventura and Los Angeles counties and beachside communities including the Malibu beach colony. But by Sunday night parts of the two counties were reopened.

The number of people missing in the Woolsey Fire was not immediately available.

Many of those allowed to return were left without power or cellphone service, even if their homes were spared by the flames.

Wind gusts of up to 60 miles per hour (100 km) were expected in the mountains, valleys and canyons of Southern California, raising the possibility of downed power lines and trees. This, in combination with low humidity, was expected to create the perfect conditions for fires to spread.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, fierce, southern, missing, power, wildfire, 200, expected, woolsey, fan, record, winds, states, wildfires, california


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EDF signs deal for $1.36 billion hydropower plant in Cameroon

Electricity company EDF, the International Finance Corporation (IFC) and Republic of Cameroon have signed “final and binding” agreements for the construction of a 420-megawatt hydropower project on the Sanaga River. The Nachtigal hydropower plant will be located close to the Nachtigal falls, 65 kilometers northeast of Cameroon’s capital, Yaounde. The expected cost of the development is 1.2 billion euros ($1.36 billion), EDF said in a statement Thursday. The project in Cameroon will involve the d


Electricity company EDF, the International Finance Corporation (IFC) and Republic of Cameroon have signed “final and binding” agreements for the construction of a 420-megawatt hydropower project on the Sanaga River. The Nachtigal hydropower plant will be located close to the Nachtigal falls, 65 kilometers northeast of Cameroon’s capital, Yaounde. The expected cost of the development is 1.2 billion euros ($1.36 billion), EDF said in a statement Thursday. The project in Cameroon will involve the d
EDF signs deal for $1.36 billion hydropower plant in Cameroon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: anmar frangoul, mark houston, eyeem, getty images
Keywords: news, cnbc, companies, power, 136, hydropower, electricity, ifc, nachtigal, billion, signs, deal, plant, cameroon, republic, edf, construction, world


EDF signs deal for $1.36 billion hydropower plant in Cameroon

Electricity company EDF, the International Finance Corporation (IFC) and Republic of Cameroon have signed “final and binding” agreements for the construction of a 420-megawatt hydropower project on the Sanaga River.

The Nachtigal hydropower plant will be located close to the Nachtigal falls, 65 kilometers northeast of Cameroon’s capital, Yaounde.

The expected cost of the development is 1.2 billion euros ($1.36 billion), EDF said in a statement Thursday.

A quarter of the project’s cost will be funded by shareholder’s equity, with the remainder funded by lenders. EDF said that the IFC, a member of the World Bank Group, had coordinated a lender group that included 11 development finance institutions and four local, commercial banks.

The International Energy Agency has described hydropower as the “largest source of renewable electricity in the world.” It adds that hydropower generates roughly 16 percent of the planet’s electricity from more than 1,200 gigawatts of installed capacity.

The project in Cameroon will involve the design, construction and operation of the facility for 35 years, EDF said. A 50-kilometer power transmission line will also be built. It will be owned and operated by the Nachtigal Hydro Power Company, which is 40 percent owned by EDF. The IFC and Republic of Cameroon own 30 percent each.

EDF added that Nachtigal’s expected power generation would meet 30 percent of Cameroon’s electricity demand and amount to an annual power output of almost 3 terawatt hours. Construction is to start by the end of 2018, with the dam set to be commissioned in 2023.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: anmar frangoul, mark houston, eyeem, getty images
Keywords: news, cnbc, companies, power, 136, hydropower, electricity, ifc, nachtigal, billion, signs, deal, plant, cameroon, republic, edf, construction, world


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Dick Bove: There’s a 60% chance of recession by the end of next year

There is a 60 percent chance that a recession will hit the United States by the end of next year, veteran bank analyst Dick Bove predicted Friday. The central bank has said it wants to get interest rates to a neutral rate, but Bove said “there is no such thing.” Sri Kumar, president of Sri-Kumar Global Strategies, told “Power Lunch” on Thursday that he expects a recession by the end of 2019 or early 2020. The labor market particularly is red hot and has shown no signs of slowing,” she told “Powe


There is a 60 percent chance that a recession will hit the United States by the end of next year, veteran bank analyst Dick Bove predicted Friday. The central bank has said it wants to get interest rates to a neutral rate, but Bove said “there is no such thing.” Sri Kumar, president of Sri-Kumar Global Strategies, told “Power Lunch” on Thursday that he expects a recession by the end of 2019 or early 2020. The labor market particularly is red hot and has shown no signs of slowing,” she told “Powe
Dick Bove: There’s a 60% chance of recession by the end of next year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: michelle fox
Keywords: news, cnbc, companies, dick, fed, power, rate, slowing, bank, recession, economy, think, bove, respect, chance, theres, end, rates, 60, told


Dick Bove: There's a 60% chance of recession by the end of next year

There is a 60 percent chance that a recession will hit the United States by the end of next year, veteran bank analyst Dick Bove predicted Friday.

If that happens, it will be the fault of the Federal Reserve and its “fivefold” increase in interest rates, he told CNBC.

To assume that all the people who financed trillions of dollars at the lower rate “can automatically adjust to the higher rate without any negative consequences is, I think, a major mistake,” the chief financial strategist at Rafferty Capital Markets said on “Power Lunch.”

The Fed, which began raising rates in December 2015, voted on Thursday to keep the federal funds rate in a range of 2 percent to 2.25 percent. However, officials have indicated one more rate hike this year and three more in 2019.

The central bank has said it wants to get interest rates to a neutral rate, but Bove said “there is no such thing.”

He addressed the issue last week in an essay for CNBC, writing that the Fed is “imposing a new rigid financial system on the economy.” He argued that it appears the Fed “simply made up” the concept of a neutral rate.

Bove also pointed to the slowing growth in money supply, which is taking money away as well as making the capital that is available more expensive on a relative basis.

He’s not alone in his thinking. Sri Kumar, president of Sri-Kumar Global Strategies, told “Power Lunch” on Thursday that he expects a recession by the end of 2019 or early 2020.

“The Fed has ignored global realities,” he said. “The Chinese developments with respect to debt, with respect to the trade war, are going to have a much bigger impact on 2019 than the Fed anticipates.”

And he doesn’t think the central bank changing course now will have much of an impact.

“It is already baked in in terms of the future outlook of the economy, especially when you take the rest of the world into account,” Kumar said.

However, Kathy Bostjancic, director of U.S. Macro Investor Services at Oxford Economics, said the Fed is being “prudent.”

“The post-crisis economy is well behind us. You can see that with a number of indicators. The labor market particularly is red hot and has shown no signs of slowing,” she told “Power Lunch” on Friday.

Bostjancic said she doesn’t think the anticipated path of rate hikes “necessarily derails the economy or sends us into recession.”

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Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: michelle fox
Keywords: news, cnbc, companies, dick, fed, power, rate, slowing, bank, recession, economy, think, bove, respect, chance, theres, end, rates, 60, told


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