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World’s biggest commercial EV trial accelerates move to all-electric fleets

ruth
8 minutes

LONDON, Jan 20, 2023 - (JCN Newswire via SEAPRWire.com) - The trials for Optimise Prime, the world's biggest trial of commercial electric vehicles (EVs) have come to an end, and demonstrated how barriers, such as cost and energy demand, can be overcome through digitisation and new product offerings. The outcomes of this landmark study follow a year-long trial, and could help unlock the mass rollout of EV fleets across UK and beyond.The fast roll out of electric vehicle fleets is vital for the UK to meet its net zero goals. The sixth carbon budget requires that all new cars and vans are low-carbon and largely electric by the early 2030s 1. The Climate Change Committee also advises that companies lead the transition to electric vehicles in the UK by switching their vehicle fleets to EVs in the 2020s.The Optimise Prime trials began in July 2021 and have been led by Hitachi Europe and electricity distributor UK Power Networks. The trial saw over 8,000 electric vehicles from Centrica, Uber and a large UK depot based parcel carrier take to the roads across the UK, supported by distribution networks including Scottish and Southern Electricity Networks, and partners Hitachi Vantara and Nov...

JCN Newswire
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MC and InfraRed Named Preferred Bidders for UK Offshore Transmission Asset

ruth
2 minutes

TOKYO, Sep 9, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Corporation (MC) is pleased to announce that MC and InfraRed Capital Partners (InfraRed) have been selected as the preferred bidders for a new offshore electricity transmission link in the UK. MC's partnership with InfraRed comes via its UK-based, wholly owned subsidiary Diamond Transmission Corporation Limited (DTC). The acquisition of this link will make DTC the operator of ten offshore transmission assets in the UK with a combined total of 784 kms of cable, thus adding to its already largest share of the market. Valued at approximately 190 billion yen, the assets in question comprise subsea cables, land cables, offshore substations and an onshore substation that connect with the 1,386 MW capacity Hornsea Two offshore wind farm situated approximately 90 km off the UK's northeast coast. MC and InfraRed will operate this electricity transmission business for a 24-year period, following successful acquisition of the assets and the granting of an Offshore Transmission Owner license by the UK's Office of Gas and Electricity Markets (Ofgem). To operate the business efficiently, DTC will leverage its experience running i...

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Hitachi Energy Achieves 100% Fossil-free Electricity in Own Operations

ruth
5 minutes

ZURICH, SWITZERLAND, Jan 28, 2022 - (JCN Newswire via SEAPRWire.com) - Hitachi Energy today announced that it has achieved the first-step target set out in its Sustainability 2030(1) plan - the use of 100% fossil-free electricity in its own operations(2). The company is driving towards being carbon-neutral in its own operations by 2030(3), in line with its Purpose, 'Advancing a sustainable energy future for all'.Photovoltaic installation, Zhongshan, China"By achieving 100% fossil-free electricity in our own operations, we have reduced our CO2 equivalent emissions by over 50% compared to 2019," says Claudio Facchin, CEO of Hitachi Energy. He continued, "The Net Zero challenge is global and it's about acting now, innovating and collaborating across countries, industries and societies. Together with customers, partners, and all stakeholders, we are advancing the world's energy system to be more sustainable, flexible and secure."The targeted 50% reduction achieved ahead of plan will amount to approximately 175 kilo tonnes of CO2e per year, equivalent to removing over 35,000 passenger cars off the road.To achieve 100% fossil-free electricity in its own operations - and in support of the...

SeaPRwire

Open electricity market remains viable but foundations will need to be strengthened: Tan See Leng

aseanpr
4 minutes

SINGAPORE - The open electricity market remains viable despite the recent exit of retailers, but its "foundations" will need to be strengthened, said Second Minister for Trade and Industry Tan See Leng on Monday (Nov 1). He was responding to questions filed by MPs in the wake of five electricity retailers - iSwitch, Ohm Energy, Best Electricity, UGS and SilverCloud Energy - announcing over the past three weeks their plans to leave the market. The five supply to about 9 per cent of all electricity consumers. As at the end of last month, about 140,000 households and 11,000 business accounts will either be transferred to another retailer or back to SP Group, said Dr Tan. There are nine remaining retailers in the electricity market, and more retailers may either exit or re-enter the market depending on the severity and duration of the energy crunch, he noted. Dr Tan said the benefits of the open electricity market remain, pointing to increased choice and flexibility for consumers when buying electricity as well as cheaper retail price plans. "To date, about half of all households, or around 746,000 households accounts, have switched to buying electricity from electricity retailers," he...

SeaPRwire

Singaporeans looking at bigger electricity bills as price hikes bite, amid work from home

aseanpr
9 minutes

SINGAPORE - After tutor Roy Chan made the switch from national grid operator SP Group to an Open Electricity Market (OEM) retailer in 2018, he saved, by his estimate, more than 30 per cent on his electricity bill. When his fixed-price plan with Senoko Energy expires this month, the 35-year-old will have to renew it at a rate of 24.9 cents per kilowatt hour (kwh) - nearly 60 per cent more than the rate of 15.89 cents per kwh he was previously paying. Consumers like Mr Chan are sitting up and taking notice of rate hikes by OEM retailers driven by soaring electricity prices and fuel costs. This is especially as Singaporeans settle into a new normal of working, learning and recovering from home, with a sustained, significant increase in power consumption expected. Those needing to recontract told The Straits Times that they are mulling over their options as the gap continues to narrow between regulated tariff rates and OEM rates - from as high as 30 per cent three years ago to around 10 per cent today. Observers also warned that more OEM retailers would shut down as their profit margins shrink and market consolidation takes hold. Singapore's fourth-largest electricity retailer iSwitch ...

SeaPRwire

Exits by S’pore electricity suppliers sparked by price volatility amid global energy crisis

aseanpr
6 minutes

SINGAPORE - The prospect of surging energy prices for the next few years and a severely diminished ability to effectively hedge against volatile conditions are what spurred the departure of two retailers from Singapore's open electricity market (OEM), experts said. Of the 10 remaining retailers, at least two others are set for the exit door. But the experts also said the ones still standing will likely be able to continue to offer savings on the regulatory rate set by the national grid operator SP Group, and that consumers would still stand to gain from competition in the sector. "While there have been signals for some weeks now regarding the global energy price crisis, and recognition that this will spill over into Singapore's domestic electricity markets, the recent events have still emerged as something of a surprise," said Dr David Broadstock, a senior research fellow at the National University of Singapore's Energy Studies Institute. "Such extreme and sudden choices are rare in most market contexts - it is essentially an overnight reorganisation of an industry." Singapore's fourth-largest retailer iSwitch, as well as Ohm Energy, announced their departures from the market just ...

SeaPRwire

S’pore households should save electricity as costs increase due to fuel prices: Gan Kim Yong

aseanpr
4 minutes

SINGAPORE - Households in Singapore are advised to conserve electricity as costs are set to rise following the doubling of fuel prices, said Minister for Trade and Industry Gan Kim Yong on Tuesday (Oct 5). In a written parliamentary response that day, Mr Gan said fuel prices have more than doubled over the past 1½ years, impacting countries worldwide including China, Japan, Britain and countries in the European Union. Price movements in the global energy market will affect Singapore, which imports nearly 100 per cent of its energy needs, said Mr Gan. The minister was responding to questions by Mr Murali Pillai (Bukit Batok) on the rising price of natural gas, which is expected to cause a steep spike in electricity prices in Singapore in the next quarter, and efforts to cushion the impact. Mr Pillai also asked how the Government plans to protect Singaporean households affected by the economic fallout of the Covid-19 pandemic while also encouraging them to be more energy efficient. National grid operator SP Group announced on Sept 30 that the electricity tariff for households will increase by 3.1 per cent from October to December. This is the highest it has been priced since the Janu...

SeaPRwire
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China’s electricity shock is latest supply chain threat to world

elean
7 minutes

DONGGUAN (NYTIMES, BLOOMBERG) - China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. The disruption comes as producers and shippers race to meet demand for everything from clothing to toys for the year-end holiday shopping season, grappling with supply lines that have already been upended by soaring raw material costs, long delays at ports and shortages of shipping containers. Chinese manufacturers warn that strict measures to cut electricity use will slash output in economic powerhouses like Jiangsu, Zhejiang and Guangdong provinces - which together account for almost a third of the nation’s gross domestic product - and possibly drive up prices. Power Crunch There are several reasons electricity is suddenly in short supply in much of China. More regions of the world are reopening after pandemic-induced lockdowns, greatly increasing demand for China’s electricity-hungry export factories. As electricity demand has risen, it has pushed up the price of coal to generate that electricity. But Chinese regulators have not let utilities raise rates enough to cover th...

JCN Newswire
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NEC upgrades its greenhouse gas reduction target to SBT1.5degC and joins RE100, a global renewable electricity initiative

ruth
3 minutes

TOKYO, Jun 11, 2021 - (JCN Newswire via SEAPRWire.com) - In 2017, NEC Corporation (TSE: 6701) announced its climate change policy guidelines for 2050(1), aiming to reduce CO2 emissions from its direct business operations to become carbon neutral by 2050. In order to accelerate climate change measures, NEC upgraded its greenhouse gas reduction target from the previous 33% reduction from the baseline emission in FY2017 to a 55% reduction by FY2030. This revised target was validated by the Science Based Targets initiative (SBTi)(2) as being consistent with reductions required to keep global warming to 1.5degC. The target is one of the "materialities," priority management themes from an ESG perspective, outlined in NEC's Mid-term Management Plan 2025.In line with this enhanced target, NEC joined RE100(3), which strives to significantly expand the adoption of renewable electricity, and Japan Climate Leaders' Partnership (JCLP), a coalition of businesses seeking to advance the goals of decarbonisation and sustainable business. NEC is now dedicated to procuring 100% of annual electricity from renewable sources by 2050.NEC envisions its future as "Living harmoniously with the earth to secu...

SeaPRwire

Almost half of residential consumers switched to retailers after Open Electricity Market roll-out

aseanpr
3 minutes

SINGAPORE - Close to half of all residential consumers have switched to buying electricity from a retailer since the electricity market in Singapore was fully liberalised two years ago, the Energy Market Authority said on Friday (May 7). Currently, about 49 per cent of all residential consumers buy electricity from a retailer, with 43 per cent on fixed price plans and 5 per cent on discount-off-tariff plans. Under a fixed price plan, consumers pay a constant rate throughout the contract duration, for example, 20 cents per kilowatt-hour. With a discount-off-tariff plan, consumers enjoy a fixed discount off the prevailing regulated tariff throughout the contract duration. The Open Electricity Market (OEM), which gives consumers a choice of their electricity provider, was progressively rolled out nationwide from November 2018 to May 2019. Previously, SP Group was the only supplier of electricity to households in Singapore. Out of the 12 retailers here, Keppel Electric currently has the biggest share, with about 22 per cent of the residential market, followed by Geneco at about 20 per cent, and Tuas Power at about 15 per cent. The EMA also released findings from its Consumer Satisfacti...

ACN Newswire
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Infocus International Announces Online Masterclass on Electricity Economics

indie
2 minutes

Singapore, Apr 14, 2021 - (ACN Newswire via SEAPRWire.com) - Infocus International Group has launched the Electricity Economics in Changing Electricity Markets online course and it will be commencing live on 18th May 2021. Throughout the four sessions, you will understand the new economics of power markets in a low-carbon world.This is an essential course both for those generating and trading electricity and for those responsible for policy within the power industry. It leads you through a clear, accessible and thorough examination of the economics of power generation, from power plant cost influences to end-customer prices. It contextualises this analysis with key consideration of industry drivers and trends, including increasingly liberalised and competitive markets, evolving policy support and management frameworks, the growth and integration of renewable power sources, and the restructuring of power systems towards more decentralised operations.We'll examine these key questions:- Which variables drive the economics of electricity generation?- How do generation costs combine with other factors to produce end-use electricity prices?- How are current technology & system trends...

SeaPRwire

Budget debate: Electricity prices likely to go up, but efforts will be made to ensure a gradual rise

aseanpr
4 minutes

SINGAPORE - Electricity prices are likely to increase as Singapore's electricity overcapacity situation normalises and fuel prices rise, said Second Minister for Trade and Industry Tan See Leng on Thursday (March 4). However, he noted that price surges and volatilities will be managed. "Even if prices must go up, the Government will do its best to ensure that this increase is gradual, and it will act where necessary to minimise excessive surges," said Dr Tan. Addressing questions on electricity prices from Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) and Mr Liang Eng Hwa (Bukit Panjang), Dr Tan said that wholesale electricity market prices are indeed well-depressed currently. Generation companies (gencos) had built excess capacity to cater to projected bullish demand around a decade ago. But this did not materialise, and intense competition between the gencos have led to electricity prices falling below the full cost of production, he explained. But the overcapacity situation will likely be alleviated in the near future and it is thus inevitable that prices will rise, he said. "Over the medium to long run, electricity prices normalising is inevitable... No company that is commerciall...

SeaPRwire
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Less than half of Singapore households have switched to electricity retailers

aseanpr
2 minutes

SINGAPORE - Less than half of the 1.4 million households in Singapore have switched to an electricity retailer since the launch of the Open Electricity Market (OEM) around two years ago, said the Energy Market Authority (EMA) on Thursday (Nov 26). The EMA reported that most households are still purchasing electricity from SP Group, the primary supplier of electricity in Singapore prior to the liberalisation of the energy market in November 2018. While 40 per cent of households in Singapore switched to electricity from OEM retailers in the first year of the scheme, it rose marginally by another eight percentage points as at the end of October. The OEM scheme was rolled out to provide households more choices when it comes to choosing energy retailers. There are now 12 OEM suppliers in Singapore. Among these retailers, Keppel Electric has the largest market share at 23.4 per cent followed by Geneco with 21 per cent. In a consumer satisfaction survey (CSS) conducted by the EMA between November 2019 and June this year, nine in 10 households indicated they were satisfied with the service provided by their OEM suppliers. Based on the survey in which more than 7,000 households took part, D...

ACN Newswire
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EMC Provides One-stop Marketplace for Businesses to Buy Electricity and Offset Consumption

indie
6 minutes

SINGAPORE, Oct 22, 2020 - (ACN Newswire) - Singapore's Energy Market Company (EMC) announced that organisations committed to environmental sustainability can now conveniently purchase electricity and offset their electricity consumption with Renewable Energy Certificates (RECs) through EMC's PowerSelect platform. Toh Seong Wah, CEO of EMCEsther An, Chief Sustainability Officer, City Developments Limited (CDL)His Excellency Dr. Rashid Al Leem, Chairman of the Sharjah Electricity, Water and Gas Authority (SEWA)RECs are an additional offering on the PowerSelect platform, which helps businesses efficiently source the best electricity packages across a large number of electricity retailers in Singapore. With this new service, organisations can access a wide range of RECs from local and overseas energy providers, across different renewable energy sources. Increased choices for both electricity packages and RECs translate into more competitive prices for customers.RECs are financial instruments that certify the purchase by an investor of units of electricity generated from renewable energy sources. Once the renewable energy is fed into the national power grid by the power generator, the R...