Singapore's Temasek cancels sale of power company

Saamis Solar Park advances Medicine Hat's renewable energy strategy, as DP Energy secures AUC approval for North America's largest urban solar, repurposing contaminated land; capacity phased from 325 MW toward an initial 75 MW.

Key Points

A 325 MW solar project in Medicine Hat, Alberta, repurposing contaminated land; phased to 75 MW under city ownership.

✅ City acquisition scales capacity to 75 MW in phased build

✅ AUC approval enables construction and grid integration

✅ Reuses phosphogypsum-impacted land near fertilizer plant

DP Energy, an Irish renewable energy developer, has finalized the sale of the Saamis Solar Park—a 325 megawatt (MW) solar project—to the City of Medicine Hat in Alberta, Canada. This transaction marks the development of North America's largest urban solar initiative, while mirroring other Canadian clean-energy deals such as Canadian Solar project sales that signal market depth.

Project Development and Approval

DP Energy secured development rights for the Saamis Solar Park in 2017 and obtained a development permit in 2021. In 2024, the Alberta Utilities Commission (AUC) granted approval for construction and operation, reflecting Alberta's solar growth trends in recent years, paving the way for the project's advancement.

Strategic Acquisition by Medicine Hat

The City of Medicine Hat's acquisition of the Saamis Solar Park aligns with its commitment to enhancing renewable energy infrastructure. Initially, the project was slated for a 325 MW capacity, which would significantly bolster the city's energy supply. However, the city has proposed scaling the project to a 75 MW capacity, focusing on a phased development approach, and doing so amid challenges with solar expansion in Alberta that influence siting and timing. This adjustment aims to align the project's scale with the city's current energy needs and strategic objectives.

Utilization of Contaminated Land

An innovative aspect of the Saamis Solar Park is its location on a 1,600-acre site previously affected by industrial activity. The land, near Medicine Hat's fertilizer plant, was previously compromised by phosphogypsum—a byproduct of fertilizer production. DP Energy's decision to develop the solar park on this site exemplifies a productive reuse of contaminated land, transforming it into a source of clean energy.

Benefits to Medicine Hat

The development of the Saamis Solar Park is poised to deliver multiple benefits to Medicine Hat:

• Energy Supply Enhancement: The project will augment the city's energy grid, much like municipal solar projects that provide local power, providing a substantial portion of its electricity needs.

• Economic Advantages: The city anticipates financial savings by reducing carbon tax liabilities, as lower-cost solar contracts have shown competitiveness, through the generation of renewable energy.

• Environmental Impact: By investing in renewable energy, Medicine Hat aims to reduce its carbon footprint and contribute to global sustainability efforts.

DP Energy's Ongoing Commitment

Despite the sale, DP Energy maintains a strong presence in Canada, where Indigenous-led generation is expanding, with a diverse portfolio of renewable energy projects, including solar, onshore wind, storage, and offshore wind initiatives. The company continues to focus on sustainable development practices, striving to minimize environmental impact while maximizing energy production efficiency.

The transfer of the Saamis Solar Park to the City of Medicine Hat represents a significant milestone in renewable energy development. It showcases effective land reutilization, strategic urban planning, and a shared commitment to sustainable energy solutions, aligning with federal green electricity procurement that reinforces market demand. This project not only enhances the city's energy infrastructure but also sets a precedent for integrating large-scale renewable energy projects within urban environments.

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European Electricity Market Trends 2020 highlight decarbonisation, rising renewables, EV adoption, shifting energy mix, COVID-19 impacts, fuel switching, hydro, wind and solar growth, gas price dynamics, and wholesale electricity price increases.

Key Points

EU power in 2020 saw lower emissions, more renewables, EV growth, demand shifts, and higher wholesale prices.

✅ Power sector CO2 down 14% on higher renewables, lower coal

✅ Renewables 39% vs fossil 36%; hydro, wind, solar expanded

✅ EV share hit 17%; wholesale prices rose with gas, ETS costs

According to the Market Observatory for Energy DG Energy report, the COVID-19 pandemic and favorable weather conditions are the two key drivers of the trends experienced within the European electricity market in 2020. However, the two drivers were exceptional or seasonal.

The key trends within Europe’s electricity market include:

1. Decrease in power sector’s carbon emissions

As a result of the increase in renewables generation and decrease in fossil-fueled power generation in 2020, the power sector was able to reduce its carbon footprint by 14% in 2020. The decrease in the sector’s carbon footprint in 2020 is similar to trends witnessed in 2019 when fuel switching was the main factor behind the decarbonisation trend.

However, most of the drivers in 2020 were exceptional or seasonal (the pandemic, warm winter, high
hydro generation). However, the opposite is expected in 2021, with the first months of 2021 having relatively cold weather, lower wind speeds and higher gas prices, with stunted hydro and nuclear output also cited, developments which suggest that the carbon emissions and intensity of the power sector could rise.

The European Union is targeting to completely decarbonise its power sector by 2050 through the introduction of supporting policies such as the EU Emissions Trading Scheme, the Renewable Energy Directive and legislation addressing air pollutant emissions from industrial installations, with expectations that low-emissions sources will cover most demand growth in the coming years.

According to the European Environment Agency, Europe halved its power sector’s carbon emissions in 2019 from 1990 levels.

2. Changes in energy consumption

EU consumption of electricity fell by -4% as majority of industries did not operate at full level during the first half of 2020. Although majority of EU residents stayed at home, meaning an increase in residential energy use, rising demand by households could not reverse falls in other sectors of the economy.

However, as countries renewed COVID-19 restrictions, energy consumption during the 4th quarter was closer to the “normal levels” than in the first three quarters of 2020. 

The increase in energy consumption in the fourth quarter of 2020 was also partly due to colder temperatures compared to 2019 and signs of surging electricity demand in global markets.

3. Increase in demand for EVs

As the electrification of the transport system intensifies, the demand for electric vehicles increased in 2020 with almost half a million new registrations in the fourth quarter of 2020. This was the highest figure on record and translated into an unprecedented 17% market share, more than two times higher than in China and six times higher than in the United States.

However, the European Environment Agency (EEA)argues that the EV registrations were lower in 2020 compared to 2019. EEA states that in 2019, electric car registrations were close to 550 000 units, having reached 300 000 units in 2018.

4. Changes in the region’s energy mix and increase in renewable energy generation

The structure of the region’s energy mix changed in 2020, according to the report.

Owing to favorable weather conditions, hydro energy generation was very high and Europe was able to expand its portfolio of renewable energy generation such that renewables (39%) exceeded the share of fossil fuels (36%) for the first time ever in the EU energy mix.

Rising renewable generation was greatly assisted by 29 GW of wind and solar capacity additions in 2020, which is comparable to 2019 levels. Despite disrupting the supply chains of wind and solar resulting in project delays, the pandemic did not significantly slow down renewables’ expansion.

In fact, coal and lignite energy generation fell by 22% (-87 TWh) and nuclear output dropped by 11% (-79 TWh). On the other hand, gas energy generation was not significantly impacted owing to favorable prices which intensified coal-to-gas and lignite-to-gas switching, even as renewables crowd out gas in parts of the market.

5. Retirement of coal energy generation intensify

 As the outlook for emission-intensive technologies worsens and carbon prices rise, more and more early coal retirements have been announced. Utilities in Europe are expected to continue transitioning from coal energy generation under efforts to meet stringent carbon emissions reduction targets and as they try to prepare themselves for future business models that they anticipate to be entirely low-carbon reliant.

6. Increase in wholesale electricity prices

In recent months, more expensive emission allowances, along with rising gas prices, have driven up wholesale electricity prices on many European markets to levels last seen at the beginning of 2019. The effect was most pronounced in countries that are dependent on coal and lignite. The wholesale electricity prices dynamic is expected to filter through to retail prices.

The rapid sales growth in the EVs sector was accompanied by expanding charging infrastructure. The number of high-power charging points per 100 km of highways rose from 12 to 20 in 2020.

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Iran Combined-Cycle Power Plants drive energy efficiency, cut greenhouse gases, and expand megawatt capacity by converting thermal units; MAPNA-led upgrades boost grid reliability, reduce fuel use, and accelerate electricity generation growth nationwide.

Key Points

Upgraded thermal plants that reuse waste heat to boost efficiency, cut emissions, and add capacity to Iran's grid.

✅ 27 thermal plants converted; 160 more viable units identified

✅ Adds 12,600 MW capacity via heat recovery steam generators

✅ Combined-cycle share: 31.2% of 80.509 GW capacity

Iran has turned six percent of its thermal power plans into combined cycle plants in order to reduce greenhouse gases and save energy, with potential to lift thermal plants' PLF under rising demand, IRNA reported, quoting an energy official.

According to the MAPNA Group’s Managing Director Abbas Aliabadi, so far 27 thermal power plants have been converted to combined-cycle ones, aligning with Iran’s push to transmit power to Europe as a regional hub.

“The conversion of a thermal power plant to a combined cycle one takes about one to two years, however, it is possible for us to convert all the country’s thermal power plants into combined cycle plants over a five-year period.

Currently, a total of 478 thermal power plants are operating throughout Iran, of which 160 units could be turned into combined cycle plants. In doing so, 12,600 megawatts will be added to the country’s power capacity, supporting ongoing exports such as supplying a large share of Iraq's electricity under existing arrangements.

Related cross-border work includes deals to rehabilitate Iraq's power grid that support future exchanges.

As reported by IRNA on Wednesday, Iran’s Nominal electricity generation capacity has reached 80,509 megawatts (80.509 gigawatts), and it is deepening energy cooperation with Iraq to bolster regional reliability. The country increased its electricity generation capacity by 500 megawatts (MW) compared to the last year (ended on March 20).

Currently, with a total generation capacity of 25,083 MW (31.2 percent) combined cycle power plants account for the biggest share in the country’s total power generation capacity followed by gas power plants generating 29.9 percent, amid global trends where renewables are set to eclipse coal and regional moves such as Israel's coal reduction signal accelerating shifts. EF/MA

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Hornsea One Offshore Wind Farm delivers first power to the UK grid, scaling renewable energy with 1.2GW capacity, giant offshore turbines, and Yorkshire coast infrastructure to replace delayed nuclear and cut fossil fuel emissions.

Key Points

Hornsea One Offshore Wind Farm is a 1.2GW UK project delivering offshore renewable power to about 1 million homes.

✅ 174 turbines over 407 km2; Siemens Gamesa supply chain in the UK

✅ 1.2GW capacity can power ~1m homes; phases scale with 10MW+ turbines

✅ Supports UK grid, replaces delayed nuclear, cuts fossil generation

An offshore windfarm on the Yorkshire coast that will dwarf the world’s largest when completed is to supply its first power to the UK electricity grid this week, mirroring advances in tidal electricity projects delivering to the grid as well.

The Danish developer Ørsted, which has installed the first of 174 turbines at Hornsea One, said it was ready to step up its plans and fill the gap left by failed nuclear power schemes.

The size of the project takes the burgeoning offshore wind power sector to a new scale, on a par with conventional fossil fuel-fired power stations.

Hornsea One will cover 407 square kilometres, five times the size of the nearby city of Hull. At 1.2GW of capacity it will power 1m homes, making it about twice as powerful as today’s biggest offshore windfarm once it is completed in the second half of this year.

“The ability to generate clean electricity offshore at this scale is a globally significant milestone at a time when urgent action needs to be taken to tackle climate change,” said Matthew Wright, UK managing director of Ørsted, the world’s biggest offshore windfarm builder.

The power station is only the first of four planned in the area, with a green light and subsidies already awarded to a second stage due for completion in the early 2020s, and interest from Japanese utilities underscoring growing investor appetite.

The first two phases will use 7MW turbines, which are taller than London’s Gherkin building.

But the latter stages of the Hornsea development could use even more powerful, 10MW-plus turbines. Bigger turbines will capture more of the energy from the wind and should lower costs by reducing the number of foundations and amount of cabling firms need to put into the water, with developers noting that offshore wind can compete with gas in the U.S. as costs fall.

Henrik Poulsen, Ørsted’s chief executive, said he was in close dialogue with major manufacturers to use the new generation of turbines, some of which are expected to approach the height of the Shard in London, the tallest building in the EU.

The UK has a great wind resource and shallow enough seabed to exploit it, and could even “power most of Europe if it [the UK] went to the extreme with offshore”, he said.

Offshore windfarms could help ministers fill the low carbon power gap created by Hitachi and Toshiba scrapping nuclear plants, the executive suggested. “If nuclear should play less of a role than expected, I believe offshore wind can step up,” he said.

New nuclear projects in Europe had been “dramatically delayed and over budget”, he added, in comparison to “the strong track record for delivering offshore [wind]”.

The UK and Germany installed 85% of new offshore wind power capacity in the EU last year, according to industry data, with wind leading power across several markets. The average power rating of the turbines is getting bigger too, up 15% in 2018.

The turbines for Hornsea One are built and shipped from Siemens Gamesa’s factory in Hull, part of a web of UK-based suppliers that has sprung up around the growing sector, such as Prysmian UK's land cables supporting grid connections.

Around half of the project’s transition pieces, the yellow part of the structure that connects the foundation to the tower, are made in Teeside. Many of the towers themselves are made by a firm in Campbeltown in the Scottish highlands. Altogether, about half of the components for the project are made in the UK.

Ørsted is not yet ready to bid for a share of a £60m pot of further offshore windfarm subsidies, to be auctioned by the government this summer, but expects the price to reach even more competitive levels than those seen in 2017.

Like other international energy companies, Ørsted has put in place contingency planning in event of a no-deal Brexit – but the hope is that will not come to pass. “We want a Brexit deal that will facilitate an orderly transition out of the union,” said Poulsen.

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U.S. Hybrid Vehicle Sales Outlook highlights rising hybrid demand as an EV bridge, driven by emissions rules, range anxiety, charging infrastructure gaps, and automaker strategies from Ford, Toyota, and Stellantis across U.S. markets.

Key Points

Forecast of U.S. hybrid sales shaped by EV adoption, emissions rules, charging access, and automaker strategies.

✅ S&P sees hybrids at 24% of U.S. sales by 2028

✅ Bridges ICE to EV amid range and charging concerns

✅ Ford, Toyota, Stellantis expand U.S. hybrid lineups

Hybrid gasoline-electric vehicles may not be dying as fast as some predicted in the auto sector’s rush to develop all-electric models.

Ford Motor is the latest of several top automakers, including Toyota and Stellantis, planning to build and sell hundreds of thousands of hybrid vehicles in the U.S. over the next five years, industry forecasters told Reuters.

The companies are pitching hybrids as an alternative for retail and commercial customers who are seeking more sustainable transportation, but may not be ready to make the leap to a full electric vehicle.

"Hybrids really serve a lot of America," said Tim Ghriskey, senior portfolio strategist at New York-based investment manager Ingalls & Snyder. "Hybrid is a great alternative to a pure electric vehicle (and) it's an easier sell to a lot of customers."

Interest in hybrids is rebounding as consumer demand for pure electrics has not accelerated as quickly as expected, with EV market share dipping in Q1 2024 according to some analyses. Surveys cite a variety of reasons for tepid EV demand, from high initial cost and concerns about range to lengthy charging times and a shortage of public charging infrastructure in many regions.

“With the tightening of emissions requirements, hybrids provide a cleaner fleet without requiring buyers to take the leap into pure electrics,” said Sam Fiorani, vice president at AutoForecast Solutions.

S&P Global Mobility estimates hybrids will more than triple over the next five years, accounting for 24% of U.S. new vehicle sales in 2028. Sales of pure electrics will claim about 37%, supported by strong U.S. EV sales into 2024 momentum, leaving combustion vehicles — including so-called “mild” hybrids — with a nearly 40% share.

S&P estimates hybrids will account for just 7% of U.S. sales this year, and pure electrics 9%, underscoring that EV sales still lag gas cars as internal combustion engine (ICE) vehicles take more than 80%.

Historically, hybrids have accounted for less than 10% of total U.S. sales, with Toyota’s long-running Prius among the most popular models. The Japanese automaker has consistently said hybrids will play a key role in the company's long-range electrification plans as it slowly ramps up investment in pure EVs.

Ford is the latest to roll out more aggressive hybrid plans. On its second-quarter earnings call in late July, Chief Executive Jim Farley surprised analysts, saying Ford expects to quadruple its hybrid sales over the next five years after earlier promising an aggressive push into all-electric vehicles.

“This transition to EVs will be dynamic,” Farley told analysts. “We expect the EV market to remain volatile until the winners and losers shake out.”

Among Ford’s competitors, General Motors appears to have little interest in hybrids in the U.S., while Stellantis will follow Toyota and Ford’s hedge by offering U.S. buyers a choice of different powertrains, including hybrids, until sales of pure electric vehicles start to take off after mid-decade, a potential EV inflection point according to forecaster GlobalData.

In a statement, GM said it, echoing leadership's view that EVs won't go mainstream until key issues are addressed, "continues to be committed to its all-electric future ... While we will have hybrid vehicles in our global fleet, our focus remains on transitioning our portfolio to electric by 2030.”

Stellantis said hybrids now account for 36% of Jeep Wrangler sales and 19% of Chrysler Pacifica sales. In addition to new pure electric models coming soon, "we are very bullish on hybrids going forward," a spokesperson said.

This year, manufacturers are marketing more than 60 hybrids in the U.S. Toyota and its premium Lexus brand are selling at least 18 different hybrid models, enabling the Japanese automaker to maintain its stranglehold on the sector.

Hyundai and sister brand Kia offer seven hybrid models, with Ford and Lincoln six. Stellantis offers just three, and GM’s sole entry, due out later this year, is a hybrid version of the Chevrolet Corvette sports car.

But hybrids remain in short supply at many U.S. dealerships.

Andrew DiFeo, dealer principal at Hyundai of St. Augustine, south of Jacksonville, FL, doesn't see EV adoption hitting the levels the Biden administration wants until EV charging networks are as ubiquitous as gas stations.

"Hybrids are a great bridge to whatever the future holds,” said DiFeo, adding, “I've got zero in stock (and) I've got customers that want all of them."

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Europe EV Sales Slowdown signals waning incentives, economic uncertainty, and supply chain constraints, threatening climate targets and net-zero emissions goals while highlighting the need for charging infrastructure, affordable batteries, and policy support across key markets.

Key Points

Europe's early-2024 EV registrations fell as incentives waned and supply gaps persisted, putting climate targets at risk.

✅ Fewer subsidies and tax breaks cut EV affordability

✅ Inflation and recession fears dampen car purchases

✅ Supply-chain and lithium constraints limit availability

A recent slowdown in Europe's electric vehicle (EV) sales raises serious concerns about the region's ability to achieve its ambitious climate targets.  After years of steady growth, new EV registrations declined in key markets like Norway, Germany, and the U.K. in early 2024. Experts are warning that this slump jeopardizes the transition away from fossil fuels and could undermine Europe's commitment to a net-zero emissions future.

Factors Behind the Decline

Several factors are contributing to the slowdown in EV sales:

• Reduced Incentives: Many European countries have scaled back generous subsidies and tax breaks for EV purchases. While these incentives played a crucial role in driving early adoption, their reduction has made EVs less financially attractive for some consumers, with many U.K. buyers citing higher prices even after discounts.
• End of ICE Ban Support: Public support for phasing out gasoline and diesel-powered cars by 2035, a key European Union policy, appears to be waning in some areas. Without robust support for this measure, consumers may be less inclined to embrace the transition to electric vehicles.
• Economic Uncertainty: Rising inflation and fears of a recession in Europe have made consumers hesitant to invest in big-ticket purchases like new cars, regardless of fuel type. This economic uncertainty is impacting both electric and conventional vehicle sales.
• Supply Chain Constraints: Ongoing supply chain disruptions and shortages of raw materials like lithium continue to impact the availability of affordable electric vehicles. This means potential buyers face long wait times or inflated prices even when they're ready to embrace EVs.

Consequences for Europe's Green Agenda

The decline in EV sales threatens Europe's plans to reduce carbon emissions and become the first climate-neutral continent by 2050, aligning with a broader push for electricity to address the climate dilemma across Europe. The transportation sector is a major contributor to greenhouse gas emissions, and the rapid electrification of vehicles is a pillar of Europe's decarbonization strategy.

The current slump highlights the need for continued policy support for the EV market, as EVs still trail gas models in many markets today, to ensure long-term growth and affordability for consumers. Without action, experts fear that Europe may find itself locked into a dependence on fossil fuels for decades to come, making its climate targets unreachable.

A Global Concern

Europe is a leader in electric vehicle policies and technology, during a period when global EV sales climbed markedly. The recent slowdown, however, sends a worrying signal to other regions around the world aiming to accelerate their transition to electric vehicles, including the U.S. market's Q1 dip as a cautionary example. It underscores the importance of sustained government support, investment in charging infrastructure and overcoming supply chain challenges to secure a future of widespread electric vehicle use, with many forecasts suggesting mass adoption within a decade if support continues.

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