Olympus to Use 100% Renewable Electricity

Clean Energy Investment is surging as renewables, electric vehicles, grids, storage, and nuclear outpace fossil fuels, driven by energy security, affordability, and policies like the Inflation Reduction Act, the IEA's World Energy Investment report shows.

Key Points

Investment in renewables, EVs, grids, and storage now surpasses fossil fuels amid cost and security pressures.

✅ $1.7T to clean tech vs just over $1T to fossil fuels this year.

✅ For every $1 in fossil, about $1.7 goes to clean energy.

✅ Solar investment poised to overtake oil production spending.

Investment in clean energy technologies is significantly outpacing spending on fossil fuels as affordability and security concerns, underpinned by analyses showing renewables cheapest new power in many markets, triggered by the global energy crisis strengthen the momentum behind more sustainable options, according to the International Energy Agency's (IEA) latest World Energy Investment report.

About $2.8 trillion (€2.6 trillion) is set to be invested globally in energy this year, of which over $1.7 trillion (€1.59 trillion) is expected to go to clean technologies - including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps – according to report.

The remainder, slightly more than $1 trillion (€937.7 billion), is going to coal, gas and oil, despite growing calls for a fossil fuel lockdown to meet climate goals.

Annual clean energy investment is expected to rise by 24% between 2021 and 2023, driven by renewables and electric vehicles, with renewables breaking records worldwide over the same period.

But more than 90% of this increase comes from advanced economies and China, which the IEA said presents a serious risk of new dividing lines in global energy if clean energy transitions don’t pick up elsewhere.

“Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” said IEA executive director Fatih Birol. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”

Led by solar, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation, reflecting the global renewables share above 30% in electricity markets.

Consumers are also investing in more electrified end-uses. Global heat pump sales have seen double-digit annual growth since 2021. Electric vehicle sales are expected to leap by a third this year after already surging in 2022.

Clean energy investments have been boosted by a variety of factors in recent years, including periods of strong economic growth and volatile fossil fuel prices that raised concerns about energy security, and insights from the IRENA decarbonisation report that underscore broader benefits, especially following Russia’s invasion of Ukraine.

Furthermore, enhanced policy support through major actions like the US Inflation Reduction Act and initiatives in Europe's green surge, Japan, China and elsewhere have played a role.

In Ireland, more than a third of electricity is expected to be green within four years, illustrating national progress.

The biggest shortfalls in clean energy investment are in emerging and developing economies, the IEA added. It pointed to some bright spots, such as dynamic investments in solar in India and in renewables in Brazil and parts of the Middle East. However, investment in many countries is being held back by factors including higher interest rates, unclear policy frameworks and market designs, weak grid infrastructure, financially strained utilities and a high cost of capital.

"Much more needs to be done by the international community, especially to drive investment in lower-income economies, where the private sector has been reluctant to venture," according to the IEA.

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US EV Battery Minerals Strategy prioritizes critical minerals with allies, lithium and copper sourcing, battery recycling, and domestic processing, leveraging the Development Finance Corporation to strengthen EV supply chains and reduce reliance on China.

Key Points

A US plan to secure critical minerals with allies, boost recycling, and expand domestic processing for EV batteries.

✅ DFC financing for allied lithium and copper projects

✅ Battery recycling to diversify critical mineral supply

✅ Domestic processing with strong environmental standards

The United States must work with allies to secure the minerals needed for electric vehicle batteries, addressing pressures on cobalt reserves that could influence supply, and process them domestically in light of environmental and other competing interests, the White House said on Tuesday.

The strategy, first reported by Reuters in late May, will include new funding to expand international investments in electric vehicles (EV) metal projects through the U.S. Development Finance Corporation, as well as new efforts to boost supply from EV battery recycling initiatives.

The U.S. has been working to secure minerals from allied countries, including Canada and Finland, with projects such as Alberta lithium development showing potential. The 250-page report outlining policy recommendations mentioned large lithium supplies in Chile and Australia, the world's two largest producers of the white battery metal.

President Joe Biden's administration will also launch a working group to identify where minerals used in EV batteries and other technologies can be produced and processed domestically.

Securing enough copper, lithium and other raw materials to make EV batteries, amid lithium supply concerns heightened by recent disruptions, is a major obstacle to Biden’s aggressive EV adoption plans, with domestic mines facing extensive regulatory hurdles and environmental opposition.

The White House acknowledged China's role as the world's largest processor of EV metals and said it would expand efforts, including a 100% EV tariff on certain imports, to lessen that dependency.

"The United States cannot and does not need to mine and process all critical battery inputs at home. It can and should work with allies and partners to expand global production and to ensure secure global supplies," it said in the report.

The White House also said the Department of the Interior and others agencies will work to identify gaps in mine permitting laws to ensure any new production "meets strong standards" in terms of both the environment and community input.

The report noted Native American opposition to Lithium Americas Corp's (LAC.TO) Thacker Pass lithium project in Nevada, as well as plans by automaker Tesla Inc (TSLA.O) to produce its own lithium.

The steps come after Biden, who has made fighting climate change and competing with China centerpieces of his agenda, ordered a 100-day review of gaps in supply chains in key areas, including EVs.

Democrats are pushing aggressive climate goals, as Canada EV manufacturing accelerates in parallel, to have a majority of U.S.-manufactured cars be electric by 2030 and every car on the road to be electric by 2040.

As part of the recommendations from four executive branch agencies, Biden is being advised to take steps to restore the country's strategic mineral stockpile and expand funding to map the mineral resources available domestically.

Some of those steps would require the support of Congress, where Biden's fellow Democrats have only slim majorities.

The Energy Department already has $17 billion in authority through its Advanced Technology Vehicles Manufacturing Loan program to fund some investments, and is also launching a lithium-battery workforce initiative to build critical skills.

The program’s administrators will focus on financing battery manufacturers and companies that refine, recycle and process critical minerals, the White House said.

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UK Grid Connection Fast-Track would let the Energy Secretary instruct network operators and National Grid ESO to accelerate substation upgrades and transmission links for Tata's gigafactory, electric arc furnaces, and ready-to-build renewable projects.

Key Points

A UK plan letting the energy secretary fast-track grid connections via priority substation and transmission upgrades.

✅ Prioritizes substations and lines for strategic projects

✅ Supports Tata gigafactory and electric arc furnace conversions

✅ Complements Ofgem queue reforms and National Grid ESO changes

The UK energy secretary could be handed powers to fast-track connecting electricity-hungry projects, such as Jaguar Land Rover’s owner Tata’s planned electric battery factory, to the grid, under plans being discussed between government and regulators as part of the government’s green industrial revolution strategy.

Amid concerns about supply delays of up to 15 years in hooking up large schemes, the Guardian understands the move would allow Claire Coutinho to request that energy network companies accelerate upgrades to substations and power lines to connect specific new developments.

It is understood that the government and the regulator Ofgem have told National Grid’s electricity systems operator that they are “minded” to adopt its grid reform proposals to change the model for connections, which now moves at a pace set by each network operator.

A source said: “Foreign investors need assurances that, if these things are going to be built, then they can be hooked up quickly. There are physical assets, like substations and cross-Channel cables that transmission companies will need to build or upgrade.”

The government is belatedly attempting to tackle a logjam that has resulted in some developments facing a 10- to 15-year wait for a connection to the grid. Ofgem announced on Monday plans to remove “zombie” projects from the queue to connect up to speed up those ready to produce renewable power for the grid, with wind leading the power mix.

Although no equivalent queue exists for those looking to take power from the grid, ministers and officials are concerned that large projects could struggle to secure final investment and proceed without guarantees over their connection to the electricity supply.

Sources said changes to the rules had been proposed with several big projects in mind: Tata’s new £4bn electric battery factory, expected to be built in Somerset; and the switch to electric arc furnaces at Britain’s biggest steelworks at Port Talbot in south Wales, also owned by the Indian group.

The £1.25bn plan from British Steel, which is owned by China’s Jingye, to replace two blast furnaces at Scunthorpe steelworks, with an electric arc furnace at the north Lincolnshire plant and another at a site in Teesside, North Yorkshire, has also formed part of the proposals. Negotiations over the closure of blast furnaces at Port Talbot and Scunthorpe are expected to lead to thousands of job losses.

All three projects are likely to involve significant investment from the UK government, where a state-owned generation firm has been touted as a cost-saving option, alongside the companies’ overseas owners.

Britain has 10 distribution network operators, including National Grid and Northern Powergrid, which operate monopolies in their regions and handle transmission of power from the grid to end users.

Sources said the move could be announced as soon as this month, and may be included within the “connections action plan”, a broader overhaul of Britain’s network connections.

The plan, which is expected to be announced alongside the chancellor’s autumn statement next week, will rebalance the planning system to help speed up the connection of new solar and windfarms to the grid, as the biggest offshore windfarm begins UK supply this week.

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Wind Turbine Operations and Maintenance Market is expanding as offshore and onshore renewables scale, driven by aging turbines, investment, UAV inspections, and predictive O&M services, despite skills shortages and rising logistics costs.

Key Points

Sector delivering inspection, repair, and predictive services to keep wind assets reliable onshore and offshore.

✅ Aging turbines and investor funding drive service demand

✅ UAV inspections and predictive analytics cut downtime

✅ Offshore growth offsets skills and logistics constraints

Wind turbines are capable of producing vast amounts of electricity at competitive prices, provided they are efficiently maintained and operated. Being a cleaner, greener source of energy, wind energy is also more reliable than other sources of power generation, with growth despite COVID-19 recorded across markets. Therefore, the demand for wind energy is slated to soar over the next few years, fuelling the growth of the global market for wind turbine operations and maintenance. By application, offshore and onshore wind turbine operations and maintenance are the two major segments of the market.

Global Wind Turbine Operations and Maintenance Market: Key Trends

The rising number of aging wind turbines emerges as a considerable potential for the growth of the market. The increasing downpour of funds from financial institutions and public and private investors has also been playing a significant role in the expansion of the market, with interest also flowing toward wave and tidal energy technologies that inform O&M practices. On the other hand, insufficient number of skilled personnel, coupled with increasing costs of logistics, remains a key concern restricting the growth of the market. However, the growing demand for offshore wind turbines across the globe is likely to materialize into fresh opportunities.

Global Wind Turbine Operations and Maintenance Market: Market Potential

A number of market players have been offering diverse services with a view to make a mark in the global market for wind turbine operations and maintenance. For instance, Scotland-based SgurrEnergy announced the provision of unmanned aerial vehicles (UAVs), commonly known as drones, as a part of its inspection services. Detailed and accurate assessments of wind turbines can be obtained through these drones, which are fitted with cameras, with four times quicker inspections than traditional methods, claims the company. This new approach has not only reduced downtime, but also has prevented the risks faced by inspection personnel.

The increasing number of approvals and new projects is preparing the ground for a rising demand for wind turbine operations and maintenance. In March 2017, for example, the Scottish government approved the installation of eight 6-megawatt wind turbines off the coast of Aberdeen, towards the northeast. The state of Maryland in the U.S. will witness the installation of a new offshore wind plant, encouraging greater adoption of wind energy in the country. The U.K., a leader in UK offshore wind deployment, has also been keeping pace with the developments, with the installation of a 400-MW offshore wind farm, off the Sussex coast throughout 2017. The Rampion project will be developed by E.on, who has partnered with Canada-based Enbridge Inc. and the UK Green Investment Bank plc.

Global Wind Turbine Operations and Maintenance Market: Regional Outlook

Based on geography, the global market for wind turbine operations and maintenance has been segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Countries such as India, China, Spain, France, Germany, Scotland, and Brazil are some of the prominent users of wind energy and are therefore likely to account for a considerable share in the market. In the U.S., favorable government policies are backing the growth of the market, though analyses note that a prolonged solar ITC extension could pressure wind competitiveness. For instance, in 2013, a legislation that permits energy companies to transfer the costs of offshore wind credits to ratepayers was approved. Asia Pacific is a market with vast potential, with India and China being major contributors aiding the expansion of the market.

Global Wind Turbine Operations and Maintenance Market: Competitive Analysis

Some of the major companies operating in the global market for wind turbine operations and maintenance are Gamesa Corporacion Tecnologica, Xinjiang Goldwind Science & Technologies, Vestas Wind Systems A/S, Upwind Solutions, Inc, GE Wind Turbine, Guodian United Power Technology Company Ltd., Nordex SE, Enercon GmbH, Siemens Wind Power GmbH, and Suzlon Group. A number of firms have been focusing on mergers and acquisitions to extend their presence across new regions.

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Ontario EV Charging Network Delay highlights permitting hurdles, grid limitations, and public-private rollout challenges across 250 sites, as two-thirds of 475 chargers go live while full provincewide infrastructure deployment slips to fall.

Key Points

A provincial rollout setback where permitting and grid issues delay full activation of Ontario's 475 public EV chargers.

✅ Two-thirds of 475 chargers live by the initial deadline

✅ Remaining stations expected online by fall

✅ Delays tied to permits, site conditions, and grid capacity

The Ontario government admitted Wednesday that it will fall short of meeting its deadline this Friday of creating a network of 475 electric vehicle charging stations in 250 locations across the province, and it's blaming unforeseen problems for the delay.

"We know some of our partners have encountered difficulties around permitting and some of the technical aspects of having some of the chargers up and running, even as we work to make it easier to build EV charging stations across Ontario," said Transportation Minister Steven Del Duca.

Two-thirds of the network will be live on Friday with the rest of the stations expected to be up and running by fall, according to the Ministry of Transportation. 

"Each of our partners' individual charging stations are subject to different site conditions, land ownership, municipal permitting, electrical grid limitations, as seen in regions where EV infrastructure lags, and other factors which have influenced timelines," said Bob Nichols, senior media liaison officer for the Transportation Ministry, in a statement. 

Because the stations are located in various community centres, retail outlets and other public spaces, Del Duca said the government's public and private sector partners are facing challenges in obtaining permits but are "motivated to get it right."

Cara Clairman, president and CEO of Plug'n Drive, an organization dedicated to accelerating the rollout of electric vehicles, says she isn't concerned about the delay.

"It was a pretty aggressive timeline. The EV community is pretty happy with the fact that it is going to happen. It might be slightly delayed but I think overall the mood is positive," she said.

Clairman said there are now more than 10,000 electric vehicles in the province and that more growth is expected as Ontario's next EV wave emerges in the market. She doesn't believe the delay in the rollout of charging stations will deter anyone from purchasing electric vehicles, even amid EV shortages and wait times in some segments.

"It certainly does help to persuade new folks to get on board but I think since they know it is coming, I don't see it having a big impact." 

Horwath not surprised

NDP Leader Andrea Horwath said she's not surprised the government didn't meet its target.

"You shouldn't be making these promises if you can't fulfil them, that's the bottom line," she said. "Let's be realistic with
what you're able to achieve."

Progressive Conservative transportation critic Michael Harris suggested the Liberals don't have their priorities straight when it comes to electric vehicles.

"I think the focus for Kathleen Wynne was handing out $14,000 rebates to owners of Teslas, while they really should have been focusing their time and energy on ensuring that the infrastructure for electric vehicles has actually been rolled out," Harris said.

Covering every corner

Del Duca said the ministry has seen "some fairly tremendous success" despite the delays but that there have been a few challenges in building a network that ranges across the province, even as N.L.'s first fast-charging network is touted as just the beginning elsewhere. 

"We definitely want to make sure we're building a network that covers every corner of Ontario. Yes, we have some challenges and we are slightly delayed," the minister said.

"We anticipate being able to provide more resources in the coming months to continue to deploy an even broader network of charging infrastructure, including in northern Ontario."

Del Duca said a map on the ministry's website showing where the charging stations are installed should be updated in the next few days.

Premier Wynne committed to building a charging network for electric vehicles across Ontario at the 2015 climate change talks in Paris.

The $20 million in funding for the charging stations comes from Ontario's $325 million Green Investment Fund, which supports projects that fight climate change.

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Ontario EV Charger Streamlining accelerates public charging connections with OEB-led standardized forms, firm timelines, and utility coordination, leveraging Ontario’s clean electricity grid to expand reliable infrastructure across urban, rural, and northern communities.

Key Points

An OEB-led, provincewide procedure that standardizes EV charger connections and accelerates public charging.

✅ Standardized forms, data, and responsibilities across 58 utilities

✅ Firm timelines for studies, approvals, and grid connection upgrades

✅ Supports rural, northern, highway, and community charging expansion

The Ontario government is making it easier to build and connect new public electric vehicle (EV) chargers to the province’s world-class clean electricity grid. Starting May 27, 2024, all local utilities will follow a streamlined process for EV charging connections that will make it easier to set up new charging stations and, as network progress to date shows, support the adoption of electric vehicles in Ontario.

“As the number of EV owners in Ontario continues to grow, our government is making it easier to put shovels in the ground to build the critical infrastructure needed for drivers to charge their vehicles where and when they need to,” said Todd Smith, Minister of Energy. “This is just another step we are taking to reduce red tape, increase EV adoption, and use our clean electricity supply to support the electrification of Ontario’s transportation sector.”

Today, each of Ontario’s 58 local electricity utilities have different procedures for connecting new public EV charging stations, with different timelines, information requirements and responsibilities for customers.

In response to Minister Smith’s Letter of Direction, which called on the Ontario Energy Board (OEB) to take steps to facilitate the efficient integration of EV’s into the provincial electricity system, including vehicle-to-building charging applications, the OEB issued provincewide, streamlined procedures that all local utilities must follow for installing and connecting new EV charging infrastructure. This new procedure includes the implementation of standardized forms, timelines, and information requirements which will make it easier for EV charging providers to deploy chargers in all regions of the province.

“Our government is paving the way to an electric future by building the EV charging infrastructure drivers need, where they need it,” said Prabmeet Sarkaria, Minister of Transportation. “By increasing the accessibility of public EV charging stations across the province, including for rural and northern communities, we are providing more sustainable and convenient travel options for drivers.”

“Having attracted over $28 billion in automotive investments in the last three years, our province is a leading jurisdiction in the global production and development of EVs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “By making it easier to build public charging infrastructure, our government is supporting Ontario’s growing end-to-end EV supply chain and ensuring EV drivers can confidently and conveniently power their journeys.”

This initiative is part of the government’s larger plan to support the adoption of electric vehicles and make EV charging infrastructure more accessible, which includes:

• The EV ChargeON program – a $91 million investment to support the installation of public EV chargers, including emerging V1G chargers to support grid-friendly deployment, outside of Ontario’s large urban centres, including at community hubs, Ontario’s highway rest areas, carpool parking lots, and Ontario Parks.
• The new Ultra-Low Overnight price plan which allows customers who use more electricity at night, including those charging their EV, to save up to $90 per year by shifting demand to the ultra-low overnight rate period when provincewide electricity demand is lower and to participate in programs that let them sell electricity back to the grid when appropriate.
• Making it more convenient for electric vehicle (EV) owners to travel the province with EV fast chargers now installed at all 20 renovated ONroute stations along the province’s busiest highways, the 400 and 401.

The initiative also builds on the government’s Driving Prosperity: The Future of Ontario’s Automotive Sector plan which aims to create a domestic EV battery ecosystem in the province, expand energy storage capacity, and position Ontario as a North American automotive innovation hub by working to support the continued transition to electric, low carbon, connected and autonomous vehicles.

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