Wind

Vestas named most sustainable company in the world

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Vestas, a global leader in sustainable energy solutions, has been named the most sustainable company in the 18th annual ranking of the world’s most sustainable corporations, published by Corporate Knights.

The ranking is based on a detailed assessment of 6,914 companies, each with more than US$1 billion in revenue, where performance across a range of sustainability metrics is evaluated.

The index revealed circularity and ambitious carbon emissions reduction goals as highly prevalent amongst high performers. The ranking is linked to the industry-leading progress of Vestas’ sustainability strategy.

Launched in 2020, the strategy has established sustainability performance as a core priority across the entire value chain, including across its supplier network.

As part of the strategy, Vestas recently launched an ambitious circularity roadmap and governance structure, along with having its carbon emissions reduction targets for internal operations validated by the Science Based Targets initiative, as being in line with the 1.5 degree scenario of the Paris Agreement.

“Vestas has successfully helped our partners avoid more than 1.7 billion tonnes carbon emissions over the past four decades. Building a more sustainable future for our planet however, demands that we do more. As the energy transition accelerates, Vestas is dedicated to making sure this transformation unfolds sustainably, in close collaboration with our partners”, said Henrik Andersen, CEO and President, Vestas.

“Improving our sustainability performance has been an opportunity for Vestas to create more value for our partners. Through establishing sustainability as a priority across our entire value chain, including our supplier network, we have created many more opportunities for collaboration, and for driving maturity and scale for the renewables industry. Although we still have a long journey ahead, we are proud to be paving the way for renewables to expand without compromising the interests of future generations”, said Lisa Ekstrand, Vice President and Head of Sustainability, Vestas.

“We are rapidly moving towards a future where leading sustainability performers like Vestas will drive more viable returns than their global corporate peers. This will form a strong foundation towards achieving a carbon-neutral economy in line with global climate goals”, said Toby Heaps, CEO, Corporate Knights.

Since its launch, Vestas’ sustainability strategy has elevated sustainability performance across several areas. Ongoing sustainability initiatives include circular product design initiatives, reducing CO2 emissions and waste production from manufacturing, alignment of sustainability goals with strategic suppliers and replacing all combustion vehicles with electric vehicles in Service, as well as benefit cars.

In addition to being the strongest performer within the Corporate Knights ranking, Vestas has recently been recognised as a leading performer by CDP, and is now also a member of the Dow Jones Sustainability Index for Europe.

Vestas is the energy industry’s global partner on sustainable energy solutions. The company designs, manufactures, installs and service onshore and offshore wind turbines across the globe, and with more than 145 GW of wind turbines in 85 countries, it is a market leader. 

Through its industry-leading smart data capabilities and unparalleled more than 123 GW of wind turbines under service, Vestas uses data to interpret, forecast, and exploit wind resources and deliver bestin-class wind power solutions. Together with its customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.

Corporate Knights Inc. includes the sustainable-business magazine Corporate Knights and a research division that produces rankings and financial product ratings based on corporate sustainability performance.

About the Global 100 Methodology

All companies are scored on applicable metrics relative to their peers, with 50% of the weight assigned to Clean Revenue and Clean Investment. Nine of the indicators have fixed weights; the rest are assigned weights according to each industry’s relative and total impact in relation to the overall economy. After quantitatively analyzing data for 23 key performance indicators, this year’s overall scores were converted to letter grades.

Analytical lignite withdrawal plan among NECP revisions

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Full details on the withdrawal schedule of power utility PPC’s lignite-fired power stations as well as slightly more ambitious targets for greenhouse gas emission reductions and renewable energy production represent some of the key changes included in the government’s finalized National Energy and Climate Plan, delivered to Brussels just days ago, energypress sources have informed.

More ambitious projections on cleaner electricity generation by 2030 through hydropower, wind and solar sources feature as the most significant changes compared to the initial NECP version forwarded for public consultation.

Projections for significant PV development cost reductions are included in the plan.

The environment and energy ministry has provided further details on its ambitious 38 percent energy savings target, primarily through energy efficiency improvements at buildings, after the initial NECP was criticized for lacking specifics in this domain.

Installed capacity increases for hydropower generation, including pumped storage, from 2025 onward, stand as the only change in renewable energy generation. Installed capacity targets for all other RES technologies remain the same.

RES electricity generation target increases for hydropower and wind facilities have been included, while PV generation targets have been lowered, keeping the overall total unchanged.

RES auction prices for PV projects drop as low as €53.8/MWh

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RES auction prices for solar energy projects dropped to as low as 53.8 euros per MWh at a session earlier today.

Approximately half the participating solar projects secured prices of between 60.5 and 61.8 euros per MWh, energypress sources informed.

The auctioned capacity for Category I, concerning solar energy installations of up to 20 MW, totaled 105,464 MW, while the finalized catalog of participants listed 43 projects with a total capacity of approximately 147,650 MW.

A RES auction for wind energy is also scheduled for today. Its Category II, for wind energy projects of up to 50 MW, lists 16 projects with a total capacity of 491 MW.

A bidding upper-limit of 66.02 euros per MWh was set for the solar energy auction, while the wind energy session’s bidding upper limit has been set at 68.25 euros per MWh.

Extra 150 MW in wind energy capacity sought for auctions

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RAE, the Regulatory Authority for Energy, has proposed an additional wind energy capacity of 150 MW for RES auctions in 2020, which would take the sub-category’s total to 450 MW, believing the extra capacity is crucial for the country’s effort to achieve ambitious renewable energy targets over the coming years.

The proposal, which besides the 150-MW capacity boost, calls for the addition of any leftover capacity from the current year, has been forwarded to the energy ministry, which is expected to sign a related ministerial decision.

The ministry hopes to follow up on this week’s RES auction, on December 12, with an opening session for 2020 within the first two months of the year. This will greatly depend on the ability of RAE, currently understaffed, to handle required preparations.

The ministry is looking to stage separate auctions for the solar and wind energy sub-categories ahead of the first combined RES auction for 2020, expected around April.

A wind energy capacity increase for the combined auction is also expected to be sought by wind energy authorities. This would boost the total above the current level of 500 MW.

Extra 100 MW in wind capacity considered for RES auction

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A large registration turnout by wind energy project investors for a RES auction to take place December 12 has prompted authorities to consider increasing the session’s wind energy capacity offer by 100 MW for a total of 325 MW.

The upcoming RES auction’s wind energy participants have already covered a quota requiring capacity registrations to exceed amounts on offer at each session by 40 percent if full quantities are to be auctioned. This rule has been adopted to ensure bidding competition.

Investors behind 16 wind energy projects have submitted applications representing a total capacity of 491 MW. In the solar energy category, 44 projects total 148 MW.

RAE, the Regulatory Authority for Energy, initially set the session’s offer at 225 MW for wind energy parks with production capacities of up to 50 MW and 287 MW for solar projects with capacities of up to 20 MW.

Despite the considerable investor interest expressed for wind energy capacity, a decision to increase the auction’s capacity on offer will not be easy to make as administrative revisions are required.

The energy ministry, recently given the authority to determine RES auction capacity amounts, would need to deliver a ministerial decision resetting the quantity to be auctioned.

 

 

Motor Oil’s Crete LPG unit decision in January, deputy tells

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Motor Oil is conducting a feasibility study for the development of a 120-MW LPG-fueled combined cycle power power plant on Crete, an investment with a budget estimate of 100 million euros, deputy managing director Petros Tzannetakis (photo) has informed analysts during a conference call.

A finalized investment decision on the Crete project will be made early in 2020, the deputy chief added.

The energy group is continuing its gradual penetration of the renewable energy market and considering various small-scale projects, the company focus, Tzannetakis noted.

Motor Oil recently acquired Stefaner Energy, holding three wind energy station licenses with a total capacity of 9.4 MW. The energy group is considering projects that would capitalize on the right opportunities, Tzannetakis said, responding to questions on Motor Oil’s renewable energy plans.

Motor Oil is now preparing to proceed with a 310 million-euro investment for an upgrade of its Corinth refinery for production of higher-octane gasoline, the deputy informed, adding this project is expected to begin in January.

Tzannetakis, during the teleconference, supported Motor Oil’s refining facilities are ready to meet tougher standards set by the International Maritime Organization (IMO) for marine fuels with lower sulfur content.

 

PPC, IPTO see big potential in broadband development PPPs

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Power utility PPC and power grid operator IPTO, both seeing enormous potential in the further utilization of their thousands of kilometers of distribution and electricity transmission networks covering the entire country, have emerged as contestants in a tender for a broadband network expansion project, one of Greece’s biggest Public Private Partnerships (PPPs) to date.

PPC and IPTO know well their existing nationwide infrastructure is a treasure whose potential is far from fully realized. Fiber optics and a large range of telephone and internet services can be added to this infrastructure.

The PPP tender is offering contracts for the development of ultra-fast broadband networks in seven parts of Greece that have not been included in investment plans shaped by telephony providers. The project is budgeted at 870 million euros.

Besides PPC and IPTO, three telecom companies, OTE, Vodafone and Wind, four construction firms, Terna Energy, Mytilineos, Intrakat and AVAX, as well as the Sultanate of Oman’s Oman Fiber Optic SAOC have emerged as first-round contenders for the tender.

Partnerships could be established between some of these ten participants, or with other investors who may be emerge later on.

According to the tender’s initial terms, bidders or bidding teams are entitled to be awarded up to three regions.