Alternating Current - July 14, 2023
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Nordic Electricity Market Prices - 14 July, 2023?
Nordic FCR Market Shifts to Marginal Price Procurement?
By February 1, 2024, all FCR products in the Nordics are required to be procured at the marginal price, which will be determined by the highest bid price received. The current procurement system lacks support for marginal pricing and will therefore shift to a new platform, Fifty Nordic MMS. FCR providers can refer to the recently released implementation guide, which outlines the necessary technical integration with the platform and provides instructions to ensure their continued participation in the Nordic FCR markets.?
Read more: Svenska kraftn?t?
Swedish Wind Power Modestly Increases in Q2?
In its latest quarterly analysis, Svensk Vindenergi (The Swedish Wind Energy Association) reports a modest upturn with 138.6 MW of wind turbines ordered. However, industry growth is projected to slow down in 2024 and 2025 compared to previous years. While several permitted projects offer future potential, experts emphasize the criticality of maintaining an attractive investment climate in Sweden to facilitate rapid wind power expansion and meet the industry's 70 TWh electricity demand by 2030. Additionally, Svensk Vindenergi forecasts a total installed capacity of 17,642 MW and an annual production of 52.7 TWh by the end of 2025.?
Read more: Svensk Vindenergi?
European Power Demand Declines, Fuel Markets Face Challenges?
Power demand in Europe has dropped by around 6% or 210 TWh over the past 18 months. The decline, accompanied by a growth in renewable energy capacity, reflects lower-than-expected demand for gas and coal. In June alone, European electricity demand was down 17 TWh compared to the previous year, indicating a lack of imminent recovery. With power demand decreasing by 3-8% this year across different regions, eastern Europe has experienced the largest decline.?
Read more: Montel?
EU Approves New Rules on Green Transport Infrastructure?
In a significant move to support the decarbonization of transport, Members of the European Parliament (MEPs) have endorsed new regulations on expanding alternative fuel stations for cars and trucks. As part of the "Fit for 55 in 2030 package" aimed at reducing greenhouse gas emissions, MEPs have negotiated requirements for electric charging pools to be installed every 60 km for cars and every 120 km for trucks and buses. The goal is to have these stations deployed on 50% of major EU roads by 2028, with power outputs ranging from 1400 kW to 2800 kW. Additionally, EU countries are expected to establish hydrogen refueling stations every 200 km by 2031.?
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Read more: European Parliament?
Saudi Arabia Sets Record Imports of Russian Fuel Oil?
In June, Saudi Arabia witnessed a substantial increase in its imports of discounted Russian fuel oil, soaring almost tenfold compared to the previous year. This surge was driven by the need to fulfill summer power generation demand and maintain crude oil exports despite production cuts. Diversifying its oil trade enables Russia to maintain global output flow amid Western sanctions. Saudi Arabia's fuel oil imports from Russia in June reached 910,000 metric tons, contributing to its strategy of prioritizing crude oil exports and generating higher profits.?
Read more: Reuters?
Texas Power Demand Surges to New High Amid Heatwave?
Texas experienced a record-breaking demand for power as temperatures spiked during an ongoing heatwave. The Electric Reliability Council of Texas (ERCOT) reported a preliminary peak demand of 81,351 MW, surpassing the previous record set in June. The high temperatures, with Houston reaching 100°F (37.8°C), are expected to persist from July 12-19. ERCOT assures that it has sufficient resources to meet the surging demand. Consequently, the increased demand has led to higher day-ahead power prices, reaching up to $330 per megawatt hour.?
Read more: Reuters?
Sweden Weekly Balance Key Statistics July 7-13, 2023?
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