Page 12 - AsiaElec Week 07 2021

AsiaElec NEWS IN BRIEF AsiaElec

the Asian Renewable Energy Hub that may
eventually reach 26GW of solar and wind
generation.

PRICES
Weak power prices wipe

out first-half profit at

The contracts have a combined value of holds seven exploration licence applications Australia’s Origin Energy
over £2.5m and will be delivered from Tekmar in Western Australia that are considered to be
Energy’s manufacturing facility in the North prospective for salt, potash and mineral sands, Origin Energy Ltd said on Thursday its
East of England and exported to China in and potentially suitable for developing a green first-half profit was nearly wiped out, hurt by
2021, the company said. hydrogen project. Province also announced an persistent weakness in wholesale electricity
Russell Edmondson, Managing Director AUD1.35mn ($1.05mn) capital raise. prices, and forecast challenging times ahead
at Tekmar Energy said “We are delighted David Frances, who has been appointed for its energy markets business, Reuters
to be supplying our industry-leading cable Province Resources managing director, said: reported.
protection technology to additional offshore “This is the other side of the decarbonisation Underlying profit from the electricity and
wind farm projects in China. We have coin – while some environmentally conscious gas retailer’s energy markets division was
now supplied our CPS and cable hang-off companies are addressing the electrification A$635mn, down 12% compared to last year.
assemblies to 17 offshore wind farm projects of transport and storage of renewable Most of the earnings for the division came
in the region. The contract awards also reflect energy, Province is aiming to address the from its stake in the Australia Pacific LNG
the hard work of our teams in Shanghai China decarbonisation of heavy transport and (APLNG) project.
and the UK” industry through the production of zero APLNG is a joint venture between Origin,
Apart from these CPS deals in China, in carbon hydrogen products.” ConocoPhillips and China’s Sinopec.
the past month, Tekmar Energy has won The next 12 to 18 months will see Province “The recent rally in oil and gas markets
similar contracts to cables at Kaskasi offshore commence feasibility studies for renewables is expected to have a positive impact on
wind farm in Germany, at ea Cables at Neart generation and hydrogen production at the Australia Pacific LNG’s earnings in the second
na Gaoithe (NnG) offshore wind farm in the HyEnergy Project as well as execute a deal half, given the lag in contract LNG prices,”
UK, as well as at an offshore wind farm at an with an independent power producer to CEO Frank Calabria said in a statement.
undisclosed location. develop the clean energy needed. The firm However, Calabria said that near-term
will then initiate discussions with potential outlook for its energy markets business was
offtakers. challenging, as gas supply costs increase and
In an Australian Securities Exchange wholesale electricity prices remain depressed.
HYDROGEN announcement, Province Resources said The company and peer AGL Ltd continue
Western Australia has an advantage in green to suffer from a deterioration in wholesale
Province Resources to build hydrogen thanks to its high irradiance levels power prices and related margins, with
and windy conditions as well as its geographic
government plans to underwrite new power
1GW of solar and wind in proximity to Asia. plants also posing significant headwinds.
Origin’s half-yearly profit attributable was
“The hydrogen industry is in its infancy
Western Australia here in Western Australia, but it is truly A$13mn ($10.08mn), down from A$599mn a
year ago.
amazing how swift and significant the move
Australia’s Province Resources has revealed into sustainable energy by both governments The company announced an interim
plans to develop a renewables-powered and corporations around the globe has been of dividend of 12.5 cents pershare, compared
hydrogen plant that will feature 1GW of solar late,” the company said in the announcement. with 15 cents per share paid last year.
and wind generation. The government of Western Australia’s
The HyEnergy Project will be constructed Renewable Hydrogen Strategy calls for the
in the Gascoyne region of Western Australia state to become a “significant producer,
and produce around 60,000 tonnes of green exporter and user” of green hydrogen. The M&A
hydrogen or up to 300,000 tonnes of green strategy said Australia’s zero carbon green
ammonia. hydrogen exports could reach AU$2.2bn by Asia-Pacific sees 38.89%
The bulk of the energy will be used for 2030.
large-scale production of green hydrogen The state government last month revealed drop in deal activity during
products for both domestic and export it had received 65 expressions of interest
markets, with a smaller proportion of to produce renewable hydrogen from a January
generation capacity potentially dedicated to hub in the Oakajee area that could feature
large energy users in the Pilbara region. up to 1,250MW of PV. Other planned Asia-Pacific’s power industry saw a drop of
Province Resources has also signed an H2 developments in the state include the 38.89% in deal activity during January 2021,
agreement to acquire Ozexco, a firm that Murchison Renewable Hydrogen Project and when compared with the last 12-month

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