Latin America’s Renewable Energy Revolution

News, Petroleum Products, Power

Latin America’s Renewable Energy Revolution

For centuries Latin America’s natural resources have helped move the world economy. From the silver galleons that financed the Spanish Empire to the iron and copper exports that are rebuilding China, Latin America’s natural resources have long been sold around the globe. But now the growth of renewable energy across the region is creating a new economic phenomenon – exploiting those natural resources for domestic growth.

In recent years Latin America has made huge strides in exploiting its incredible wind, solar, geothermal and biofuel energy resources. It is now on the cusp of an energy revolution that will reshape the region and create a host of business opportunities. To investigate the changes taking place Canning House helped to organise the recent Green Finance Summit in London and commissioned a Canning Paper from Latin News.

Read also: The renegade Fulani and the Nigerian Homeland Security

Oil addiction

At the moment Latin America is still very dependent on another one of its natural resources – oil. According to the BP’s Statistical Review, Latin America accounts for more than 20% of the world’s oil reserves, making it the second-most important oil region in the world, which, is probably why it relies so heavily on the stuff. Oil accounted for 46% of the region’s total primary energy supply (TPES) in 2013, well above the global average of 31%.

When it comes to transport, oil-based fuel is likely to keep its pole position for some time to come. Electric cars and hybrids have been slow to make an impact globally, and in Latin America they are barely present. Brazil has made impressive strides with ethanol alternatives, but oil and its derivatives remain the number one choice. Moreover, Latin America’s outdated transport fleet, which is heavily made up of cast offs from the US or older models produced locally, is going to remain behind the curve on any transition to electric vehicles for at least the medium term.

Powering up

But Latin America’s electricity sector has already begun to wean itself off its oil dependence. According to the Inter-American Bank, Latin America is expected to almost double its electricity output between 2015 and 2040 and will need an extra 1,500 terawatt hours (TWh) of power. That’s a huge amount – enough to power the entire UK’s electricity grid for five years. Practically none of Latin America’s new large-scale power plants will be oil-fuelled, which opens up the field for different technologies.

Countries in Central American and the Caribbean, whom traditionally imported oil, were the first to move away from oil-based power plants, after suffering a decade of high and volatile prices at the start of the century. In some cases, such as the Dominican Republic, that meant a switch to coal, which represents 5% of Latin America and the Caribbean’s TPES. However, growing environmental objections mean that new coal plants are unlikely to be adopted by many Latin American countries in the future

Disclaimer

No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this publication can be accepted by the publisher, sponsor or author. The author may have a position in any or all of the specific investments or investment categories mentioned in this publication. © LatAm INVESTOR Ltd. All rights reserved.

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SYria Bombing Update: 105 missiles were launched in strikes against Syria

international News, Military, Politics, Power, SYRIA

105 missiles were launched in strikes against Syria

In a briefing on Saturday morning, the Pentagon provided the following breakdown of the military weapons used to strike Syrian targets overnight.

 

From the Red Sea:

USS Monterey (Ticonderoga-class guided-missile cruiser) – 30 Tomahawk missiles

USS Laboon (Arleigh Burke-class destroyer) – 7 Tomahawk missiles

From the North Arabian Gulf:

USS Higgins (Arleigh Burke-class destroyer) – 23 Tomahawk missiles

From the eastern Mediterranean:

USS John Warner (Virginia class submarine) – 6 Tomahawk missiles

A French frigate ship (could not understand name) – 3 missiles (naval version of SCALP missiles)

From the air:

2 B-1 Lancer bombers – 19 joint air to surface standoff missiles

British flew a combination of Tornado and Typhoon jets – 8 storm shadow missiles

French flew a combination of Rafales and Mirages – 9 SCALP missiles

A US Defense Department photo of the missile strikes against Syria conducted on April 14. The guided missile cruiser USS Monterey fired a Tomahawk missile in the U.S. 5th Fleet area of operations. 

Pentagon: Clear message to Syrian regime

Lt. Gen. Kenneth McKenzie, the director of the Joint Staff, said that the strikes on Syria overnight by US and allies were “a powerful show of allied unity.”

“We deployed 105 weapons against three targets that will significantly impact the Syrian regimes ability to develop, deploy and use chemical weapons in the future. It’s been said before but I want to emphasize again that by compassion, this strike was double the size of the last strike in April 2017.”

CNN

@CNN

Pentagon says that by comparison, this strike in Syria was “double the size” of the last strike in April, 2017 https://cnn.it/2HAL1rA 

Pentagon: Strikes will set back Syria’s chemical weapons “for years”

Lt. Gen. Kenneth McKenzie, the director of the Joint Staff, said that the coordinated strikes which struck targets in Syria overnight will set the country’s chemical weapons capability back “for years.”

He added that “none of our aircraft or missiles in this operation were successfully engaged” by Syrian regime.

Map of US-led airstrikes in Syria provided by the US Department of Defense.

Basic Facts and development on US and Collation Strike in Syria

Military, Politics, Power, SYRIA

Strikes in Syria: The US, UK and France launched coordinated air strikes in Syria, hitting targets associated with the Syrian regime’s chemical weapons program.

How we got here: The US and its allies blame Syria for an apparent chemical attack on the city of Douma just over a week ago. US President Trump and UK Prime Minister May said such action could not go unchallenged.

Pentagon: “2,000%” increase in Russian trolls in the last 24-hours

Chief Pentagon spokesperson Dana White ended a press briefing on Saturday by highlighting that the US had seen a “2,000%” increase in Russian trolls in the last 24-hours. White had been providing an update of the latest developments from overnight airstrikes on Syrian targets by US, UK and French forces.

The Russian disinformation campaign has already begun. There has been a 2,000% increase in Russian trolls in the last 24 hours therefore we will keep you all abreast of the facts moving forward.”

CNN

@CNN

Reporter: Can we expect any kind of retaliation after Syria strike?

Lt. Gen. McKenzie: “I can’t speak to that, but I can tell you that we’re ready for it. We’re postured both in the region and globally … we’re ready for anything.” https://cnn.it/2HAL1rA 

Nigerians to pay more for electricity as NERC approves ‘service charge’

Business, economy, Power

fash.jpgThe Nigerian Electricity Regulatory Commission (NERC) says prepaid meters will soon flood the market with the licensing of 87 meter asset providers (MAPs).

What the power sector regulator downplayed, however, is there is also going to be an increase in the bills to be paid by electricity consumers in the country who get new meters under the latest regulation.

On March 12, 2018, Dafe Akpeneye, NERC’s commissioner, legal, licensing and compliance, unveiled the new regulation in Uyo, Akwa Ibom state.

He said MAPs will be independent providers who will be approved by NERC but contracted by the DisCos “to bridge the metering gap”.

They are to be saddled with the responsibility of providing meters and replacing faulty devices within 48 hours.

An analysis of the Meter Asset Provider Regulations 2018 (Regulation No Nerc-R-112) by TheCable shows that those who benefit under the new system will pay a monthly service charge.

Under chapter iv, section 10 (“Rights of Distribution Licensees”), subsection 5, the regulation states: “The Distribution Licensees shall include a metering service charge as a clear item on the billing of its customers provided with meters under an MSA with MAPs and shall be separate from the energy charge. The metering service charge shall be based on the outcome of the procurement process for the MAP and subject to the approval of the Commission.”

TheCable noted that this provision was not contained in the draft posted on the NERC website.

However, the finalised document, approved by the ministry of power and made public by NERC, is now on the regulator’s website and contains the addition.

In 2015, NERC had outlawed “fixed charge” from tariffs, abolishing the monthly average of N750 added to customers’ bills whether or not they use electricity.

But the abolition of the fixed charge then was accompanied by a slight increase in tariff.

NERC’s latest regulation came into effect on March 8, 2018 and will be enforced by the commission from April 3, 2018.

The objective, according to NERC, is to provide standard rules to “encourage the development of independent and competitive meter services, eliminate estimated billing practices, attract private investment to the provision of metering services in NESI, close the metering gap through accelerated meter roll out and enhance revenue assurance in NESI”.