
OfReg commissions Value Of Solar Study for the Cayman Islands

energy
Sungrow Floating Power Plant
The world’s largest floating solar power plant is now online in China. Built by Sungrow, a supplier of PV inverter systems, the 40MW plant is now afloat in water four to 10 meters deep, and successfully linked to Huainan, China’s grid. The placement was chosen in large part because the area was previously the location of coal mining operations; and, as a result, the water there is now mineralized and mostly useless. The lake itself was only formed after years of mining operations, the surrounding land collapsed and created a cavity that was filled with rainwater.
Floating solar plants are advantageous because they put otherwise useless water and land to good use, and the water naturally cools the system and the ambient temperatures, improving generation and limiting long-term damage from heat.
(https://futurism.com/the-worlds-largest-floating-solar-plant-is-finally-online
Though oil and gas companies have known about global climate change for decades, they’ve deferred reducing crude and gas production until the second half of this century. But with global weather patterns in flux, activists have been demanding that energy companies set and commit to more rapid action on curbing oil and gas production in line with the Paris climate agreement.
New calls for action come amidst forecasts by the International Energy Agency (IEA) that, by 2014, demand for oil and gas could fall by almost 50 percent – but only if carbon emissions reduction targets are met. With this threat to profits, many ask if big oil companies are serious about addressing global climate change.
Facing an eventual drop in demand, energy companies delay caps on the production of carbon-emitting products.
Oil majors like Royal Dutch Shell has acknowledged that climate change will be a major challenge for years to come, but Total and others are still expecting strong demand for fossil fuels over the next few decades – and Exxon Mobil is under investigation over financial disclosures for climate change.
Anthony Hobley, CEO for the financial think-tank Carbon Tracker, told Counting the Cost that when it comes to profits and compliance with international carbon reduction agreements, big energy companies are sending mixed messages:
“I think they’ve been a bit schizophrenic. They are looking at climate risk and we’re now being deluged with disclosure and scenario analysis from the companies that are, effectively, stress testing their business models against a Paris compliant two degrees pathway. But then when they talk to investors they’re still talking up demand.” Read More
Caribbean economies suffer from some of the highest electricity prices in the world.
Despite their abundance of renewable energy sources, Cayman has a relatively low level of renewable energy penetration; the economy continues to spend a large proportion of its GDP on imported fossil fuels and residents and businesses continue to pay some of the highest electricity bills in the region. This is a common situation among island nations.
There is a clear opportunity for Cayman to emerge as a regional leader in developing solutions to address climate change through the adoption of renewable energy which will reduce the dependency on fossil fuels and provide key environmental, social and economic benefits.
With the Cayman Islands National Energy Policy now in place, a framework for transition is complete and seizing upon that vision will be critical to affecting positive change for the Cayman Islands and all those who follow.
The recent achievements for islands at COP21 provide a strong driver for action focused on carbon reduction goals. Given that Cayman ranks highly among islands as carbon emitters, it is critical that we position ourselves as leaders in carbon reduction and meet the goals set out in the National Energy Policy and the Paris agreement.
Cayman seeks to stand with other islands in the region and across the world to embrace a low carbon future and to stand on the front line of demonstrating solutions to climate change while delivering cheaper, secure, reliable and economically feasible energy solutions.
Who should attend?
Be part of Cayman’s low carbon future by joining an event which seeks to set out our vision, renewable road-map and opportunities.
The event will bring together delegates from public, private and non-profit sectors, underlining our collaborative approach to a sustainable future- government officials, project developers, manufacturers, investors and key players across the non-profit landscape.
Join government official and industry leads and participate in interactive panel discussions that seek to establish what the journey ahead looks like and how we address the challenges and maximise the opportunities.
Make the most of key networking opportunities, bringing together local, regional and global participation.
For More Information and Register
WHY CAYMAN? WHY NOW?
Caribbean economies suffer from some of the highest electricity prices in the world. Despite their abundance of renewable energy sources, Cayman has a relatively low level of renewable energy penetration; the economy continues to spend a large proportion of its GDP on imported fossil fuels.
The Caribbean Transitional Energy Conference (CTEC) is about building our resilience as a small nation, about diversifying our energy sector and the way that we do business.
It is about ensuring sustainable social and economic growth through strong leadership, recognising the threat of climate change and the vulnerability of islands across the world and voicing our commitment to take the measures that we can take now. For more Information and Registration
As part of its mandate to promote resilient energy matrices region-wide, CARICOM has identified the promotion of investment into energy efficiency programs and projects as a priority action item.
On April 5th at 10.00am EST, the Caribbean Community (CARICOM) Secretariat and New Energy Events will co-host a webinar focused on new approaches to the commercialization of energy efficiency programs and projects in the Caribbean.
Confirmed panelists:
Jacob Corvidae, Manager, Rocky Mountain Institute
Kelly Tomblin, President & CEO, Jamaica Public Service Co.
Dr. Devon Gardner, Programme Manager, Energy, CARICOM
Joseph Williams, Sustainable Energy Advisor, Caribbean Development Bank
Despite the obvious potential for investment in energy efficiency across the Caribbean, the markets are yet to take off in any meaningful way. The unavailability of sustainable and affordable financing is widely recognized as the most significant hurdle to commercialization. The webinar will explore an emerging alignment of stakeholders around energy efficiency investments, and examine a number of innovative approaches to financing.
Topics will include:
• How do we introduce investment in energy efficiency into the mainstream?
• How do regional utilities look at investment in EE initiatives from a long-term ROI perspective? How can we align economic incentives to motivate utilities to invest in EE?
• What can we learn from the experience of other markets and other utilities? Hawaii, for example?
• What is the Integrated Utility Service (IUS) model? What can we learn from the initial experience in Fort Collins?
• How might utility-centric EE programs align with public sector and multilateral objectives and with what implication for the financing of EE programs?
• How do we de-risk EE investment?
• What are the opportunity costs associated with the inability of the current “market will deliver” philosophy to tap the regional EE potential?
• What are the key stakeholders – utilities, utility regulators, governments, multilaterals and private investors – prepared to do in order to deliver clean, efficient, reliable and cost-effective energy services to end-users? More
A study of the information security measures at civilian nuclear energy facilities around the world found a wide range of problems at many facilities that could leave them vulnerable to attacks on industrial control systems—potentially causing interruptions in electrical power or even damage to the reactors themselves.
The study, undertaken by Caroline Baylon, David Livingstone, and Roger Brunt of the UK international affairs think tank Chatham House, found that many nuclear power plants’ systems were “insecure by design” and vulnerable to attacks that could have wide-ranging impacts in the physical world—including the disruption of the electrical power grid and the release of “significant quantities of ionizing radiation.” It would not require an attack with the sophistication of Stuxnet to do significant damage, the researchers suggested, based on the poor security present at many plants and the track record of incidents already caused by software.
The researchers found that many nuclear power plant systems were not “air gapped” from the Internet and that they had virtual private network access that operators were “sometimes unaware of.” And in facilities that did have physical partitioning from the Internet, those measures could be circumvented with a flash drive or other portable media introduced into their onsite network—something that would be entirely too simple given the security posture of many civilian nuclear operators. The use of personal devices on plant networks and other gaps in security could easily introduce malware into nuclear plants’ networks, the researchers warned.
The security strategies of many operators examined in the report were “reactive rather than proactive,” the Chatham House researchers noted, meaning that there was little in the way of monitoring of systems for anomalies that might warn of a cyber-attack on a facility. An attack could be well underway before it was detected. And because of poor training around information security, the people responsible for operating the plants would likely not know what to do.
That problem is heightened by what the researchers characterized as a “communication breakdown” between IT security professionals and the plant operations staff, and a simple lack of awareness among plant operations people about the potential dangers of cyber-attacks. Cultural differences between IT and nuclear engineering culture cause friction at some facilities, in fact—making it difficult for IT and security staff to get across the problem with the poor security practices in the plants.
Unfortunately, there’s no way to tell how bad the problem really is, because the nuclear industry doesn’t talk about breaches.
“The infrequency of cyber security incident disclosure at nuclear facilities makes it difficult to assess the true extent of the problem and may lead nuclear industry personnel to believe that there are few incidents,” the researchers wrote in their summary. ”Moreover, limited collaboration with other industries or information-sharing means that the nuclear industry tends not to learn from other industries that are more advanced in this field.”
These issues, combined with a lack of regulation, may lead to an underestimation of risk by nuclear operators and result in a lack of budgeting or planning for reducing the risk of attack. More
1 August 2015: During the month of July, the African Development Bank (AfDB), the Caribbean Development Bank (CDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Global Environment Facility (GEF), the Inter-American Development Bank (IDB) and the World Bank announced sustainable energy project funding and initiatives.
The Asian Development Bank (ADB), AfDB, the European Commission, EIB and the World Bank also released publications on financing and deploying clean energy
The announced sustainable energy initiatives are being implemented in Anguilla, Argentina, Burkina Faso, Cambodia, Chile, Denmark, France, Georgia, Guinea-Bissau, Kenya, Mali, Montenegro, Spain, Turkey, the UK, Ukraine, Uruguay, Zambia and the Middle East and North Africa (MENA) region.
In Argentina, IDB approved US$14.4 million in financing from the GEF for a housing project that integrates energy efficiency and renewable energy to improve the quality of life of residents and reduce greenhouse gas (GHG) emissions. Using renewable energy schemes adapted for each of Argentina's eight bio-climactic zones, 128 prototypes will be built and monitored for a year. US$70.7 million in local funds and a US$1 million IDB technical cooperation grant will also support the project. [IDB Press Release]
In Burkina Faso, AfDB granted €25.35 million from the African Development Fund (ADF) to support the programme for budget support in the energy sector (PASE). The funds will be largely directed to improving the electricity supply for basic social sectors, public services, the private sector and households. The funds are intended to increase reliability and energy access, as just 17.6% of the population currently has access to electricity. [AfDB Press Release]
In Cambodia, the UN Industrial Development Organization (UNIDO) launched a project promoting commercial biogas plants with US$1.5 million in funding from the GEF. The project aims to increase rural electrification and energy access by installing plants with 1.5 MW in cumulative generation capacity and mitigate climate change by avoiding 1.3 megatons carbon dioxide equivalent (MtCO2e) in emissions directly and 3.3 MtCO2e indirectly over 15 years. [UNIDO Press Release]
In Chile, the World Bank Group's International Finance Corporation (IFC) signed an agreement with Banco Consorcio in support of non-conventional renewable energy projects. Under the agreement, IFC will provide a US$60 million credit line to finance, inter alia, small hydropower, biomass, solar, geothermal and wind. [IFC Press Release]
In Denmark, EIB announced the first transaction in the country under the Investment Plan for Europe: up to €75 million in equity-like financing to Copenhagen Infrastructure Partners (CIP) for the Copenhagen Infrastructure II fund. The fund is an “innovative” renewable energy infrastructure fund focusing primarily on newly established greenfield energy-related investments, such as large-scale offshore wind, biomass and transmission projects, in Western and Northern Europe. [EIB Press Release]
In France, EIB undertook its first equity participation under the Investment Plan for Europe, providing €50 million for Capenergie 3, an investment fund dedicated to renewables and managed by Omnes Capital. It is anticipated that the investment will finance 500 MW of generating capacity. [EIB Press Release]
In Georgia, EBRD facilitated the sale of over 400,000 carbon credits from the Enguri Hydro Power Plant to Statkraft, a Norwegian electricity company. EBRD's Carbon Project and Asset Development Facility (CPADF) provided technical assistance for the sales strategy and emissions reductions verification. The project, registered under the Kyoto Protocol's Clean Development Mechanism (CDM), was able to partially recover costs associated with carbon project development through the sale of the credits. [EBRD Press Release]
In Guinea-Bissau, AfDB announced the approval of a €9 million loan and a €7.7 million grant for a three-year programme aimed at reducing daily power outages and increasing electricity access in the capital, Bissau. The funding will connect 10,500 new subscribers to electricity, rehabilitate facilities for 31,000 existing subscribers, improve the efficiency of the system's infrastructure and improve management and governance of the National Electricity and Water Corporation. [AfDB Press Release]
In Kenya, the World Bank's Climate Investment Funds (CIF) approved US$218,000 for the second tranche of the Electricity Modernization Project under the Scaling Up Renewable Energy in Low-Income Countries Program (SREP). The funds are for implementation and supervision services for the project, which is aimed at increasing electricity access and reliability in the country. [CIF Document Page] [Project Proposal]
In Mali, IFC and Scatec Solar announced a partnership to develop the US$55 million Scatec Segou solar power project in cooperation with Africa Power 1. IFC is investing US$12.5 million in the 33-MW plant, in addition to taking on a 20% equity stake in the project company for US$2.5 million. The project will support Mali's goals of increasing the share of electricity generated from renewables and enhancing energy supply and access. [IFC Press Release]
In Montenegro, EBRD is providing a senior secured loan of up to €48.5 million to Krnovo Green Energy, a subsidiary of the French company, Akuo Energy, to develop the country's first commercial wind farm. KfW Development Bank is providing an equivalent loan for the 72-MW plant through its subsidiary, KfW IPEX-Bank. [EBRD Press Release]
In Spain, EIB granted the Spanish company Abengoa a €125 million loan for research, development and innovation (RDI) activities related to, inter alia, advanced electrical systems and renewable energies. The company's RDI programme is focused on clean/green energy and environmental technology breakthroughs that significantly benefit the environment. [EIB Press Release]
In Turkey, EBRD announced US$180 million in financing for mid-sized renewable energy projects, including solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency. The funds, sourced from the Turkey Mid-Size Sustainable Energy Financing Facility (MidSEFF), will be on-lent by Turkey's Garanti Bank and Yapi Kredi Bank to private sector companies. [EBRD Press Release]
Also in Turkey, IFC approved a US$75 million long-term financing package for energy efficiency investments by the Turkish flat glass manufacturer, Trakya Cam. The company will use the funds for improving waste heat recovery and rehabilitating furnaces in plants located in both Turkey and Bulgaria. In addition to significantly reducing costs, the project is expected to cut GHG emissions by over 60,000 tons annually. [IFC Press Release]
In the UK, the National Trust, a conservation charity, revealed plans to invest £30 million in renewable energy projects, including a 200-kilowatt (kW) lake source heating project, two biomass boilers and a 250-kW hydropower project. [National Trust Press Release]
In Ukraine, the Nordic Environment Finance Corporation (NEFCO) signed five grant agreements for five cities in the eastern part of the country to implement energy efficiency measures. The funding is sourced from the NEFCO-administered Nordic Energy Efficiency and Humanitarian Support Initiative (NIU), which focuses on refurbishing municipal buildings and social infrastructure, especially schools, day care centers and health centers, in vulnerable areas of eastern and southern Ukraine. [NEFCO Press Release]
Also in Ukraine, medium and large municipalities will benefit from EIB loans totaling €400 million for 25-40 public infrastructure energy efficiency projects. The funds will be directed to central, regional or local government agencies, public utilities and municipalities by the Ministry of Regional Development, Construction, Housing and Communal Services of Ukraine. EIB's financing will cover up to 50% of total costs, with supplementary financing coming from other international financial institutions (IFIs). [EIB Press Release]
In Uruguay, US$55.7 million in loans from IDB will finance six solar PV plants, totaling 69.9 MW in generating capacity. The IDB-administered China Co-Financing Fund and the Canadian Climate Fund for the Private Sector are co-financing the project with additional loans of US$19.3 million and US$10 million, respectively. Producing an estimated 154.4 gigawatt-hours (GWh) per year, the plants will reduce CO2 emissions by approximately 74,000 tons annually. [IDB Press Release]
In Zambia, IFC signed a memorandum of understanding (MoU) with the Industrial Development Corporation (IDC) of Zambia to explore development of the country's first utility scale PV projects as part of IFC's Scaling Solar programme. The two 50-MW projects would help address a hydropower shortfall caused by low rainfall. [IFC Press Release]
In the MENA region, IFC announced a US$25 million investment for renewable energy projects, especially wind and solar plants. The investment takes the form of equity in Alcazar Energy, which will develop and operate the projects in Africa, the Middle East and Turkey. [IFC Press Release]
On publications, ADB released three volumes in a series on power planning as part of the ADB project ‘Ensuring Sustainability of the Greater Mekong Subregion (GMS) Regional Power Development.' The series explains how strategic environmental assessment contributes to better policymaking in the power sector, how indicators are used to analyze power development plans, and how sustainability assessment and the consideration of wider impacts can affect decisions in power planning. [ADB Press Release, Vol 1] [Integrating Strategic Environmental Assessment into Power Planning] [ADB Press Release, Vol 2] [Identifying Sustainability Indicators of Strategic Environmental Assessment for Power Planning] [ADB Press Release, Vol 3] [How Strategic Environmental Assessment Can Influence Power Development Plans: Comparing Alternative Energy Scenarios for Power Planning in the GMS]
ADB also published a series of three reports on the potential of renewable energy and energy efficiency in the GMS. The publications are part of a study under the ADB project ‘Promoting Renewable Energy, Clean Fuels, and Energy Efficiency in the GMS.' [ADB Press Release, Report 1] [Renewable Energy Developments and Potential for the GMS] [ADB Press Release, Report 2] [Energy Efficiency Developments and Potential Energy Savings in the GMS] [ADB Press Release, Report 3] [Business Models to Realize the Potential of Renewable Energy and Energy Efficiency in the GMS]
AfDB released the Sustainable Energy Fund for Africa (SEFA) annual report, highlighting that it reached US$6.5 million in commitments in its project portfolio in 2014. The report also underscores achievements such as launching the Africa Renewable Energy Fund, distributing enabling environment grants to help attract private sector investment and co-sponsoring the Second West Africa Forum for Clean Energy Financing (WAFCEF-2) business plan competition. [AfDB Press Release] [SEFA 2014 Annual Report]
The European Commission's Joint Research Centre (JRC) issued its 2014 wind status report, finding that wind meets 8% of Europe's electricity demand and predicting a 12% electricity share by 2020. With a focus on the EU, the report outlines the state of the economics, market and technology in the wind sector, with relevant comparisons to other regions. [JRC Press Release] [2014 JRC Wind Status Report]
EIB released an information brief on Africa's energy challenges, describing EIB's financial and technical support for the continent's efforts to build accessible and efficient power generation from sustainable sources. According to the brief, almost 25% of EIB operations in Sub-Saharan Africa and more than 33% in North Africa are dedicated to the renewable energy sector. [EIB Press Release] [Tackling the Energy Challenge in Africa]
EIB also released the annual report of the EU-Africa Infrastructure Trust Fund, which highlights the significant renewable energy investments of the Fund, including €33 million for the Sustainable Energy for All (SE4All) initiative. [EIB Press Release] [EU-Africa Infrastructure Trust Fund 2014 Annual Report]
The World Bank, in partnership with Bank of America Merrill Lynch, the Brazilian Development Bank (BNDES) and the SE4All Finance Committee, published recommendations for increasing the world's investment in clean energy. The report suggests four thematic areas that could collectively mobilize US$120 billion. [World Bank Press Release] [SE4All Press Release] [UN Press Release] [Scaling Up Finance for Sustainable Energy Investments] [IISD RS Story]
The World Bank's Energy Sector Management Assistance Program (ESMAP) conducted wind resource mapping in Tanzania and published the interim results. [Wind Resource Mapping in Tanzania: Candidate Site Identification Report]
The World Bank also released a study highlighting the positive energy access outcomes that can be achieved through energy efficiency measures. The report recommends factoring energy efficiency into development projects, based on an examination of eight recent World Bank projects. [World Bank Press Release] [EA + EE: Enhancing the World Bank's Energy Access Investments Through Energy Efficiency]
On events, IDB hosted an event, titled ‘LAC2025: Water Energy Food and Mining Nexus,' on 6 July 2015. The event considered how resource-related policy decisions today will affect future generations in Latin America and the Caribbean (LAC). Topics ranged from the depletion of aquifers and water pollution to resource rights. [IDB Event Announcement]
The World Bank sponsored an Indian delegation's visit to Brazil to learn about the country's experience in scaling up renewable energy to meet growing demand. As a result of the exchange, the two countries are working toward an MoU to cooperate on matters related to integrating variable renewable energy into the grid. [World Bank Press Release]
Climate finance news and developments outside of the sustainable energy sector are published in IISD RS's monthly Climate Finance Update, available via the Climate Change Policy & Practice portal. [IISD RS Climate Finance Updates]
read more: http://larc.iisd.org/news/july-2015-sustainable-energy-finance-update/