Connecticut Joins Revolution Wind

first_imgThe State of Connecticut has selected Deepwater Wind’s 200MW Revolution Wind project under the recent Clean Energy Request for Proposals, marking the state’s first procurement of offshore wind.This will be incremental to the 400MW from the same project selected by Rhode Island, the state’s Department of Energy and Environmental Protection (DEEP) said.“We have an obligation to our children and grandchildren to invest in energy projects that reduce the impacts of harmful emissions,” said Governor Dannel P. Malloy.“That’s why Connecticut is making investments in the technologies of the future, not of the past. These projects will result in thousands of new Connecticut jobs, helping to grow our economy, while doing so in a clean and sustainable way.”The project will now enter negotiations with the electric distribution utilities, Eversource and United Illuminating, to reach an agreement on a 20-year contract. If successful, the contract will be brought to the Public Utilities Regulatory Authority (PURA) for final approval.“Governor Malloy is setting the course for Connecticut’s clean energy future. We’re proud to partner with Connecticut to help the state achieve its bold renewable energy goals. Our Revolution Wind project will bring hundreds of new direct jobs to Connecticut and deliver affordable, homegrown energy to ratepayers,” said Jeffery Grybowski, CEO Deepwater Wind.Connecticut’s authority under Public Act 17-144 for offshore wind is limited to 3% of the Connecticut Electric Distribution Companies’ total electric load, and Connecticut has selected that full amount.Deepwater Wind made specific commitments around job development and use of the Port of New London, including at least USD 15 million investment in the New London State Pier to allow substantial aspects of the project to be constructed in New London, DEEP said.Significant portions of construction and/or assembly will occur in New London, including foundation components and the offshore substation.Deepwater Wind will also contract with a Connecticut-based boat builder to construct one of the project’s crew transfer vessels in Connecticut, as well as open and staff a new development office in New London.This selection is expected to lead to the creation of over 1,400 direct, indirect and induced jobs, according to DEEP.Construction work on the Revolution Wind is expected to start in 2022, with the commissioning slated for 2023.In February 2018, DEEP issued a Request for Proposals (RfP) seeking to solicit up to 825,000 MWh of offshore wind-generated power annually.Bay State Wind, Deepwater Wind and Vineyard Wind responded to the RfP by submitting bids to build the state’s first offshore wind farm.last_img read more

Total’s profit jumps as LNG sales edge down

first_imgImage courtesy of TotalFrench energy giant and LNG player Total saw its 2018 adjusted net profit climb 28 percent during the year 2018. The company recorded a full-year adjusted net profit of $13.6 billion with the increase attributed to the rise of oil prices to an average of $71/barrel in 2018, compared to $54/b in 2017.“These excellent results reflect the strong growth of more than 8 percent for the group’s hydrocarbon production, which reached a record level of 2.8 mboe/d in 2018 and led to a 71 percent increase in exploration and production’s adjusted net operating income,” Total’s chairman and CEO Patric Pouyanne said.Total’s liquefied natural gas (LNG) sales during the period under review declined 1 percent compared to 2017.LNG sales were at 11.07 million tons, compared to 11.23 million tonnes in 2017.Looking to benefit from the current favorable cost environment, Total aims to launch a number of projects in 2019, including the Arctic LNG 2 project in Russia in which it purchased a 10 percent stake in May 2018.last_img read more