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Global solar power investment to reach $ 3.7 trillion by 2040

Report: The world will invest $ 3.7 trillion in solar by 2040,WP, By Chris Mooney June 23 The world’s energy portfolio will get vastly cleaner by the year 2040, says a new long-term energy outlook from Bloomberg New Energy Finance — but not clean enough.

Out to 2040, the world will see a jaw-dropping growth of solar energy, especially on rooftops. BNEF projects $ 3.7 trillion of solar investment in the next 25 years — 35 percent of new electricity-generating capacity. And $2.2 trillion of that investment will be for individual rooftops or other “local” installations, rather than large utility-scale arrays…….http://www.washingtonpost.com/news/energy-environment/wp/2015/06/23/our-solar-future-still-has-a-lot-of-coal-plants-in-the-background/?postshare=3131435158010724

June 26, 2015 Posted by | 2 WORLD, renewable | Leave a comment

Cost of Georgia’s new nuclear plant erodes recent savings

Analyst: New savings erode as cost of nuclear plant grows WT,  RAY HENRY – Associated Press – Tuesday, June 23, 2015 ATLANTA (AP) – The rising cost of building a new nuclear plant in Georgia will swallow most of the $2.7 billion in newfound savings that Southern Co. has publicly touted, a state analyst said Tuesday.

Southern Co. and its partners are building two more nuclear reactors at Plant Vogtle, a project running more than three years behind schedule. Time is money. The longer it takes to build, the more Southern Co. subsidiary Georgia Power must pay in construction and finance charges.

Since state regulators approved the plant in 2009, power company executives said they secured $2.7 billion in newfound savings, making the project more financially attractive. For example, the utility benefited from cheaper-than-expected borrowing and inflation costs, received government loans and expects to get tax credits.

But the actual savings could be as small as $208 million after subtracting new costs related to the delays, according to financial analyst Philip Hayet, who monitors project finances for the state Public Service Commission. By comparison, Georgia Power now expects to spend $7.5 billion on its share of construction expenses.

“It’s now virtually negligible,” Hayet said, describing the value of the savings identified by the utility. The first of the reactors is supposed to be complete in 2019, with the second following a year later. State monitors have cautioned that construction schedules could see more delays, further decreasing savings. Ultimately, Georgia Power customers will pay for the company’s share of building costs unless the elected members of the PSC intervene.
Read more: http://www.washingtontimes.com/news/2015/jun/23/analyst-slim-savings-as-cost-of-georgia-nuclear-pl/#ixzz3e6jsP41y

June 26, 2015 Posted by | business and costs, USA | Leave a comment

Government OKs ¥6.5 trillion recovery program for regions hit by triple disaster

The central government approved a ¥6.5 trillion, five-year program to help areas hit by the 2011 earthquake, tsunami and nuclear disaster to recover, under a plan that will see local governments begin to shoulder part of the cost.

 

Local governments in Iwate, Miyagi and Fukushima prefectures are expected to pay about ¥22 billion. The remainder will be covered by the central government in the five-year period starting in April 2016, according to officials.

It program represents a policy shift by the central government because it has paid for all costs for reconstruction projects thus far.

The central government has cited the need to consolidate its debt-ridden finances, instead encouraging disaster-hit regions to promote reconstruction without relying too much on the state.

Under the program, local authorities are required to bear 1.0 to 3.3 percent of the costs for reconstruction work, one-tenth or less of the levels set for public works projects, the officials said.

Local authorities had demanded the state shoulder all the costs for reconstruction work, saying a fiscal burden will undermine their recovery efforts and hit financially weak municipalities.

However, the governors of the three prefectures on Monday indicated they would accept the new formula after the state reduced their share from about ¥30 billion to about ¥22 billion.

According to the officials, the program will allocate ¥3.4 trillion for rebuilding homes and communities damaged by the disaster.

Some ¥500 billion will be earmarked for reconstruction related to the nuclear disaster at Tepco’s crippled Fukushima No. 1 plant, and ¥400 billion for supporting survivors.

The state is calling the five years from April 2016 a “revival and creation period,” aiming to finish reconstruction work in Iwate and Miyagi prefectures and to speed up the reconstruction of the nuclear crisis-hit Fukushima Prefecture.

Including the ¥6.5 trillion, the total reconstruction costs for a 10-year period from the 2011 calamity will amount to ¥32 trillion.

Source : Japan Times

http://www.japantimes.co.jp/news/2015/06/25/national/government-oks-%C2%A56-5-trillion-recovery-program-regions-hit-triple-disaster/#.VYyLRkb1CM9

June 26, 2015 Posted by | Japan | | Leave a comment

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