August News Update - What the RE Royalties Team is Reading
Over the month of August, the RE Royalties team has been hard at work and we are excited to share the details through our corporate updates and press releases. Meanwhile, here are some exciting changes that are happening in the renewable energy industry that our team had been following recently:
World's biggest wind turbine shows the disproportionate power of scale
As technology advances, companies worldwide are increasing the size of the turbines they build to improve production and economics. MingYang Smart Energy, a Chinese renewable energy equipment manufacturer and distributor, announced an offshore wind turbine this month that would become the world's largest turbine, replacing GE's monstrous Haliade-X that previously holds the title.
The wind turbine named MySE 16.0-242 is a 16-megawatts, 242-meters tall construction that sweeps over a 46,000 square meters area with its three 118 meters long blades. It has a service life of 25 years, capable of powering 20,000 homes. The economy of scale reflected by such unprecedented construction is expected to be good, but MySE showed a stunning 45% increase in power generation from its previous model, with only a 19% increase in diameter. Find the full article here to read more about the turbine and its anticipated impact on the energy market.
Britain launches plan to ramp up ‘low carbon’ hydrogen capacity
On Tuesday, August 17th, The UK government published a new strategy on the nation's hydrogen use, aiming to support up to 100,000 jobs and reach a net worth of £13 billion by 2050.
The government wanted 5 gigawatts of "low carbon hydrogen production capacity" by 2030 to be consumed by over 3 million UK households. This is part of the UK's initiative to provide cleaner energy to the economy, 20-35% of which would be based on hydrogen by 2050.
Along with the hydrogen strategy, consultations related to low carbon fuel standards, a net-zero hydrogen fund and a hydrogen business model were also published on the same day. To read more on the government's publication and the response from various organizations, click here to find the full article.
Dawson City, Yukon will soon harness the midnight sun
Dawson City, Yukon, attracted media attention in August with its new solar power project. Expected to be completed by the end of October, the solar power project will generate 280-megawatt hours each year to power upward of 25 households.
The project manager of the Klondike Development Organization, Evelyn Pollock, commented on the project on August 14th, referring to it as "a great opportunity for Dawson to reduce our carbon footprint, bring us toward more renewable energy sources, and it's just an all-around green positive project."
The project would be funded in its majority by the Canadian government's Arctic Energy Function and the remaining capital contributed by the Yukon government and the Klondike Development Organization. Please click here to learn more about the solar project and the government's action towards a greener province.
That concludes our update for the month, be sure to check out the news section on our website to keep up to date with major announcements from RE Royalties!