DONG Energy Wings Energy Intelligence 2014 Award for Leadership in New Energy
Analysis group Energy Intelligence named Danish company DONG Energy the winner of its 2014 Award for Leadership in New Energy. EI cites DONG’s pioneering development of offshore wind technology.
“Dong is a perfect example of a company leveraging its offshore oil and gas experience to develop a new sector, offshore wind power. It's a leader in that area and will play a central role in driving down costs," David Pike, Editor of EI New Energy—Energy Intelligence’s carbon and renewables information service—said. “On behalf of the selection committee and Energy Intelligence, I would like to offer our congratulations to Dong on this achievement.”
DONG Chief Executive Henrik Poulsen built the world’s first offshore wind farm in 1991 and has remained a leader in the field since then, completing the first large-scale offshore wind project in 2002. Now, DONG makes almost the same revenue from wind as it does from its oil and gas exploration arm.
DONG has serious incentives to drive renewable energy innovation, as Denmark as some of the most aggressive renewable energy targets in the world. The country hopes to convert to 100% renewable energy by 2050, and DONG Energy will be a major factor in achieving that target.
DONG has set a target of having a 6.5 GW capacity of offshore wind by 2020. To reach this large number—which is 3 times its current capacity—it’s focusing on other markets such as the U.K, Germany, and Denmark. The company is also looking to reduce energy costs from offshore wind to less than $130 per MWh after 2020.
This isn’t the first honor the company has received from EI. It was listed as number 6 in the company’ Top 100 Green Utilities for 2013.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.