EDF sees 21% rise in renewables earnings
French energy group EDF has seen a significant rise in earnings from its renewables business over the past year. The figure for the first half of 2018 has increased almost 21% from the same period last year, with the company having made €1.1bn in H1 2018 from €917mn in H1 2017.
The company has benefitted from increased wind and solar generation in particular, with reNEWS reporting that hydro output in France was up over 37% on 2017.
Total renewable sales in the period stood at almost €2.4bn, an increase of over 20% on the previous year.
Overall, EDF Group reported positive earnings across the board, with the total figure up 18% year on year. Total profit was over €8.23bn as opposed to just under €7bn last year. Sales also grew by 5.6%.
EDF’s chairman and chief executive Jean-Bernard Lévy stated that the results “confirm the rebound announces for 2018, thanks to a solid operational performance and to the continuation of the cost reduction efforts”, according to the Financial Times.
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.