Turkey, China in talks over $10-12B coalfield and power plant project, says Energy Minister
A $10-12 billion investment deal is on the table between Turkey and China for the Afsin-Elbistan coalfield and power plant project in south Turkey, Energy Minister Taner Yildiz said, as reported by Reuters.
Turkey originally signed a deal with Abu Dhabi National Energy Co. in early 2013 to develop its coal resources but that fell through later in the year. Turkey plans to reduce its natural gas imports and expand the use of its vast coal resources for power generation as the country’s economic growth is creating more demand for electricity. There is no certain timetable on a deal with China.
According to Reuters, the Afsin-Elbistan region holds up to 45 percent of Turkey's lignite reserves and the project includes the construction of an 8,000 megawatt (MW) coal-fired plant.
As gas prices track oil prices, the cost of Turkeys rapidly rising imports of gas has put pressure on the country's balance of payments, One analyst noted that an extra $10 a barrel on the oil price "adds about $4bn a year to Turkey’s import bill,” according to SourceWatch. As a result government incentives for new gas-fired power stations have been scrapped and instead switched to encourage new coal-fired power stations.
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.