Nova Innovation receives funds for tidal energy in North Wales

11/08/2017 11:36 Hydro


UK tidal energy generator Nova Innovation has been awarded £265,000 for the development of a tidal project at Bardsey Sound in north Wales.

The commercial manager at Nova Innovation said that it is a challenging opportunity for the company and for Wales to prove that they can substantially contribute to UK’s energy mix, since UK’s tidal stream energy has the potential to generate close to 20% of the country’s energy demands.


The financial aid will also enable Nova to invest in the local supply and help create new jobs, thus reviving the coastal settlements. 


The first stage of the project will be the appraisal of the project’s practicability, and together with the Environmental Impact assessment, the whole process will take around a year to complete. After that, Marine Resource Wales needs to receive a marine license application, which will extend the wait to another year, as the regulator will have to check the application and make a decision.

OMV does not expect a cash call from Nord Stream 2 until the end of the year

15/08/2017 11:34:00

OMV is confident that Gazprom-owned Nord Stream 2 won’t be making any more cash calls until the end of the current year. OMV has already settled the first €200 million portion of its funding obligation for the construction of the 55 bcm/year pipeline from Russia to Germany.


Daily (15.08.2017): Oil prices dropped by 2.6% on Monday of weakening Chinese oil demand

15/08/2017 11:17:00

Oil prices decreased on Monday steeper than expected on raising concerns that a glut of refined fuel products might weaken Chinese demand for oil. Also, U.S. drilling rig data published by Baker Hughes on Friday showed explorers boosted oil drilling capacity. Oversupply has been supported by rising production in Libya, which is trying to regain its pre-war oil production levels. Brent fell by 2.63% to close at $50.73 a barrel, while WTI price declined by 2.52% to end at $47.59 a barrel.


Lack of customers drives Spanish coal mine to close down

15/08/2017 09:31:00

The La Escondida coal mine was shut down on Friday. The last-of-its-kind project was located in the Caballed de Arriba town, and was closed down because no one wanted to buy its coal.