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Windsor Energy Group News Update: February 2008 February 2008 Newsletter
WEG Update February 2008
Dear Reader,
Here is the Windsor Energy Group’s latest update on major developments involving the global energy market.
The premier event of the year for the Windsor Energy Group will be taking place the second weekend in March from the 6th to the 7th, acting as a forum for discussion centred around global energy issues and policies. Those from the top of both the public and private sectors will join together at Windsor Castle to attend briefings and a dinner focusing on recent energy news in the business and political worlds.
In this latest issue you will find news on the efficient energy industry, the inaugural World Future Energy Summit, Arab energy investments and sustainable energy concerns. Significant developments have been made recently that point to future success in creating long-lasting energy options, starting with the announcement of a carbon-neutral city in Abu Dhabi coupled with a US$15 billion investment in alternative energy projects in the UAE. Additionally, the European Commission announced a new set of targets for the EU in emissions reductions and efficient energy use in hopes to generate 20% of energy from renewable sources by the year 2020.
For any further inquiries regarding the Windsor Energy Group Newsletter or would like to suggest an event or article for inclusion, please contact the WEG secretariat at info@meconsult.co.uk.
Sincerely, Ms. Kendall Miller Editor
MEC International Granville House 132 Sloane Street London - SW1X9AX Tel: 020 75914816 Fax: 020 75914801 Website: www.meconsult.co.uk Email : info@meconsult.co.uk
UPCOMING EVENTS
WEG Annual Meeting at Windsor Castle This annual conference will take place March 6th – 7th to provide a framework for an exchange of views on strategic matters of the day in the energy business and look at developments that have taken place over the past year.
MAIN ARTICLES Future Energy Summit: Abu Dhabi Pledges $15 Billion for Renewables At the opening ceremony of the World Future Energy Summit here Monday, the crown prince of Abu Dhabi announced an initial investment of US$15 billion in projects targeting solar, wind and hydrogen power; carbon reduction and management; sustainable development; education; manufacturing; and research and development. Environment News Service 22nd January 2008
Abu Dhabi strives to leapfrog to the future energetically The best way to predict the future, it could well be said, is to invent it. At the inaugural World Future Energy Summit (WFES) in Abu Dhabi last week, proactive policy commitment and major financial initiative for future energy solutions was much in evidence. Economic Times 28th January 2008
EU to Revamp Emissions Trading, Raising Energy Costs European Union regulators proposed tighter caps on emissions blamed for climate change, threatening higher energy costs and clashes with industry over the world’s biggest greenhouse-gas trading market. Bloomberg 23rd January 2008
Sugar in the tankSir Richard Branson, the bearded billionaire who founded Virgin Atlantic, is fond of surprises. Next month his airline plans to test-fly an aircraft that is partly powered by biofuels, something most experts thought was years away. From April Sir Richard’s countrymen will begin filling their cars with a blend of petrol and biofuel, as part of the government’s plan to ensure that 5% of Britain’s transport runs on fuel made from plants by 2010.The Economist 17th January 2008
Britain ’facing energy shortfall’ Britain is likely to face a shortfall in electricity generation within five to seven years, a report concludes. Energy and environment consultancy firm Inenco says that the number of nuclear and coal plants coming out of service over the period makes shortages likely. BBC 27th January 2008
Opec oil exports to ’record $850bn’ Thanks to higher oil prices, Opec member nations are expected to earn a record $850 billion this year from their crude exports. Trade Arabia 24th January 2008
Gulf States Face `Inflationary Spiral,’ Moody’s Says Persian Gulf states, including Saudi Arabia and the United Arab Emirates, may create an ``inflationary spiral’’ as governments boost spending in response to higher prices, Moody’s Investors Service said. Bloomberg 29th January 2008
Implementing clean development mechanismIn order to facilitate the implementation of projects within the Clean Development Mechanism (CDM) in the UAE, procedures for submitting requests for CDM projects and the evaluation method was adopted by the CDM Executive Committee in its latest meeting, held recently under the chairmanship of Majid Al Mansouri, Secretary General of the Environment Agency - Abu Dhabi. Gulf News 22nd January 2008
Gulf dollar pegs will fuel inflation this year: Merrill Gulf Arab inflation could accelerate to fresh highs this year as the oil producers with pegs to the dollar cut interest rates in line with the US, fuelling borrowing, Merrill Lynch & Co said. Gulf News 29th January 2008
Qatari firm plans $150m Malawi fuel facility A company run by a member of Qatar’s ruling family will build a $150 million fuel storage facility in Malawi to help boost the African country’s reserves, Malawian finance minister Goodall Gondwe said. Trade Arabia 28th January 2008
German giant eyes ME solar energy sector Man Solar Millennium, a joint venture between Man Ferrostaal AG and German-based Solar Millennium AG, is setting its sights on developing solar thermal power plants across the Middle East in anticipation of bright prospects in the regional solar energy sector. Trade Arabia 19th January 2008
Technology to help boost oil production Investments in technologies are set to increase oil production and reserves in the Middle East, according to an expert. Trade Arabia 20th January 2008
Bumpy ride for biofuelsTWO technological trends, both unimaginable a year ago, dominated last week’s motor show in Detroit, the premier showcase for carmakers worldwide. One was the U-turn in the past decade’s headlong pursuit of horsepower and size. The other, less apparent but possibly more significant, was the industry’s wholehearted embrace of biofuels. The Economist 18th January 2008
Clipper ventures into UK watersCalifornia-based Clipper Windpower has chosen Blyth, in the Northumberland region of the UK, as the site for a new generation of offshore wind turbines, North England Inward Investment Agency (NEIIA) has announced. Energy Current 22nd January 2008
Plan to generate energy from landfill gasesBad smells and gases coming off landfills in the UAE are going to be harvested and used to make energy while lowering the country’s carbon footprint, Gulf News has learnt. Gulf News 21st January 2008
Golden Pass gas terminal set for opening in 2009 The Golden Pass LNG receiving and regasification terminal on the US coast of the Gulf of Mexico, a joint venture involving Qatar Petroleum will be in operation in 2009. Gulf Times 23rd January 2008
Bahrain-based Arcapita Bank has completed the $695 million acquisition of the Bosque power generation facility located in Texas, US. Trade Arabia 29th January 2008
MEC International Granville House 132 Sloane Street London - SW1X9AX Tel: 020 75914816 Fax: 020 75914801 Website: www.meconsult.co.uk Email : info@meconsult.co.uk
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