Siemens (NYSE:SI) Lands Major Australian Wind Turbine Deal

Modern Energy Roundup - August 1, 2012

Written by Brian Hicks
Posted August 1, 2012

  • Yesterday morning, New Jersey's Public Service Enterprise Group announced that it's now looking to invest up to $833 million for an expansion of the the utility's solar power programs. This investment seeks to facilitate the developing of an additional 233 megawatts of solar capacity. The expansion is expected to create about 300 direct jobs annually over the next five years.

  • In 30 days, Mitsubishi Motors will launch its all-new Mirage global compact car in Japan. At a cost of between US$12,800 and US$16,500, the 3-cylinder vehicle offers a very competitive fuel economy of 64 mpg US. This exceeds Japan's 2015 fuel economy standards by 20%.

  • The forecast for German wind power has been raised after expansion in the first half was greater than expected. Beating estimates by about 200 megawatts (2,200 megawatts vs. 2,400 megawatts), first half installations expanded by 26 percent. Of course, only 45 megawatts of offshore wind was added in the first half, which came below estimates. The shortfall is primarily the result of connection delays. These connection delays are expected to result in Germany's 10 gigawatt target to be reached later than expected – likely by 2020. Still, 10 gigawatts of offshore wind in less than eight years is nothing to trivialize.

  • Siemens (NYSE:SI) has announced that it has secured its first contract to build a 270 megawatt wind farm in Australia. The new power plant is expected to be online by 2014, and when completed, will provide electricity for 180,000 homes.

  • US firm RenuEn Corporation has just announced that it has secured a 50 megawatt solar project in Pakistan. This project will be managed by a foreign operating subsidiary, which is joining RenuEn upon closing of the acquisition. A 25-year power purchase agreement is in place, with the government of Pakistan being the power purchaser.