Generic Hero BannerGeneric Hero Banner
Latest market news

Belgium probes North Sea energy island by 2025

  • Market: Electricity
  • 04/05/21

Belgium is planning to construct an energy island in the North Sea to store wind power by 2025, as it seeks to accelerate its energy transition.

"We are going to build a multifunctional energy island in the North Sea which will interconnect our wind turbines … but at the same time it will also allow the storage and production of green hydrogen," Belgian energy minister Tinne Van der Straeten said last week.

The energy island could be finalised by 2025, an "ambitious but feasible" target Van der Straeten said and could be the first of its kind to be realised, even before the finalisation of an energy island in Denmark, the minister added.

The Belgian ministry is currently investigating the potential of building the energy island within the Princess Elisabeth Zone in the North Sea, which is the second designated area for offshore renewable energy production in Belgium. "One of the main uses for the hub under investigation is the transmission of electricity created in this area," a spokesperson from the ministry told Argus.

The country has an offshore wind power capacity of 2.2GW at its first fully developed wind zone but is looking to expand capacity to 4.5GW as it constructs the Princess Elisabeth Zone.

The Belgian project is still undergoing a feasibility study and no final decisions have been taken, the spokesperson said. The project owner and initiator is the Belgian grid operator Elia. Other partners have not been disclosed at this stage.

The Danish government approved the construction of its energy island at the beginning of February, which is expected by 2033 with a 3GW offshore wind capacity. The site will have the potential for 10GW offshore wind in the longer term.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
10/03/25

France's energy plan to allow new fossil-fired plants

France's energy plan to allow new fossil-fired plants

London, 10 March (Argus) — A revised version of France's 10-year energy plan, released for final public consultation, cuts a pledge to no longer build any more fossil fuel-fired power plants, while the government is pushing a bill that allows coal-fired plants to be converted to gas firing rather than shut down. The PPE3 plan, which sets out a roadmap for how France will change its energy system out to 2035 in order to comply with the country's goals to reduce greenhouse gas emissions, is now in the last stage of public consultation, several years after it was due to be finalised. The latest version maintains a pledge to phase out coal, with France's last two remaining coal-fired power plants set to close by 2027. But the pledge included in the previous version to "not build new electricity generation sites based on fossil energy" has been removed. And a pledge to "launch studies or pilot projects" to convert existing or build greenfield thermal plants using 100pc decarbonised energy has been watered down. It now promises simply to "help" operators of such plants launch studies or projects, and on fuels that are "less emitting" rather than completely decarbonised. A bill is currently passing through the French parliament that allows the country's two remaining coal-fired plants to be converted to gas operation. Gazelenergie, operator of one of the plants, hailed the bill when it was announced last month. It has the backing of the government, as well as of parliamentarians from across the political spectrum in the Moselle region, where one of the coal-fired plants is located. The new version of the plan also cuts ambitions for solar power as revealed last month , in light of views that the previous aim was too high given France's extensive nuclear fleet. The government now aims for 65-90GW by 2035, down from 75-100GW in the previous plan. It hopes to achieve this aim by launching two tenders per year of 1GW each for ground-mounted solar and three tenders of 300MW each for roof-mounted solar. The roof-mounted tenders "may be adjusted" according to changes made to subsidies, the government said. And one technologically neutral 500MW tender per year will be held. In the past, these tenders typically have been dominated by solar projects. The government has not explicitly decided on a separate tender for agrivoltaic projects, as the solar sector had called for, but it may decide to hold them, deducting any capacity called for from other solar buckets. The trajectory for solar is set at 5GW of projects assigned per year, for 4GW constructed, assuming 20pc of projects do not advance. This then could be modified upwards from 2028-29, to a maximum of 7 GW/yr, if increases in demand and flexibility justify it. On onshore wind, two tenders of 900MW each will be held every year in order to hold the trajectory of construction at roughly 1.5 GW/yr. France's electricity is already substantially decarbonised, thanks to its large nuclear fleet and renewables installations. Fossil fuel-fired plants will only be needed to cover demand spikes and ensure energy security, the government said in the consultation. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Ontario adds 25pc tariff on electricity exports to US


10/03/25
News
10/03/25

Ontario adds 25pc tariff on electricity exports to US

Calgary, 10 March (Argus) — Ontario is imposing a 25pc tariff on electricity exports to the US starting today, carrying through on its threatened retaliation to a trade war started by US president Donald Trump. "We will apply maximum pressure to maximize our leverage, that's why today we're moving forward with a 25pc surcharge on electricity exports for the 1.5mn American homes and business that Ontario powers," Ontario premier Doug Ford said Monday in Toronto. Ontario was the largest exporter of electricity to the US in 2023, sending 15.2 TWh to New York, Michigan and Minnesota. The neighbouring province of Quebec, which exported 13.4 TWh the same year to New York and New England, has said it is also considering its options amid the trade war. Ford added he feels "terrible" because average consumers will pay when it is really Trump who is responsible. The surcharge will cost the US up to $400,000 each day, amounting to an increase of $100 for consumers each month, according to Ford. "I will not hesitate to increase this charge," said Ford. "If necessary, if the United States escalates, I will not hesitate to shut the electricity off completely." Trump on 4 March imposed a 10pc tax on Canadian energy imports, a 25pc tariff on non-energy imports from Canada and a 25pc tariff on all imports from Mexico. But executive orders that he signed on 6 March would exempt North American trade covered by the US-Mexico-Canada (USMCA) free trade agreement from new tariffs after 12:01am eastern time on 7 March. Trump has said he is delaying the tariffs on Canada and Mexico until 2 April, but his executive orders make no mention of that deadline. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

I-REC, I-Track demand soars in Feb alongside supply


10/03/25
News
10/03/25

I-REC, I-Track demand soars in Feb alongside supply

London, 10 March (Argus) — Both redemptions and issuances of international renewable energy certificates (I-RECs) and non-renewable I-Track certificates were nearly 40pc higher year on year in February, with Brazil driving most of the increase. Global I-REC and non-renewable I-Track redemptions totalled 45.1TWh last month, up from 32.8TWh in February 2024, according to data from global registry Evident. Demand last month was at its highest since March last year, when it reached 47TWh. The 12-month rolling average for redemptions was 1TWh higher on the month at 20.6TWh in February. Total demand in January-February stood at 71TWh, nearly a third of the 233TWh cancelled in the whole of last year. Issuances hit 46.2TWh in February, which was up by 38pc year on year and also the highest since 54TWh in March 2024. The 12-month rolling average for issuances rose to 26TWh last month from 25TWh in January. Latin America The number of cancelled I-RECs more than doubled on the year in Latin America to 29.1TWh in February, with issuances having risen by 43pc year on year to 27.4TWh. Both demand and supply in Brazil climbed to about 21TWh last month, compared with less than 10TWh a year earlier. Total demand in January-February reached 23.4TWh, making Brazil the largest I-REC market so far in 2025 ahead of China, which accounted for the largest share last year. Brazil is seeking to address slowing growth in its onshore wind sector, with new legislation expected to speed up the development of the country's first offshore wind projects. The government also has planned several auctions to boost the hydroelectric sector . Argus assessments for current-year Brazilian wind and hydropower I-RECs averaged $0.20/MWh and $0.18/MWh, respectively, in February, each steady on the month. Demand in Chile was at 1.6TWh last month, more than five times higher than a year earlier. Redemptions in Mexico and Colombia increased by about 55pc and 85pc on the year to 2.1TWh and 4TWh, respectively, in February. Mexican prices continued to be volatile, with 2025 wind and solar I-RECs valued at $3.25/MWh at the end of last month, with offers in a wide range of $3.50-4.50/MWh and small volumes having changed hands at $4.15/MWh. South Asia I-REC cancellations in south Asian countries last month nearly tripled on the year to 1.83TWh. India led most of this increase, with demand in the country having risen to 1.79TWh in February compared with just 565GWh a year earlier. Issuances rose more slowly, to 890GWh from 678GWh, with solar power accounting for more than half of the certificates issued last month and taking over from wind, which had accounted for the largest share in February last year. Argus assessments for wind, solar and hydro I-RECs last month averaged $0.79/MWh and $0.86/MWh for the 2024 and 2025 vintages, respectively, having inched down by $0.01-0.03/MWh from January. Asia-Pacific Overall I-REC redemptions slipped by 22pc on the year in Asia-Pacific to 10.2TWh in February, although they edged up from 9.7TWh in January. The decline was driven largely by Malaysia, where demand fell to 2.1TWh last month from 3.5TWh in February 2024. Redemptions also decreased in Singapore, by 80pc year on year to 136GWh last month. Singapore and Malaysia in January agreed to study the formation of a credible framework that recognises renewable energy certificates (RECs) associated with cross-border electricity trade. But policy and regulatory gaps are hampering cross-border REC transactions in the region, according to the Asean Centre for Energy. Argus assessed current-year Malaysian solar I-RECs at an average of $5.55/MWh in February, $0.24/MWh lower on the month. Average assessments for 2025 Singaporean solar I-RECs were down by $3.10/MWh on the month to $75/MWh in February. Demand in China, where the use of I-RECs will officially cease after 31 March, was at about 6TWh in February, broadly steady on the month and on the year. By Giulio Bajona Global I-REC redemptions, Feb 2025 TWh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Brazil's GDP growth accelerates to 3.4pc in 2024


07/03/25
News
07/03/25

Brazil's GDP growth accelerates to 3.4pc in 2024

Sao Paulo, 7 March (Argus) — Brazil's economic growth accelerated to an annual 3.4pc last year, the fastest growth since 2021, as gains in the services and industry sectors offset contractions in the agriculture sector, according to government statistics agency IBGE. Growth accelerated from 3.2pc in 2023 and 3pc the prior year. Growth was at 4.8pc in 2021 as the economy recovered from the Covid-19 induced contraction of 3.3pc in 2020. Agriculture contracted by 3.2pc in 2024 after a 15.1pc gain the year prior. The sector's weak performance came as Brazil faced extreme climate events last year that damaged crops , IBGE said. Corn and soybean output fell by 4.6pc and 12.5pc, respectively, according to IBGE. The industrial sector grew by 3.3pc last year after a 1.6pc gain in 2023. Manufacturing industries rose by 3.8pc, driven by a higher output of vehicles, transport equipment, machinery and electric equipment, according to IBGE. Electricity and gas, water and sewage management increased by 3.6pc in 2024 but still decelerated from a 6.5pc gain a year earlier. Higher temperatures throughout 2024 drove the increase, IBGE said. On the other hand, the climate was unfavorable for power generation. The oil, natural gas and mining industry grew by 0.5pc in 2024 from a year earlier. Gross fixed capital formation — which measures how much companies increased their capital goods — rose by 7.3pc from a 3pc contraction in 2023, led by higher domestic output and capital goods imports. Exports rose by 2.9pc, while imports rose by 14.7pc last year. Investment grew by 17pc. Household consumption increased by 4.8pc from a year prior, driven by a 6.6pc unemployment rate — the lowest registered since IBGE started its historic record in 2012 — federal social aid programs and increased lending. Government spending rose by 1.9pc in 2024 from a year earlier. Quarterly GDP Brazil's GDP growth slowed to an annual 3.6pc in the fourth quarter from 4pc in the third quarter, with several sectors contracting, according to IBGE. Agriculture contracted by an annual 1.5pc in the fourth quarter, with 2.9pc and 0.9pc contractions in the wheat and sugarcane crops, respectively, IBGE said. But the industrial sector grew by an annual 2.5pc in the quarter. Manufacturing posted 5.3pc growth, led by the steel sector and higher output of machinery, equipment, vehicles and chemicals. The services sector grew by 3.4pc. The oil, natural gas and mining industry contracted by 3.6pc from a year earlier thanks to a decrease in oil, gas and iron output, IBGE said. Electricity and gas, water, and sewage management fell by an annual 3.5pc, on lower power consumption as power rates became more expensive amid a drought that struck the country in mid-2024. Household consumption grew by an annual 3.7pc, while government spending grew by 1.2pc in the fourth quarter. Gross fixed capital formation increased by an annual 9.4pc in the fourth quarter, according to IBGE. Exports fell by 0.7pc, while imports, which subtract from growth, rose by 16pc. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

UK 'fully committed' to £8.3bn GB Energy funding


07/03/25
News
07/03/25

UK 'fully committed' to £8.3bn GB Energy funding

London, 7 March (Argus) — The UK government remains "fully committed" to the £8.3bn ($10.7bn) of funding for GB Energy promised in Labour's manifesto last year, the Treasury told Argus today, following media reports that the government might cut funding. Media reports earlier today suggested the UK could cut funding to the publicly owned energy company by several billion pounds. But the Treasury reiterated the commitment to the £8.3bn of funding across this parliamentary term announced last year, intended to enable investment and ownership of "clean power" projects across the UK. A partnership between GB Energy and the Crown Estate to support the development of offshore wind projects was announced last summer . GB Energy will manage and invest in early-stage offshore wind projects that are being developed on seabed land owned by the Crown Estate, with the latter estimating that the partnership will lead to 20-30GW of new offshore wind capacity reaching the seabed leasing stage by 2030. The partnership aims to speed the development and construction of new projects and reduce private investors' risk, potentially leveraging up to £60bn in private investment, the government said. By Helen Senior Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more