OMNI Features｜Portugal is Averaging 91% Renewable Electricity in 2024 with Europe's Lowest Power Prices．Biden Administration Announces Initial List of NIETC to Accelerated Transmission Expansion．Singapore's Green Energy Plan Targets 40% Increase in Renewable Energy Capacity by 2035

（Photo: Aayush Gupta）

｜Portugal is Averaging 91% Renewable Electricity in 2024 with Europe's Lowest Power Prices
In the first 4 months of 2024, renewables met 91% of Portugal's electricity needs. In March, prices averaged €19.26/MWh, pushing spot power prices to a four-year low. Hydroelectric plants comprised 48% of the electricity mix in the first 4 months of the year, followed by wind at 30%, solar at 7%, and biomass at 6%. Gas output equated to 9% of demand — with gas consumption in the power sector halving from the same period in 2023. Electricity imports and exports with other countries were roughly identical.

Portugal's electricity mix has changed fast, with the share of renewables up from 27% in 2005 and 54% in 2017. The nation's last coal-fired power plant was shut in 2021. According to network operator REN (Rede Eléctrica Nacional), renewable energy generation covered 95% of the nation's electricity demand in April. That follows a 91% share in March, 88% in February, and 81% in January.

｜Biden Administration Announces Initial List of NIETC to Accelerated Transmission Expansion
The U.S. Department of Energy (DOE) released a preliminary list of 10 potential National Interest Electric Transmission Corridors (NIETCs) to accelerate the development of transmission projects in areas that urgently need expanded transmission. DOE also announced minimum eligibility criteria for direct loans under the Transmission Facility Financing (TFF) program. The TFF program can finance the development of billions of dollars of transmission projects in designated NIETCs.

DOE released final guidance on NIETC designation in December 2023, and initiated a four-phase process by inviting interested parties to suggest specific geographic areas where a NIETC designation may be particularly helpful in advancing transmission to meet significant regional need. After independent analysis and review of public input, DOE's preliminary list of potential NIETCs includes 10 narrow geographic areas spanning nine of the regions identified by DOE’s 2023 National Transmission Needs Study.

A NIETC designation unlocks critical federal financing and permitting tools to spur transmission development, including direct loans through the TFF program, public-private partnerships through the Transmission Facilitation Program, and Federal siting and permitting authority of the Federal Energy Regulatory Commission (FERC) in certain limited circumstances. Developers and state and local siting authorities may also be able to leverage the environmental analysis conducted by DOE as part of the NIETC designation process to complete local siting and permitting processes.

｜Singapore's Green Energy Plan Targets 40% Increase in Renewable Energy Capacity by 2035
Singapore is at the forefront of a green energy revolution, with its ambitious plans to transform its energy landscape and lead the way towards a sustainable future. The city-state's clean energy transition is crucial for its own energy security and sets an example for regional collaboration in the power sector, says Ember Climate.

Expanding renewable energy sources and developing regional power grids is at the heart of Singapore's clean energy strategy. With limited renewable energy potential domestically, Singapore is looking to its neighboring countries, such as Indonesia, Vietnam, and Cambodia, to import clean electricity. Singapore aims to increase its renewable energy capacity to 40% by 2035, up from just 4% in 2022.

The country's ambitious targets align with international milestones set by organizations like the International Energy Agency (IEA) and the ASEAN Climate and Energy Project (ACCEPT). By aiming for a net-zero power sector by 2045 and doubling its renewable energy import capacity to 8.1 GW by 2035. Singapore is investing in solar energy research and forging partnerships to develop grid interconnections with its neighbors.

Source: TheProgressPlaybook｜ENERGY.GOV｜EnergyBox