China Launches First Fixed-Foundation Offshore Solar Project; Portugal Faces Over 2 Billion Euros in Business Losses Due to Major Power Outage

China’s First Fixed-Pile Offshore Photovoltaic Project Begins Full Capacity Operation

On May 27, China’s first fixed-pile offshore photovoltaic project, the 400 MW offshore photovoltaic project in Zhaoyuan by China General Nuclear Power Group, officially began full capacity operation. Located in the Laizhou Bay of Zhaoyuan City, Shandong Province, the project spans a total marine area of 512.7 hectares. Construction commenced on December 26, 2023, overcoming a series of challenges posed by the marine environment, including high salinity, humidity, wind loads, and strong ocean currents. Once fully operational, the project is expected to generate nearly 700 million kilowatt-hours of electricity annually, which is equivalent to reducing coal consumption by approximately 208,700 tons and cutting carbon dioxide emissions by around 535,800 tons. This output can meet the annual electricity needs of about 400,000 households, providing a continuous source of green energy for economic and social development.

Commentary: The full capacity operation of the Zhaoyuan 400 MW offshore photovoltaic project marks a significant breakthrough for China in the offshore photovoltaic sector. The project not only overcame construction challenges presented by the marine environment but also promises substantial annual electricity generation, offering green energy for economic and social progress. This achievement showcases China’s innovation and technological advancement in renewable energy, playing a crucial role in promoting a transformation in energy structure and supporting green development.

Yunnan Energy Investment Secures Development Rights for Three Wind Farm Projects

On May 27, Yunnan Energy Investment announced that it received a bid notification from the Energy Bureau of Fuyuan City and the Development and Reform Commission of Lijiang City. The company has been selected as the social investor for the Fuyuan Nanchong Wind Farm, the Aguzui Wind Farm in Yongsheng County, and the Huaping West Wind Farm in Huaping County, Lijiang. The total installed capacity of these projects is expected to reach 312.5 MW, enhancing the company’s standing and market position in the renewable energy sector. While the project implementation will not significantly impact this year’s financial condition or operational results, it still requires approval from government departments and must be submitted for review by the company’s board or shareholders. Future operational performance may face uncertainties influenced by national policies and industry conditions.

Commentary: Yunnan Energy Investment’s selection for three wind farm projects, totaling 312.5 MW, will bolster the company’s renewable energy business scale and market position. However, the project requires government approvals, and future performance may be affected by national policies and industry trends, presenting uncertainties. Investors should consider these factors when evaluating the company’s future development prospects.

Portugal’s Power Outage Could Result in Over €2 Billion in Business Losses

On May 27, the Portuguese Industrial Association reported that the nationwide power outage on April 28 could lead to economic losses exceeding €2 billion for Portuguese businesses, with 99% of surveyed companies indicating they were affected. An investigation conducted between May 2 and 6 surveyed over 1,700 companies nationwide, revealing that 71% were unable to operate normally due to the outage. Moreover, 57% of companies lacked emergency power systems such as generators or backup batteries, highlighting the vulnerability of Portugal’s energy infrastructure. The report indicated that 99% of the surveyed companies experienced losses, and 67% believed they should be compensated. The Portuguese National Energy Network Company and the Spanish National Grid Company were identified by many businesses as primarily responsible for the incident.

Commentary: The power outage in Portugal on April 28 underscored the fragility of the energy system. Survey results showed that most companies could not operate normally due to the outage and lacked emergency power systems. This incident had widespread repercussions for Portuguese businesses, serving as a reminder for countries to enhance energy infrastructure and emergency management to mitigate the economic impact of similar events.

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