China on track to exceed 2030 pumped storage hydro target by 8%, industry body says
The world's second-largest economy added 7.75 GW of pumped hydro in 2024, bringing its total installed pumped hydro capacity to 58.69 GW, the IHA said in a statement. More than 200 GW of such projects are under construction, it added, accounting for a third of all such projects under development globally.
China has called for even more investment in the development of energy storage, which is critical to help balance supply and demand when wind and solar farms produce too much or too little renewable electricity for the grid's distribution system to be able to handle.
The country broke its own records for new wind and solar power installations again last year, hitting its 2030 target for those six years ahead of schedule.
The government's disincentivisation of electricity use during peak demand times by raising prices has given storage providers including pumped hydro operators more chance to profit by selling stored power when they can charge more.
Global hydropower capacity grew by 24.6 GW in 2024, including 16.2 GW of conventional hydropower and 8.4 GW of pumped hydro, the IHA said, adding that 475 GW of conventional projects are in various stages of development.
"This year's world hydropower outlook shows that global new capacity is accelerating after several years of stagnation," IHA said in the statement.
Despite the momentum, hydropower projects in the East Asia and Pacific region outside China face financing constraints, high upfront costs and long payback periods, limiting private sector involvement, the IHA said.
"Regulatory and permitting delays are also hampering progress in countries such as Australia, Indonesia and Vietnam, where complex approval processes, land rights issues and environmental assessments create uncertainty," the IHA added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
2 hours ago
- Times
Newcastle target £70m Sesko but insist Alexander Isak is not for sale
Newcastle United remain adamant that Alexander Isak is not for sale, despite a breakdown in talks about a new contract and the player's desire to explore possible moves. Senior Newcastle officials are steadfast in their position and maintain that they have not received a bid for the Sweden forward, now the subject of strong interest from the Premier League champions, Liverpool. Newcastle, eager to strengthen and not weaken their squad before a return to the Champions League, are targeting the RB Leipzig forward Benjamin Sesko, although it is unclear if they will meet the £70million asking price before the Isak situation is resolved. Leipzig failed to qualify for Europe this season and are thought to be open to a sale. Newcastle have scouted the 22-year-old Slovenia player extensively, with great reports. Newcastle's players have arrived in Singapore, where they will play friendly matches against Arsenal, a K-League XI and Tottenham Hotspur, without the 25-year-old Isak, who has not travelled. Liverpool have privately insisted they will make a move for a forward who scored 27 goals last season only if they are given encouragement by Newcastle. That was certainly not forthcoming on Friday, with Newcastle digging in their heels to repeat the message, from the very top of the club, that the player is not for sale. Contract talks about improving the six-year deal Isak signed when he joined Newcastle for £63million in the summer of 2022 were always planned for this summer. Only then could Newcastle, free of the headlock of the Premier League's Profitability and Sustainability Rules, emphatically break their own pay structure, very much on the understanding that Isak deserved that special status and that a substantial pay rise would not unsettle the dressing room. So far that has not been able to tempt Isak or his agent, Vlado Lemic, to extend or improve his contract at St James' Park. The player is holding out for the £300,000-a-week wages he believes he could get at Anfield. The reason given for Isak missing the club's pre-season tour to Asia (a thigh injury) was criticised by Alan Shearer. The Swede had also returned home last weekend instead of being part of Newcastle's squad at Celtic Park and was then pictured training on his own on Monday. A scan on his thigh came back clear. Liverpool have already made one call to Newcastle to inquire about the availability of Isak and were told emphatically that the forward is not for sale. That was 11 days ago but it has so far not deterred them. Newcastle, who have missed out on João Pedro and Hugo Ekitike, faced further frustration when James Trafford, a player they have chased for 12 months and for whom they submitted a £27million bid, joined Manchester City on Friday. Eddie Howe, the Newcastle head coach, has admitted this is becoming an extremely difficult transfer window. Newcastle are also yet to return with an improved bid for the Brentford striker Yoane Wissa, having had a £25million offer turned down during the week. Their only summer recruit so far has been Anthony Elanga, signed from Nottingham Forest for £55million. Newcastle are close to announcing the appointment of David Hopkinson as chief executive and Ross Wilson as sporting director.
Reuters
3 hours ago
- Reuters
Oil prices dip to settle at 3-week low on US and China economic concerns
NEW YORK, July 25 (Reuters) - Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply. Losses were limited by optimism U.S. trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 cents, or 1.1%, to settle at $68.44, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to settle at $65.16. Those were the lowest settlement levels for Brent since July 4 and WTI since June 30. For the week, Brent was down about 1% with WTI down about 3%. European Commission President Ursula von der Leyen will meet U.S. President Donald Trump on Sunday in Scotland. European Union officials and diplomats said they expected to reach a framework trade deal this weekend. The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the U.S., new orders for U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Trump said he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the U.S. central bank might be ready to lower interest rates. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second-biggest economy, fiscal revenue dipped 0.3% in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. The U.S. is preparing to allow partners of Venezuela's state-run PDVSA ( starting with U.S. oil major Chevron (CVX.N), opens new tab, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news U.S. refiners would welcome, as it would ease tightness in the heavier crude market, ING analysts wrote. Iran said it would continue nuclear talks with European powers after "serious, frank, and detailed" conversations on Friday, the first such face-to-face meeting since Israel and the U.S. bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (OPEC). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. OPEC said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels. Four OPEC+ delegates said an OPEC+ panel is to raise oil output when it meets, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. OPEC+ includes OPEC and allies like Russia. In Russia, the world's No. 2 crude producer behind the U.S., daily oil exports from its western ports are set to be around 1.77 million bpd in August, down from 1.93 million bpd in July's plan, Reuters calculations based on data from two sources show. In the U.S., energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
Reuters
4 hours ago
- Reuters
Pernod Ricard sells Imperial Blue whisky to India's Tilaknagar for $486 million
PARIS, July 23 (Reuters) - France's Pernod Ricard ( opens new tab has agreed to sell its Imperial Blue whisky brand to India's Tilaknagar Industries ( opens new tab for an enterprise value of 412.6 million euros ($486 million), as the spirits group boosts its focus on premium labels. Pernod Ricard sold 22.4 million 9 litre cases of Imperial Blue whisky in the fiscal year ended March 2025 across India and other markets. Its sale of the brand includes a 28 million euro deferred payment due four years after the deal closes. The world's second-largest Western spirits maker by revenue after Diageo (DGE.L), opens new tab on Wednesday said the deal would be "immediately and meaningfully accretive" to Pernod Ricard India's margin and sales growth upon closing. The French group has been streamlining its business and focusing on its core portfolio of pricey, global brands amid a sector-wide downturn in sales. Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world". Jean Touboul, CEO of Pernod Ricard India, said the deal would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut and Ballantine's. Pernod Ricard sees India, the group's second-largest market after the United States, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, showed data from analytics firm CRISIL. Imperial Blue, a leading mass-market whisky, competes with United Spirits' McDowell's No.1 in India. Pernod Ricard regards it as a local-value brand, less central than its premium global labels like Chivas Regal. For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky - a faster-growing, higher-margin segment. Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries each sought to bid around $500 million for Imperial Blue. Global spirits makers are reworking strategies as post-pandemic liquor demand slumps amid inflation, interest rate hikes, tariff risk and shifting consumer habits. ($1 = 0.8491 euros)
