Coronavirus company news summary – US utility invests $1bn in energy efficiency – European bank offers $3.5bn for renewable generation

24 September 2020 (Last Updated September 24th, 2020 10:11)

24 September

US-based Public Service Electric and Gas Co has received approval from New Jersey regulators to invest $1bn in energy efficiency programmes over the next three years. The investments would cut customer bills by nearly $1bn, and create up to 4,300 jobs. Ralph Izzo, chief executive of parent company Public Service Enterprise Group, told Reuters this would help the state recover from the impact of the Covid-19 pandemic, .

The European Investment Bank has announced plans to offer $3.55bn (€3bn) to accelerate renewable energy generation around the globe. Several renewable energy projects in Europe will use the funding, including construction of wind projects off the Dutch coast, similar projects in Bosnia, and the renovation of a hydropower plant in Georgia.

Elgin Energy has formed a joint venture with Foresight Group to develop a pipeline of greenfield solar projects across the UK. As per the agreement, the new venture will develop six projects with a total generating capacity of 200MW in England, Wales, and Scotland.

GE Renewable Energy has received three orders for its 2.X onshore wind turbines from Invenergy. The deal includes GE’s 2.X-127 and 2.X-116 turbines. The 576MW, 187-turbine order will power the equivalent of over 160,000 average homes across three US states.