OMNI Features｜European Council Signs off on Gas and Hydrogen Market Package．Spain's Iberdrola to Triple Offshore Wind Assets

｜European Council Signs off on Gas and Hydrogen Market Package
The European Council, consisting of government ministers from the 27 member states, has signed off on the EU's low-carbon and hydrogen markets package, reforming the existing EU gas legislation. The gas package sets out solid rules for the organisation of the natural gas market and establishes a strong framework for the development of the future hydrogen market, including for dedicated hydrogen infrastructure. It contains specific rules for the transport, supply and storage of natural gas and hydrogen. The regulation will become directly applicable six months after its publication.

In order to ensure the phase-out of fossil fuels, long-term contracts for fossil gas will no longer be concluded as of 2049, along with a voluntary mechanism will also be set up to support the hydrogen market for 5 years. The new rules promote the penetration of renewable gas and low-carbon gas, in particular hydrogen in coal and carbon-intensive regions. Vulnerable customers and customers affected by energy poverty will be better protected due to the new rules, which include a focus on remote areas.

｜Spain's Iberdrola to Triple Offshore Wind Assets
Europe's largest utility Iberdrola, opens new tab will keep betting on offshore wind in the coming years, roughly tripling the value of its assets in the sector to 17 billion euros ($18 billion).

In the next three years, offshore wind projects will get more than 50% of the planned 15.5 billion euro investment in renewables, under a new plan presented in March.

The company currently has a project in Germany and 2 in Britain - including a partnership with Denmark's Ørsted (ORSTED.CO), opens new tab - in operation. Including the partnership, the projects account for around 6 billion euros in investments.

Iberdrola is now building projects in the United States, Britain, France, and Germany. Ignacio Sánchez Galán, the Executive Chairman of Iberdrola, stated that upon completion, the sector will possess 17 billion euros in assets, with assured income from pre-sold production secured through long-term contracts.

Source:European Council｜Reuters