Energy Focus Spring 2025

energyfocus

ISSUE 58 SPRING 2025

F ROM T H E E N E RGY I N DUST R I E S COU NC I L VIEW FROM THE TOP Intellis CEO Sabrina Cheng on China’s role in global energy

PROJECTS TO WATCH Key energy projects reaching final investment decision in 2025

REGIONAL OUTLOOK 2025 NUCLEAR Insights from EIC directors Destination Nuclear: driving and global leaders shaping innovation, diversity and energy’s future collaboration for energy resilience

Are we ready to rise?

From chaos to clarity – building a world that works

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Contents ISSUE 58 SPRING 2025

06 20 Regional Outlook 2025

FROM THE EIC 5 Foreword

From the Chief Executive

6 View from the top

Sabrina Cheng, Founder and CEO of Intellis Corporation and EIC Global Ambassador

View from the top: Sabrina Cheng

RENEWABLES 36 Project watch

From policy to innovation: EIC directors and global industry leaders chart the path forward across six regions

Top 10 renewable energy projects to watch in 2025

44 My business

16

Ricardo Filho, Sales Manager, Hilti

OIL AND GAS

Rising from setbacks

10 News and events Updates from the EIC

38 Project watch

Top 10 oil and gas projects to watch in 2025

14 The big question Which sectors are members targeting for growth in 2025?

16 Special report Tom Wadlow on overcoming setbacks to power a resilient energy future

ENERGY TRANSITION 34 Project watch

Top 10 energy transition projects to watch in 2025

26

North America’s energy shift

POWER 40 Project watch

Top 10 power projects to watch in 2025

42

34

Destination Nuclear

The Energy Industries Council 89 Albert Embankment, London SE1 7TP Tel +44 (0)20 7091 8600 Email info@the-eic.com Chief executive: Stuart Broadley Should you wish to send your views, please email: info@redactive.co.uk

NUCLEAR 42 Driving global collaboration and diversity in nuclear

Global project watch

Editors Sairah Fawcitt +44(0)20 7880 6200 sairah.fawcitt@redactive.co.uk Lucas Machado +55 21 3265 7402 lucas.machado@the-eic.com Account director Deniz Arslan Production director Jane Easterman Senior designer Gene Cornelius Picture editor Akin Falope Content sub-editor Kate Bennett

Sales and advertising Michael Raymond +44(0)20 7324 2763 michael.raymond@redactive.co.uk Energy Focus is online at energyfocus.the-eic.com ISSN 0957 4883 © 2025 The Energy Industries Council

Lynne Matthews, Programme Lead, Destination Nuclear

Energy Focus is the official magazine of the Energy Industries Council (EIC). Views expressed by contributors or advertisers are not necessarily those of the EIC or the editorial team. The EIC will accept no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this publication.

Publisher Redactive Media Group, Fora, 9 Dallington Street, London EC1V 0LN www.redactive.co.uk

Recycle your magazine’s plastic wrap – check your local LDPE facilities to find out how.

www.the-eic.com | energyfocus 3

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MANUFACTURING SUBSEA VALVES SINCE 1984 KOSO Kent Introl has over 35 years’ experience in the he subsea oke industry manufacturing a range of Control and Choke Valves for the world’s largest energy companies.

Foreword

Stuart Broadley CEO

From the Chief Executive: The world still faces many challenges, but the electoral uncertainty of last year is over – and this issue examines the opportunities that are out there if the industry can pull together and continue to innovate

After last year’s uncertainties around global elections and geopolitical conflicts, this edition of Energy Focus paints a picture of hope for 2025. Imagining a world of phoenixlike positivity and progress in the coming months, we discuss how business leaders may now be able to navigate, plan and invest in resilience and growth strategies with more confidence, now that more heads of state are elected.

There may be new forms of risk, but at least there is less electoral uncertainty. Business leaders must now assess the more tangible risks around geopolitical positioning, such as the consequences of President Trump’s ‘Make America Great Again’ campaign.

There are still many challenges, not least the war in Europe and related war of words and conditions of peace. The shifting balance of superpowers, tariffs, lingering COVIDrelated national debts and net-zero jeopardy vex us all. But from crises come opportunities and strengthened bonds: look at the way the world responded to COVID, pulling together against all odds to vaccinate the world in months, not years.

China, traditionally seen by many as a closed nation, is today accountable for most of the world’s net-zero innovations and investments (as well of many of its emissions). The country retains its competitiveness while other nations see spiralling costs. China is here to stay, to grow, to collaborate and to challenge, and we believe it is time to ‘embrace the dragon’ and see China as part of the solution.

We are therefore delighted to welcome EIC member and Global Ambassador Sabrina Cheng, Founder and CEO of Intellis, as this issue’s View from the Top interviewee. Cheng offers frank and honest insights on how China operates and views the rest of the world.

Positivity and opportunity are also to be found in trade and continuing boom levels of project opportunities – but you need to be willing to look upwards and outwards to find them, as one-country, one-sector growth strategies are no longer secure or investable.

Companies must be diversified across many sectors – beyond energy, but also including the decarbonising oil and gas sector – and invest across many regional energy hubs to protect against the downside and to unlock the upside.

Collaboration has therefore never been as important as it is now – something apparent to those who attended EIC’s major events in February: Connect Borneo in Kuching, Malaysia; KSA Connect in Dammam, Saudi Arabia; and Bankable Energies in London, UK. We all know that strong industry relationships come from networking and making connections at events. Only then can you turn these relationships into trusted friendships, into contracts, into jobs, into wealth – and into a net-zero world.

Stuart Broadley Chief Executive Officer, Energy Industries Council stuart.broadley @the-eic.com

www.the-eic.com | energyfocus 5

From the EIC Sabrina Cheng

View from the top

Sabrina Cheng, founder and CEO of Intellis Corporation and EIC Global Ambassador

6 energyfocus | www.the-eic.com

Sabrina Cheng: From the EIC

Sabrina Cheng talks to Energy Focus about leading Intellis, China’s role in global energy transition, and the challenges and opportunities for foreign companies doing business in China’s dynamic market

Can you tell us about Intellis? How did it start, and what has been the key to your success?

Intellis Corporation provides specialised technical talent solutions and related services in the energy sector. With 10 offices across Asia-Pacific, we leverage our artificial intelligence (AI) and digital management platform to offer compliant, cost-effective and efficient workforce solutions.

Founded in 2009 by myself and two Dutch engineers, Intellis began as a collaboration between international expertise and local market insight.

After my partners relocated, I took full responsibility as CEO. Success in this industry hinges on reputation and professionalism. I have always prioritised professionalism and long-term development, understanding that true success goes beyond profitability. Strengthening the company’s technical expertise through innovation and technology while building a strong industry reputation has always been at the core of my business philosophy.

When did you expand outside China, and how hard was it to develop your international business?

We began our international expansion in 2018 by establishing Intellis in Singapore. While our operations were primarily in China, 90% of our clients were global enterprises, providing a strong foundation for growth abroad.

Expanding internationally brought new challenges, requiring higher standards in management, operations, legal compliance, finance and team capabilities.

In 2019, the COVID-19 pandemic disrupted global markets, posing significant challenges. One of our partners in Singapore left for family reasons, slowing our progress. Shifting international dynamics created further obstacles. Adapting to cultural differences and new legal environments while building trust in different regions requires time and continuous learning.

How do energy policies differ between China and other countries?

China’s energy policy is distinct, balancing economic growth, energy security and low-carbon transformation, shaped by its political system, development stage and global positioning.

Rich in resources, the US follows an ‘energy independence’ strategy, with priorities varying between administrations – from fossil fuel expansion to clean energy initiatives. Germany, resource-poor, has shifted from coal, oil and nuclear to green energy through policies such as the Renewable Energy Law. France, once reliant on nuclear power, now pursues renewable energy under the National Action Plan for Renewable Energy in alignment with EU goals.

Japan, with limited resources, once prioritised nuclear power but has pivoted to hydrogen and renewables post-Fukushima, introducing the Basic Hydrogen Energy Strategy. South Korea, also resource-scarce, initially focused on nuclear energy but is now accelerating wind and solar development through a shift toward green and low-carbon policies.

China, historically coal-dependent, has implemented major policies including the Strategy for Energy Production and Consumption Revolution (2016–2030), setting medium and long-term goals for a clean, low-carbon, safe and efficient energy system.

Do you think the world will achieve net zero by 2050? If not, why not?

The likelihood is low. While major economies such as China, the EU and the US have set net-zero targets for 2050 or beyond, some countries, including India and Indonesia, have even later timelines, and others have yet to establish clear goals.

Reaching net zero will require a fundamental shift in global energy production, transportation and consumption patterns, focusing on rapid expansion of renewable energy, reduced fossil fuel reliance and improved energy efficiency.

This transition will demand significant investment, technological innovation and strong policy support, with collaboration from governments, enterprises and the public around the world. However, challenges such

About Sabrina Cheng Sabrina Cheng is the founder and CEO of Intellis Corporation, with 15 years’ experience in corporate operations and strategic planning. She has consulted for foreign firms, mentored startups and advised local chambers of commerce in China.

Named EIC Global Ambassador in 2024, she has earned multiple business awards. Active in Rotary International, she leads social initiatives. Ms Cheng holds a Master’s degree in Economics from the Zhejiang University of Finance and Economics.

www.the-eic.com | energyfocus 7

From the EIC: Sabrina Cheng

To reach net zero by 2050, the world must accelerate clean energy development, improve efficiency and strengthen policy enforcement to overcome barriers as technological maturity, costeffectiveness and inconsistent policy implementation are hindering progress.

The International Energy Agency (IEA) has said that achieving net zero will require a phased approach and the effective implementation of global climate policies.

While renewable energy and electrification are crucial to reduce emissions, current adoption rates are insufficient. To reach net zero by 2050, the world must accelerate clean energy development, improve efficiency and strengthen policy enforcement to overcome existing barriers.

What is your view of China’s role in the energy transition in Europe?

China is actively promoting advanced energy solutions such as energy storage and clean hydrogen. It also leads in the fields of advanced nuclear energy, sustainable aviation fuel, and carbon capture, utilisation and storage.

In 2023, China’s investment in clean energy technologies exceeded the combined total of the other top 10 investing countries. More than 60% of this was directed towards renewables and transport electrification, with the rest focusing on power grids, energy storage, nuclear technologies and hard-to-abate sectors.

Beyond domestic deployment, China has become a significant global supplier of clean energy technologies. The IEA predicts that by 2035, China’s clean technology exports will exceed US$340bn, rivalling oil export revenues from Saudi Arabia and the UAE.

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China’s continued investment and innovation are not only boosting its own green development, but also having a positive effect on global climate change efforts.

Do you see business risk growing, and how can it be reduced?

Global economic growth is slowing, inflation remains high and raw material prices are fluctuating, while supply disruptions are common. International conflicts and changing regulatory policies, especially around green transformation and AI, add further challenges.

It’s crucial for businesses to anticipate risks and develop proactive strategies.

Strengthening risk resilience and adaptability will not only help in navigating challenges but also enable companies to seize new opportunities for growth and development. Preparing for uncertainty is the key to thriving in today’s dynamic market.

Do you face a skills shortage? In what areas, and how will you address these gaps?

China’s supply chain and technological capabilities in oil and gas, offshore engineering, new energy, and petrochemicals have rapidly improved in recent years, but we continue to face challenges in attracting specialised and technical professionals.

To address this, we focus on talent development, having established a strong

talent pool to ensure our ongoing success.

We actively recruit and cultivate outstanding talent, enabling us to strengthen workforces and drive business expansion and technological innovation.

This approach helps us to bridge any skills gaps and maintain a competitive edge.

What do you value most about EIC membership?

As a member company and global ambassador for EIC, I deeply value the association’s esteemed reputation in the energy industry. EIC’s professional capabilities and industry influence are pivotal in helping companies, including ours, build a strong reputation and enhance integration across the energy value chain.

Through its vast industry expertise and extensive network, EIC provides crucial support, enabling companies to thrive in a complex market environment.

EIC’s powerful industry research capabilities, data analysis tools and consulting services are invaluable for gaining insights into market trends and potential market opportunities and risks, helping businesses to make informed decisions and address specific challenges, such as policy shifts or technological innovations.

Furthermore, EIC fosters collaboration across the energy ecosystem by facilitating connections between upstream and downstream industrial chains. Its platforms, including industry forums, seminars and exhibitions, promote knowledge-sharing and resource exchange, enhancing operational efficiency and reducing business risks.

Overall, EIC’s continued support strengthens our strategic positioning and provides a platform for growth, allowing us to contribute more effectively to the global energy transition.

How are British and European companies viewed in China in terms of competitiveness, innovation and culture of doing business?

European companies are highly regarded in China for their innovation and

For women in energy, my advice is to prioritise maintaining a positive mindset and a healthy body. Equally important is ensuring the happiness of your family

technological expertise, particularly in advanced manufacturing and sustainable technologies. Their strong brand presence in these areas commands respect. At the same time, they are also viewed as market competitors, especially with the rise of local Chinese companies in sectors such as digitalisation and new energy, which are reshaping the competitive landscape.

While differences in business culture exist, these gaps are narrowing through deep localisation efforts and supportive policies such as the Foreign Investment Law. Looking forward, the relationship between Chinese and European companies will continue to evolve into a new dynamic of “coopetition and symbiosis”. Both sides will collaborate in areas such as supply chain optimisation, technology standard setting and green transformation while competing to drive innovation and growth. This will foster mutual benefits and strengthen the global energy transition.

What are the challenges for companies outside of China that want to do business in China?

The main challenges faced by foreignfunded companies when conducting business in China include intellectual property protection, contractual issues, changes in the international environment, and cost and market uncertainties.

While China has improved intellectual property protection, foreign companies still face challenges in promptly detecting infringements, high enforcement costs and legal complexities. This has dampened their enthusiasm for technology transfer and collaborative research and development. Additionally, cultural, language barriers and business practice differences can lead to misunderstandings in contracts, increasing the risk of disputes.

Shifting global political and economic conditions also create uncertainties. For example, public health crises and country decoupling trends are forcing businesses to reassess their investments and operations in China, raising risks related to supply chains and production costs.

Increasing labour and operational costs, especially with higher environmental standards, add to the challenge.

Additionally, fierce competition and rapid market changes require constant adaptation in product offerings and strategies. Regulatory hurdles also complicate market entry, especially in sectors such as finance and technology.

As a successful businesswoman, what lessons can you share with other ‘women in energy’?

My journey is just beginning; I am still growing and learning. For women in energy, my advice is to prioritise maintaining a positive mindset and a

healthy body. Equally important is ensuring the happiness of your family – work-life balance plays a significant role in sustaining both personal and professional growth. By nurturing yourself and your loved ones, you are better equipped to navigate the demands of a dynamic and competitive industry.

Which regions of the world provide the best opportunities for your business and why?

The Middle East plays a significant role in the global economy due to its abundant oil and gas resources, which remain crucial to the global economy. As the head of Intellis, I recognise the immense potential this region offers, making it a strategic priority for us, especially in energy projects and technical talent development.

Chinese manufacturing capability is renowned for its efficiency, high quality and cost-effectiveness, supported by a complete industrial chain and a robust supply chain system. The combination of the Middle East’s energy resources and China’s manufacturing strength, along with solid bilateral relations, provides us with a distinct competitive edge in executing energy projects in the region. We are committed to deepening our cooperation with Middle Eastern countries, using our expertise to connect the region with China and offer specialised technical talent services to support our customers. www.the-eic.com | energyfocus 9

U P DAT E S F RO M T H E E N E RGY I N D U S T R I E S C O U N C I L

news&events Upcoming events in 2025 North Sea Decarbonisation Conference 2025

About the EIC

Established in 1943, the EIC is the leading trade association for companies working in the global energy industries.

Our member companies, who supply goods and services across the oil and gas, power, nuclear and renewables sectors, have the experience and expertise that operators and contractors require.

As a not-for-profit organisation with offices in key international locations, the EIC’s role is to help members maximise commercial opportunities worldwide.

10 energyfocus | www.the-eic.com

Events

Date: 23–24 April 2025 Location: London, UK Why attend? In collaboration with our international partners, Agoria, IRO and World Forum Offshore Wind, EIC is thrilled to present the fifth annual North Sea Decarbonisation Conference (NSDC). This two-day event will examine the North Sea’s pivotal decarbonisation journey, exploring strategies to achieve ambitious climate goals. Important topics will include the expansion of offshore wind, the electrification of the oil and gas sector, the advancement of carbon capture, utilisation and storage initiatives, as well as innovations and investments in cutting-edge lowcarbon technologies.

EIC LIVE events

Members and industry peers can look forward to an exciting agenda this year!

In the next few months, we are organising UK and EIC Pavilions at partner exhibitions, hosting our own EIC events, launching another trade delegation, and helping companies to secure bookings for shows worldwide.

Remember, this is just a preview!

Explore all our events, from major conferences to insightful webinars, on our full calendar: the-eic.com/events/calendar

isation The North Sea Decarbon don Lon in ce pla e tak will Conference

From the EIC 8MW wind turbine s in

The North Sea region, spanning countries including the UK, the Netherlands, Germany, Denmark, Norway and Belgium, is united by shared decarbonisation goals in alignment with global climate action. While each country has its own unique approach to these targets, their common goal is to reduce greenhouse gas emissions, increase renewable energy use and promote sustainable growth throughout the region.

Join us as we bring together industry leaders, policymakers and innovators to shape the future of low-carbon energy in the North Sea. If you are interested in attending or would like to know more about NSDC, please visit the-eic.com/Event/ NSDC2025

IMAGES: ISTOCK

Offshore Technology Conference 2025

Date: 5–8 May 2025 Location: Houston, US EIC is proud to once again organise and manage the UK and EIC Pavilion at the Offshore Technology Conference (OTC), one of the world’s premier events for energy professionals.

Taking place in Houston, OTC serves as a global hub for exchanging ideas and advancing scientific and technical knowledge in

News and events

Houston, US

offshore energy. Attendees will gain access to leading-edge information, the industry’s largest equipment exhibition, and invaluable networking opportunities with professionals from around the world.

The US is the world’s largest oil and gas producer and remains a hotspot of project activity in the exploration and production sector, offering tangible business opportunities. As a meeting point for developers, oil companies and contractors, OTC is the go-to event for the supply chain to connect with major industry players and explore opportunities within one of the world’s most dynamic energy markets.

If you would like to know more or are interested in exhibiting with us, please visit the-eic.com/ Events/Exhibitions/ OffshoreTechnology Conference2025

Oman Petroleum and Energy Show 2025

Date: 12–14 May 2025 Location: Muscat, Oman Why attend? EIC proudly supports UK participation at Oman Petroleum and Energy Show (OPES) 2025.

As the only event in Oman covering the entire energy sector, OPES is a crucial platform for business

growth, collaboration and industry insights.

Held under the patronage of the Ministry of Energy and Minerals, OPES brings together energy professionals, oil and gas companies, policymakers, major stakeholders and decisionmakers who are shaping the future of the energy industry.

By exhibiting as part of the UK and EIC Pavilion, companies can secure a prime stand location, increase their visibility and take full advantage of the extensive networking opportunities offered by this flagship event.

If you are interested in booking a stand at the show or would like to know more, please visit the-eic.com/Events/ Exhibitions/OPES2025

Trade delegation to Guyana

Date: 23–27 June 2025 Why attend? In our next trade delegation, organised in partnership with Aberdeen International Associates, we’re heading once again to a hotspot for the industry: Guyana. Delegates will have the opportunity to attend a network reception, group meetings with key local players, and briefing presentations by qualified speakers with inmarket experience.

Guyana’s project portfolio in the oil and gas space is increasing in number and CAPEX, and contract activity grows steadily every year.

From floating production storage and offloading units to pipelines and gas processing plants, the South American country offers a wealth of opportunities for the energy supply chain. If you would like to join this delegation, please visit the-eic.com/ Events/OverseasDelegations/ TradeDelegationtoGuyana2025

Other news Three new Non-Executive Directors appointed to EIC Board EIC has appointed three highly experienced professionals to its Board of Directors, strengthening its commitment to innovation and the growth of the energy supply chain.

With expertise spanning logistics, digital transformation and global talent management, these new appointments further bolster EIC’s mission to advance innovation and enhance the energy supply chain’s capabilities for export, diversification and growth.

The newly appointed board members are Jasmina Tuncheva, Global Tender Manager at Fracht Group; James Prappas, Director at Kane Russell Coleman Logan PC; and Ahmed Alaa, MENA and APAC Sales Director at VOOVIO Technologies.

Their diverse expertise James Prappas, Director at Kane Russell Coleman Logan PC

www.the-eic.com | energyfocus 11

From the EIC News and events

We are delighted to welcome Jasmina, Ahmed and James to the EIC Board of Directors and look forward to their contributions spans the UK, the US and the UAE, respectively.

Stuart Broadley, CEO of EIC, said: “We are delighted to welcome Jasmina, Ahmed and James to the EIC Board of Directors. Their diverse backgrounds and profound knowledge of the energy sector will be instrumental in shaping the future of EIC and ensuring we continue to deliver unrivalled value to our members globally.

We look forward to their contributions as we address the challenges of the global energy transition.”

Jasmina Tuncheva, Global Tender Manager at Fracht Group

Ahmed Alaa, MENA and APAC Sales Director at VOOVIO Technologies

Reports EIC Insight Report: Carbon Capture and Storage (CCS) The CCS sector has seen significant advances in the last few years. The technology’s position as a crucial lever in the energy transition space has been cemented, with many countries investing heavily in its rollout. Early governmental policy and funding are bearing initial fruit, with a number of significant facilities beginning operations in 2024.

This report looks at the projected global CCS pipeline, comprising 480 projects according to EICDatastream. However, their combined capacity falls significantly short of the scale required to meet global decarbonisation targets.

An analysis of nine leading markets – Brazil, Canada, Malaysia, Norway, the Netherlands, Saudi Arabia, the UAE, the UK and the US – shows the ongoing gap, with these countries chosen for their prominence and potential within the CCS industry.

As the sector evolves, the report underscores the urgent need for further investment and expansion to achieve ambitious global decarbonisation goals.

EIC Insight Report: Asia OPEX The latest EIC Insight Report on Asia’s dynamic energy landscape reveals significant developments in the region, showcasing continued growth and diversification. Strong investments in solar, wind and offshore projects, alongside a surge in battery storage, are driving the region’s transformation.

In the past year, Asia’s energy capacity grew by 20GW, led by India. Solar and wind contributed 5.3GW and 2.4GW respectively, while floating solar farms gained traction. Offshore wind saw record growth, supported by feed-in tariffs in Taiwan and Japan. Hydropower remains concentrated in the Indian subcontinent, while large-scale battery storage deployment has reached a peak of 602MW, particularly in East Asia and Singapore.

However, coal-fired power remains significant, with India and Indonesia focusing on efficiency upgrades. Meanwhile, nuclear power is regaining momentum, with Japan

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REPNEW O OUTRTS NOW

restarting plants and new capacity coming online in South Korea and India. The report also explores hydrogen’s emerging role, ongoing oil and gas field developments, and the growing trend of upstream decommissioning. With crucial insights into the region’s energy transition, Asia OPEX is an essential resource for energy professionals navigating this rapidly changing region.

EIC Insight Report: South America OPEX South America’s energy portfolio has seen a significant leap in the number of renewable projects, with a large amount of capacity added across all countries. Since 2021, 19GW of onshore wind and 17.2GW of solar capacity have been installed, reinforcing clean energy’s dominance. While hydropower remains the largest sector, its growth has stagnated due to a lack of new developments.

South America is also embracing next-generation energy solutions, including carbon capture, battery storage and hydrogen. Policies such as Brazil’s hydrogen legal framework and Chile’s Green Hydrogen Action Plan are accelerating these initiatives. Meanwhile, oil and gas remains a major player, representing 42% of operational assets, with developers actively investing in carbon reduction technologies.

Decommissioning projects focus on upstream assets, while modernisation efforts are extending the life of important infrastructure. As South America accelerates toward a greener future, this report provides essential insights into its evolving energy market and ambitious energy transition.

EIC Insight Report: Net Zero Jeopardy II Building on the success of its inaugural edition in 2024, the EIC has released the second Net Zero Jeopardy report. It continues to explore the gap between policy aspirations and industrial realities in the energy transition, drawing insights from EIC members worldwide.

Following the model of the Survive & Thrive report, the study presents first-hand perspectives on the challenges and opportunities facing the sector.

For access to these reports and other market intelligence publications by EIC, please visit www.the-eic.com/Media Centre/Publications/Reports.

WESCA

2025

W O R L D E N E R G Y S U P P LY C H A I N A W A R D S

THE HIGHEST RECOGNITION FOR THE WORLD’S ENERGY SUPPLY CHAIN Celebrate the most inspiring success stories globally across all energy sectors.

The WESCAs showcase the creativity and determination of business leaders who drive growth and innovation in constantly changing and challenging markets.

THIS IS YOUR CALL TO APPLY

AWARD CATEGORIES INCLUDE: COLLABORATION

COMPANY OF THE YEAR

CULTURE

DIGITAL

DIVERSIFICATION

ENERGY TRANSITION

ENVIRONMENTAL SUSTAINABILITY

EXPORT

INNOVATION

OPTIMISATION

PEOPLE AND COMPETENCY

RESILIENCE

SCALE UP

SERVICE AND SOLUTIONS

TECHNOLOGY

TRANSFORMATION

www.the-eic.com/WESCA

TO LEARN MORE ABOUT THE AWARDS AND SUBMIT YOUR APPLICATION

From the EIC Members’ comment

The

Which sectors will you target for growth in 2025?

BIG question

As industries continue to evolve, leading companies are positioning themselves for future growth. From decarbonisation efforts to new regional expansions, we explore how three industry leaders are responding to the challenges ahead. How will they achieve success in 2025?

Energy Focus puts the big question to three members

Soon Sze Meng CEO at GoNetZero™ GoNetZero™ doesn’t just help businesses decarbonise, we empower them to lead the charge towards a net-zero future. Backed

by Sembcorp Industries, a Singapore Exchangelisted company, we support businesses across diverse sectors, including logistics, transportation, manufacturing, real estate, aviation, and energy, to tackle the complex challenges of reducing emissions.

In 2025, we will deepen our engagement with these industries while expanding into growing sectors that are critical to global decarbonisation, with a particular focus on data centres. As major enablers of the digital economy, data centres require tailored tools and solutions to achieve their decarbonisation goals, and we are ready to support them.

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We will deepen our engagement with existing industries while expanding into growing sectors that are critical to decarbonisation, including data centres We ensure that businesses across all sectors have the tools and verified environmental attributes (EAs) they need to meet their decarbonisation goals. This demand will only increase and we intend to grow our services related to this space, as well across sectors.

For example, our solutions – Measure, Manage, and Perform – provide visibility on emissions, streamline the management of EAs such as energy attribute certificates

(such as RECs or REGOs) and carbon credits, and optimise the performance of renewable energy assets through AIpowered insights and data-driven analysis.

Together, we will continue to build a greener, more sustainable economy that is powered by transformative solutions.

About GoNetZero GoNetZero™ is a global decarbonisation solution provider helping clients achieve their net-zero goals. It is the carbon management business of Sembcorp Industries, a Singapore Stock Exchange-listed company. It offers comprehensive solutions through its digital platform, and provides verified environmental attributes (EAs), including EA certificates and carbon credits. GoNetZeroTM’s suite of digital solutions includes Measure – enabling clients to begin their net-zero ourney by assessing their organisations’ emissions; Manage – allowing clients to view, manage and retire their EAs portfolio seamlessly on a single platform; and Perform – helping clients to maximise the output and lifespan of their renewable energy assets across multiple sites on a single dashboard.

Members’ comment: From the EIC

Fabiano Aguiar Brazil Sales Director at Jotun In 2025, Jotun is committed to expanding its operations into new regions of Brazil as part of a strategic push to strengthen our position across the country’s maintenance market.

We have already made significant strides by strengthening our internal structure and launching initiatives, including business meetings, enhancing market intelligence and developing a new distribution framework. These steps are important in reinforcing our presence in the country and extending our reach within the national energy sector.

As part of our expansion, we are actively hiring for new sales positions in Brazil’s North and Northeast regions to support our growth. EIC’s role in this process is fundamental, as it allows us to build up our network with the national energy industry.

Jotun has built a solid reputation in Brazil’s energy market, especially in the South and Southeast regions of the country, where our corrosion management solutions have already helped customers to minimise asset damage and failure risk, lower steel consumption, and reduce the costs, downtime and safety risks linked with corrosion repairs. With more than 30 years of experience, Jotun’s

We are actively hiring for new sales positions in Brazil’s North and Northeast regions to support our growth

products are designed to increase productivity and reduce application time by up to 90%, even in the harshest of environments.

Our commitment to expanding our market presence is driven by the need to provide reliable, long-lasting corrosion protection that extends assets’ operational while limiting associated environmental effects.

Jotun aims to consolidate its position further and to continue to lead the market with effective, cost-saving solutions in 2025.

About Jotun Jotun is one of the main global paints and coatings manufacturers, combining quality with innovation and creativity. With almost 100 years of experience, Jotun is proud to combine specialised recognition with high-performance protection coating technologies. As a partner, Jotun offers exceptional solutions for steel assets, supporting the efficient operations, reducing dangers and risks, and minimising environmental effects.

Karlheinz Russ

Our primary focus will be on supporting large-scale infrastructure projects and advancing the decarbonisation of the energy sector We will support the energy transition by providing solutions that enable businesses to enhance their resilience in a rapidly changing landscape. We aim to help meet the growing demand for reliable and carbon-neutral energy, while also addressing the need for climate impact risk analysis and comprehensive risk mitigation strategies.

By diversifying into these areas, we not only strengthen our own position in the market but also empower our clients to tackle emerging challenges with confidence. This forward-thinking approach will ensure that we will continue to play a major role in shaping a sustainable energy future, with innovation, safety and environmental responsibility at the forefront of every solution we provide.

Senior Vice President Infrastructure and Sustainability at TÜV SÜD In 2025, TÜV SÜD will continue to expand into sectors that align with our expertise in safety, resilience, and sustainability within the energy industry.

Our primary focus will be on supporting large-scale infrastructure projects and advancing the decarbonisation of the energy sector.

As global energy systems face increasing pressures to become more sustainable, reliable and resilient, TÜV SÜD is dedicated to helping clients navigate the complexities of climaterelated risks, as well as political, economic and regulatory challenges.

About TÜV SÜD TÜV SÜD is a trusted partner of choice for safety, security and sustainability solutions. Since 1866, the company has remained committed to its purpose of enabling progress by protecting people, the environment and assets from technology-related risks. With close to 28,000 employees across more than 1,000 locations, it adds value to customers and partners by enabling market access and managing risks.

By anticipating technological developments and facilitating change, TÜV SÜD inspires trust in a physical and digital world to create a safer and more sustainable future.

www.the-eic.com | energyfocus 15

Special report Energy resilience

Are we ready to rise?

From chaos to clarity – building a world that works

The global energy transition encountered significant headwinds in 2024, from policy uncertainty to capital constraints. As the industry seeks to regain momentum, Tom Wadlow explores how setbacks can be turned into opportunities for a more sustainable future

Energy resilience: Special report

T

he energy transition narrative of 2024 reads somewhat like a cautionary tale.

From faltering net-zero commitments to stalled technological progress, the sector faced unprecedented challenges that threatened to derail decades of progress. Yet within these setbacks lie crucial lessons that could help forge a more resilient path forward.

Juliet Davenport is a climate scientist and renewable pioneer whose contribution to climate action spans more than two decades. After achieving degrees in physics and economics, in 2000 she founded the UK’s first 100% renewable electricity supplier, Good Energy, which she successfully led to an AIM listing in 2012. Having served as President at the Energy Institute, last year she was chosen to advise the UK Government’s Department for Energy Security and Net Zero on delivering its Clean Power 2030 Mission.

Davenport calls 2024 “a challenging year for global innovation investment in the energy transition”, adding: “High interest rates have made long-term investments more expensive, as evidenced by listed renewable funds trading below net asset value and struggling to secure capital.”

IMAGE: ADOBE ILLUSTRATOR AI

Capital constraints and market confidence

The financial headwinds have been particularly severe. Matthew Taylor, Managing Director of Green Giraffe Advisory, points to the cost of capital as the fundamental challenge.

“Capital is the fuel of the energy transition and the dramatic increase in rates has thrown cold water on the commercial viability of a number of segments within the energy transition,” he says. “In turn, for many, there’s been a retreat to core markets and technologies which has, to some extent, stifled deployment of new technology.”

This retreat has hit innovative startups particularly hard.

Tom White, CEO of carbon capture technology developer C-Capture, has experienced these challenges firsthand.

“The broader Tom White, C-Capture investment landscape

Everyone wants a net-zero future, but it must be affordable now.

We must invest in nextgeneration technologies that lower the cost of decarbonisation

2024 has proven to be a challenging year… High interest rates have made long-term investments more expensive, as evidenced by listed renewable funds trading below net asset value and struggling to secure capital

for pre-revenue companies has hit a five-year low,” he explains. “A lack of timely market signals to implement government policy has eroded investor confidence in revenue forecasts.”

Indeed, C-Capture’s situation exemplifies the precarious position that many innovative energy transition companies find themselves in.

Despite achieving its strongest technical year to date, with a successful demonstration of its Juliet Davenport, UK technology on a third Energy expert prototype pilot plant and independent verification of major technical objectives, C-Capture faces an existential challenge.

“We are now ready for the next stage – building £50–100m worth of infrastructure for a first-of-a-kind commercial-scale prototype,” White continues. “However, this falls outside the investment scope of most climate venture capitalists and is not yet de-risked enough to attract infrastructure investors.”

The stakes are high. Without securing a buyer with the necessary vision and funding, the company may need to enter what White calls ‘Sleeping Beauty mode’ – mothballing physical assets and documenting technology in the hope that a future owner can revive the project when market conditions improve. This scenario would not only affect C-Capture’s staff, all of whom are now on notice, but also delay crucial carbon capture innovation at a time when such technologies are badly needed.

Building back better

Despite these challenges, industry leaders, including White, do see the potential for recovery in 2025.

Davenport identifies several reasons for cautious optimism, including the potential easing of interest rates and stronger policy support through initiatives such as the EU Green Deal Industrial Plan and US Inflation Reduction Act. “It is too early to say if 2024 was the bottom of the cycle,” Taylor adds. “In early 2025, we have seen tentative signs of an uptick in project development cadence and in M&A activity. Some of this is supported by fundamentals like the gradual lowering of interest rates.” www.the-eic.com | energyfocus 17

Turning setbacks into stepping stones: The path to a sustainable energy future

However, rebuilding momentum requires more than just improved financial conditions. Indeed, there are calls for a fundamental reset in the way the energy transition is approached.

White emphasises the importance of making sustainable solutions economically viable. “Everyone wants a net-zero future, but it must be affordable now,” he says. “We must invest in next-generation technologies that lower the cost of decarbonisation.”

Bridging the policy gap

• Easing interest rates • Policy support (e.g. EU Green Deal, US IRA) • Signs of growth in early 2025

2024’s energy transition roadblocks • Policy uncertainty • Capital constraints • Faltering net-zero commitments • Stalled technological progress

energy transition is approached.”

The path forward therefore requires striking a delicate balance between maintaining ambitious climate goals and ensuring practical implementation.

But the need for balance cannot be used as an excuse to slow down action.

For companies such as C-Capture, seeking to blaze a trail for the transition to net zero, time is of the essence. “I wouldn’t say policymaking is out of sync with reality, but the process is simply too slow,” says White. “It takes too long for policies to become law, for mechanisms to be translated into revenue support, and for final investment decisions to be made on key projects.”

The disconnect between ambitious climate targets and practical implementation remains a critical challenge.

“We’ve had a lot of targets set,” Taylor observes. “It helps to set long-term expectations, which enables business to assess the scale of the opportunity. However, there is clearly a mismatch between these targets and the scale of deployment, particularly in wind.”

One of the major observations Davenport has made in her work in the energy transition field is the importance of transparent communication between stakeholders.

“There are inherent communication challenges between industry, policymakers and consumers,” she says.

“Each group has different priorities and incentives, Matthew Taylor, Green which can create tension Giraffe Advisory or a disconnect in how the

It is too early to say if 2024 was the bottom of the cycle. In early 2025, we have seen tentative signs of an uptick in project development cadence and in M&A activity

18 energyfocus | www.the-eic.com

Hope on the horizon: Steps to rebuild

Is infrastructure the biggest hurdle?

One important element in rebuilding momentum will be developing robust infrastructure to support the energy transition. As renewable energy penetration increases, the need for flexible, resilient systems

becomes paramount.

“As the percentage of renewable energy on power grids continues to rise worldwide, managing the variability of their output will become increasingly critical,” Davenport explains. “The need for flexibility will grow across various sectors, from domestic flexibility using home heating systems and electric vehicle chargers to industrial flexibility, where large-scale facilities can adjust their energy consumption based on supply and demand.”

This infrastructure challenge extends beyond just power generation and distribution. The success of innovative technologies such as carbon capture also depends on having the right supporting systems in place.

“What we currently lack is a clear and transparent timeline for when industrial sequestration infrastructure will be built,” White notes. “Only when that infrastructure is in place can developmental technologies plan for implementation and generate revenue, providing a clear path to return on investment.”

The investment required for such infrastructure development is substantial, particularly given current market conditions. Taylor emphasises that while long-term growth is important, it is not critical in the short-to-medium term because there is a lot of conventional power that needs to be replaced. That said, he warns that cost of capital and inflation are critical, particularly now that the prevalence of centrally reported revenue models is reducing.

Looking at the UK specifically,

What needs to be done: building back better

Critical infrastructure needs

Energy resilience: Special report

• Affordable, scalable nextgeneration technology solutions • Bridging the policy and net-zero ambition gap • Targeted funding mechanisms (e.g. carbon feed-in tariffs) • Collaboration across sectors

• Flexible power grids • Carbon capture infrastructure • Renewable energy storage

The road ahead: are we ready?

Creating an enabling environment

progress has been mixed. “While the country is a leader in offshore wind energy, with ambitious goals for wind capacity expansion, managing the variability of renewable energy output remains a key challenge,” Davenport observes. “The transition to a more flexible grid is happening, but the current infrastructure and systems are often viewed as not yet fully capable of handling the dynamic, decentralised energy flows that will come with a greater share of renewables.”

The path forward requires not just technological innovation, but also new approaches to funding and implementing these solutions.

For example, White advocates for targeted support mechanisms, such as a carbon feed-in tariff: “A carbon feed-in tariff of £100–200 per tonne would be transformational,” he says.

“It would support early revenues for first-of-a-kind technology demonstrations, reduce CO₂ costs for UK consumers, improve security of supply, and kickstart a UK engineering supply chain for nextgeneration carbon capture modules.”

As the industry looks to 2025 and beyond, the focus must shift from setting targets to creating

• Preparedness of infrastructure to handle renewables • Government and industry alignment for fast-tracking • Readiness for scaling innovative technologies

conditions that enable their achievement.

This means investing in new technologies as well as building the infrastructure, policy frameworks and market mechanisms needed to support them. Only through a joined-up approach can the setbacks of 2024 be transformed into a foundation for a more sustainable and resilient energy future. The burning question now is: are we ready to rise to the occasion?

A view from Aberdeen As Chief Executive of the Aberdeen and Grampian Chamber of Commerce (AGCC), Russell Borthwick represents the interests of 1,300 companies collectively employing more than 100,000 people.

With around a third of its members operating in the energy supply chain, the AGCC represents a region at the heart of the UK’s energy sector. The city is also set to host the UK government’s new GB Energy organisation, tasked with driving clean energy deployment.

For Borthwick, the current energy transition discourse needs refinement. “The energy transition debate needs to mature because, at the moment, it is too polarised,” he explains. “Transition means change over time, and our concern is that the decline of the North Sea oil and gas industry is accelerating before enough scalable and bankable renewable energy projects come into play.”

The region faces a critical challenge in retaining its expertise.

“Aberdeen and our region are home to the world’s best energy supply chain and talent,” Borthwick notes. “What our member companies need

is profitable and secure projects to work on, and at the moment, they are being forced to take on work overseas. This exodus of talent and resources could undermine the UK’s clean energy ambitions.”

While acknowledging the imperative to decarbonise, Borthwick questions the proposed timeline. Currently, oil and gas accounts for around 75% of UK energy use, and even by 2050 and the net-zero scenario, the government’s own Climate Change Committee acknowledges that gas, in particular, will still be part of the energy mix.

The UK’s increasing reliance on gas imports – projected to reach 80% by 2030 – raises additional environmental concerns, as imported LNG brings with it a carbon footprint more than four times greater than that of domestically sourced supply.

For Aberdeen, the opportunity is clear but depends on careful management of the transition. “If we get the pace of the transition right,” Borthwick says, “there is massive potential for the North East of Scotland to become the UK’s clean energy hub.”

www.the-eic.com | energyfocus 19

Feature

Regional outlook 2025

Overcoming hurdles, unlocking potential As the energy landscape evolves, governments and industries must balance security, sustainability and growth amid shifting policies and supply chain challenges. With regions adopting diverse approaches, collaboration is essential to unlock energy potential and ensure resilience. Here, insights from EIC directors and industry leaders across six key regions provide actionable strategies to help stakeholders navigate the complexities of 2025

Europe Balancing security and sustainability Neil Golding, Director of Market Intelligence, EIC London

Across Europe, governments are focusing on creating a more resilient and greener energy system to support climate action goals. However, energy security remains a major consideration as the region looks to reduce its dependence on fossil fuels.

UK policy shifts

Government policy will be an enabler, and in some instances a disabler, for the energy industry. In the UK, the upstream

4,540 energy projects US$3.3tn CAPEX

US$1.03tn US$888bn US$509bn 1,300 energy transition*projects

2,348 mature renewables projects

539 oil and gas projects

US$890bn 353 power/large-scale nuclear projects

*Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

European governments need to start identifying the gaps in the supply chain and working as one to fill them, rather than competing against one another Neil Golding, Director of Market Intelligence, EIC London

20 energyfocus | www.the-eic.com

oil and gas industry saw a significant decline in activity as the government raised taxation levels. This has led some operators to state that they will exit the UK Continental Shelf in the future, and others to put future developments on hold because they are no longer commercially viable. However, support remains for the cleantech sectors, including carbon capture, hydrogen and renewables. This comes not only in the form of subsidy and funding mechanisms, but also from the removal of barriers linked to the planning process.

Renewables, hydrogen and the role of nuclear The EU’s Renewable Energy Directive – mandating that 40% of energy comes from renewable sources by 2030 – is driving growth in solar, offshore and onshore wind. Hydrogen is being supported by

Regional outlook 2025: Feature

funding from EU governments, but this alone will not grow the market.

More effort is needed to develop the end-use market, which is lagging behind hydrogen production project growth. More emphasis has been placed on the development of an integrated grid, which will enhance resilience and reduce vulnerabilities.

Demand for gas will continue and Europe will need to continue to diversify its energy sources and increase its imports of liquefied natural gas from the US, Middle East and Africa. Support for nuclear is growing, as can be seen from the recent German election, and it could have critical role to play in the future energy mix as a clean source of base load electricity.

Strengthening supply chains for a greener future All of this points to a tremendous opportunity for the European supply chain. However, China will remain a significant player in the production of solar panels, wind turbines and batteries. Europe will need to balance dependency on Chinese supply chains with boosting its own manufacturing capacity. European governments need to start identifying the gaps in the supply chain and working as one to fill these gaps, rather than competing against one another.

To accelerate the deployment of green technologies, Europe requires continued government support, funding from both public and private sectors, a fully integrated grid and boosted manufacturing capacity.

Q

Is UK energy policy driving investment away? Martin Copeland, Chief Financial Officer, Serica Energy

The regulatory and fiscal operating environment on the UK Continental Shelf has never been more challenging.

A decade of policymaking designed in close consultation with the industry and appropriate to the realities of a maturing basin was jettisoned after the post-Ukraine invasion price spike.

The implementation of windfall taxes in 2022, and their subsequent tightening under both Conservative and now Labour governments, are taking their toll.

The effects of government policy are not immediate – there are real lag times in an industry where investment planning and cycle times are long – but the signs are clearly there today. The drip-drip of cancelled infill drilling programmes, withdrawn asset life extension projects and constrained budgets is turning into a torrent, with previous basin champions such as Apache announcing their departure, and other major players such as Shell and Equinor merging their

operations to reduce costs and optimise tax positions. It is no exaggeration to state that those companies that have the option to invest anywhere outside the UK will today be choosing to invest anywhere but the UK. Nobody in the industry objects to the sharing of genuine ‘windfall’ gains with the Exchequer, and indeed we hope that the upcoming consultation on post-energy profit levy taxes will result in an equitable but flexible future tax regime.

It is welcome that government now appears to be softening its tone, but the industry urgently needs action, not words.

The results of three interlinked consultations in the next few months will determine the future for an industry that generated more than £10bn of gross added value in 2023 and supports an estimated 200,000 jobs across the country.

Get it wrong, and the same oil and gas will be consumed but the jobs, investment, economic growth and taxes will go to other countries – to the UK’s detriment.

Companies that have the option to invest anywhere outside the UK will today be choosing to invest anywhere but the UK Martin Copeland, CFO, Serica Energy

www.the-eic.com | energyfocus 21

Feature: Regional outlook 2025

The Middle East Optimism in a booming but volatile energy region Ryan McPherson, Regional Director (Middle East, Africa, Russia and CIS), EIC Dubai The Middle East continues to solidify its position as a global energy powerhouse, with 2025 poised to be a year of bold investment and strategic innovation. From mega oil and gas projects to pioneering clean energy investments, the region is showing a dual commitment to both energy security and sustainability.

Investing in a low-carbon future

This optimism is driven by record investment flows across the energy spectrum, particularly in the UAE and Saudi Arabia. The recent announcement that UAE’s NMDC Energy is investing US$500m in offshore wind installation vessels signals how seriously the region is embracing low-carbon opportunities and positioning itself to capture a leading role in global offshore wind markets. This complements ADNOC’s multi-billion-dollar investment in decarbonisation projects, including carbon capture,

(Below) A wind farm in the desert in Jordan

720 energy projects US$1.2tn CAPEX

US$116bn US$95bn US$758bn 88 energy transition* projects

136 mature renewables projects

384 oil and gas projects

US$186bn 112 power/large-scale nuclear projects

*Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

The region must invest heavily in reskilling its workforce to align with emerging technologies Ryan McPherson, Regional Director (Middle East, Africa, Russia and CIS), EIC Dubai

22 energyfocus | www.the-eic.com

utilisation and storage, hydrogen, and advanced digital solutions.

Balancing volatility and long-term sustainability

However, optimism must be tempered with caution. Oil prices remain volatile, with supply concerns driving a recent rally, but growing trade tensions and tariffs have already led to price declines earlier this year amid fears of weakening global demand. This uncertainty puts pressure on regional operators to carefully balance short-term profitability from hydrocarbons with longer-term transition goals.

Key strategies for 2025 To position the

IMAGE: ISTOCK

Regional outlook 2025: Feature

Middle East as a global leader in energy innovation in 2025, a multi-pronged approach is essential: 1. Enhanced collaboration: Governments, national oil companies and international supply chains must work closely to de-risk supply chains, streamline investment processes and accelerate technology transfer.

2. Clearer project pipelines: Clear signals about upcoming low-carbon projects will increase supply chain confidence and encourage international investment and technology partnerships.

3. Digitalisation as a competitive edge: From AI-driven asset optimisation to predictive maintenance and emissions tracking, digital technologies will be critical to reduce costs and demonstrate measurable environmental performance.

4. Future-proofing the workforce: With new clean energy projects ramping up, the region must invest heavily in reskilling its workforce to align with emerging technologies and new business models.

The Middle East’s strategic location, resource wealth and growing innovation ecosystem give it a unique competitive advantage.

However, 2025 will test its ability to adapt – balancing volatile commodity markets with the need to decarbonise and diversify. By embracing collaboration, technology and long-term thinking, the region can turn ambition into action and cement its role as a global energy leader for decades to come.

Q

How can the Gulf unlock its energy potential? Ali Abdulla Al Ali, UAE Country Chair, Petrofac

The UAE and the wider Gulf region can overcome energy challenges and unlock their full potential by strategically integrating innovation and artificial intelligence (AI) across the energy sector. As global energy demand shifts toward sustainability, the region must balance its hydrocarbon wealth with aggressive investment in renewables, energy efficiency and digital transformation.

AI-driven predictive analytics can optimise asset management, reducing downtime and maintenance costs in oil and gas operations. Advanced machine learning models can enhance exploration and drilling efficiency, ensuring maximum resource use while minimising environmental effects.

In renewables, AI can improve grid stability, forecast energy demand and

optimise solar and wind power generation. Moreover, digital twin technology allows for real-time simulation and monitoring of energy assets, improving performance and reducing risks. The region must also focus on fostering local talent in AI and energy innovation through partnerships with universities and technology firms.

Strengthening regulatory frameworks to support AI adoption and data-driven decision-making will be critical in driving efficiency and sustainability.

By leveraging AI and innovation, the Gulf can maintain its leadership in the global energy market while aligning with long-term sustainability goals, such as the UAE Net Zero 2050 initiative. Emphasising collaboration between public and private sectors will further accelerate the transition to a smarter, more resilient energy ecosystem.

By leveraging AI and innovation, the Gulf can maintain its leadership in the global energy market Ali Abdulla Al Ali, UAE Country Chair, Petrofac www.the-eic.com | energyfocus 23

Feature: Regional outlook 2025

(Below) Solar PV farm at Pantai Jambu, Malaysia

Asia-Pacific APAC’s energy shift Azman Nasir, Regional Director, Asia–Pacific, EIC Kuala Lumpur The Asia–Pacific (APAC) region is advancing its energy transition goals while balancing economic growth and energy security. A clear shift towards renewable energy is underway, driven by supportive policy changes and technological advances. Solar power remains dominant, with China and India leading the charge.

Oil, gas and hydrogen expansion Energy security concerns have spurred a surge of liquefied natural gas projects.

3,633 energy projects US$4.5tn CAPEX

US$904bn US$1.5tn US$1.2tn 891 energy transition*projects

1,556 mature renewables projects

750 oil and gas projects

US$931bn

508 power/large-scale nuclear projects *Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

Despite challenges in 2024, policy shifts remain favourable towards energy transition initiatives Azman Nasir, Regional Director, Asia–Pacific, EIC Kuala Lumpur

24 energyfocus | www.the-eic.com

Oil and gas production and terminal developments continue to grow to meet rising demand while fuel diversification is boosting hydrogen, ammonia and biomass co-firing pilot projects in APAC power plants.

China leads in grey hydrogen, but governments are pushing for a transition to blue and green hydrogen, as seen in Malaysia’s Hydrogen Economy and Technology Roadmap. Meanwhile, carbon capture, utilisation and storage (CCUS) efforts are progressing with pilot projects and legal frameworks.

Policy and market growth Despite challenges in 2024, policy shifts remain favourable towards energy

Regional outlook 2025: Feature

transition initiatives. As solar power projects continue to lead the renewables sector, China and India are dominating the global solar PV and wind turbine supply markets.

Battery energy storage is also garnering increasing interest to support clean energy and grid stability.

In 2025, nuclear plant revivals and small modular reactor development will drive low-carbon power options in the power sector.

Although oil and gas remain robust, US tariffs could challenge trade prices with higher inflations.

The sustainable aviation fuel market is set to grow, with Indonesia and Malaysia mandating sustainable aviation fuel blends in commercial flights from 2027. China, India and Korea’s electrolyser and fuel cell supply market will boost green hydrogen production and use across the region. Finalising CCUS frameworks will further establish the development of upcoming CCUS hubs in Southeast Asia (for example in Indonesia and Malaysia).

IMAGE: SHUTTERSTOCK

Stronger energy foundations APAC’s energy transition hinges on modernising grid infrastructures, strengthening the energy supply chain network, and fostering regional partnerships for technology and finance. Government incentives and policy frameworks will be pivotal in solidifying these foundations.

Despite upcoming challenges, APAC’s positive momentum signals a sustainable future for the region in the years to come.

Q

Can Asia lead the way in energy transition? Kenneth Pereira, Managing Director, Hibiscus Petroleum, Malaysia

Energy transition is on the back burner in the US. In Europe, it is in a state of flux – policymakers are trying to keep the green flag flying, but citizens are tired of rising clean energy costs. In China, coal and renewables seem to be in competition (and coal is winning). In Malaysia, the state of Sarawak has a comprehensive clean energy roadmap, founded on hydroelectric power and prominently featuring hydrogen.

In renewables, artificial intelligence (AI) can improve grid stability, forecast energy demand and optimise solar and wind power generation. Digital twin technology allows for real-time simulation and monitoring of energy assets, improving performance and reducing risks. Asia must also focus on fostering local talent in AI and energy innovation through partnerships with universities and technology firms. Strengthening regulatory frameworks to support AI adoption and data-driven decision-making will be critical in driving efficiency and sustainability.

In summary, those charged with pursuing the 2015 Paris Agreement’s goals face strong headwinds as economics and energy security take priority over emission considerations.

A structured energy transition requires a ‘whole of society’ approach. First, climate objectives must consider pathways that are reasonably achievable and affordable by all

stakeholders. Common sense should replace propaganda and commercial motives.

Europe’s confusion provides an opportunity for Asia. The latter needs to recalibrate and make this race a marathon, focusing on planting up core infrastructure (electrical grids) in a disciplined way that does not choke supply chains, and shaping citizens’ mindsets so that small, safe nuclear options can be implemented when technically ready.

Above all, Asia must prioritise energy security to protect economic growth. In Malaysia, we need to review the New Energy Transition Roadmap, asking and answering the difficult questions around the affordability of its stated objectives. Sarawak has a bold plan, with hydroelectricity generation at its core.

Realistically, to fulfil primary energy demand, West Malaysia will have to rely on gas, then liqeufied natural gas, and finally nuclear. Solar should be confined to rooftops for domestic or secondary use.

The sooner we pursue this path, the more optimally we will use scarce financial capital and contribute long-term value to the country.

As Chair of the Association of Southeast Asian Nations for 2025, Malaysia should also take the opportunity to align other member states with independent thinking around climate issues. Together, we should declare what we realistically can achieve (and afford) and sincerely deliver what we declare.

Asia must focus on fostering local talent in AI and energy innovation through partnerships with universities and technology firms Kenneth Pereira, Managing Director, Hibiscus Petroleum, Malaysia

www.the-eic.com | energyfocus 25

Feature: Regional outlook 2025

North America Adapting to a Trump economy Amanda C Duhon, Vice President and Regional Director North and Central America, EIC Houston President Donald Trump’s second term, beginning in January 2025, has brought major shifts in US energy policy, reshaping oil, gas, renewables and trade under the United States-Mexico-Canada Agreement (USMCA).

Oil and gas growth versus renewables slowdown

The administration has doubled down on fossil fuels, relaxing environmental regulations and expanding drilling rights on federal land. This ‘drill, baby, drill’ approach is designed to boost energy independence and liquefied natural gas (LNG) exports. However, oversupply risks could drive down prices and diminish profitability. Ageing oil fields and a plateau in global gasoline demand also present challenges for long-term growth.

Meanwhile, renewable energy faces setbacks. The withdrawal from the Paris Agreement, cuts to federal funding, and tariffs on imports that are crucial to clean energy infrastructure have

delayed project developments, caused financial losses and increased investor uncertainty. The freeze on the Inflation Reduction Act and Infrastructure Investment and Jobs Act funds has further deepened the sector’s struggles.

Trade and regulatory challenges

Trump’s deregulation agenda has boosted traditional energy sectors, particularly LNG, natural gas and nuclear power.

However, tariffs on steel and other imports from China, Mexico and Canada have strained supply chains, driving up costs for businesses and consumers.

Research estimates that US$233bn in

2,806 energy projects US$2.07tn CAPEX

US$634bn US$406bn US$741bn 954 energy transition*projects

980 mature renewables projects

491 oil and gas projects

US$284bn 381 power/large-scale nuclear projects

*Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

The administration has doubled down on fossil fuels, relaxing environmental regulations and expanding drilling rights on federal land Amanda C Duhon, Vice President and Regional Director North and Central America, EIC Houston

26 energyfocus | www.the-eic.com

Regional outlook 2025: Feature

tariffs will be absorbed by US firms, hitting small and mid-sized enterprises the hardest.

Balancing energy growth and sustainability

IMAGE: GETTY

US power demand is projected to rise by 100bn kilowatt-hours by 2025. This, coupled with rising LNG exports, could increase natural gas prices and lead to a coal resurgence, reversing progress toward net-zero emissions. To sustain growth while ensuring sustainability, the US must embrace a balanced strategy that includes: 1. Policy stability: Long-term, consistent energy policies encourage investor confidence and infrastructure development.

2. Diversified energy investments: A balanced mix of oil, gas, renewables and carbon capture and storage (CCS) enhances energy security and affordability.

3. Infrastructure modernisation: Strengthening the national grid is essential to accommodate a diverse energy mix and improve resilience.

4. Research and development: Investments in energy technology can position the US as a leader in global energy innovation.

5. Collaboration and community engagement: Partnerships between government, industry, academia and local communities ensure effective energy transition strategies.

6. Natural gas as a transition fuel: LNG and CCS provide a low-carbon bridge to future renewable energy adoption.

7. USMCA renewal: Strengthening North America’s energy supply chain enhances competitiveness, foreign investment and cross-border infrastructure.

By adopting these strategies, the US can unlock its full energy potential, ensuring economic growth, energy independence and environmental sustainability in an evolving global landscape.

(Above) US President Donald Trump signs executive orders in the Oval Office of the White House

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Feature: Regional outlook 2025

Q The onset of this electrification supercycle is a massive opportunity that can reshape economies Roger Martella, Chief Corporate Officer, GE Vernova

28 energyfocus | www.the-eic.com

How can US manufacturing drive energy growth?

Roger Martella, Chief Corporate Officer, GE Vernova

The US – and the world – needs significantly more electricity. The right policies will enable the country to expand its grid to meet the rapidly growing demand from data centres and other drivers. However, putting more electrons on the grid starts with building and innovating the equipment in the US to produce power. That’s where our manufacturing might matters.

The equipment that powers the grid is the world’s most complex machine, with a legacy dating back 135 years to Thomas Edison. Today, GE Vernova employs 18,000 people in 18 factories in the US, building gas turbines, nuclear fuels and power, renewable equipment, and critical grid hardware and software. These factories and workers are the true foundation of our energy security.

We can deploy this technology to make immediate progress, simply improving what we already have in the US. For example, technology upgrades to just one class of our industrial gas turbines will add 14GW to our system. Upgrading nuclear and restarting decommissioned

sites can add 2GW. And we are ready to upgrade 35,000 onshore wind turbines for more energy output. Beyond that, we must accelerate new base load by deploying advanced gas and nuclear technologies manufactured in US factories with sound policy, permit streamlining and private sector partnership.

Another important area is strengthening our grid – the ‘central nervous system’ of our energy infrastructure. The government must partner with the private sector to modernise and build strategic reserves of critical grid equipment, fostering factory growth and job creation and approaching grid hardening with a strong security mindset.

Finally, we can strategically deploy US-made equipment around the world to bring prosperity and resolve conflicts abroad.

The onset of this electrification supercycle is a massive opportunity that can reshape economies. By returning to our roots in US manufacturing, we can help both the US and the world rise to the challenge.

Net Zero Jeopardy Report II EIC Insight Report 2025

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Feature: Regional outlook 2025

(Left) Pilot green hydrogen project at the University of Rio de Janeiro, Brazil

South America A region on the rise Clarisse Rocha, Director, Americas, EIC Rio de Janeiro South America is emerging as a powerhouse for energy, with significant investments and government backing driving growth.

Brazil pushes boundaries

In Brazil, 2024 marked a turning point as President Lula approved major bills supporting carbon capture and storage (CCS), hydrogen and offshore wind energy. However, hurdles remain, including the need to strengthen regulations, secure financing for CCS

Colombia is holding Latin America’s first offshore wind auction in 2025 Clarisse Rocha, Director, Americas, EIC Rio de Janeiro

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1,839 energy projects US$1.6tn CAPEX

US$293bn US$833bn US$361bn 369 energy transition*projects

932 mature renewables projects

303 oil and gas projects

US$86bn

235 power/large-scale nuclear projects *Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

and hydrogen projects, and prepare for an offshore wind auction in 2025.

Meanwhile, the country is set to invest US$140bn in oil and gas and US$120bn in renewables by the end of the decade, with offshore pre-salt areas in the Santos Basin and the Northeast region offering prime opportunities.

Equatorial Margin: The next frontier

Offshore Guyana and Suriname are emerging as oil and gas hotspots, led

by Exxon’s US$45bn investment in Guyana’s Stabroek block for the deployment of various newbuild floating production storage and

Regional outlook 2025: Feature

offloading units (FPSOs), as well as petrochemical and power infrastructure inland. In Q4 2024, Suriname’s first FPSO project was sanctioned by TotalEnergies, with an estimated US$10.5bn investment to develop the GranMorgu field, aiming to recover 750m barrels of oil. Encouraged by these discoveries, Petrobras plans to expand exploration in Brazil’s Equatorial Margin once licensing is secured in 2025.

IMAGE: ALAMY

Surge in renewables

Colombia is holding Latin America’s first round of temporary occupation permits for offshore wind energy generation, with awards anticipated in December 2025. The country plans to bring 3GW of offshore wind generation online by 2035.

Argentina, under President Javier Milei (elected in late 2023), is showing signs of economic recovery, controlling inflation and introducing new legislation. The country’s new Regime for LargeScale Investments, offering longterm tax and customs incentives, could help to develop the country’s liquefied natural gas export market by commercialising unconventional gas from the Vaca Muerta shale formation.

Chile also offers fertile ground for renewable energy and clean hydrogen development, boasting nearly US$120bn from more than 150 project announcements since early 2024 and signalling strong growth potential across the region.

Q

Is Brazil’s tax maze worth the effort? Felipe Pestana, Partner and Director, Grupo Planus

Brazil’s tax system is notoriously complex. According to the World Bank’s ‘Doing Business’ ranking, a company spends approximately 1,500 hours per year calculating taxes and delivering tax returns in the country.

So, is it worth doing business in Brazil? I’d say yes: it’s a continental country (the world’s fifth largest) and the second most important economy in the Americas. It is home to numerous resources (both renewables and non-renewables) and a population of 210 million people. Brazil is a very interesting market to explore.

To succeed in Brazil, understanding its tax system is crucial. It is highly unlikely that your existing reporting and compliance structure will be equipped to handle local regulation. For example, all transactions are backed up by local invoices, raised in the digital environment of the municipalities or states, and subject to several local tax codes.

A company in Brazil is expected to provide between 60 and 90 tax returns per year. One should expect at least three taxes levied on revenue when selling or providing services, some of which may – or may not – contain VAT-like aspects. Even the ones that can will depend on the tax regimes elected by each company. Notably, Brazil has begun to implement a dual-VAT system, which will eventually make the system more familiar to VAT jurisdiction companies.

Grupo Planus has built a dedicated team and structure to support our international clients with their Brazilian projects. Our goal is to simplify Brazilian bureaucracy and elevate our clients’ knowledge of the Brazilian system, and help them quote accurately and efficiently.

With our support, we can confidently say that while Brazil may be a tough challenge, it’s absolutely one worth taking on.

Understanding Brazil’s tax system is crucial, as existing reporting and compliance structures may not be equipped to handle local regulations Felipe Pestana, Partner and Director, Grupo Planus

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Feature: Regional outlook 2025

Africa

(Below) A solar hybrid power plant in Somalia

Driving Africa’s clean energy revolution: Crucial policy and investment shifts for 2025 Mohamed Adow, Director, Power Shift Africa Africa has some of the world’s most abundant renewable energy resources, but energy access remains a pressing challenge, with more than 600 million people lacking electricity.

Unlocking the continent’s clean energy potential will require bold policy reforms and strategic investment shifts to accelerate deployment while ensuring affordability and reliability.

On the policy front, regulatory reforms are crucial to create an enabling environment for private investment.

Many African nations have outdated energy regulations that deter independent power producers and slow down project approvals. Streamlining bureaucratic processes, ensuring transparent powerpurchasing agreements and allowing more competition in the electricity sector could significantly improve investor confidence. Strengthening regional power integration through initiatives such as the Southern African Power Pool and the East African Power Pool could facilitate cross-border

893 energy projects US$1.2tn CAPEX

US$219bn US$204bn US$509bn 115 energy transition*projects

334 mature renewables projects

322 oil and gas projects

US$286bn 122 power/large-scale nuclear projects

*Energy storage, floating offshore wind, hydrogen, carbon capture, biofuel/sustainable aviation fuel and nuclear (advanced modular reactors/small modular reactors) Source: EICDataStream 2025–2030, March 2025

electricity trade, reducing energy costs and improving grid stability.

Decentralised energy solutions also need greater policy support. Large-scale

Unlocking Africa’s clean energy potential will require bold policy reforms and strategic investment shifts to accelerate deployment while ensuring affordability and reliability Mohamed Adow, Director, Power Shift Africa

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grid expansion alone cannot meet Africa’s growing energy demand, particularly in rural and under-served areas.

Governments must embrace mini-grids, off-grid solar systems and distributed energy resources as viable alternatives, providing incentives for their adoption.

Our experience with a small, off-grid solar power plant that we built in Elan, a rural community in northern Kenya, has proven this to be a viable solution that can be replicated across the continent.

Similarly, policies that promote local manufacturing of solar panels, wind turbines and battery storage systems can reduce dependency on expensive imports and create jobs, boosting growth.

Investment strategies must also evolve to support Africa’s clean energy transition.

The biggest hurdle remains financing: renewable projects often

IMAGE: SHUTTERSTOCK

Regional outlook 2025: Feature

face high capital costs and perceived investment risks. Blended finance models, where public funds and development finance institutions help to de-risk private sector investments, can unlock muchneeded capital. Expanding the use of green bonds and tapping into global climate finance mechanisms such as the Green Climate Fund will provide additional funding sources. Moreover, African governments should foster public-private partnerships to accelerate infrastructure development and leverage innovative financing tools such as pay-as-you-go solar schemes to make clean energy affordable for all.

At COP29 in Baku in 2024, we argued that technology transfer and capacity building are essential in this transition. Africa has significant natural resources, but lags in the technical expertise needed to develop and maintain renewable energy projects. Investing in training programmes and research institutions that focus on renewable energy could help to build a skilled workforce, reducing reliance on foreign expertise.

Establishing partnerships with global renewable energy companies to facilitate knowledge transfer will accelerate the adoption of advanced technologies.

These policy and investment shifts will not only accelerate Africa’s clean energy deployment, but also ensure that the benefits of this transition reach the most vulnerable populations, driving inclusive and sustainable economic growth.

Q

How can Africa better position itself in global climate talks to secure financing and support for its transition?

Africa faces a complex energy dilemma: while it must expand energy access and industrialise to lift millions out of poverty, it is also expected to align with global climate commitments by reducing fossil fuel dependence.

Many African leaders have argued for a “just energy transition” that balances these needs, but securing adequate financing and support in international climate negotiations remains a challenge.

For us at Power Shift Africa, and indeed for the millions of Africans who daily suffer from the consequences of the climate catastrophe, one of the biggest shortcomings of past COP negotiations is wealthy nations’ failure to fulfill their climate finance commitments. The US$100bn per year pledged by developed countries to help poorer nations to transition to clean energy has not materialised, and much of the available funding is in the form of loans, rather than grants. This is unacceptable and unfortunate, and that’s why we have been saying that, to strengthen its position in

global climate talks, Africa must adopt a more unified, assertive approach.

An important strategy is forming strong coalitions, including the African Group of Negotiators and the African Union’s Committee of African Heads of State on Climate Change, to speak with one voice.

Presenting a coordinated, welldocumented case for Africa’s specific energy and financial needs will enhance the continent’s bargaining power.

In addition, African governments should demand more direct access to climate finance, rather than relying on intermediaries such as international development banks, which often impose restrictive conditions. Creating Africabased climate finance institutions can help to ensure that funds reach the projects and communities that need them most.

By strengthening their negotiating positions and advocating for climate policies that reflect their development realities, African nations can push for a global framework that supports both economic growth and a sustainable energy transition.

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Energy Transition Project watch

ONE TO WATCH

US, Texas US$250m Infinium Roadrunner eFuels Facility Infinium’s first-of-akind power-to-liquids eFuels plant will produce sustainable aviation fuel from renewable power and waste CO2 (eSAF), along with eDiesel for the trucking and maritime industries, and eNaphtha for low-carbon plastics.

Infinium’s proprietary electrofuels process will use CO2 captured from Kinetik’s gas gathering and processing system in the Permian Basin as a feedstock. In November 2024, International Airlines Group signed a 10-year purchase agreement with Infinium for eSAF to support its five airlines: Aer Lingus, British Airways, Iberia, LEVEL and Vueling.

Brookfield Asset Management has committed US$1.1bn to advance the deployment of Infinium’s eSAF, eDiesel and eNaphtha projects globally. FID is expected during 2025, contingent on financial support.

Canada, Alberta

UK, Teesside

US$16.5bn Pathways Alliance JV Pathways Alliance CCS Project Pathways Alliance’s development of a carbon capture and storage (CCS) project in Alberta will capture CO2 from up to 20 oil sands facilities in Fort McMurray, Christina Lake and Cold Lake to a carbon storage hub near Cold Lake. CO2 will be transported via a 400km pipeline and stored in a saline aquifer. The developers aim to reach FID in 2025.

US$1bn Alfanar Lighthouse Green Fuels SAF Project The sustainable aviation fuel (SAF) production facility in Teesside, England is expected to produce approximately 180m litres of SAF and 30m litres of green naphtha each year from household and commercial waste.

The project is progressing through front-end engineering design, and FID could take place before the end of 2025.

Brazil, Ceará

Spain, Aragon

US$3.58bn Fortescue Future Industries Pecém Port Green Hydrogen Plant The facility is expected to produce approximately 305,000 metric tonnes of low-carbon hydrogen annually, with a total of 2.1GW of electrolyser capacity installed.

An early investment decision was made in July 2024 – a precursor to an FID being reached, which is expected to take place in 2025.

US$1bn Copenhagen Infrastructure Partners (CIP) Catalina Green Hydrogen Project Phase 1 Initially, CIP will install a 500MW electrolyser to produce more than 40,000 tonnes of green hydrogen annually, and 1.5GW of wind and solar power. Wood is the owner’s engineer, recently shortlisted as one the 16 hydrogen projects in Spain to receive a grant from the ‘Hydrogen Valleys’ programme. FID is anticipated this year.

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UK, South Yorkshire US$800m Fidra Energy Thorpe Marsh Green Energy Hub A 1.4GW/3.1GWh battery energy storage facility is being developed near Doncaster, England.

Sungrow has been contracted to supply its lithium-ion-based battery system for the project. FID is anticipated in April 2025, with the initial battery systems set to commence operations in early 2027.

Project watch: Energy Transition

Netherlands, Rotterdam US$1bn TotalEnergies Aramis Carbon Capture and Storage Project TotalEnergies is developing transport infrastructure to enable offshore storage of CO2 from industrial clusters in the Netherlands. It received US$57.22m in EU funding for its construction.

Contractors who are involved in front-end engineering design include Arup, Petrofac, Peritus International and Arup. FID is anticipated this year.

Greece, Euboea Prefecture

Philippines, Nueva Ecija Province

US$500m Lafarge Olympus Carbon Capture Project The Milaki cement plant in Evia will be retrofitted to capture and liquefy 1m tonnes of CO2 annually. Air Liquide holds the front-end engineering design contract. The project secured €124.5m in May 2023. FID is expected

by December 2025, with start-up planned for 2029.

US$2.25bn Solar Philippines Nueva Ecija (SPNEC) Terra Battery Energy Storage Completion of the first phase, including 4.5GWh battery energy storage, is expected by February 2026. SPNEC has invited bids for EPC contracts to develop photovoltaic and battery storage facilities on the east and west sections of this phase. FID is expected in H1 2025.

10 projects to watch

Australia, Northern Territory,

SOURCE: EICDATASTREAM

Energy transition projects approaching final investment decision in 2025 As the global push for decarbonisation accelerates, several major energy transition projects are advancing toward final investment decisions (FID) in 2025. With billions in planned investment across Europe, the Americas and Asia, these top 10 transformative projects represent critical milestones in the energy transition. From large-scale carbon capture and green hydrogen to battery storage and sustainable fuels, this year will be pivotal in shaping the future of low-carbon energy.

US$8.5bn Allied Green Ammonia Pty Ltd Gove Green Ammonia Project A 3GW green ammonia facility with a production capacity of 2,700 metric tonnes per day is being developed in Gove Peninsula, Northern Territory, Australia. Plug Power is the appointed electrolyser supplier.

As of January 2025, an FID is expected by Q2 2025.

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Renewables Project watch

ONE TO WATCH

UK, North Sea US$1.9bn Flotation Energy Floating Offshore Wind Farm Green Volt Flotation Energy is developing a 560MW offshore wind farm on the former Ettrick and Blackbird oil field site, featuring up to 35 turbines with a rated capacity of 10–16MW. With a 15-year Contracts for Difference Round 6 award for 400MW at £139.93/MWh, FID is expected in 2025.

Contract awards are expected in 2025/2026, and the project is scheduled to go online by 2028/29.

US, Nevada

Germany, North Sea

US$1bn Arevia Power Libra Solar PV Project Arevia Power’s 700MW solar project is located in Mineral County, Nevada. It will also include a 700MW/ 2,800MWh battery energy storage system. The project will operate under a power purchase agreement with NV Energy. The Public Utilities Commission of Nevada has approved NV Energy’s 2024 integrated resource plan. FID is expected in H1 2025.

US$3bn Vattenfall Offshore Wind Farm Nordlicht I (N-7.2) Vattenfall is developing a 980MW offshore wind farm 85km north of Borkum island. LyondellBasell signed a 15-year power purchase agreement for 450GWh of Nordlicht 1’s electricity starting in 2028, supporting its low-carbon solutions, including powering its MoReTec-1 plant in Wesseling. FID is expected in 2025.

Brazil, Minas Gerais

Egypt, Sohag

US$85m Scatec Urucuia Solar Project Scatec is developing a 142MW solar farm in Minas Gerais, with start-up expected in H1 2026 and FID by H1 2025. Financing includes 35% long-term debt, Scatec equity and a US$25.9m short-term facility from the Danish Investment Fund for Developing Countries. Preliminary construction has begun.

US$10bn Masdar West Sohag Onshore Wind Farm In May 2024, Masdar, Infinity Power and Hassan Allam Utilities signed a land access agreement with the Egyptian government to develop a 10GW onshore wind farm project in West Sohag, Egypt.

The consortium is expected to achieve financial closure and commence construction in 2025.

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North Macedonia, Štip US$500m Alcazar Energy Onshore Wind Farm, North Macedonia Alcazar Energy has announced it will invest more than US$500m to develop a 400MW onshore wind farm south of Skopje in North Macedonia. The company plans to achieve a financial close in Q4 2025, with construction expected to start in early 2026.

Project watch: Renewables

Saudi Arabia, Halil Province US$1bn Renewable Energy Project Development Office Al Masa’a PV Solar IPP – NTP Round 5 PowerChina Guizhou Engineering Co. has signed EPC contracts for the Al Masa’a and Al Henakiyah 2 photovoltaic power station projects, with a combined installed capacity of 1.75GW. The scope includes design, procurement, construction, commissioning, operation and maintenance. FID is scheduled for H1 2025.

Azerbaijan, Zangilan/ Jabrayil US$300m Shafag (Jabrayil) Solar Limited Shafag Solar Plant A 240MW solar power plant is being developed in Azerbaijan’s Zangilan/ Jabrayil region. The project site has been cleared and the certification process remains to be completed. FID is expected in H2 of 2025, followed by the start of construction work by Q4 2025.

10 projects to watch

US$1.7bn Copenhagen Infrastructure Partners (CIP) Offshore Wind Farm Taichung Fengmiao CIP is developing a 495MW offshore wind farm 35km off the coast of Taiwan, featuring 33 turbines of 15MW each. Expected to reach FID in 2025, the project secured a 30-year corporate power purchase agreement in 2024 with Sino-American Silicon Products Inc. and Sustainable Energy Solutions.

Australia, Pilbara

Renewable energy projects approaching final investment decision in 2025 SOURCE: EICDATASTREAM

Taiwan, Taiwan Strait

2025 is a pivotal year for the renewable energy sector, with a range of high-impact projects nearing final investment decision (FID). These ventures, spanning offshore wind, solar and onshore wind, are set to unlock substantial investments, helping accelerate the global transition to cleaner, more sustainable energy systems across multiple regions.

US$25bn BP Australian Renewable Energy Hub BP’s project, combining an onshore wind and solar farm, will have installed capacity of 26GW when completed. One of three projects to be awarded major project status by the federal government in August 2024, it will be developed in three phases, with phase one having a planned installed capacity of up to 1GW. FID may occur by late 2025.

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Oil and Gas Project watch

ONE TO WATCH

Belgium, Antwerp US$1.66bn Vioneo Antwerp Polyolefins Complex Vioneo is developing a polyolefins complex in Antwerp, Belgium, with an annual production capacity of 300,000 tonnes of polyethylene and polypropylene, using green methanol as a feedstock. Front-end engineering design work commenced in Q4 2024, with the project expected to reach an FID by the end of 2025 amd operation slated for 2028. Honeywell has secured a contract to provide its advanced methanol-to-olefin conversion technology for the plastic production process.

US, Gulf of Mexico US$5bn BP Tiber Offshore Oil Field BP plans to develop the Tiber field using a semi-submersible floating production unit, which is expected to be an enhanced version of the unit being built for the Kaskida field. With an estimated 4–6bn barrels in place, the field could begin production by 2030.

FID is expected in Q2 or Q3 of 2025.

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Canada, Off Pearse Island

Norway, North Sea

US$8bn Ksi Lisims LNG Ksi Lisims FLNG Export Terminal This 12mtpa floating LNG plant in British Columbia is moving forward with more than US$150m in private equity funding. Project partner Western LNG secured the investment led by Blackstone Energy Transition Partners.

The funding will support final development and front-end engineering, with FID expected later this year.

US$1bn Equinor Fram South Cluster Development Fram Sør is 10–30km north of the Equinoroperated Troll C platform, 70km north-west of Bergen.

It will be a subsea tie-back in the Fram licence tied back to Troll C. In January, Subsea 7 secured a front-end engineering design study contract, with an option to execute engineering, procurement, construction and installation. FID is expected in H2 2025.

Brazil, Santos Basin US$3bn Shell Gato do Mato Shell’s plans for this ultra-deepwater field development include installing a mid-sized floating production storage and offloading unit capable of producing 120,000Boe/d of crude oil and natural gas. The FID is expected between March and April 2025; if it is positive, the project could be operational by the end of the decade.

Nigeria, SW Niger Delta US$750m TotalEnergies Ima Gas Field The field holds reserves of up to 1.6tn cubic feet of gas and will be developed via four wells with a pipeline to shore. The gas from the field will be used as feedstock for Total’s Bonny LNG project. In December 2024, TotalEnergies confirmed that it is committed to reaching an FID on the project during 2025.

Project watch: Oil and Gas

Guyana, Stabroek Block

Mozambique, Rovuma Basin

US$7bn ExxonMobil Hammerhead Oil Field Hammerhead is ExxonMobil’s seventh field development project on the Stabroek Block, featuring a 120,000–180,000bbl/d floating production storage and offloading unit converted from a very large crude carrier.

First oil is planned for Q3 2029, and FID is expected in the second half of 2025.

US$7bn Mozambique Rovuma Venture Coral Norte FLNG Export Terminal The 3.6Mtpa Coral Norte floating LNG development is located in water depths of 2,000 metres. In October 2024, project partner Eni announced that it had secured more financing than initially required to advance the project, bringing it closer to an FID, which could happen in the first half of 2025.

Indonesia, Kutei Basin US$14.8bn Eni Indonesia Deepwater Development Eni’s project consists of four deepwater fields: Gendalo and Gandang in the Ganal concession, and Bangka and Gehem in the Rapak concession. It is expected to reach FID in Q1 2025. A tendering exercise has begun for topside modification services for the GendaloGandang floating production unit.

10 projects to watch

Papua New Guinea, Gulf Province

SOURCE: EICDATASTREAM

Oil and gas projects approaching final investment decision in 2025 Several major energy projects are moving toward final investment decision (FID) in 2025. Spanning deepwater gas fields, floating liquefied natural gas (LNG) and advanced plastics manufacturing, these projects highlight the funding and innovation driving the future of oil and gas

US$9bn TotalEnergies Elk-Antelope LNG Liquefaction Project The project features four electric LNG trains with 6Mtpa total capacity. Gas will be transported to Caution Bay via a pipeline. Worley has completed front-end engineering design work, with engineering, procurement and construction offers due by June 2025. FID is set for Q4 2025, first production for 2028.

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Power and Nuclear Project watch

ONE TO WATCH

Barbados, Saint Philip US$65m HDF Energy Renewstable Barbados Hydrogen Power Plant HDF Energy is developing a green hydrogen power plant in Saint Philip, eastern Barbados, with a capacity of 60GWh per year. The facility includes a 50MW solar PV plant, a green hydrogen production unit and a 128MW energy storage battery. As part of HDF Energy’s flagship Renewstable® hydrogen power plant model, the project is currently in the procurement phase, with an FID expected in Q2 2025.

Canada, Alberta

UK, South Wales

US$300m Varme Energy Alberta Waste to Energy Project This waste-to-energy facility will have the capacity to process around 200,000 tonnes of solid waste annually for the generation of electricity. The government of Alberta provided US$2m funding for front-end engineering design studies, which were completed in December 2024. FID is expected in H1 2025, with construction to start later in the year.

EUS$392bn Last Energy Llynfi SMR Project Last Energy is planning to build four PWR-20 micro modular reactors with a power output of 20MW in Bridgend County, south Wales.

A letter of intent for US$103.7m in debt funding from the US Export-Import Bank has been secured. FID is expected by December 2025, with the first PWR-20 unit targeted for operation in 2027, pending licences and permits.

US, Odessa, Texas

Bulgaria, Kozloduy

Romania, Cernavoda

US$840m NET Power Odessa Gas Fired Power Plant NET Power’s 300MW utility-scale naturalgas-fired power plant will use carbon capture technologies to emit near-zero emissions, including nitrogen oxides, sulphur oxides and CO2. The plant, expected to be online in 2028, will be near Occidental’s Permian Basin operations in Odessa, Texas. FID is expected in Q2 2025, with construction to follow.

US$7.7bn Bulgaria Energy Holding Kozloduy Nuclear Power Plant Unit 5 & 6 Upgrade and Unit 7 & 8 New Build Westinghouse’s AP1000 reactors will be used for construction of Kozloduy’s seventh and eighth 1,760MW units. The project also includes life extension of units 5 and 6. In 2024, Westinghouse and Hyundai E&C were awarded a 12-month engineering contract for licensing, permitting, and project management.

US$8.8bn Nuclearelectrica Cernavoda Nuclear Power Plant Expansion (Units 3-4) FCSA Joint Venture, including Fluor, AtkinsRéalis, Ansaldo Nucleare and Sargent & Lundy Energie, has been awarded a US$3.4bn engineering, procurement and construction management contract.

The project will have two phases: Limited Notice to Proceed and Final Notice to Proceed, contingent on FID finalisation.

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Project watch: Power and Nuclear

Morocco, Al-Wadha Dam

Guyana, Essequibo

UAE, Abu Dhabi

US$525m Office National de l’Electricite Al-Wahda Power Plant The US$595m engineering, procurement and construction contract for this 990MW power plant went to a consortium of China Energy Engineering Corporation and Mitsubishi Power. 20% will be funded by Morocco’s national water and electricity utility, 80% by bank loans and energy financing funds. FID is expected in Q2 2025.

US$500m Government of Guyana Wales Thermal Power Plant (GTE – Phase 2) Guyana’s 250MW combined-cycle power plant in the West Demerara-Essequibo Islands will deliver electricity to Guyana Power and Light under a 20 to 25-year power purchase agreement.

Privately financed, it will be built next to the phase 1 facilities at the Wales Development Zone.

An FID is expected in Q4 2025/Q1 2026.

US$2.5bn Emirates Water and Electricity Company Taweelah C Gas Fired Power Plant A 2,457MW gas-fired power station will be constructed in Taweelah, Abu Dhabi.

The plant will have either a combined cycle or open cycle configuration and will be ready to be fitted with carbon capture technology. Nine companies have been prequalified to bid for development of the project. No FID date as yet.

10 projects to watch SOURCE: EICDATASTREAM

Power and nuclear projects moving forward or approaching final investment decision in 2025 Major power and nuclear projects are set to advance in 2025, with final investment decisions (FID) expected across the globe. From green hydrogen in the Caribbean to nuclear expansion in Europe and liquefied natural gas power in Asia, these developments reflect growing investment in reliable and diverse energy sources

Vietnam, Quang Tri Province US$2.3bn T & T Group Hai Lang LNG Fired Power Plant Feasibility studies are complete and government-approved for this 1.5GW LNG-fired plant in Hai An and Hai Ba. The project is moving to power purchase agreement negotiations and engineering, procurement and construction contractor selection.

Financial close targeted for Q4 2025/Q1 2026.

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Nuclear

Destination Nuclear

Driving global

collaboration and diversity in nuclear Lynne Matthews at Destination Nuclear highlights the importance of global collaboration and diversity to drive innovation and build future energy resilience

(Above) An engineer inspecting a turbine in a nuclear power station

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Destination Nuclear: Nuclear (Right) An operator in a nuclear power station control room simulator

T

he global energy landscape is going through a fundamental transformation, and the UK is at the forefront.

As we transition to a more sustainable energy mix, nuclear power is playing a crucial role in securing reliable low-carbon energy. However, to ensure success, we must not only develop nuclear capability and capacity, but also foster collaboration across the entire energy sector.

Destination Nuclear

Destination Nuclear was established to address the nuclear sector’s growing need for skills, supply chain development and diversity. To achieve the UK’s nuclear ambitions, we estimate that 40,000 more professionals will be required by 2030. Recognising that low awareness of nuclear career opportunities is a barrier, a national task force was created to identify ways to expand the workforce and promote the sector’s varied job opportunities. The programme is dedicated to attracting those who may not have considered nuclear as a career, and aims to build a more diverse workforce.

In February 2024, we launched the first-ever national nuclear recruitment programme – the largest initiative to publicise careers in nuclear at this level.

One of our major priorities is bridging the gap between nuclear and other energy sectors. The challenges we face, such as supply chain resilience, skills shortages and the need for innovation, are not unique to nuclear. By sharing best practices and working collaboratively with the wider energy industry, we can build a more robust and adaptable workforce that is capable of meeting future energy demands.

IMAGES: GETTY

Building capability and capacity across the energy sector

To meet increasing global energy needs, we must look beyond traditional recruitment strategies

and invest in the right skills development pathways. Like offshore wind, hydrogen and carbon capture, the nuclear industry requires a highly skilled workforce. However, the challenge extends beyond technical capability – capacity is equally crucial.

The growing demand for energy professionals means we must ensure a steady pipeline of talent.

Destination Nuclear is addressing this by working closely with all parts of the energy sector to ensure that the most at-risk roles are front and centre of our campaigns. By fostering collaboration, we can use the expertise of multiple sectors to create a workforce that is resilient and future-ready in every type of role.

Driving diversity and inclusion in energy careers

One of the most significant challenges in the energy sector is ensuring greater diversity – particularly increasing female representation. Historically, nuclear and broader energy industries have been male-dominated, but this is changing. Destination Nuclear promotes initiatives to support and encourage more women to consider an energy career through targeted campaign messaging and work with supporting organisations.

My advice to women pursuing careers in energy is to seek mentors, build strong networks and not be afraid to take on

challenges. The energy sector offers vast opportunities for innovation and leadership, and it is essential to have diverse perspectives shaping its future. By fostering a more inclusive environment, we can unlock new ideas and drive progress more effectively.

International collaboration and best practice sharing

The UK nuclear sector has a wealth of expertise to offer the world.

Destination Nuclear is sharing knowledge and best practices on an international scale, ensuring that our expertise can benefit other countries that are embarking on nuclear energy projects. From supply chain optimisation to skills training, our collaborative approach is shaping the future of global nuclear development.

The world can learn two main things from Destination Nuclear: first, a cross-sector approach to skills and capability-building strengthens the entire energy industry. Second, diversity and inclusion are not just ethical imperatives but essential drivers of innovation and sustainability.

By working together across energy sectors, borders and generations, we can build a stronger, more resilient future for global energy. Destination Nuclear is proud to be at the heart of this transformation.

By Lynne Matthews, Programme Lead, Destination Nuclear www.the-eic.com | energyfocus 43

EIC Member Focus HILTI

MY BUSINESS

Ricardo Filho HILTI

as the main point of contact between Hilti and our customers. My day-to-day is very dynamic and involves the integration of various project stages, from sales planning, specifications and bills of materials to the execution of orders. All this is coordinated through cross-functional teams, including sales, engineering, logistics and maintenance, to ensure customer needs are met from end to end.

Sales Manager Ricardo Filho takes Energy Focus behind the scenes at Hilti Can you tell us a little about Hilti?

Hilti is a global company that offers innovative solutions for the construction industry, focusing on productivity, safety and sustainability. We are known for using cutting-edge technology and for our direct sales model, where team members work directly with our customers all over the world.

Our solutions cover diverse applications such as modular supports, anchorages, passive fire protection and much more.

How is a day in your role?

As Sales Manager, I manage the commercial service for major energy projects nationwide, serving

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What are your daily challenges?

Every day brings new challenges, such as aligning expectations between clients and internal capabilities, keeping project delivery schedules on track, and ensuring effective collaboration between teams with different priorities. The biggest daily challenge is balancing all these responsibilities in large-scale, highly complex projects, where every detail is crucial.

What’s your favourite part in working at Hilti?

Seeing the concrete results of teamwork, whether it’s the success of a project or clients’ satisfaction when they realise the value of the solutions we deliver – really being a construction partner for our clients and adding value to their processes.

What has been your greatest achievement as a Hilti employee?

Leading efforts that have resulted in sustainable growth in the energy segment every year. This has been achieved through a well-defined strategy, aligning customer needs with our best solutions and coordinating the team to ensure excellence at every project stage. In addition, we have managed to increase sales by product line, demonstrating the strength and relevance of our portfolio in the market. This achievement is a reflection of teamwork, customer focus and constant dedication to overcoming challenging targets.

What has changed since your first day at Hilti?

I see a constant evolution, both in myself and in the company. I’ve learned to deal with more complex and challenging projects, and Hilti continues to grow, investing in technology and innovation to offer even more efficient solutions to our customers. This culture of learning and innovation is what makes Hilti such an inspiring place to work.

I see a constant evolution, both in myself and in the company. I’ve learned to deal with more complex and challenging projects, and Hilti continues to grow

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