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Vodafone digital learning scheme reaches 1.8 million Ghanaians
 Business News of Sunday, 12 November 2017

Source: Seli Abena Azanku

Vodafone’s digital education platform 'Instant Schools' has reached 1.8 million hits since it was launched a year ago. The online portal, which is part of a strategic approach by the company to promote digital inclusion, is currently creating a revolution across the country.

With a full endorsement from the Ghana Education Service, Instant Schools responds directly to the perennial problem of lack of teaching materials, textbooks, past examination questions and assessment information in many schools across the country.

The initiative is delivering a wide range of basic to advanced learning materials online and gives unlimited access to everyone, from the city to the remote villages.

The Vodafone Ghana Foundation has introduced the platform to over 40 schools in five regions currently; and other schools in the remaining regions are also in line to benefit. It has a zero-rated unique feature, which means all Vodafone users can access it free of charge on the Vodafone Ghana website.

Commenting, on this, Yolanda Cuba, Chief Executive of Vodafone Ghana said:

“This is a landmark achievement and goes to show the power of education as a tool for change.

We are determined to contribute to enhancing the learning experience for students – to give them a smile on their faces - by making learning a memorable experience. We want to be at the forefront of the educational transformation for the present and future generations. It is a commitment we hold dear to our strategy.”

The Instant Schools platform was launched in November last year as part of a commitment by Vodafone to leave noone behind as it strives to entrench its position as the most innovative and creative telecommunications company in Ghana.

Output: Telecommunications company Vodafone has revealed its Instant Schools digital learning platform has achieved 1.8 million hits since its launch last year. The portal offers Vodafone users in Ghana unlimited access to learning materials and is part of the firm's wider commitment to promote digital inclusion in the country. Instant Schools has the backing of the Ghana Education Service, and has been deployed in 40 schools in five regions, with more to follow, according to Vodafone.


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United Therapeutics targets cardiac xenotransplantation
 Heart of a Pig

United Therapeutics is set to take a big step forward in its plans to pursue advances in the field of organ transplantation thanks to a new partnership with the University of Maryland. The company has announced a $24 million research partnership that will help the school establish a center specializing in cardiac xenotransplantation research, the first of its kind in the US.

Xenotransplantation refers to the cutting-edge practice of transplanting organs between different species. Organ shortages are already a very real concern, and they could grow more pronounced in the future. If we're able to genetically modify organs from animals, we might be able to better satisfy demand.

The center, which will be constructed in Baltimore, is set to focus on cardiac xenotransplantation. United Therapeutics is also collaborating with the University of Alabama on research pertaining to kidneys, and Columbia-Presbytarian on lung transplants.

"Xenotransplantation offers hope to thousands of patients who are currently waiting for heart transplants and most of them die waiting for the human organs," wrote Muhammad Mansoor Mohiuddin, director of xenoheart transplantation in the Department of Surgery at the University of Maryland School of Medicine, in email correspondence with Futurism. "Xenotransplantation will provide an alternative to the current available treatment options for end stage organ failure."

The partnership will focus on transplanting pig hearts into human bodies. This concept has been the subject of various studies, including a recent project that was centered around cloned pigs, and a Chinese effort that expects to carry out a successful transplant within the next two years.

"This grant thrusts our Transplant Division into an elite group of centers doing cutting-edge xenotransplantation research," said University of Maryland's chair of the Department of Surgery, Dr. Stephen Bartlett, in a press release. "We now can look forward to exponentially expanding our department's current and new xeno initiatives, creating an even greater impact in accelerating our trajectory of discovery and innovation in medicine."

Xenotransplantation Allows for More Organ Donors

Mohiuddin stressed that both the University of Maryland and United Therapeutics are eager to make this procedure a "clinical reality." This isn't a research project intended to push the limits of what might be feasible; it's an effort to establish how cardiac xenotransplantation might be used in a practical context.

To that end, researchers will address some of the most pressing issues that are stopping people in need of organ transplants from being helped. Mohiuddin describes the human immune system's rejection of animal organs as being a "major barrier" that has prevented the success of this method in the past. However, genetic modification is offering up ways to counteract these issues.

"Due to our ability to genetically modify the pigs to make their organs less immunogenic to humans, and the development of novel immunosuppressive drugs, we are able to prevent or delay rejection," explained Mohiuddin. Genetic engineering also makes it possible to remove any viruses that might infect humans after the organ has been transplanted.

In 2016, Mohiuddin led a groundbreaking trial where immunosuppressive drugs were used alongside immunomodulatory antibodies to allow a baboon to support a heart inside its abdomen (with the original heart intact) for a record-breaking 945 days. Now, the challenge is how to build upon those techniques to transplant animal hearts into human patients that can endure for an even greater period of time.

Output: United Therapeutics has unveiled a $24m partnership with the University of Maryland, focused on cardiac xenotransplantation research. The partners will set up a research centre in Baltimore. Xenotransplantation is the practice of transplanting organs between species. The research will focus on transplanting pig hearts into humans; it is hoped that the procedure will eventually prove a viable alternative to current treatment options for end stage organ failure.


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IBM builds 50-qubit quantum computer
 The announcement does not mean quantum computing is ready for common use. The system IBM has developed is still extremely finicky and challenging to use, as are those being built by others. In both the 50- and the 20-qubit systems, the quantum state is preserved for 90 microseconds—a record for the industry, but still an extremely short period of time.

Nonetheless, 50 qubits is a significant landmark in progress toward practical quantum computers. Other systems built so far have had limited capabilities and could perform only calculations that could also be done on a conventional supercomputer. A 50-qubit machine can do things that are extremely difficult to simulate without quantum technology.

Whereas normal computers store information as either a 1 or a 0, quantum computers exploit two phenomena—entanglement and superposition—to process information differently.

“We are really proud of this; it’s a big frickin’ deal,” Dario Gil, who directs AI and quantum computing at IBM, told MIT Technology Review. Gil made the announcement at the IEEE Industry Summit on the Future of Computing in Washington, D.C., on Friday morning.

IBM has a storied history in quantum computing. The company’s researchers helped create the field of quantum information processing, and it has pursued fundamental research in the area for decades.

It has also been making significant progress toward useful quantum systems, first by making quantum computers accessible through the cloud and developing relevant software tools, and second by showing how even a simple machine can do useful work in fields like chemistry (see “IBM Has Used Its Quantum Computer to Simulate a Molecule—Here’s Why That’s Big News”).

IBM is also announcing an upgrade to its quantum cloud software system today. “We’re at world record pace. But we’ve got to make sure non-physicists can use this,” Gil says.

The announcement should perhaps be treated cautiously, though. Andrew Childs, a professor at the University of Maryland, points out that IBM has not published details of its system in a peer-reviewed journal. “IBM’s team is fantastic and it’s clear they’re serious about this, but without looking at the details it’s hard to comment,” he says.

Output: IBM has said it has developed a quantum computer capable of handling 50 quantum bits, or qubits, and is making a 20-qubit system available via the cloud. The breakthrough was announced at the recent Institute of Electrical and Electronics Engineers Industry Summit on the Future of Computing in Washington. Dario Gil, director of artificial intelligence and quantum computing at IBM, said the 50-qubit machine was a "big frickin' deal". However, other researchers counselled caution, and said details of the device had not been published or peer-reviewed.


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Apple News proves important distribution channel for Telegraph
 Since the Telegraph adapted its paywall model last November, the publisher has become more serious about distributing content to third-party platforms. This is particularly true of Apple News. Since January, Apple News has had the publisher sell ads in Apple News in the U.K.

The Telegraph selects the stories it publishes to Apple News. Since April, it has been using Apple News to drive subscriptions to the 20 percent of its content that is premium. The publisher wouldn’t disclose how many subscribers Apple News has driven. The Telegraph’s Apple News channel gets 5 million unique monthly visitors and delivers 70 million monthly ad impressions, according to the publisher. For comparison, CNN said its Apple News content had 36.5 million unique readers last year.

“Apple News is a channel that consistently and continuously performs well for us,” said Dora Michail, digital managing director for The Telegraph, who joined the publisher in February to manage commercial relationships with platforms.

Apple News, which comes installed on Apple’s iPhones, launched in October 2015 and is still in its infancy. It claims more than 70 million users. One in five U.K. iPhone users considers Apple News as their main weekly source of news, according to Reuters Digital News Initiative.

For the most part, publishers have been pleased with the traffic they get from publishing to Apple News. Not all publishers directly monetize on Apple News, instead sharing an RSS feed of content. Publishers have criticized Apple News for their limited access to user data on the platform, on which Apple has historically kept a tight grip. Facebook, by comparison, has a wealth of user data advertisers can access, so monetization from advertising on Apple News has lagged.

One publisher said the revenue return for the volume of traffic it generates on Apple News is disappointing, and the level of referrals from Apple News to the publisher’s site, where it can more effectively monetize traffic, is less than 0.2 percent. This has led publishers like the Guardian to scale back their partnerships with the platform.

“As a reseller, our relationship with Apple News extends beyond editorial and into commercial; it’s strong on both angles,” said Michail.

Publishers can sell their own inventory on their own Apple News channels and keep 100 percent of the revenue. The Telegraph’s digital sales team of 15 people sells inventory across the network within Apple News, like in the For You section, a personalized feed of news based on a user’s habits; The Telegraph wouldn’t share what cut of revenue it takes from these sales. Apple has previously said it will keep 50 percent of revenue if a publisher opts for Apple to sell its inventory as part of a network buy.

Vodafone and Turkish Airlines are two brands that have advertised on Apple News, which offers display, native and video ad formats. More recently, the two brands have launched vertical video campaigns, brokered by The Telegraph. The vertical video ad plays in between news video stories, accessed when a user swipes right from the home screen to the Today View on their iPhone.

Michail said interest from advertisers continues to grow, saying the growth has been “significant.” “We’re making the market; the product has been around for less than a year,” she said.

Output: UK newspaper the Telegraph has used Apple News to drive subscription to its premium content. The publisher would not disclose how many subscribers the platform has garnered, but said the Telegraph's Apple News channel gets five million unique users a month and delivers 70 million monthly ad impressions. One in five UK iPhone users say Apple News is their main weekly source of news, the Reuters Digital News Initiative said.


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Facebook challenges listings sites with Local events app
 Today the social network is rebranding its year-old Events app to be called Local, which pulls in local business information on top of events created in Facebook.

Local aggregates Facebook’s database of 70 million business pages as well as reviews and check-ins. Via the app, consumers can view recommended bars, restaurants and attractions, look at maps and see nearby friends.

“The new app, Facebook Local, helps you easily find what to do, where to go, where to eat, or what you need—all recommended by the people you know and trust,” said Aditya Koolwal, product manager at Facebook in a statement.

With

Output: Facebook's standalone events app has been rebranded Local and could challenge listings companies such as Yelp and Foursquare. Formerly known as Events, Local aggregates Facebook database business pages, reviews and check-ins, as well as events created on the site. Consumers can use the app to view recommended attractions, refer to maps and meet nearby friends.


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Brands to spend almost £6bn on Christmas advertising
 John Lewis 'Moz the Monster' Christmas ad

Brands are set to spend a record of close to £6bn on Christmas advertising during the final quarter of 2017, representing the most ever spent on ads during the festive period.

According to the Advertising Association, the £5.92bn ad spend would equate to a year-on-year (YoY) increase of 37 per cent since 2010.

“The Christmas season is a time when we see many of the very best, big-budget advertisements appearing in our media,” said Karen Fraser, director of the Advertising Association’s advertising think tank Credos. “As we forecast a record spend from advertisers, many people now see the official start of Christmas as when we hear or see a particular advertisement.”

In a survey of 1,123 UK adults, carried out by Opinion Matters on behalf of the Advertising Association, it was found that 47 per cent of respondents had been moved to tears by a Christmas ad. Furthermore, 33 per cent said that look forward to Christmas ads just as much as they do for any film release, and around 17 per cent have changed plans just to watch the premiere of a Christmas ad.

“Christmas is a key time for advertisers large and small,” said Fraser. “In recent years, marketers of businesses using emotive Christmas advertising have won some of the industry’s biggest awards. Businesses delivering advertising with emotional resonance can be rewarded with powerful, long-term effects into the new year and beyond.”

The link between social media and TV is growing in strength during the period also.

Last year’s Buster the Boxer John Lewis ad became the most shared ad of all-time, generating more than 20m views, and being mentioned more than 30,000 times within two hours of debuting on air.

This year, the retailer will be hoping for similar success with its story of a young boy and his friendship with an imaginary monster, called ‘Moz’, living under his bed.

Elsewhere, Marks and Spencer has drafted in Paddington Bear, Debenhams has a Cinderella story, and Asda’s features a girl and her grandfather visiting a festive food factory, to name a few.

Join us at the 2017 Effective Mobile Marketing Awards Ceremony, taking place in London on Thursday 16 November, to mix with the industry's best and brightest, and raise a glass to the year's best campaigns and solutions. To find out more, and to book your place, click here.

Output: The Advertising Association has said brands are on track for the biggest Christmas ad spend ever, predicted to be £5.92bn ($7.77bn) during Q4. The trade association said the figure was a 37% year-on-year increase since 2010, thanks in part to high-quality, heart-tugging ads. "Businesses delivering advertising with emotional resonance can be rewarded with powerful, long-term effects into the new year and beyond," said Karen Fraser, the director of the Advertising Association’s thinktank Credos. Opinion Matters surveyed 1,123 adults on behalf of the Advertising Association of whom 47% said a Christmas ad had moved them to tears.


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Deutsche Bahn's 'Ideas train' seeks to disrupt how we use rail
 The impending era of driverless rides could prove disruptive for traditional modes of public transport. But, Germany's state-owned railway company thinks it has a solution, and it sounds like a lot of fun -- especially for gamers. It just unveiled plans for a new train complete with a digital coach that packs TVs and game consoles. Deutsche Bahn's "Ideenzug" ("Idea Train") will also boast gym equipment and a play area for kids. The railway firm envisions the project as a way to keep pace with, and even overtake, self-driving cars. (If it thinks autonomous vehicles are a scary prospect, wait till it learns of the Hyperloop).

For people turned off by backward-facing chairs, the train will boast swivelling seats (some of which will also come with bulges on either side for added privacy). Deutsche Bahn is currently showing off a replica of the project. But, making it a reality could prove a tricky prospect, with some claiming that it may not pass security regulations, as reported by German newspaper Süddeutsche Zeitung. The sticking point seems to be the gym equipment, so gaming will likely still be on the cards.

Railway travel is changing elsewhere too, but these modifications have hinged on green energy and faster journeys. India, for example, recently debuted a solar-powered train, while Japan is known for its high-speed bullet trains. But, Deutsche Bahn's project seems retrofitted to accommodate the modern-day traveller. Someone who wants to get in a workout, catch up on work, and indulge in some multiplayer action en route to their destination. All that's missing is Netflix.

Output: Germany's state-owned railway company Deutsche Bahn has unveiled a train it believes could compete with self-driving cars. The Ideenzug or "Ideas train" includes a digital coach with TVs and games consoles, a play area for children and a gym, as well as swivelling seats for passengers who don't like to travel backwards. However, reports in German newspaper Süddeutsche Zeitung suggested some of the innovative train's features, notably the gym may not survive security regulations.


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Adfenix raises $6m in series A to help agents target social media
 Post navigation

A Swedish technology company, Adfenix, that specialises in helping estate agents promote their business and listings on social media has received £4.5m of venture capital funding to expand its UK presence and move into America.

The money has been provided by venture capital firms Notion Capital, Industrifonden, Starbright and Goodfellow.

Adfenix, which operates in the Nordics, UK and Australia, says the funds will be used to grow its existing operations and to expand into the US.

It claims to be able to help estate agents reach potential buyers three times faster using social media, instead of being forced to rely on portals.

Its services are used by UK agencies including RE/MAX and Farrell Heyworth.

The company provides three products. Its Home Booster offering takes property listings from agents subscribing to its services and turns them into targeted adverts on social media. Its Agent Booster service advertises the agency on social media by sharing targeted reviews. There is also an online chatbot service that lets website visitors ask questions and book viewings.

The service costs from around £50 per advert depending on the region.

Gabriel Kamienny, co-founder of Adfenix, said: “We are equipping real estate agents and their clients with the power to sell and buy homes easier and quicker.

“I truly believe that the estate agents of tomorrow are all going to be tech-enabled, and we want to help both traditional agencies to make this leap as well as boosting the new class of hybrid online agencies with their value proposition.”

Jeremy Collins, of Farrell Heyworth, said: “We are able to more than double the number of showings in the first three weeks of a listing when we use Adfenix Home Booster.”

Output: Swedish advertising technology company, Adfenix, has raised $6m in series A funding to expand it business across the UK and America. Adfenix claims that by using social media targeting it can help estate agents to reach potential clients three times faster than if they were to use online portals. Gabriel Kamienny, co-founder of Adfenix, stated that the company aims to equip real estate agents of tomorrow with the tools to be a tech-enabled service.


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UK makes data on corporate property ownership freely available
 Today, HM Land Registry is making available, for free, data on land or property in England and Wales where the registered legal owner is a UK company or corporate body, or an overseas company.

The Commercial and Corporate Ownership Data and Overseas Companies Ownership Data contain more than 3 million rows of data and include the address, company’s name, price paid and country of incorporation along with other useful information.

By making the data available free of charge HM Land Registry is offering citizens and organisations the opportunity to scrutinise the records and discover which companies own land and property in England and Wales.

Today’s release also removes existing cost barriers that have previously restricted the use of the data. This will support growth in the property technology (PropTech) sector and among small and medium-sized enterprises.

Responding to the Government’s commitment to drive innovation in the digital economy, HM Land Registry will be opening up more of its datasets externally and across government to promote economic development, financial stability, tax collection, law enforcement and national security.

Chief Executive and Chief Land Registrar Graham Farrant said:

We are continually striving to make the best use of our hugely valuable data. Our ambition is to become ‘the world’s leading land registry for speed, simplicity and an open approach to data’. The release of two significant sets of data today marks another important milestone in that journey. We will be releasing more datasets in high quality and accessible formats to enable them to be used by anyone with an interest in land and property, supporting the growing digital economy and adding to the nation’s geospatial intelligence.

HM Land Registry is committed to protecting the register while encouraging greater use of the data. To safeguard against possible fraud or misuse, the datasets are being released under licence and require users to register to get access.

Notes to editors

Output: HM Land Registry has made data on land and property owned by companies in England and Wales freely available. The information made available includes company names and addresses; the price paid for land or properties; and country of incorporation. The move is aimed at boosting the growth of the proptech industry and enabling citizens and firms to scrutinise records. Users must register to access the data but it is hoped that greater transparency will promote economic development, financial stability, tax collection, law enforcement and national security.


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ESPN launches Snapchat version of its SportsCenter news brand
 After rolling out daily news shows from NBC News and CNN in recent months, Snapchat is teaming with ESPN to bring a regular sports show to the platform for the first time. But unlike the NBC News and CNN shows, ESPN’s new offering from Snapchat carries the name of one of the network’s biggest brands: SportsCenter.

Output: ESPN has launched its SportsCenter news brand for the Snapchat platform, publishing twice-daily broadcasts during the week, and once over the weekend. Additional episodes will be produced to cover breaking news. The Snapchat versions of SportsCenter will be up to five minutes long and feature several ESPN personalities.


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SpaceX reveals 'BFR' rocket plans for Mars travel
 Elon Musk has outlined more details of his vision for SpaceX's future missions to Mars, during a question and answer session on Reddit.

The firm plans to send two cargo ships to Mars in 2022, followed by four further vessels - two with cargo and two with human settlers - in 2024.

Among the topics under discussion were plans for the firm's Interplanetary Transport System, or Big F***ing Rocket (BFR), as well as life on the red planet.

One of Musk's biggest revelations was his plans for internet on Mars, which he says would even allow settlers to use Snapchat during their stay.

Scroll down for video

Elon Musk has outlined more details of his vision for SpaceX's future missions to Mars, during a question and answer session on social media

SNAPCHAT ON MARS Some users questioned how Mars would be able to communicate and exchange information with Earth. At certain times of the year, there will be a distance of more than 20 light-minutes separating the two planets. Musk suggested that some sort of new 'space internet' would be needed. He said: 'If anyone wants to build a high bandwidth comm link to Mars, please do.' However he also noted that when the planets are closer together, with a minimum distance of three light minutes, data transfer would be less problematic. He added: 'So you could Snapchat, I suppose. If that's a thing in the future.' Advertisement !- - ad: https://mads.dailymail.co.uk/v8/ru/sciencetech/none/article/other/mpu_factbox.html?id=mpu_factbox_1 - ->

Musk began the Ask Me Anything (AMA) session on Reddit discussing the latest addition to his company's arsenal, the 'Big F***ing Rocket' (BFR).

The vehicle, announced in September at the International Astronautical Congress, will be used for faster travel between destinations on Earth, as well as to transport people to Mars.

Fans who took part in the AMA were keen to know more about the Interplanetary Transport System (ITS), which uses the BFR to carry the 'Big F***ing Ship' (BFS) spacecraft.

The reusable booster rocket and spaceship hybrid will be powered by 31 of SpaceX's Raptor engines and will carry people to Mars in 2024.

Musk said that the SpaceX's primary concern is getting the ITS up to spec, to ensure the safety of future colonists, but that other companies will have work on the development of the colony itself.

He said: 'Our goal is get you there and ensure the basic infrastructure for propellant production and survival is in place.

'A rough analogy is that we are trying to build the equivalent of the transcontinental railway.

'A vast amount of industry will need to be built on Mars by many other companies and millions of people.'

Musk began the Ask Me Anything session on Reddit discussing the latest addition to his company's arsenal, the 'Big F***ing Rocket' (artist's impression)

This might include the development of a 'space internet', which would allow colonists to Snapchat from Mars, Musk noted.

He said: 'If anyone wants to build a high bandwidth comm link to Mars, please do.'

However he also noted that when the planets are closer together, with a minimum distance of three light minutes, data transfer would be less problematic.

The firm plans to send two cargo ships to Mars in 2022, followed by four further vessels - two with cargo and two with human settlers - in 2024

He added: 'So you could Snapchat, I suppose. If that's a thing in the future.'

Some changes have been made since the idea for the ITS was first floated in 2016, which Reddit users were quick to pick up on.

The Raptor engines being tested for the journey to Mars were once stated to have about 300 tons of thrust, but this was later reduced to 170.

One user asked why this was the case, and Musk jokingly answered that 'we chickened out.'

But in a more in-depth response, he stated that this was to improve overall reliability, with more engines delivering a lower thrust now being employed.

Musk said: 'In order to be able to land the BF Ship with an engine failure at the worst possible moment, you have to have multiple engines.

'If you just have two engines that do everything, the engine complexity is much higher and, if one fails, you've lost half your power.'

The rocket will be bigger than any other in existence, and will take satellites to orbit, crew and cargo to the International Space Station and even lead manned missions to the moon

The BFR would fly most routes on Earth - New York to Tokyo, for example - in about 30 minutes, and anywhere in under an hour, as well as carrying astronauts to Mars

In terms of a timeframe for development Musk outlined his expectations of how testing will proceed.

Over the next five or so years before SpaceX's first planned launch, the Hawthorne, California, firm will be starting with a full-scale test of short hops of a few hundred kilometres (miles) in terms of height and distance travelled.

The BFR will use 31 Raptor engines (pictured) to produce a liftoff thrust of 5,400 tons, lifting a total mass of 4,400 tons

He added: 'Next step will be doing orbital velocity Ship flights.

'Worth noting that BFS is capable of reaching orbit by itself with low payload, but having the BF Booster increases payload by more than an order of magnitude.

'Earth is the wrong planet for single stage to orbit. No problemo on Mars.

NASA 'CAN'T AFFORD' MARS TRIP NASA's spaceflight boss have admitted the space agency does not have the budget for manned mission to Mars. During a meeting of the American Institute for Aeronautics and Astronautics on Wednesday, NASA's chief of human spaceflight William H. Gerstenmaier revealed the agency was unable to put a date on missions due to the lack of funding. The embarrassing admission comes days after Vice President Mike Pence vowed to usher in a 'new era' of American leadership in space, with a return to the Moon and explorers on Mars. 'I can't put a date on humans on Mars, and the reason really is that at the budget levels we described, this roughly 2 percent increase, we don't have the surface systems available for Mars,' said NASA's William H. Gerstenmaier, responding to a question about when NASA will send humans to the surface of Mars. 'The entry, descent and landing is a huge challenge for us for Mars,' he said. 'We think an unfuelled mars asset vehicle would weigh around 20 tons, that's a 20 fold increase on a rover.' Gerstenmaier also hinted the agency may instead look at returning to the moon instead, and spoke of 'fiscal realism'. 'If we find out there's water on the Moon, and we want to do more extensive operations on the Moon to go explore that, we have the ability with Deep Space Gateway to support an extensive Moon surface program,' he said, according to ars. 'If we want to stay focused more toward Mars we can keep that.' Advertisement !- - ad: https://mads.dailymail.co.uk/v8/ru/sciencetech/none/article/other/mpu_factbox.html?id=mpu_factbox_2 - ->

One of the most upvoted questions posed to Musk was on how he plans to scale the rocket up from a prototype device.

Musk said that scaling wouldn't be a problem, but SpaceX's main focus is on making sure the rockets are reliable and safe.

He said: 'The objective is to meet or exceed passenger airline levels of safety.

Once pressurised, the BFR's cabin volume reaches 825 cubic metres - more than that of an Airbus A380 cabin. Pictured is an artist's impression of the rocket docking with the International Space Station

The nose also houses a central storage area, galley and solar storm shelter to keep passengers safe during dangerous bouts of solar activity

'That will be especially important for point to point journeys on Earth.

'The advantage of getting somewhere in 30 mins by rocket instead of 15 hours by plane will be negatively affected if "but also, you might die" is on the ticket.'

Another question about the BFR's engines, and whether they will be 3D printed, revealed SpaceX has developed an entirely new type of high-strength metal alloy.

Asked about life on Mars itself, Musk claimed that the company is more concerned with the journey than the colony (artist's impression)

Musk said: 'Some parts of the Raptor will be printed, but most of it will be machined forgings.

'We developed a new metal alloy for the oxygen pump that has both high strength at temperature at won't burn.

'Pretty much anything will burn in high pressure, hot, almost pure oxygen.'

Output: SpaceX, the American space exploration company founded by entrepreneur Elon Musk, has given further details of its plans for missions to Mars. In a question and answer session on Reddit, Musk discussed the company's "BFR" ("Big F***ing Rocket") propulsion system, which will be used to propel its spacecraft on interplanetary journeys as well as on intercontinental flights on Earth. The rocket will be powered by 31 of SpaceX's Raptor engines and full tests are planned over the next six years. The company intends to send cargo ships to Mars in 2022 and the first human settlers in 2024.


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Ping An plans to invest $1bn in global fintech, health start-ups

Listen: "Jonathan Larsen Explains How Chinese Insurance Giant Ping An Wants To Invest $1B In Global Tech Start-Ups" https://media.blubrry.com/chinamoneypodcast/p/assets.chinamoneynetwork.com/wp-content/uploads/20171113141817/china-money-network-2017-11-13.mp3

For Jonathan Larsen, an 18-year Citi veteran, joining China’s Ping An Insurance (Group) Co. was like an army general being asked to lead a small, elite squad. As Global Head of Retail Banking and Mortgages at Citi, Larsen oversaw a global team of 80,000 employees. But when he joined Ping An this May as Chief Innovation Officer and CEO of the US$1 billion Ping An Global Voyager Fund, the team was just him and his assistant on his first day.

But his responsibilities and opportunities are possibly greater than ever. As CEO of Ping An’s new Global Voyager Fund, Larsen is leading a growing team of professionals to deploy US$1 billion to companies globally to help the Chinese insurance giant’s drive toward becoming an innovative conglomerate. On top of that, as chief innovation officer of the whole group, Larsen works with the senior management team to make sure that Ping An comes out as a leader of innovation ahead of its competitors in the mid- to long-term.

"Its a welcome change and it’s very energizing to come to a new domain with very different mission and agenda. Even though the scope of people management is different, the nature of the roles are actually complimentary," Larsen told China Money Network at Ping An’s Hong Kong office at the International Finance Center.

Ping An, the country’s largest insurer by market value, launched its first overseas fund – the Global Voyager Fund – to primarily invest in fintech and healthcare technology globally, with US$1 billion to be allocated by the parent group. The fund has an ambitious objective: to fully invest the US$1 billion in the next three to four years in companies that will "move the needle" for Ping An’s innovation objectives.

"The Global Voyager Fund is one of many levers for driving innovation within Ping An," says Larsen. "It’s about making investments in companies that have distinctive technologies, platforms and models that could achieve success and have strategic relevance for Ping An’s existing and new business."

For fintech, Larsen says that he is most concerned with three parameters when considering a potential investment: the technology, how that technology is likely to unlock value, and what is the synergy between the technology and Ping An. A positive investment needs to click all three boxes.

Personal and business lending platforms, business model innovations and insurance tech space are some of the areas that Ping An is particularly interested in, Larsen says. In September, Ping An Global Voyager Fund made its first investment in European fintech company, 10x Future Technologies, a fintech company founded by former Barclays CEO Antony Jenkins. The company focuses on providing holistic technology solutions to banks that allow them to keep their APIs and data in one place. Such a platform could be integrated in Ping An’s own bank and its Ping An Financial OneConnect, a platform under Ping An tasked with exporting the fintech capacity of the group to other financial institutions.

In healthcare, Ping An has paid attention to the use of artificial intelligence (AI) for diagnostics, helping physicians shape treatment paths, as well as the use of wearables, and mobile technology for adherence monitoring and follow-up consultations. Ping An, of course, has a healthcare insurance business in China and also owns Good Doctor, a personal health mobile app with 500,000 daily active users. Any investments in these areas would likely have an attractive strategic component for Ping An, Larsen says.

subscribe to China Money Podcast for free in the iTunes store, or subscribe to our weekly newsletter. Read an interview Q&A below. Alsoto China Money Podcast for free in the iTunes store, orto our weekly newsletter.

Q: You joined Ping An in May as chief innovation officer and also the CEO of the US$1 billion Ping An Global Voyager Fund. What’s the biggest change from your past retail banking role at Citi?

A: During the last four and half years, I have been running the global retail banking group at Citi. From front to back, I had about 80,000 people working for me one way or another, so it’s a big change to come to a small team (at Ping An). In fact, I had (only) my assistant and me for the first day. But of course, Ping An is a huge group itself with 325,000 staff and 1.2 million life insurance agents, but our fund is new as we are starting from scratch and building up our team.

Its a welcome change and it’s very energizing to come to a new domain with very different mission and agenda. Even though the scope of people management is different, the nature of the roles are actually complimentary as I was in touch with new fintech technologies at Citi already.

Q: You have two roles at Ping An, as chief innovation officer and CEO of the Global Voyager Fund. How do they overlap or differentiate?

A: As chief innovation officer for Ping An overall, I’m here to help the group to continue to innovate and to find new technology, new platforms and new approaches that can be integrated into their businesses. That include companies in China and internationally.

The Global Voyager Fund is one of many levers for driving innovation within Ping An. It’s about making investments in companies that have distinctive technologies, platforms and models that could achieve success and have strategic relevance for Ping An’s existing and new business.

Q: Is this a corporate venture fund?

A: It is a corporate venture fund and our objective is strategic. Via a minority investment in a company we want to achieve some form of partnership that’s going to be helpful to our businesses.

Q: When you say the Ping An Global Voyager Fund is one of many levers for driving innovation, how would you describe the coordination among all those levers?

A: Ping An has dozens of business lines and each runs with high level of autonomy, coupled with a disciplined KPI system. It’s the most disciplined KPI system I have ever seen in my career, actually, a very detailed and very vigorous system to drive what they need to deliver.

Q: Give us an example. For Ping An Global Voyager Fund, what’s your KPI?

A: That’s an interesting thing, I think I am the only person in the company apart from the chairman that doesn’t have KPI. My agenda is much more open. But the important part is that innovation comes from bottom up and from within, it comes from strategic partnerships, it’s from ideas we generate from group level that can be injected into the businesses, and also the partnership we are creating through the voyage fund.

Q: When the fund was established, did it require government approval as it’s an offshore investment platform?

A: It’s entirely Ping An’s capital, and we’re actively investing as we speak. The fund is using capital Ping An already has overseas, so it’s completely compliant with the foreign exchange requirements and any other approvals that are required for deploying capital internationally.

Q: Let’s talk about one of the fund’s focus area, fintech. What are some specific areas in this sector that you’re most optimistic about?

A: Typically, we apply three lenses: Where is the innovation; where is that innovation likely to unlock real value; and what is it going to give the most leverage and be most relevant to Ping An?

There could be areas that look like a really good opportunity internationally, but maybe less relevant in China. For example, in the International remittances area, obviously China has currency controls and not all of the remittance products that we see in the U.S., Europe or U.K., could simply be applied in a direct way. So that limits opportunities (and won’t be very relevant to us).

Q: Could you give us a couple of examples of companies that fit all those criteria you just described?

A: I’ll tell you about the first deal that we’ve just announced, which is an investment in a company called 10x Future Technologies that was set up two years ago by Anthony Jenkins, who is the former CEO of Barclays and has 30 years experience in retail banking and credit cards.

The company aims to help banks build contemporary tools, APIs and data lake construction that allows structured and unstructured data to be kept in one place. It solves the problems faced by large-scale banks, which have many layers of legacy technology components that are very expensive and complicated.

Q: What is the strategic part of this investment?

A: Well, Ping An has its own bank and we also have a very interesting business called Ping An OneConnect, which is a business that tries to leverage Ping An’s capabilities and make them available to other players within the China market, with 200 banks joining. So Ping An could take the 10X platform and make that part our core component.

Q: How many companies have you talked to so far for investment purposes?

A: It’s about 250 so far in the past five months. 10X is our first investment and we have a very robust pipeline. Our focus is global and our primary purpose is to look outside China to find leading platforms that we can then bring to China.

We’re very interested in personal and business lending platform, model innovations and the whole insure tech space. We think that insurance is definitely going to experience fundamental changes in delivery technology over the next three to five years. For example, when you leave the country, your phone knows and trigger travel insurance as needed. Also, low price-point insurance, theft insurance personal accident insurance and travel insurance could also be applied with innovative delivery technology.

Q: Let’s move on to healthcare, what specific areas in this market are you focusing on?

A: Ping An has its own health insurance business in China, we also own Good Doctor, which is the largest tele-medicine platform in the world with 140 million users and 500,000 daily active users. We’re very active in working with municipalities in China in the government health insurance space. We also have a clinic enterprise business that supports about 30% of the clinics in China around the world.

We’re seeing a lot of very interesting innovation, the use of artificial intelligence (AI) for diagnostic triage, for helping the physicians shape the treatment path, the use of wearables, and the use of mobile technology for adherence monitoring, or for follow-up consultation. Imaging is also very interesting. The technology still has some way to go, but it’s at the point where it’s investable and very close to being commercializable on the large scale.

Q: For companies like Good Doctor, what’s your thinking on if there is a way to actually monetize this type of apps?

A: I think there are many channels for delivering revenue. For example, a British tele-medicine platform is actually used as part of the government health insurance program, where it actually is reimbursable by the government health insurance platform. Also, the New Zealand government right now is using a U.S.-based company called healthTap to build tele-medicine as part of its national health delivery strategy.

We see models in the U.S. where platforms such as Good Doctor are able to charge directly for patients and are able to recover costs, or the patients are able to recover costs through private health insurance. There are product sales that can go with consultations for a user base large enough, and obviously there are advertising opportunities and so forth.

Q: What’s the most important criteria when you make investments, is it the technology or the synergy with Ping An?

A: Of course we want to deploy money efficiently and get a fair return but the overriding rationale is strategic relevance.

Generally we’re not interested in very early-stage companies as a direct investment opportunity. Typically we want to see companies that are three to seven, or three to ten years old, we want them to have a product, client base and a revenue base however small, or the ability for future profitability, as well as being stable with mature management that we think can really build a business.

Q: Let’s talk about artificial intelligence, across all the different sectors, what are the most promising application of AI that you see right now ?

A: Well, I think we’ve seen a lot of good applications in image recognition also we’ve made pretty good progress in facial recognition. Ping An uses facial recognition for people logging into the online sites or getting a loan from us. We match your face against a government database of faces to eliminate identity fraud in combination with other variables.

We’ve clearly seen decent advances in fraud analysis and credit analysis using AI techniques or machine learning techniques, as well as interactive voice replacing a lot of call center functionality.

Q: Let’s talk about investing in non-Chinese companies as a Chinese investor, how do you think the recipients of Ping An’s capital perceive you?

A: For Ping An, the astonishing part (for people unfamiliar with the company) is the width of its business, the far-reaching vision for both financial and healthcare sectors, and also how Ping An can be re-positioned as a technology company in the future in terms of how it uses data, machine learning and artificial intelligence.

From my experience, our capital is extremely welcome. We approach companies to learn, to take advantage and to leverage the innovation they created.

Q: Recently, China banned initial coin offerings and also the Chinese central bank is rumored to be preparing to issue their own cryptocurrency，what’s your view of cryptocurrency development in China?

A: I think the whole crypto phenomenon is very interesting and I don’t like the idea that you can just make up your own currency and expect it to fly as a medium of exchange. I think the way that the global monetary system works today is that central banks are in charge of the supply of money and I can’t see any basis on which responsible central banks would be willing to give up that control.

So that raises a separate question: Would it be possible to express central bank issued currencies in the form of an algorithmic currency? I think the answer is quite promising. If you think about it, today currency is virtualized already and there’s no physical instrument that transfers in many situations. I think that will be the future.

About Jonathan Larsen: Jonathan Larsen joined Ping An Group this May as the company’s chief innovation officer and CEO of Ping An’s US$1 billion Global Voyager Fund. Prior to Ping An, Larsen worked at Citi for 18 years, last as the company’s global head of retail banking and mortgages.

(China Money Network reporter Pan Yue also contributed to this article.)

Output: Chinese insurer Ping An is planning $1bn worth of investments in fintech and healthcare startups. The firm is planning to make the investments within the next three or four years with the goal of increasing its technological clout. As well as insurtech, the company is also interested in new innovative banking and lending platforms. Ping An will also look for AI-powered health start-ups as well as companies using data analysis with wearables and mobile technology.


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Opioids kill more in the US than Aids at its peak: Zuckerberg
 The “biggest surprise by far” from Mark Zuckerberg’s listening tour of America is the extent of the opioid crisis, the Facebook CEO said on Friday.

“It’s really saddening to see,” he said, referencing the 64,000 people who died from drug overdoses last year.

“That’s more people than died from Aids at the peak of the Aids epidemic. That’s more Americans that died in the whole of the Vietnam War. It’s more people than die of car accidents and gun violence I think combined, and it’s growing quickly,” he added.

Zuckerberg’s eyes welled up as he talked about his encounters with communities affected by the crisis. He described sitting down with a group of recovering heroin addicts in Dayton, Ohio, and hearing a woman say how when she was an addict her objective with shooting up was to get as close to death as she could without dying. He mentioned another man whose thought upon seeing his friend overdose was “I wonder who that guy’s dealer is because that must be really good stuff”.

“So this is like ... just intense,” said Zuckerberg, speaking in a 50-minute Q&A at the University of Kansas.

Zuckerberg made his comments about opioid addiction the day after former Facebook president Sean Parker used the language of addiction to criticize the social network, stating that features such as the “like” button were designed to give users “a little dopamine hit”.

The Facebook CEO also highlighted the impact of opioid addiction on the broader community, including the strain on police resources and the employable workforce, referencing an Alabama shrimp fisherman who couldn’t find people to work on his boat because so many people were hooked on opioids.The “good news”, he added, is that there is a roadmap for dealing with these kinds of crises – as demonstrated by France, which had its own opioid crisis in the 1990s and 2000s.

Zuckerberg and his wife Priscilla Chan have pledged billions to tackling disease through their philanthropic organization the Chan Zuckerberg Initiative. The Guardian contacted the organization to find out if it would be allocating any funds to tackling the opioid crisis, but received no response.

The tech CEO’s photogenic trip around 30 states in America to meet people in communities outside of his Silicon Valley bubble has led many to speculate that he plans to run for president – something the CEO and the company have repeatedly denied.

For Zuckerberg, many of the answers lie not in government, but in the vague concept of “community” – which conveniently ties into the company’s updated mission statement, announced in February.

The year-long trip around the country has had a profound impact on how Zuckerberg views himself and his approach to tackling complex problems.

“I started this year as an engineer and now I’m wrapping it up thinking of myself as more of a community builder too,” he said.

Being a community builder as well as an engineer requires the ability to not only solve problems but to “share values” and “support people”, he explained.

Zuckerberg highlighted some of the positive communities on Facebook that bring parents or sufferers of rare diseases together, without mentioning the way that the social network provides a handy way for neo-Nazis to organize.

The tech billionaire’s failure to acknowledge the downsides to technological development has led some, including Elon Musk on the topic of artificial intelligence, to criticize him as naive. However, towards the end of the session Zuckerberg explained where his relentless optimism comes from.

“Optimists tend to be successful and pessimists tend to be right,” he said. “If you think something is going to be terrible you are going to look for data points to prove you are right. You will find them. That’s what pessimists do.

“But if you believe something can work […] you are going to look for a way to make it happen. Even when you make mistakes, even when people doubt you, you are going to keep pushing forward and make it happen.”

“The world is full of pessimists right now. There’s no doubt we face a lot of challenges and we have a lot of responsibility and work to do. But we also have a responsibility to remain optimistic so we can solve these problems because optimists are the only ones that will.”

Output: More people in the US are dying from opioid overdoses today than from Aids at the peak of the epidemic, with the numbers fast growing, according to Facebook's Mark Zuckerberg. He also warned of the more broader knock-on effects of opioid addiction, including the strain on police resources and a reduction of the employable workforce. The statements come amid rumours of Zuckerberg's intention to run for the presidential office. "We have a responsibility to remain optimistic so we can solve these problems, because optimists are the only ones that will”, said Zuckerberg.


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Tesla introduces its insurance scheme to New Zealand
 Tesla to expand its insurance programme to New Zealand

Posted on 12 November, 2017

Tesla has created a customised insurance program, InsureMyTesla, that claims to be cheaper than traditional plans because its specifically tailored to their advanced safety features, such as the Autopilot system. InsureMyTesla is already available in twenty countries and is underwritten by insurers partnering with Tesla. In New Zealand, Tesla is partnering with Vero Insurance. The insurance package demonstrates how the insurance industry is bound for disruption as cars get safer with self-driving capabilities. Until then, Tesla’s safety features should theoretically reduce insurance rates. However some Tesla owners have reported that they have been paying higher than average premiums to drive their electric cars. Tesla CEO Elon Musk has said that insurance agencies should adjust their prices for Tesla vehicles because the cars come with Autopilot, the company’s advanced assisted feature. “Not to the exclusion of insurance providers but if we find that insurance providers are not matching the insurance proportionate to the risk of the car, then if we need to, we will in-source it,” Musk said in February. The deal with Vero Insurance shows how New Zealand insurance agencies are starting to understand that they must adjust their prices as cars get safer. In the near future Tesla hopes to package the price of insurance and maintenance into the price of future vehicles. “It takes into account not only the Autopilot safety features but also the maintenance cost of the car,” Jon McNeill, Tesla’s vice president of sales and services, has said of InsureMyTesla. “It’s our vision in the future we could offer a single price for the car, maintenance, and insurance.” For more information click here.

Output: Tesla has introduced its insurance scheme for its vehicles to New Zealand, following the company's roll out of the scheme in the US. InsureMyTesla, the company's scheme, is billed as providing cheaper coverage than other insurance providers due to the fact it takes into account the car manufacturer's auto-driving functionality. Tesla will be partnering with Vero Insurance in New Zealand for the latest roll out of the coverage. InsureMyTesla is now available in more than 20 countries.


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Innogy upgrades Galloper wind farm
 German energy company Innogy has upgraded the power rating of its Galloper wind farm to 353MW from 336MW.

The developer said it had secured an extra 17MW of power across the project after working with Siemens Gamesa to boost the output of the project's 56 turbines to 6.3MW from 6MW.

Innogy also achieved first power at Galloper on 5 November.“We have generated in record time having built the offshore part of the project in a single year which is a fantastic achievement. It has been a superb team effort from everyone involved,” said project director Toby Edmonds.The developer has installed some 33 turbines at the project, with Swire Blue Ocean's Pacific Orca and Fred Olsen Windcarrier's Bold Tern are both on site continuing installation.

Output: German energy firm Innogy has worked with Siemens Gamesa to increase the output of its Galloper wind farm wind farm turbines from 6MW to 6.3MW, resulting in a power rating rise to 353 MW from 336 MW. The 56-turbine project generated its first power on 5 November.


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EDF Energies Nouvelles commits to 251 MW in India
 EDF Energies Nouvelles (EDF EN) has commissioned eight renewable energy plants in India with a combined capacity of 251 MW, the company announced today.

The renewables arm of French energy major EDF SA (EPA:EDF) has commissioned five wind parks totalling 164 MW in the state of Gujarat. Together, the wind farms consist of 82 turbines that have the capacity to power 460,000 local homes. EDF EN built the plants through SITAC Wind Management and Development, a 50/50 joint venture with the SITAC Group. Each wind farm has a 25-year power purchase agreement (PPA) with local utility Gujarat Urja Vikas Nigam Ltd (GUVNL).

EDF EN also said it has commissioned three solar power stations totalling 87 MWp. Two of them, each with a capacity of 36 MWp, are located in Uttarakhand state. The company’s 50/50 joint venture with EREN Renewable Energy, namely EDEN, holds a 49% stake in each plant, while local partners Omkar Powertech India Private Limited, Profigate Infra Gasoline and Rays Power Infra own the remaining 51%.

The third solar park, of 15 MWp capacity, is located in Madhya Pradesh and is wholly-owned by EDEN. Each of the three plants has a 25-year PPA with local transmission system operators.

The eight new renewable energy facilities bring the EDF group’s total solar and wind capacity in India to nearly 371 MW, EDF EN said. The group aims at 100 GWp and 60 GW by 2022, respectively.

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Output: EDF Energies Nouvelles has commissioned eight energy plants in India boasting a combined capacity of 251 MW. The portfolio comprises five wind parks in the state of Gujarat, three solar power stations in Uttarakhand state and a solar park in Madhya Pradesh. EDF said the additional projects take its total solar and wind capacity in India to 371 MW, against a target of 60 GW by 2022.


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New Energy Solar targets $230m from upcoming listing
 Australian investment company New Energy Solar is targeting up to AUD 300 million (USD 230m/EUR 198m) in proceeds through its upcoming listing on the Australian Stock Exchange, it said on Thursday.

The company and Walsh & Co, the representative of the New Energy Solar Fund, have filed with the Australian Securities & Investments Commission (ASIC) an offer document for the public offering of stapled securities and options. They hope to raise up to AUD 200 million and possibly accept oversubscriptions for a further AUD 100 million, a news statement says.

The offering will consist of a Retail Offer, scheduled to open on November 10 and expected to close on November 27, and an Institutional Offer. The final price of the stapled securities that will be issued is to be determined by an institutional bookbuild.

New Energy Solar plans to use the proceeds from the offering to finance the recently-announced acquisition of a solar portfolio in the US from Cypress Creek Renewables (CCR). The said portfolio includes 14 solar projects in North Carolina and Oregon that should be completed by the end of next year.

A portion of the proceeds may also be used to fund future opportunities, including a currently reviewed project pipeline that represents a direct current (DC) capacity of more than 3,000 MW in Australia and the US.

New Energy Solar presently owns two solar plants in North Carolina and a further two in California with a combined DC capacity of 225 MW.

(AUD 1.0 = USD 0.766/EUR 0.661)

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Output: Australian company New Energy Solar said it hopes to raise up to AUD300m ($230m) via a listing on the Australian Stock Exchange. In filings to the Australian Securities & Investments Commission, New Energy Solar said its public offering comprised a retail offer, running from 10-27 November, followed by an institutional offer. The company aims to raise AUD200m, with the possibility of another AUD100m if oversubscribed. The funds will be used to finance the portfolio acquisition from Cypress Creek Renewables, as well as future opportunities.


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Tata Power's renewables unit doubles Q2 profit
 Indian utility Tata Power Co Ltd (BOM:500400) on Monday reported a net profit of INR 1.73 billion (USD 26.7m/EUR 23m) for the renewables business in India in its second quarter through September, growing from INR 860 million a year back.

The improvement came thanks to an increase in profits from renewable energy acquisitions, Tata Power said on Monday. The Indian group currently has activities in 13 Indian states.

Tata Power’s CEO and managing director Anil Sardana noted that Tata Power will continue to add renewable energy projects to its portfolio and keep its positions as the largest renewable energy group in India.

The utility has set a goal between 30% and 40% of its total capacity to come from clean energy sources by 2025. According to its website, Tata Power owns 3,180 MW of renewable energy assets, including 936 MW of solar and 1,140 MW of wind parks.

(INR 10 = USD 0.154/EUR 0.133)

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Output: Profitable acquisitions in the renewable energy industry have helped drive Tata Power to a net profit of INR1.73bn ($26.7m) during the three months to September, up from INR860m in the year earlier period. The utility has 3,180 MW in assets, including 936 MW of solar and 1,140 MW of wind. It plans to continue adding to its portfolio, and has set a target of between 30% and 40% of its energy capacity to come from renewable projects by 2025.


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Iberdrola renewables unit EBITDA stalls in first 9 months of 2017
 The renewables business of Spanish utility Iberdrola (BME:IBE) generated EBITDA of EUR 1.14 billion (USD 1.32bn) in the first nine months of 2017, flat on the same period of 2016.

The division's average operating capacity expanded by 4% due to increases in the UK, Brazil and the US, but output declined marginally, by 0.5%, to 24,478 GWh, impacted by lower average load factors, mainly in Spain and Mexico. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 34.7% in the UK and 3% in Brazil and Mexico. In the US, they declined 0.6% but this market now has the largest share - 36%, in the company's renewables earnings.

More details on the performance of the Iberdrola Renewables business are in the table.

EUR million 9-mo 2017 9-mo 2016 Revenue 1,874.9 1,821.8 Gross profit 1,705.2 1,659 EBITDA 1,142.8 1,143.1 EBIT 495 498.5 Pre-tax profit 395.8 372.4 Net profit 334.1 313.7

In the nine-month period, the renewables segment provided 21% of Iberdrola's EBITDA, the second largest contribution after networks with 57%. Renewables, however, got the biggest portion, 48%, of Iberdrola's investment in the period. The company stepped up investment by 31.5% compared to a year ago to EUR 3.99 billion. At the moment, it is building 7,361 MW of capacity to be commissioned by 2020, including 1,412 MW onshore wind, 1,064 MW offshore wind, 336 MW solar and 978 MW hydro. The figure also includes 3,571 MW of combined cycles and co-generation capacity.

At the end of the period, Iberdrola's installed capacity was about 48 GW, 60% of which from renewable sources, led by onshore wind with 15.4 GW and including 12.5 GW of hydropower.

The company's overall EBITDA declined by 5.1% to EUR 5.44 billion, which was attributed to lower hydropower production in Spain and lower demand and margins in the UK's liberalised market. Net profit grew 18.4% to EUR 2.41 billion, aided by a capital gain related to reorganisation in Brazil.

(EUR 1 = USD 1.157)

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Output: In the first nine months of 2017, Spanish utility Iberdrola's renewables arm has generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €1.14bn ($1.32bn), flat compared to the same period in 2017. The renewables division was responsible for 21% of Iberdrola's EBITDA and received the greatest investment, with €3.99bn. The company's EBITDA in the UK rose 34.7%, while in Brazil and Mexico it was just 3%.


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EON Renewables profit falls 20% as offshore wind earnings slump
 The renewables division of German utility E.on SE (ETR:EOAN) has experienced a 19.7% year-on-year decline in adjusted EBIT to EUR 248 million (USD 288m) for the first nine months of 2017.

Adjusted earnings before interest and tax (EBIT) at the Onshore Wind/Solar segment decreased slightly to EUR 62 million from EUR 66 million, in part because of volume-driven earnings declines in Italy and the UK. The result at the Offshore Wind/Other segment was EUR 57 million lower in January-September 2017 due to the adverse effect of unfavourable wind conditions in the UK and the absence of a book gain registered in 2016.

The table below gives more details about the performance of E.on’s Renewables division in the third quarter and nine months.

Results in EUR million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Adjusted EBIT (loss) 248 309 43 55 - of which Onshore Wind/Solar 62 66 (15) 13 - of which Offshore Wind/Other 186 243 58 42 Adjusted EBITDA 508 584 122 138 - of which Onshore Wind/Solar 209 229 27 57 - of which Offshore Wind/Other 299 355 95 81 Sales 1,130 1,022 420 342 - of which Onshore Wind/Solar 691 567 302 220 - of which Offshore Wind/Other 439 455 118 122

Overall, the energy group booked an adjusted net profit of about EUR 965 million in the nine-month period, which is more than 50% above the prior-year level. Adjusted EBIT was down 8% to EUR 2.1 billion, but in line with expectations.

“All key figures and developments are in line with our planning. We therefore reaffirm our forecast for full-year 2017,” said CFO Marc Spieker.

(EUR 1.0 = USD 1.159)

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Output: The renewables arm of German utility EON said nine month 2017 profit fell with 19.7% to €248m ($288m). Onshore wind and solar earnings slipped to €62m from €66m, while the offshore wind/other category dropped by €57m from a year earlier period to €299m because of unfavourable wind conditions and a book gain from 2016 that wasn't repeated. EON as a whole reported a net profit of €965m, a gain of 50%, and CFO Marc Spieker said the company was in line to meet its full-year 2017 forecast.


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EDF looks to expand Brazilian renewables portfolio to 2 GW
 EDF Energies Nouvelles (EDF EN) is targeting a portfolio of 2 GW of renewables in Brazil in the coming years, Reuters reported on Wednesday.

Brazil is one of the eight priority markets for the company. It is planning to invest roughly BRL 6 billion (USD 1.8bn/EUR 1.6bn) in new wind and solar projects there, Brazilian unit head Paulo Abranches said at a meeting with Brazilian journalists.

The expansion in Brazil will be organic with acquisitions not being in the company's plans. Deals will only happen when there is a very attractive opportunity, Abranches added.

Currently, the company has 600 MW in the states of Bahia and Minas Gerais, of which 350 MW are in operation and the remaining 250 MW are in construction. This alone represents around BRL 3 billion in investments and the BRL 6 billion would come in addition to that, EDF EN noted.

(BRL 1 = USD 0.307/EUR 0.265)

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Output: French company EDF Energies Nouvelles is planning to invest about $1.8bn in renewable energy in Brazil and aims to boost its portfolio to 2 GW. The company's Brazilian chief Paulo Abranches said expansion would be "organic" rather than through mergers and acquisitions, with deals taking place only when there is an attractive opportunity. EDF has 350 MW of capacity operating in Brazil and 250 MW under construction.


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Canadian Solar and EDF link solar plants to Brazil's grid
 Both projects are part of the 399 MWp pirapora projects located in the state of Minas Gerais in Brazil, which were awarded a 20 year PPA following Reserve Energy Auctions in 2014 and in 2015.

Pirapora I is being powered by 600,000 Canadian Solar high efficiency CS6U-P modules, while the Pirapora III has 290,000, generating 392 Gwh and 186 Gwh respectively of solar energy, both tying into Brazil’s goal of achieving 23% of its energy generation from non-hydro renewables by 2030.

EDF energy acquired an 80% interest in both Pirapora plants from Canadian solar, as well as in the 115 MW Pirapora II project, expected to be in operation by mid-2018.

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“This acquisition constitutes further evidence of our growth ambitions in Brazil, a key renewable energy market,” Commented EDF energy CEO Antoine Cahuzac on the large-scale acquisition by EDF energy “It represents a new step toward the EDF group’s goal of doubling its renewable capacity worldwide by 2030.”

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc commented on the advances made on the projects “We are pleased to announce the commissionings of the Pirapora I and III projects, which are the first solar projects we have connected to the grid in Brazil. We see strong potential in the solar energy market in Brazil and will continue to grow our project pipeline in the country to meet the local demand for clean and affordable solar energy. EDF EN is an important partner and we look forward to continuing our successful partnership with more opportunities in Brazil and other countries.” Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

Output: EDF Energies Nouvelles and Canadian Solar have connected their Pirapora I and Pirapora III 284 MW solar energy plants to Brazil's grid. The plants, part of a 399 MWp (Mega Watt peak) initiative in the country's state of Minas Gerais, will contribute towards Brazil's target of generating 23% of its energy from non-hydro renewables by 2030. The 115 MW Pirapora II plant is set to become operational next year.


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Cities pledge zero emissions by 2050
 The mayors of 25 pioneering cities, representing 150 million citizens, have pledged to develop and begin implementing more ambitious climate action plans before the end of 2020 to deliver emissions neutral and climate resilient cities by 2050. These plans will ensure the cities deliver on their share of emissions reductions required to realise the ambition of the Paris Agreement.

In concrete terms, these climate action plans, developed with the support of C40 Cities, will help the world’s largest cities cut their emissions steeply over the next decade, and reach net-zero emissions by 2050. The plans will also demonstrate how each city will adapt and improve its resilience to climate-related crises and extreme weather events. Finally, the plans will detail the wider social, environmental and economic benefits for all citizens, of taking climate action.

The C40 member cities that have made this pioneering commitment, are: Austin, Accra, Barcelona, Boston, Buenos Aires, Cape Town, Caracas, Copenhagen, Durban, London, Los Angeles, Melbourne, Mexico City, Milan, New York City, Oslo, Paris, Philadelphia, Portland, Quito, Rio de Janeiro, Salvador, Santiago, Stockholm & Vancouver.

In delivering the Deadline 2020 programme C40 will be working in collaboration with other leading city initiatives such as The Carbon Neutral Cities Alliance to achieve long-term emission reduction goals across more cities.

C40 Cities today also announced that they will provide direct support to nine African megacities in developing unprecedented, robust and evidence-based long-term climate action plans that align with the goals of the Paris Agreement. This project (Cities Matter: Capacity building in sub-Saharan African megacities for transformational climate change mitigation) is part of the International Climate Initiative (IKI). The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) supports this initiative on the basis of a decision adopted by the German Bundestag.

The cities supported through this initiative are: Accra, Cape Town, Addis Ababa, Dar es Salaam, Durban, Johannesburg, Lagos, Nairobi and Tshwane.

“The Paris Agreement is very clear on what needs to happen to take courageous climate action,” said Mayor of Paris and C40 Chair, Anne Hidalgo. “Mayors of the world’s great cities are shaping the century ahead and paving the way for a better, healthier and greener future. Mayors do what they must do, not what they can, and these plans and policies are an excellent example of our state of mind. With the support of key partners, like BMUB and C40, African cities are playing a leading and decisive role in delivering on the ambition of the Paris Agreement.”

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Output: Mayors representing 25 cities, home to a total of 150 million citizens, have pledged to reduce their carbon emissions to net zero by 2050. The cities will also adopt measures to become more resilient to climate change. The plans, which will be developed in partnership with the C40 Cities network, will be in place by 2020. Separately, the Global Covenant of Mayors for Climate and Energy said their pledges would reduce carbon emissions by 1.3 billion tonnes per year by 2030. The Covenant also launched a new global standard for monitoring and reporting urban emissions, to be implemented from 2018.


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UK's Labour to include climate change risks in economic forecasts
 The risk posed by climate change would be factored into projections from the government’s independent economic forecaster if Labour took office, the shadow chancellor will announce on Tuesday.

John McDonnell will highlight the human and economic costs of manmade climate change, calling it the “greatest single public challenge” and say the government should include the fiscal risks posed by global warming in future forecasts.

The landmark change would, for the first time, put climate change on an equal footing with other complex challenges affecting the public finances such as demography.

Under a Labour government, the Office for Budget Responsibility would be given total independence, McDonnell will announce, saying the forecaster would report directly to parliament rather than the Treasury.

Speaking at the Institute for Public Policy Research on Tuesday, McDonnell will say that meeting the challenges of climate change will require “a transformation of our institutions and how our economies are run”.

McDonnell said that Labour “wants to ensure that the overwhelming challenge of climate change is addressed from the very centre of government. This includes the potential losses to the public finances.

“The public deserve to know what impacts we might expect on the national purse from the degradation of our environment. Sound, responsible economic management should already be accounting for this.”

Labour Treasury sources said the party wanted to ensure that long-term impacts of climate change and environmental damage, including effects on food prices, flooding and loss of productivity in more frequent extreme weather, could have a direct impact informing economic policymaking.

McDonnell will argue that the effects of manmade climate change are already having an economic effect. Costs in recent years have included more frequent flooding, which the Environment Agency estimates now costs £2.2bn annually.

Over the summer, the Bank of England said it had begun its own investigations into the extent of the banks’ exposure to the effects of climate change, announcing it was “initiating a review of climate-related risks in the UK banking sector”.

Several other authorities in Europe, including in Germany and Sweden, have also been examining the financial consequences of climate change. But the UK would be the first country in the world to mandate the assessment done by an independent fiscal council.

Under Labour, the OBR would be given additional resources to deliver the best economic modelling of environmental impact, McDonnell will say. “It will become a new centre of expertise for environmental macroeconomics,” he will say.

The shadow chancellor said he would “guarantee and reinforce that independence of the OBR by making the body report to parliament rather than the Treasury.

“We want the public, whether businesses or voters, to be absolutely confident that the public finances are properly scrutinised and managed.”

Environmentalists welcomed the proposal though cautioned that the effects of climate change could not all be given economic value.

Greenpeace UK’s chief scientist, Dr Doug Parr, said the change would “help concentrate the minds of future governments on the urgency and scale of the challenge” of climate change on the economy.

“Major companies and financial institutions have already started factoring in the impacts of climate change in their forecasts, so it’s right that the UK government should do the same for the public purse,” he said.

“Not all environmental degradation can be translated into monetary values, but if you just look at the billions of pounds of damage caused by floods, you can see why the impact of climate change on the government’s balance sheets cannot be ignored.”

Michael Jacobs, director of the IPPR commission on economic justice, said the change would be an important shift. “Over the last few years the Bank of England has been telling the financial sector that it must report on the investment risks arising from climate change,” he said.

“It is very welcome that Labour is now signalling that government – through the OBR – should do the same with its macroeconomic forecasts. This is an important way to ensure that climate change is properly integrated into economic policy.”

Friends of the Earth CEO Craig Bennett said the change would be “welcome news” and said the effects of climate change “could easily dwarf the huge financial crisis from which the world is still recovering.”

The WWF also backed the change and said other parties should follow. “All political parties need to ensure long-term planning for the environment is at the heart of their programmes,” Karen Ellis, WWF’s chief advisor on economics and development, said.

Output: Climate change risks will be factored into government independent economic forecasts in the event of the UK’s opposition Labour Party taking office. Speaking at the Institute for Public Policy Research on Tuesday, shadow chancellor John McDonnell will state that climate change is the “greatest single public challenge” and will call on governments to include the fiscal risks of global warming in forecasts, placing the threat on an equal footing with other challenges that have an impact on public finances. McDonnell will also announce that Labour would make the Office for Budget Responsibility entirely independent, while providing it with greater resources.


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Congo’s peatland carbon sinks at risk from logging
 Stumbling on submerged roots, attacked by bees and wading waist-deep through leech-infested water, the three researchers and their Pygmy guides progress at just 100 metres an hour through the largest and least-explored tropical bog in the world.

The group halt and unpack what looks like a spear, which is plunged over and over again into the waterlogged forest floor. Each time it brings up a metre-long core of rich, black peat made up of partly decomposed leaves and ancient plantlife. The deepest the steel blade reaches before meeting the underlying clay is 3.7 metres.

Leeds University forest ecologists Simon Lewis and Greta Dargie cheer. The peat bed below the tangle of trees and water in the geographical heart of Africa is much deeper than they expected; and because peat stores carbon and slows global warming, their new research conducted last week in the Democratic Republic of the Congo (DRC)will be welcome news for the 194 countries meeting in Bonn for the annual UN climate conference.

Lewis and Dargie surprised the world earlier this year when they showed that the peatlands on either side of the Congo river contained one third of all the world’s tropical peat and were five times more extensive than anyone had thought, stretching over 145,500 sq km (56,000 sq miles), an area larger than England.

Since 2012, the two researchers have spent months at a time wading through bogs and sleeping on makeshift platforms built above the crocodile-infested swamp forests in the Cuvette central region of the neighbouring Republic of the Congo. “We would see elephant feet and gorilla hands imprinted in the peat. We were increasingly in awe that a remote, almost unknown, wilderness such as this could still be found on Earth today,” said Lewis.

Working mainly in the dry season, they took more than 500 peat samples, and calculated that the central African peatlands hold 30.6 billion tonnes of carbon accumulated over 10,000 years – the equivalent to three years of the world’s fossil fuel emissions. This would make them one of the world’s most important carbon “sinks”, they said.

But their new exploratory research, conducted with the Congolese botanist Corneille Ewango, 50km from Mbandaka in DRC, suggests that central Africa’s inaccessible forest swamps could be even more important as a global carbon storehouse than they thought, and could need a global initiative to research and protect them.

Campaigners from Greenpeace and the local community of Lokolama are fighting to preserve the precious carbon stores. Photograph: Kevin McElvaney/Greenpeace

“While the extent of the peat is known, its depth is not. There is just no data. We are a long way from really knowing how much is there and need to do more research,” said Dargie.

“Maintaining these large stores of carbon must be a global priority. Only with strong scientific data on the peatland, and how it behaves or might react to future changes, can governments establish baselines and protections in international agreements to ensure it is preserved,” said Greenpeace forest campaigner Matt Daggett.

There is growing understanding that the fate of carbon sinks like the Congo basin peatlands will determine future climate change. If left alone, they are vital collectors of CO 2 ; but if the forests above them are felled and the land is converted to farming, as has been widely practised for the past 30 years in south-east Asia, then the dried-out peat emits vast quantities of CO 2 and intensifies climate change.

Tropical peatland stores around 2,000 tonnes of carbon per hectare but this has been barely recognised by governments which have continued to promote intensive farming on peatlands.

The draining of south-east Asia’s peat swamps and the felling of its trees has been a climate disaster, say scientists. Two months of intense peat fires started in August 2015 to clear land for palm oil and pulp and paper plantations in Indonesia released an estimated 884m tonnes of carbon dioxide, more than the European Union in its entirety emitted that year.

The Congo basin forest, the second largest in the world after the Amazon, has been relatively protected by its inaccessibility, but environmentalists say it is highly vulnerable and its peat could easily be destroyed. Pressure is building, they say, from logging companies and European governments to lift a 15-year-old moratorium on the allocation of new industrial logging concessions.

Logging on swamplands is prohibited in the DRC but, says the Rainforest Foundation UK (RFUK), Congolese legislation does not precisely define what constitutes a swamp. Its analysis suggests 3.4bn tonnes of carbon could be emitted if the concessions become active.

According to Greenpeace, nearly half of the DRC’s current logging concessions are in breach of the law because their permissions have run out and they do not have approved management plans. These concessions overlap around 10,000 sq km of peat swampland.

“If this forest is cut, there will be decomposition of the peat and vast quantities of CO 2 will be released into the atmosphere, said Dagett.

The Congolese government, which has welcomed the scientists, is cautious about further protection. “There must be a balance between the forests and development. It comes down to money,” said Joseph Katenga, forest adviser to Amy Ambatobe, the minister for the environment and sustainable development.

But communities living close to the carbon-rich swamps near Lokolama have welcomed the discovery of peat, hoping it would attract money to better protect their forests which they traditionally use for fishing and hunting.

“As indigenous people, peatlands are part of our heritage and their discovery for the world to see represents a great hope for future generations,” said Valentin Egobo, who speaks for the Lokolama community.

Researchers have been gathering data in the area since 2012. Photograph: Kevin McElvaney/Greenpeace

“We hope our government will support us in our role as guardians of this ancient forest and provide us with the needed support to safeguard peatlands for our children and for the world.

“We did not know the peat was there. This is very important for us but we also need development. Our schools are dilapidated. We are marginalised and impoverished,” Egobo added.

The future of the DRC rainforest may be determined next month when the Norwegian government is expected to decide whether to fund a French Development Agency plan to expand “sustainable” industrial logging in the region. This would allow local communities to benefit from their resources, according to the agency.

But Greenpeace, RFUK and a petition signed by 135,000 people in Norway and the UK have condemned the plan. “Norway risks putting globally significant stores of carbon at risk through misguided support for so-called sustainable forest management in DRC. Instead of expanding large-scale timber-felling, Norway should work with the Congolese government to shut down the half of the country’s logging areas which the law requires to be closed and returned to the state,”, said Simon Counsell, the director of the RFUK.

The need to protect the forests above the peatlands was emphasised last week by a major report showing that there is 40% more carbon stored in forested lands than in known fossil-fuel deposits worldwide.

“Releasing this carbon into the atmosphere through continuing deforestation not only commits us to the worst impacts of climate change, but also results in the loss of a globally important carbon sink.

“Protecting the carbon stored in forests is no different than taking action to ensure fossil deposits like coal stay underground,” said the report’s lead author, Martin Herold of Wageningen University in the Netherlands.

Output: Central Africa’s peat beds, which store 2,000 tonnes of carbon per hectare and slow global warming, need a global initiative to protect them, according to scientists. The peatlands contain one third of the planet's total tropical peat, making them one of the world’s most important carbon “sinks”. However, if forests continue to be felled for agriculture, the peat will dry out, releasing huge amounts of CO2 and intensifying climate change. Logging companies and European governments are currently calling for a 15-year moratorium on new industrial logging concessions in the region to be lifted.


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UK's new grid charge plans could increase bills for solar users
 With 13 GW of solar installed in the U.K., much of it atop more than 1 million rooftops, PV is poised to play a huge role in electricity generation this summer.

The U.K.’s residential solar sector is facing further cost pressures following the publication of new plans by energy regulator Ofgem to increase network charges for PV households.

The plans are part of a wider overhaul of the U.K.’s electricity network, specifically how it is funded, by 2020. Households currently pay an average of around £120 a year towards maintaining the grid. This figure is levied as part of the unit rate that is charged by utilities for electricity that is supplied to homes via the national grid.

In short, homes that buy more power contribute more in upkeep towards the grid. Solar households obviously buy less power from the grid, because they are able to generate their own electricity for much of the day. Hence, their overall financial contribution to grid upkeep is less than average.

Ofgem is now arguing that this is an unfair situation, particularly in winter when households with solar panels installed will still be as reliant on the national grid as non-solar households.

“We want to make sure that all users pay a fair share of the costs, even if they are only using the networks when their on-site generation is not producing electricity,” said Ofgem senior partner Andrew Wright. The Ofgem proposals are to either make all households pay a fixed charge for connection to the National Grid, or alternatively to link the charge to the maximum capacity drawn from the grid at peak times. If the latter model is adopted, solar homes are likely to pay more than they currently do, while also resulting in lower bills for non-solar consumers.

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Another controversial proposal outlined by Ofgem would be to impose a fee on households that want to fast-charge their electric vehicles (EVs) at home during peak times. The regulator’s concerns are that EV charging during peak hours will deliver additional strain on to the grid, thus necessitating costly upgrades in the region of billions of pounds.

“When one set of consumers pays less, it increases charges for others, including those that are in vulnerable circumstances,” added Wright.

If the proposals are enacted they could impact up to one million households that currently have solar panels installed. While some homeowners enjoy favorable FIT rates, many of the newer installations have very little in the way of subsidy, meaning such regressive charges could have a net negative financial impact on their investment.

Output: Energy regulator Ofgem's plans to increase grid charges could increase bills for solar powered households. Ofgem plans to reform the UK electricity network by 2020 and aims to rebalance present pay structures. Currently, households that generate solar power pay less for grid upkeep as they use less power, but Ofgem believes that as these homes will use the grid in winter, the payments should be the same as non-solar households. Households will either pay a fixed charge, or be charged for maximum capacity taken from the grid in peak periods. This will likely raise costs for the approximately one million solar-powered homes in the UK.


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Germany to operate hydrogen-powered trains by 2021
 In this Sept 20, 2016 file photo visitors look at an Alstom hydrogen-powered train at the InnoTrans international trade fair for transport technology in Berlin. Rail passengers in northern Germany will be able to travel on the world's first hydrogen-powered trains in four years' time. French engineering giant Alstom says it has signed an agreement to deliver 14 fuel cell trains to LNVG, a rail company in Germany's Lower Saxony state. (Serene Stache/dpa via AP)

Commuters in northern Germany will be able to travel on the world's first hydrogen-powered trains in four years' time.

French engineering giant Alstom says it has signed an agreement to deliver 14 fuel-cell trains to LNVG, a rail company in Germany's Lower Saxony state.

The trains will begin operating on routes between Cuxhaven, Bremerhaven, Bremervoerde and Buxtehude from December 2021.

Alstom said Thursday that the Coradia iLint trains will have a range of up to 1,000 kilometers (621 miles) and a maximum speed of 140 kilometers per hour (87 mph).

Hydrogen engines emit only water vapor and are considered one of the cleanest forms of transportation. The trains will replace diesel vehicles on non-electrified tracks.

There are plans to produce the hydrogen using electricity from Lower Saxony's many wind turbines.

© 2017 The Associated Press. All rights reserved.

Output: The world's first hydrogen-fuelled trains will be available on LNVG services on several German train lines by the end of 2021. French engineering firm Alstom is contracted to provide 14 Coradia iLint trains to the rail company. The trains have a range of up to 1,000 km and operate at a maximum speed of 140 km per hour. The only by-product of the trains' hydrogen fuel cells is water vapour, making them a clean replacement for diesel trains on non-electrified tracks.


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Greece installs first large-scale solar plants in two years
 Greece’s Hellenic Petroleum, a company that focuses mainly on the supply, refining and trading of petroleum products in Greece and abroad, has installed the country’s first large-scale, ground-mounted PV installations since 2015.

The newly added capacity comprises two PV plants of 1 MW and 4 MW each respectively, while a third 3.6 MW PV plant is also installed and will connect to the grid in the following days.

pv magazine reported in June that Hellenic Petroleum had secured financing to develop 190 MW of combined solar PV and wind power capacity in Greece.

This is not to suggest that Hellenic Petroleum has achieved an innovative business model that allows it to install subsidy-free PV plants. The company has only used Greece’s new policy framework for the support of renewable energies. The new policy is based on auctions and rewards successful projects with feed-in premiums. Greece’s inaugural tender under the new policy scheme ran in December 2016, awarding 40 MW of projects.

All in all, this is a rather significant step for Hellenic Petroleum, which is not famous for its engagement with renewable energies. Hellenic Petroleum Renewable Energy Sources, a wholly owned subsidiary of the parent company, was founded in 2006 aiming to invest in renewable energies, but until a few weeks ago the company had installed a mere 1.4 MW of photovoltaics and 7 MW of wind power capacity.

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Hellenic Petroleum’s new 1 MW plant was connected to the grid 8 months ahead of the time specified in the auction rules, while the two larger plants were built 14 months ahead of a similar time requirement.

Another company that failed massively to engage with renewable energies under the old scheme based on generous feed-in tariffs, is Greece’s incumbent utility PPC. Similar to Hellenic Petroleum, the PPC has also announced belated plans to invest is solar, however PPC’s strategy is far from secure because the company has not been awarded tender projects.

Greece’s government has not announced a new renewable energy auction, however some solar PV activity also takes place in the country via its net metering scheme.

Output: The first large-scale solar plants to be installed in Greece since 2015 have been completed. The three PV plants, built by Greek oil firm Hellenic Petroleum, have a combined capacity of 8.6 MW. The company was not heavily involved in renewables prior to the projects, having installed a total of just 1.4 MW of solar PV. The three facilities were developed under the Greek government's new policy framework for renewables, an auction system with feed-in premiums for successful projects.