Dubai / WAM Dubai Electricity and Water Authority (Dewa) has enhanced integration between different energy resources in its smart grid through its Virtual Power Plant (VPP), the first of its kind in the region. The first phase has aggregated the Distributed Energy Resources (DERs) operated by Dewa’s R&D Centre, and managed them as a single mixed portfolio of generation ...

Bloomberg Exxon Mobil Corp posted its best-ever profit, reaping the rewards from surging commodity prices as supply disruptions run headlong into rising demand and consumers feel the pinch. Second-quarter adjusted earnings of $4.14 per share beat the $3.98 forecast by the Bloomberg Consensus. Net income reached $17.9 billion, surpassing the previous record set in 2008. The biggest North American oil ...

Bloomberg Engie SA Chief Executive Officer (CEO) Catherine MacGregor said the French utility’s clients are cutting natural gas consumption as prices soar amid Russia’s squeeze on fuel deliveries to Europe. “Gas demand has declined among our customers, whether its households, small businesses or large manufacturers,” MacGregor said on a conference call on Friday. That’s probably the result of energy savings, ...

Bloomberg Eskom Holdings SOC Ltd., the South African state-owned power utility, is looking to replace Zimbabwe as an importer of electricity from Mozambique and Zambia to help ease rolling blackouts. Zimbabwe’s contracts with Mozambique’s Electricidade de Mocambique and Zambia’s Zesco Ltd. are set to expire at the end of the month, according to Sydney Gata, the executive chairman of the ...

Bloomberg Eni SpA raised share buybacks after profits surged due to high oil and gas prices. The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range. Investors in Big Oil are receiving a ...

  Bloomberg The biggest US coal miners are seeing soaring revenues as global demand for the dirtiest fossil fuel drives prices to record highs. Peabody Energy Corp., the biggest US coal producer, saw second-quarter sales jump 83% to $1.32 billion, the most since 2018, the company said in a statement. Arch Resources Inc. reported revenue of $1.13 billion, more than ...

  Even as the world braces for recession, the big consumer groups, including Coca-Cola Co, Nestle SA and Unilever Plc, beat expectations and raised their sales guidance this earnings season. It seems many shoppers were prepared to pay more for their products. Yet this optimism flew in the face of an earlier warning about the sector: Walmart Inc, a bellwether ...

For the big internet companies that make their living from selling advertising, these are troubled times. As happens in any kind of economic slowdown, businesses cut ad spending quickly. For Amazon.com Inc, though, whose e-commerce business is getting hammered, advertising is proving to be a bright spot. Well, relatively speaking. Just as it did for Amazon’s rivals in digital advertising, ...

  Jack Ma may be blunt — his harsh criticism of China’s state-dominated banking system cost him a $34 billion blockbuster initial public offering in 2020. But he is not stupid. The billionaire plans to cede control of Ant Group Co, a fintech affiliate of his e-commerce giant Alibaba Group Holding Ltd, the Wall Street Journal reported. He currently controls ...

  After the most recent US inflation report again exceeded expectations, with prices surging 9.1% in the year to June, investors have been wondering whether the Federal Reserve would accelerate its monetary tightening for a second time — raising its policy rate not by the previously indicated 75 basis points, but by a full percentage point. Expectations seem to have ...