Energy

Bloomberg Renewable power for the first time contributed a bigger share in the European generation mix than fossil fuels as the fallout from the pandemic cut energy demand. About 40% of the electricity in the first half in the 27 EU countries came from renewable sources, compared with 34% from plants burning fossil fuels, according to environmental group Ember in …

Bloomberg Vattenfall AB took a massive hit on the value of a new German coal plant in yet another sign of how the fossil fuel is struggling in Europe. The Swedish utility wrote down the value of the Moorburg facility in Hamburg by 9.1 billion kronor ($1 billion), according to its first-half earnings statement on Tuesday. The plant opened in …

Bloomberg India’s Vikram Solar Ltd is planning to invest 54.32 billion rupees ($726 million) to make solar energy equipment in the South Asian country, which is encouraging domestic manufacturing to reduce imports. The company will build a factory in the southern Tamil Nadu province, the state government said. The 3-gigawatt plant, expected to be completed in five years, will make …

Bloomberg BP Plc has placed some personnel from its Singapore-based crude oil team on leave after they were mentioned in court documents filed in disputes between banks and other trading houses, said people with knowledge of the company’s move. Three members of the trading staff and one manager were placed on leave late last week as internal investigations are being …

Bloomberg The European Union’s most coal-reliant country has a controversial new strategy for its 400 billion-euro ($456 billion) green push: bulk up the Polish state oil company and let it lead the transformation. Poland announced plans to build an energy champion with the financial heft to drive the overhaul by combining refiner PKN Orlen SA and gas group PGNiG SA. …

Bloomberg Chevron agreed to buy Noble Energy Inc for about $5 billion in shares. The takeover is the first major deal since the coronavirus triggered a severe oil slump. It’s a clear vote of confidence in the future of the US shale industry even as it struggles to adapt to lower crude prices. “Our strong balance sheet and financial discipline …

Bloomberg Eskom Holdings SOC Ltd’s own mishandling of a repair contract led to the closure of its Camden power plant, a move that worsened power cuts by South Africa’s near-monopoly electricity provider, the company said. In its first detailed explanation of the shutdown, Eskom said the initial 635 million rand ($38 million) contract expired in 2018 amid questions about conflicts …

Bloomberg Sunrun Inc, America’s largest residential-solar company, is about to become even bigger by acquiring one of its top rivals. The deal will also help redefine it as more than just an installer of rooftop panels and batteries. For Sunrun, buying Vivint Solar Inc is a way to accelerate a key objective: clustering thousands of batteries in dense areas that …

Bloomberg Less than a month after emerging from bankruptcy triggered by a string of devastating wildfires in 2017 and 2018, PG&E Corp has now been found responsible for California’s biggest blaze of 2019. The California energy giant’s power lines sparked the Kincade fire which burned 77,758 acres and destroyed 374 structures in Sonoma County wine country, the California Department of …

Bloomberg A landmark 40-year-old law that’s been key to the growth of renewable energy in the US is being effectively overhauled, threatening to curb demand for solar projects. Federal regulators imposed new limits on which energy projects fall under the Public Utility Regulatory Policies Act, known as Purpa, which helped spur an entire generation of solar and wind farms across …