Energy

Bloomberg Royal Dutch Shell Plc expects the UK can end the sale of gasoline and diesel vehicles in just a decade, as the nation attempts to eliminate emissions by the middle of the century. The ban can be brought forward to 2030 with “the right policy and incentives,” Sinead Lynch, the head of oil giant Shell’s operations in Britain said …

Bloomberg The Sacramento Municipal Utility District has set a more ambitious climate goal than California, aiming to be carbon neutral 15 years before the rest of the state. The utility’s board unanimously adopted a resolution to “work towards carbon neutrality by 2030” — a decade sooner than its previous target of 2040. Under state law, all of California’s power must …

Bloomberg China Three Gorges Corp is emerging as the leading bidder for Spanish solar park assets owned by X-Elio Energy SL, in what could become one of the few Chinese acquisitions in Europe this year, people familiar with the matter said. The state-owned firm is in advanced talks to acquire 13 photovoltaic power stations from X-Elio after edging out other …

Bloomberg Dangote Group’s fertiliser plant, now under construction in Nigeria’s biggest city of Lagos, will be ready to start production late this year, according to Saipem SpA, the builders. Owned by Aliko Dangote, Africa’s richest man, the facility located in the Lekki district of Nigeria’s commercial hub, has a name-plate capacity of 3 million tons a year of urea and …

Bloomberg Joe Biden called for setting a 100% clean-electricity standard by 2035 and investing $2 trillion over four years on clean energy, three people familiar with his plan said. The Democratic nominee’s new commitments mark a clear shift towards progressives’ environmental priorities and cutting the use of fossil fuels. The people briefed on his plan spoke on the condition of …

Bloomberg Two months after India announced a 900 billion rupees ($12 billion) loan program to aid power distributors punished by the pandemic, only a fraction has been utilised as many state applications have yet to meet the lending requirements, according to people familiar with the matter. The loans, announced by Finance Minister Nirmala Sitharaman, are among a raft of measures …

Bloomberg The International Energy Agency (IEA) bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, the agency said in …

Bloomberg As much as $23 billion in capital needed for US clean energy projects could dry up amid the economic fallout from the coronavirus pandemic — threatening the growth of renewables into next year. That represents as much as 31 gigawatts of solar and wind projects that may be seeking tax-equity investments over the next 18 months, according to a …

Bloomberg The biggest battery storage system in the US connected to California’s electricity grid, giving the state more flexibility to bank excess solar power generated during the hottest parts of the day and deploy it later. The California Independent System Operator, which manages a grid that powers powers 80% of California and a small portion of Nevada, added 62.5 megawatts …

Bloomberg Pattern Energy Operations LP is raising $700 million to help finance sustainable projects, the biggest green high-yield bond sale since 2017. The San Francisco-based company is offering senior unsecured notes maturing in eight years, according to a person with knowledge of the matter. Royal Bank of Canada, BMO Financial Group and Citigroup Inc are managing the transaction, the person …