Energy

Bloomberg India officially started opening its coal sector to non-state firms, seeking to end a government monopoly on mining and selling the fuel. The country launched its first auction process, which will cover 41 mines, the Ministry of Coal said. The ministry expects the mines to generate $4.3 billion of capital investment over the next 5-7 years, and boost the ...

Bloomberg China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year. Solar power is the big winner, with incentives set to rise 14% compared to last year’s level, while wind payments will be 3.2% lower, the Ministry of Finance said on its website. The subsidy budget would cover existing ...

Bloomberg Spain’s Iberdrola SA, one of the world’s biggest wind power operators, has agreed to buy Australia’s Infigen Energy for A$840.6 million ($581 million), expanding its footprint in a country seen as one of the best places on the planet to develop renewables. Bilbao-based Iberdrola has more than 18 gigawatts of wind capacity in its global portfolio and has been ...

Bloomberg Growth in energy demand was declining even before the coronavirus pandemic spread globally, keeping consumers under lockdown and sending prices to record lows, BP Plc said Wednesday. The oil major’s annual Statistical Review of World Energy showed that growth in primary energy consumption slowed to 1.3% in 2019, almost half the rate of a year earlier. Renewable energy comprised ...

Bloomberg SSE Plc’s shares jumped after the utility committed to building a giant onshore wind park that’ll be key to the UK’s fight to slash its carbon emissions. The 443-megawatt Shetland Island wind farm is part of a $9.4 billion spending spree announced by the Scottish utility on Wednesday that’ll go towards decarbonisation projects in the next five years. Shares ...

Bloomberg Spending on renewable power is set to overtake oil and gas drilling for the first time next year as clean energy affords a $16 trillion investment opportunity through 2030, according to Goldman Sachs Group Inc. Renewables including biofuels will account for about a quarter of all energy spending next year, up from about 15% in 2014, Goldman analysts including ...

Bloomberg BP Plc will make the biggest writedown in a decade on the value of its business, as the British oil major predicts the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy. The company sees oil and gas being about 20% to 30% cheaper than before in the coming decades, and expects the cost of ...

Bloomberg China will likely ease the pressure on local governments to shut older, inefficient coal mines as it seeks to meet rising demand of the most-polluting fuel to spur its economic recovery. Government officials are in the midst of preparing the country’s all-important five-year-plan, the guiding document for policy and industrial development from 2021 to 2025. Unlike the previous edition, ...

Bloomberg Extraction Oil & Gas Inc filed for bankruptcy with plans to hand ownership to its creditors, becoming the latest producer to succumb to the energy industry’s slump. Some of Extraction’s noteholders agreed to swap unsecured debt for equity, according to a statement. The Denver-based company sought court protection in Delaware after skipping a May 15 interest payment on its ...

Bloomberg South Africa’s Department of Mineral Resources and Energy took another step towards building a new nuclear-power program. The department issued a request for information for 2,500 megawatts of capacity, the ministry said in a statement. Submissions will close on September 15. “This will enable the department to gain insight into the cost of the program, possible ownership structures, cost ...