Energy

Bloomberg Royal Dutch Shell Plc, the world’s largest liquefied natural gas (LNG) trader, expects buying and selling of the fastest-growing fuel to recover to levels seen before the pandemic. Global LNG demand took a severe hit when nations imposed lockdowns to combat the spread of the coronavirus, impacting the fuel’s use in everything from power plants to transport and factories. …

Bloomberg Utility giant PG&E Corp is readying an $11 billion debt-financing package that may be sold to investors as soon as next week as the company prepares to exit bankruptcy, according to people with knowledge of the matter. The financing includes $4 billion of high-yield bonds and a $750 million term loan led by JPMorgan Chase & Co, the people …

Bloomberg Adani Green Energy will invest $5.96 billion to execute what it called the world’s largest solar order. The company will build 8 gigawatts of generation projects, while group company Adani Solar will construct 2 gigawatts of manufacturing capacity for solar cells and modules, it said in a stock exchange filing. The project takes Adani Green closer to its goal …

Bloomberg Shanghai’s municipal government will extend subsidies for solar and offshore wind through 2021 while ending those for onshore wind as it tries to meet its target for renewable energy generation. Solar and offshore wind projects will be able to receive a maximum subsidy from the city government of 50 million yuan ($7 million) in total over five years, the …

Bloomberg China’s state-owned power giants have been asked to prepare reports on historical emissions that officials will use to set up the world’s largest carbon market, according to people familiar with the request. The China Electricity Council has asked firms for submissions by July, said the people, who asked not to be identified because the information isn’t public. The council …

Bloomberg One of the few bright spots in China’s coal-dominated power mix for cleaner-burning natural gas is at risk after a proposed tariff cut. The southern province of Guangdong is mulling a 5-12% cut in the rates gas-fuelled generators can charge, according to a report on a website run by China Southern Power Grid Co, referencing an unpublished policy consulting …

Bloomberg Southern Co’s long troubled project to expand its Vogtle nuclear plant in Georgia is “highly unlikely” to meet its state deadlines and is apt to face additional budget overruns, according to a local monitor. The company isn’t on pace to complete the two reactors by November 2021 and November 2022 deadlines approved by the Georgia Public Service Commission, Don …

Bloomberg Indonesia, the world’s largest palm-oil producer, has cut the cost assumption of converting crude palm oil into biodiesel by 20% to $80 per metric ton, according to the Energy and Mineral Resources Ministry. The revision, effective this month, is needed to ensure the mandatory program to blend 30% of palm-biofuel with 70% gasoil, known as B30, continues even as …

Bloomberg Crude oil led a recovery in China’s energy imports, rising to a record and feeding a rebound in industrial and consumer activity as restrictions to stop coronavirus infections ease. Imports rose to 47.97 million tons in May, or 11.3 million barrels a day, according to customs data. Ship-tracking data show tanker arrivals last month rose to pre-virus levels, as …

Bloomberg Total SA’s liquefied natural gas project in Mozambique raised $15 billion of debt — about the same size as the African country’s economy — exceeding a funding target even as the virus pandemic threatens the global financial system. Energy companies have struggled over the past few months as prices of everything from oil to natural gas slumped with the …