Energy

Bloomberg New power from wind and solar is set to fall this year for the first time in two decades. Construction of new wind and solar farms is being delayed by factory closures, workers’ needs for social distancing and developers’ financial concerns as they emerge from the coronavirus crisis, according to research from the International Energy Agency. The world is …

Bloomberg Canadian and Alaskan crude that normally travels to the US West Coast is finding a market in China, where demand is almost back to pre-pandemic levels. The Sofia became the second oil tanker in less than a month to ship Alaskan oil to Qingdao, China, when it left Valdez over the weekend, data compiled by Bloomberg show. At about …

Bloomberg Siemens Gamesa Renewable Energy SA, the Spanish wind turbine manufacturer, is to build what will be the world’s biggest windmill, by the thinnest of margins. The 14-megawatt machine with a rotor diametre of 222 metres (728 feet) will be just two meters bigger than General Electric Co’s own massive turbine. It’s another sign that size matters when it comes …

Bloomberg Oil production from the top seven shale regions in the US is set to tumble to levels not seen since 2018 as drillers scale back in response to the recent price collapse. Losses will be led by the Permian Basin — which straddles Texas and New Mexico — where output is seen falling by 87,000 barrels a day in …

Bloomberg Ovo Energy Ltd plans to cut 2,600 staff as customers use digital tools to contact the energy supplier, cutting the need for people. Since its acquisition of SSE Energy Services last year, Ovo has been planning the integration of the two businesses which “would have always required difficult changes,” the company said. The impact of the coronavirus has accelerated …

Bloomberg Spain’s government is seeking to pass a law setting its climate targets as part of a drive to achieve carbon neutrality by 2050. A bill was set to be sent by the government to parliament on Tuesday aims to reduce Spain’s greenhouse gas emissions by 20% by 2030, relative to 1990 levels, according to copies of the bill distributed …

Bloomberg Total SA abandoned a plan to acquire assets from Occidental Petroleum Corp in Ghana, walking away after a proposal to buy Algerian projects from the US company also collapsed. The breakdown of both sales is a setback for Occidental, which had earmarked the proceeds to help reduce debt after buying Anadarko Petroleum Corp for $37 billion last year. After …

Bloomberg New York has again denied a key permit for a controversial $1 billion natural gas pipeline being developed by Williams Cos. The state’s Department of Environmental Conservation rejected Williams’ latest application for a water permit for its Northeast Supply Enhancement project after denying the pipeline the same permit last year. The conduit was at the crux of a standoff …

Bloomberg German Chancellor Angela Merkel’s government may try to tame growing opposition to onshore wind developments by offering cash sweeteners to local councils and consumers. A plan drawn up by officials in Berlin suggest municipalities could earn as much as 20,000 euros ($21,600) a year for each newly-erected wind turbine in their districts from 2021, according to a copy of …

Bloomberg In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a frantic pace in response to the plunge in oil …