Bloomberg Clean energy is gaining a greater share of India’s energy mix, a silver lining amid the country’s prolonged virus lockdown that has cut power demand by about a quarter. Electricity generated from renewable sources, nuclear and hydropower made up 27% of India’s total generation as of April 15, data from grid operator National Load Despatch Centre show. That’s up ...
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How Shell can become first net-zero oil major by 2050
Bloomberg In the middle of a viral pandemic, a crash in the price of oil and an economic slump not seen in 100 years, Royal Dutch Shell has unveiled what is likely the most ambitious climate plan of any major oil company in the world. In doing so Shell seems to have one-upped BP, which released its blueprint in February. ...
Read More »Wild oil market set for extra volatility over contract expiry
Bloomberg Oil in New York has slumped to its weakest structure on record as the current contract nears expiration, adding extra volatility to a market that’s grappling with a glut and evaporating demand. West Texas Intermediate crude futures on Monday fell to the biggest-ever discount to those for the following month, a structure known as contango that indicates near-term oversupply. ...
Read More »Philippines’ Ayala seeks to fully divest from coal by 2030
Bloomberg Ayala Corp, the Philippines’ oldest conglomerate, aims to fully divest from coal by 2030, a rare rebuke of the fuel in a region where its use is expected to grow. Ayala’s power-generation unit, AC Energy Philippines Inc, will also boost investments in renewable generation as it transitions to a low-carbon portfolio, President Eric Francia said in a live-streamed annual ...
Read More »Russia’s oil producers told to cut output by fifth
Bloomberg Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new Opec+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed to split Russia’s 2.5 million barrel-a-day cut proportionally, the ...
Read More »Mexico’s Pemex has too much fuel and nowhere to store it all
Bloomberg Mexico’s Pemex has too much gasoline and nowhere to store it, potentially racking up significant ship fees as demand wanes because of the fast-spreading coronavirus. A lack of storage capacity in Mexico is forcing the state-owned oil company to leave its fuel purchases in ships off the coast of Mexico, according to three people familiar with the situation and ...
Read More »China’s coal miners call for 10% output cut amid supply glut
Bloomberg A dozen Chinese anthracite coal miners have called on the industry to slash production by 10% from current levels amid weak demand caused by the coronavirus outbreak. While anthracite coal output is now back at last year’s levels, demand recovery has lagged, leading to a “severe mismatch†in market fundamentals, according to a statement published on the website of ...
Read More »Uranium surges 31% even amid coronavirus shutdowns
Bloomberg While most commodities are getting hammered by the coronavirus crisis, uranium prices are skyrocketing. The radioactive metal used in nuclear fuel has climbed 31% this year, making it the world’s best-performing major commodity. The gains have been spurred by mine shutdowns that have wiped out more than a third of annual global output at a time when demand from ...
Read More »S’pore oil trader Hin Leong fails to declare $800m losses
Bloomberg The son of the legendary oil trader and founder of Hin Leong Trading (Pte.) Ltd said the Singapore-based company had suffered about $800 million in losses from futures trading that weren’t reflected in its financial statements, according to people with knowledge of the matter. Lim Chee Meng, the only son of Lim Oon Kuin, said he was unaware of ...
Read More »Zimmer’s energy fund down 55% this year
Bloomberg The energy fund at Zimmer Partners posted its worst quarter ever after sinking about 46% in March as oil markets plunged. The fund dropped 55% in the first quarter after losing money each month, according to an investor letter seen by Bloomberg. The fund, which ran $1 billion at the end of January, now has about $500 million in ...
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