Energy

  Bloomberg The European Union (EU) unveiled a roadmap for how it plans to keep its industries competitive as the bloc tries to catch up to the US and China, which offer huge subsidies to domestic green technologies. The European Commission wants to use its Green Deal Industrial Plan to boost national support for companies through investment aid and tax ...

  Bloomberg The price tag for TC Energy Corp.’s Coastal GasLink project has jumped to C$14.5 billion ($10.9 billion), as labour shortages and contractor disputes continue to plague a pipeline that will supply Canada’s first major liquefied natural gas export plant. The cost could rise another C$1.2 billion if there are more delays that extend construction into 2024, the Canadian ...

Bloomberg Exxon Mobil Corp. reaped a record $56 billion annual profit but disappointed some investors by holding the line on share buybacks. Full-year profit, excluding one-time items, jumped 157% from 2021, far exceeding the driller’s prior record of $45.2 billion in 2008, which at the time marked the biggest in US corporate history. The stock initially fell almost 4% in ...

Bloomberg India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonisation. The country, one of the world’s largest producers of coal, has often countered demands to curb use of the dirtiest fossil fuel, arguing it is key to its energy security and economic development. The war in Ukraine saw ...

  Bloomberg Hungarian refiner Mol Nyrt is in talks to use Croatia’s oil pipeline network as it works to wean itself off Russian supplies, according to a senior company executive. “Our intention at the moment is to clearly develop the alternative possibilities,” Peter Ratatics, Mol’s 40-year-old executive vice president for consumer services, said in an interview. “In a conflict zone, ...

  Bloomberg Oil fell again on Monday along with broader commodities markets, as China’s return from Lunar New Year holidays failed to deliver hoped-for gains. West Texas Intermediate slid near to $78 a barrel after topping $81 last week. Risk-off sentiment appeared to permeate markets as European equities and US equity futures dropped at the start of a week marked ...

Bloomberg Shell Plc’s new chief moved to overhaul the energy major’s core business units just a month after taking the helm. Shell will combine its integrated gas and upstream divisions, and merge its downstream and renewables units, it said on Monday. It’s the second significant announcement in a week after Chief Executive Officer Wael Sawan launched a strategic review of ...

Bloomberg Parts of Johannesburg, South Africa’s economic hub, are being subjected to renewed water-supply cuts as ongoing electricity shortages disrupt pumping operations. A power failure at Rand Water’s Eikenhof pump station, which supplies reservoirs in several high-lying areas of Johannesburg, resulted in critically low levels of supply, the municipality said on Twitter on Monday. While repairs have been completed, it ...

Bloomberg Last year was a double milestone for decarbonising the world’s energy system. It was the first year when investment in the energy transition equalled global investment in fossil fuels, according to the latest data release from clean energy research group BloombergNEF. The money flowing into the upstream, midstream and downstream segments of oil and gas, and into fossil fuel-fired ...

Bloomberg A landmark $20 billion deal to help fund Indonesia’s transition away from coal isn’t enough to put the country on track to meet global climate goals, according to energy think tank Ember. The Just Energy Transition Partnership (JETP) brokered last year between Indonesia, the US and Japan caps the archipelago’s power sector emissions at 290 million tons by 2030 ...