Energy

Bloomberg Zimbabwe has slashed its debt to South African power provider Eskom Holdings to $4 million from $33 million, the state-owned Sunday Mail newspaper reported, citing Energy Minister Fortune Chasi. “We are making payments religiously,” Chasi was quoted as saying. “We have reduced the debt to $4 million or thereabouts. We are also working on further reducing our indebtedness to ...

Bloomberg The biggest utility bankruptcy in US history appears to be drawing to a close after PG&E Corp reached a deal with California Governor Gavin Newsom over the company’s restructuring plan. The agreement calls for PG&E to put itself up for sale if the bankruptcy court doesn’t approve its plan by June 30 or if the company fails to emerge ...

Bloomberg Coal miners including Consol Energy Inc and Contura Energy Inc must shutter their operations in Pennsylvania after the governor ordered “non-life-sustaining” businesses to close. The order took effect from March 19, according to a statement from Gov. Tom Wolf. Pennsylvania is the latest state to order commercial activities to shut down as governments move to slow the spread of ...

Bloomberg South Africa’s state-owned utility has yet to agree a supply contract for the bulk of coal needed for its newest power station, more than a decade after approving a plan to negotiate with Anglo American Plc. In 2007, an Eskom Holding SOC Ltd committee signed off on the start of talks with Anglo for as much as 17 million ...

Bloomberg Mexico slashed the price for its flagship Maya crude, the latest producer to discount its cargoes as the coronavirus pandemic destroys fuel demand and Saudi Arabia floods the world with crude. Petroleos Mexicanos’s trading arm PMI lowered its Maya crude differential into US Gulf Coast by $2 to minus $10.05 a barrel for April, PMI said. The so-called K ...

Bloomberg Tenova SpA, a unit of the Italian billionaire Paolo Rocca’s Techint Group, has appointed legal and forensic-accountancy firms to assess its dealings with South Africa’s Eskom Holdings SOC Ltd after identifying payments that caused the company “concern.” A contract between the mining and manufacturing-services provider and state-owned Eskom is one of a number of agreements, including ones frm Alstom ...

Bloomberg PG&E Corp said it largely supports a proposal from California’s top that would allow for greater oversight of the power giant if it fails to reform itself and causes another catastrophic fire after exiting bankruptcy. The company said it agrees with the establishment of a six-step enforcement process proposed by California Public Utilities Commission President Marybel Batjer. That would ...

Bloomberg Los Angeles is aiming to become the first city in the nation to use renewable hydrogen to produce electricity, with the goal of ending the use of carbon-based natural gas entirely. The city has a two-step plan to replace 1,900 megawatts of coal-fired generation produced at a Utah power plant owned by the Intermountain Power Agency. The first step: ...

Bloomberg Eskom Holdings SOC Ltd, South Africa’s indebted power utility, won a High Court ruling against the nation’s energy regulator, which had blocked the company from recovering some costs it says it incurred during the 2019 financial year. Eskom had asked the National Energy Regulator of South Africa for an 18.9% tariff increase to allow it to generate 219.5 billion ...

Bloomberg PG&E Corp reached a deal with the US Federal Emergency Management Agency over $3.9 billion in relief Washington provided after the utility’s power lines sparked devastating wildfires. The settlement, which requires court approval, calls for FEMA to reduce its claim to $1 billion and allow victims of wildfires blamed on PG&E equipment to be paid in full first, lawyers ...