Energy

Bloomberg French oil company Total SA is among the final bidders for a stake in an offshore wind farm that may cost more than $7 billion to develop and operate, according to people familiar with the matter. The move is significant because it highlights growing interest from major oil companies in renewables assets. It also would be the first facility ...

Bloomberg State Grid Corp of China started construction of a $2.6 billion ultra-high voltage project that will deliver electricity to the virus-hit province of Hubei. The move by the country’s biggest power distributor is in response to the government’s call to accelerate construction of major energy projects as Chinese leader Xi Jinping seeks to stabilize economic growth, State Grid said ...

Bloomberg India’s federal government will encourage inefficient state power utilities to seek privatisation and other institutional reforms to turn around money-losing operations and ensure reliable supplies to consumers, according to the top bureaucrat in the federal power ministry. States with electricity utilities that lose more than 15% of revenue due to archaic networks, power theft and sloppy billing and collections ...

Bloomberg Iberdrola SA expects sharp growth in profit this year, driven by rising power output after earlier investments in renewable energy and transmission assets ramped up. Earnings before interest, taxes, depreciation and amortisation rose 8.1% to a record $11 billion in 2019 from a year earlier, roughly meeting the average estimate of 10.01 billion euros by 19 analysts surveyed by ...

Bloomberg The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil Plc pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for Talos Energy Inc, the field’s primary shareholder, and state-owned Petroleos Mexicanos to resolve their dispute before ...

Bloomberg Exxon Mobil Corp fell to a 15-year low amid a broad selloff in equity and commodity markets and just over a week before CEO Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts. The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a ...

Bloomberg After months of planning, BP’s new CEO Bernard Looney made his big green pitch: Europe’s second-largest oil company will cut its emissions to net zero by 2050, he said earlier this month. Many thought that made BP the world’s first supermajor to take responsibility for all its emissions. It did not do that. Every company has three types of ...

Bloomberg China Three Gorges New Energy Co, a state-owned clean energy developer, has started construction of 25 renewable power plants in an investment worth $8.3 billion. The projects will have a combined capacity of 3.92 gigawatts, the company said in a WeChat statement. The plants will be built in 14 provinces including Guangdong, Jiangsu, Fujian, Ningxia and Hebei, it said. ...

Bloomberg The fate of Dominion Energy Inc’s planned $8 billion Atlantic Coast Pipeline was expected to be tested on Monday, as the US Supreme Court hears arguments on a crucial permit that would let the natural-gas line cross under the Appalachian Trail. Dominion and President Donald Trump’s administration are asking the high court to jump-start the long-delayed project after a ...

Bloomberg RWE AG’s renewable energy arm is working with a Spanish company to develop new technology for floating wind farms as utilities explore how to generate power further out at sea. The German company will work with Spain’s Saitec Offshore Technologies to build a turbine that sits atop a pair of floating, steel-reinforced concrete hulls. The project marks an acceleration ...