Energy

Bloomberg Nigeria LNG Ltd decided to proceed with the construction of the country’s seventh liquefied natural gas production train, which will boost the company’s output by 35%. Train 7 will increase the company’s competitiveness in the global LNG market, state-owned Nigerian National Petroleum Corp, said in a statement on its Twitter account. “We are going to put in place a ...

Bloomberg Bondholders don’t deserve a $5 billion “windfall” when PG&E Corp reorganises next year because the utility is in bankruptcy, voiding any right investors had to an early payoff premium, the company said in a court filing. PG&E’s bankruptcy-exit plan is built on a proposed funding package that includes refinancing about $17.5 billion of debt that has not yet matured. ...

Bloomberg The Hungarian conglomerate controlled by Prime Minister Viktor Orban’s closest business ally sold the country’s biggest coal-fired power plant to the state in a U-turn after the premier agreed to the European Union‘s climate deal. The transaction on Matrai Eromu plant, signed on Monday between Opus Global Nyrt and state-owned energy group MVM Zrt, means that the projected $1 ...

Bloomberg US utilities are on a record borrowing spree this year, selling more than $90 billion in bonds for the first time ever. The surge in debt from NextEra Energy Inc, Duke Energy Inc and other power giants comes as interest rates are at historic lows, leaving investors hungry for the safe and relatively strong returns offered by utility bonds. ...

Bloomberg Exxon Mobil Corp and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross barrels of oil per day in coming months, with the first ...

Bloomberg South Africa’s biggest labour group is proposing that more than half the debt of state-owned Eskom Holding SOC Ltd be put into a special purpose vehicle to help save the utility and avoid job cuts. The Congress of South African Trade Unions urged the government strike a deal with the Public Investment Corp, Africa’s biggest money manager, to help ...

Bloomberg PG&E Corp creditors, seeking to salvage their bid to take control of the bankrupt utility’s restructuring, sweetened their offer to wildfire victims and made new proposals aimed at winning over California Governor Gavin Newsom. In a letter to Newsom, the creditor group said they are prepared to pay the victims $13.5 billion in cash upfront instead of using stock ...

Bloomberg Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty. What distinguished the developments of 2019 was not just how big they were but often how little impact they had. From the world’s biggest-ever initial public offering to ...

Bloomberg A Stanford University professor whose research helped underpin the US Democrats’ Green New Deal says phasing out fossil fuels and running the entire world on clean energy would pay for itself in under seven years. It would cost $73 trillion to revamp power grids, transportation, manufacturing and other systems to run on wind, solar and hydro power, including enough ...

Bloomberg PG&E Corp won court approval for two multibillion-dollar wildfire settlements that will serve as the centerpiece of the bankrupt utility giant’s restructuring plan. It’s still working on winning over California’s governor. The judge overseeing PG&E’s Chapter 11 case signed off on the company’s $13.5 billion plan to compensate victims of catastrophic fires blamed on its equipment and an $11 ...