Energy

Bloomberg Coal consumption is set to rise in the coming years as growing demand for electricity in developing countries outpaces a shift to cleaner sources of electricity in industrialised nations. While use of the most polluting fossil fuel had a historic dip in 2019, the International Energy Agency (IRA) anticipates steady increases in the next five years. That means world ...

Bloomberg Bankrupt utility giant PG&E Corp has removed from its $13.5 billion settlement with wildfire victims the requirement that California Governor Gavin Newsom sign off on its restructuring plan. PG&E reached an agreement with representatives of the victims of fires ignited by its equipment to eliminate the provision after Newsom said last week that the power company’s proposed reorganisation plan ...

Bloomberg South Africa’s government revived a so-called Energy War Room to tackle the nation’s electricity crisis, as it brought forward the date when the incoming chief executive officer of the state power utility will start work. The team, to be headed by Deputy President David Mabuza, will seek to avoid a repeat of a nine-day blackout earlier this month that ...

Bloomberg California Governor Gavin Newsom rejected PG&E Corp’s proposed restructuring plan, dealing a major blow to the power giant as it tries to exit the biggest utility bankruptcy in US history. Newsom said in a letter to PG&E Chief Executive Officer Bill Johnson that the utility’s restructuring plan falls “woefully short” of the state’s requirements. The governor said any reorganisation ...

Bloomberg The Democratic Republic of Congo will proceed with a smaller version of the Inga III hydropower project and expand the facility over time, President Felix Tshisekedi said. The Inga III dam, which will begin as a 4,800 megawatt plant, will have its capacity increased to 7,500 megawatts and 11,000 megawatts eventually, Tshisekedi told lawmakers in his first state of ...

Bloomberg State Grid Corp of China is nearing an agreement to acquire a 49% stake in Oman’s state-owned transmission company in the first major privatisation by the Middle East’s largest non-OPEC oil producer, people with knowledge of the matter said. The Beijing-based company will acquire the stake in a deal that values Oman Electricity Transmission Co at about $2 billion, ...

Bloomberg Pakistan’s Energas plans to start the nation’s largest liquefied natural gas import terminal in 2021 to help meet soaring demand once it gets the green light to build the project. Energas, a consortium of large domestic users, aims to begin construction of the $140 million to $160 million facility next year, Chief Executive Officer Anser Ahmed Khan said in ...

Bloomberg WPX Energy Inc is in talks to buy the oil and gas exploration assets of closely held Felix Energy for about $2.5 billion, according to people familiar with the matter. WPX Energy could announce a deal with Denver-based Felix Energy later this month, said one of the people. No final decision has been made and talks could fall through, ...

Bloomberg South Africa’s energy crisis eased as state power utility Eskom Holdings SOC Ltd scrambled to repair broken plants and supplemented supply using gas turbines and pumped-storage facilities. Power cuts, known locally as load shedding, should be limited to 2,000 megawatts on Wednesday — down from a peak of 6,000 megawatts — and are expected to end next week, Eskom ...

Bloomberg Washington state’s biggest utility is selling a stake in one of America’s largest coal-fired power plants for $1, seeking to comply with a new state law requiring energy companies to stop using the fuel by 2025. Puget Sound Energy Inc agreed to sell its 25% stake in the 740-megawatt Colstrip Unit 4 facility.