Energy

  Bloomberg The head of one of the world’s biggest developers of renewable energy, Denmark’s Orsted A/S, worries that the energy transition could see a slowdown as rising competition and interest rates squeeze returns and upend the case for investment. Orsted is the world’s largest developer of offshore wind farms, which it helped pioneer from a niche technology into one ...

Bloomberg Natural gas prices in Europe dropped to the lowest level since September 2021 as the supply outlook got a boost with full stockpiles in China forcing buyers to send LNG cargoes to the continent. Benchmark futures fell as much as 15% on Monday, taking the decline so far this year to 27%. Chinese importers are trying to divert February ...

  Bloomberg Wind turbines are big enough for now and the challenge over the next decade will be expanding output to meet green goals around the world, the world’s top producer said. Vestas Wind Systems A/S — which in 2021 announced a 15-megawatt offshore turbine that at the time was the world’s largest — currently doesn’t plan to make them ...

  Bloomberg A leading Chinese solar panel maker has leased space for its first US factory in another win for the Biden administration’s efforts to build up the nation’s clean energy manufacturing base. JA Solar Technology Co. will build a $60 million panel plant in Phoenix with plans to be operational by the fourth quarter of this year, the company ...

Bloomberg Europe’s energy crisis upended power trading last year, driving Sweden to become the region’s top exporter after extensive outages in France’s nuclear reactor fleet. Sweden sent 33 terawatt-hours to other nations in 2022, making it the No. 1 exporter for the first time, according to Entso-E data analyzed by Rystad Energy AS. The UK flipped to being a net ...

  Bloomberg K power firm Drax Group Plc agreed to pay a £6.1 million ($7.5 million) fine for breaching its license, after charging the grid operator excessive prices to reduce its generation. The penalty comes as regulator Ofgem reviews the rules for Britain’s balancing market, where the grid fine-tunes electricity supply and demand. Ofgem is looking to reduce record balancing ...

Bloomberg Eskom Holdings SOC Ltd., South Africa’s indebted power utility, failed to get approval from the nation’s energy regulator to increase tariffs by about a third, an amount it said was needed to help limit worsening electricity outages. The utility applied for a price increase of 32% for the 2024 financial year to pay for more purchases from independent producers ...

  Bloomberg Nigeria LNG Ltd. cancelled several liquefied natural gas shipments after vandalism on pipelines from gas fields disrupted production, according to people with direct knowledge of the matter. The company declared an additional force majeure on LNG cargoes for export, and cancelled loading of at least two scheduled for January delivery from the Bonny Island facility, according to two ...

  Bloomberg Exxon Mobil Corp will sell its controlling stake in Esso (Thailand) Pcl, which runs a local refinery and retailing business, to rival Bangchak Corp. as the largest US oil company focuses on its home market and the production of lower-emission fuels. Bangchak will acquire 66%, or 2.28 billion shares, of Esso at a price to be determined later, ...

  Bloomberg The largest known deposit of rare earth minerals in Europe has just been discovered in Sweden’s Arctic, with potential to help the continent break free from China’s dominance on the market for the resources. The deposit, found by Swedish state-owned mining company LKAB, contains more than 1 million tons of rare earths, according to a statement on Thursday. ...