Energy

  Bloomberg South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets. Nuclear plants are now expected to account for almost one-third of generation capacity by 2030 up from about 24% forecast in earlier draft proposals, according to government documents published on Thursday. Renewable ...

  Bloomberg Sanjeev Gupta’s Liberty Steel will cut production in the UK and idle some sites, as soaring energy costs threaten hundreds of jobs across the group. Steel output at Liberty’s electric arc furnace in Rotherham will be reduced and replaced with imports from abroad. Two of the Liberty’s downstream production units — including a rolling mill in Newport — ...

Bloomberg Norway will be able to sustain gas production at last year’s elevated level until at least 2026 thanks to 300 billion Norwegian kroner ($30 billion) of investment in new offshore fields. “Only rarely have we seen so much oil and gas produced on the Norwegian shelf as was the case last year – and only rarely have we seen ...

  Bloomberg For the first time, more money was raised in the debt markets for climate-friendly projects than for fossil-fuel companies. Roughly $580 billion was arranged in 2022 for renewable energy and other environmentally responsible ventures, while the oil, gas and coal industries turned to lenders and underwriters for closer to $530 billion, according to data compiled by Bloomberg. But ...

  Bloomberg RWE AG and Equinor AS said they would build hydrogen power plants, as well as a pipeline to send the fuel to Germany from Norway. The two countries will “accelerate the creation of a functioning hydrogen market, a value chain,” Norwegian Prime Minister Jonas Gahr Støre said in Oslo, where he met German Vice Chancellor Robert Habeck. The ...

  Bloomberg The UK is failing to do enough to improve energy efficiency, which is needed to curb struggling households’ soaring bills, a parliamentary committee found. Government ministers must prioritise upgrading the country’s leaky housing, the Environmental Audit Committee’s report said. That includes setting a goal of at least 1 million energy-saving improvements like insulation, solar panels or heat pumps ...

  Bloomberg Chevron Chief Executive Officer Mike Wirth pushed back on claims by President Joe Biden that Big Oil’s record profits are being made on the back of the war in Ukraine and at the expense of the American people. The industry’s highest-ever cash haul should not be viewed in isolation because only three years ago it was “losing billions ...

  Bloomberg Europe is set for the warmest January in years, easing an energy crunch that has hammered the region for months. Mild conditions are likely to persist across the region until the end of the month, with a strong weather front blocking out cold polar air, according to forecaster Maxar Technologies Inc. While sparking climate concerns, the warmth over ...

  Bloomberg A warmer-than-expected start to winter across large parts of the world is rapidly easing fears of a natural gas crisis that had been predicted to trigger outages and add to pressure on power bills. Forecasts point to temperatures above seasonal norms for most of Europe in the next two weeks, while the US expects better weather through mid-January. ...

Bloomberg European natural gas prices started the New Year declining as mild weather curbed demand. Benchmark futures dropped 7.9% to the lowest level since February 21, extending three weeks of net declines. Weather forecasts point to temperatures above seasonal norms for most of the region in next two weeks, which will help Europe avoid depleting its stocks too soon as ...