Energy

Bloomberg Egypt would need to more than double investment in clean energy to push the amount of electricity generated by renewables to over 50 percent, according to the International Renewable Energy Agency (Irena). Investments would need to be $6.5 billion a year, up from $2.5 billion currently, to boost generation from clean energy to 53 percent by 2030, Abu Dhabi-based ...

Bloomberg The world could install more than a trillion watts of renewable power over the next five years, more than the entire current generation capacity of the European Union. The International Energy Agency’s (IEA) latest annual report on renewables forecasts as much as an extra 1.3 terawatts of clean energy will be installed by 2023 under one scenario. Even in ...

Bloomberg The world must invest $2.4 trillion in clean energy every year through 2035 and cut the use of coal-fired power to almost nothing by 2050 to avoid catastrophic damage from climate change, according to scientists convened by the United Nations. Their report published on Monday adds pressure on policymakers and businesses to step up their response to global warming, ...

Bloomberg Macquarie Group Ltd. has agreed to invest in a wind and solar power development in Australia’s Pilbara region, which will provide electricity to mines and mineral processing operations in the region. The Asian Renewable Energy Hub has also increased its planned generation capacity to more than 11 gigawatts, from 9 gigawatts, according to a statement on Monday on the ...

VIENNA/ WAM Suleiman Al-Herbish, Director-General of the OPEC Fund for International Development (OFID) has said that supporting development operations in the energy sector lies at the heart of OFID’s strategic plan to 2025. In a statement issued from OFID’s premises in Vienna, Al-Herbish reiterated OFID’s commitment to support sustainable development plans in Arab countries, particularly energy projects, and outlined various ...

Bloomberg The Gentleman coal plant was once the linchpin of Nebraska’s electricity grid, its twin smokestacks visible for miles across the prairie. Now, the state’s biggest power source is routinely pushed aside to make room for more wind and solar energy. Operators ramp it down and then bring it back up again, often on a daily basis. That’s not how ...

Bloomberg Europe will likely need more coal and natural gas this month as the region is spared the usual autumn storms. A high pressure weather system is likely to reroute and block stormy weather that normally travels in easterly paths across northern Europe to boost the output from thousands of wind mills. That will leave the region relying on alternative ...

Bloomberg Electrify America, created by Volkswagen AG as part of a settlement from the automaker’s emissions-cheating scandal, filed plans with California regulators to invest a second $200 million in electric car charging infrastructure. The investments will include deploying fast-charging stations in cities including Santa Cruz, Los Angeles and San Francisco, according to a statement Wednesday. Part of the money will ...

Bloomberg SoftBank Corp. has pledged to provide free solar power from its projects in International Solar Alliance (ISA) countries after the developments recoup their initial investments. Chief Executive Officer Masayoshi Son told a conference on Wednesday in New Delhi that power from the projects will be free after the end of the initial 25-year power purchase agreements. The expected life of ...

Bloomberg America’s fastest-growing source of energy has a power problem. The Permian Basin, which produces almost 4 million barrels of oil a day, has expanded so quickly that suppliers of the electricity needed to keep wells running are struggling to keep up. The Delaware portion alone consumed the equivalent of 350 megawatts this summer, tripling the load from 2015. That’s ...