Energy

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 …

Bloomberg Euro-area inflation accelerated in September amid a surge in energy costs, while underlying price moves remained more subdued. The core measure of inflation, which strips out volatile energy and food, fell to 0.9 percent from 1 percent. That’s a blow to European Central Bank President Mario Draghi, who just this week cited faster wage growth and a “relatively vigorous” …

Bloomberg Standard Chartered Plc said it will stop financing new coal-fired power plants anywhere in the world as part of its commitment to supporting the Paris Agreement on climate change. The move follows “detailed consultation with a range of stakeholders,” according to a statement from the London-based bank. Environmental degradation, extreme weather and rising seas are among the climate change …

Bloomberg India is planning to sell its stake in SJVN Ltd. and Power Finance Corp. to other government-controlled companies in deals that may fetch the federal government about 200 billion rupees ($2.8 billion), helping it to rein in the fiscal deficit amid growing risks of a slippage, people with knowledge of the matter said. The government plans to sell its …

Bloomberg Fieldwood Energy, an offshore oil and gas explorer that emerged from bankruptcy in April, is weighing an initial public offering, according to people familiar with the matter. The Houston, Texas-based company is exploring filing a public offering in early 2019 that could value the company at more than $5 billion, said one the people, who asked to not be …

Bloomberg North Carolina’s solar farms took a beating from Hurricane Florence and many of the power plants remain out of service, a week after the storm slammed into the second-biggest US market. About one-third of the 3,000 megawatts of solar capacity connected to Duke Energy Corp.’s system went down initially, according to Randy Wheeless, a utility spokesman. Almost 600 megawatts …

Bloomberg Almost 80 percent of the 1.5 million customers who lost power in Hurricane Florence have had their electricity restored by Duke Energy Corp. It’s the remaining few hundred thousand that could be the test. “The first ones are the easiest ones,” Kit Konolige, a New York-based analyst for Bloomberg Intelligence, said.

Bloomberg Europe’s installed wind power capacity is seen ballooning to 258 gigawatts, or about a quarter of the world’s entire output, within five years. European wind project developers will install an average of 17 gigawatts of capacity, or the equivalent of 17 nuclear reactors, annually for the next half decade, lobby group Wind Europe said in its Outlook to 2022 …

Bloomberg Japan’s northern island of Hokkaido began to restore power after a strong earthquake overnight knocked out electricity throughout the entire prefecture of more than 5 million people. The magnitude 6.7 quake that hit on the western part of the island at 3:08 am cut off power to nearly 3 million buildings, and damaged a key thermal plant. One plant …