Energy

Bloomberg Elon Musk is no longer leading the charge in residential solar. Tesla Inc. installed 87 megawatts of commercial and residential solar in the fourth quarter, including about 50 megawatts at homes, according to a GTM Research estimate. Rival Sunrun Inc. added 85 megawatts of residential systems in the same period, according to a statement. Counting only that part of ...

Bloomberg Rakshith Kunder is adding more solar panels to the roofs of his warehouses. He isn’t seeking to save the planet, it’s pure economics. “Solar power costs us just a third of grid power and has also reduced our diesel backup cost,” Kunder, 33, said by phone from the city of Kota, in the southern state of Karnataka. His 3 ...

DUBAI / Reuters Saudi Arabia’s ACWA Power has selected JPMorgan, Citigroup to arrange the initial public offering of its shares, which could raise up to $1 billion, sources said. The two international banks have been selected as global coordinators and a third international bank is close to being chosen, one of the sources told Reuters. ACWA Power, a developer of ...

Bloomberg The biggest buyer of solar farms in America is a company you’ve probably never heard of. Meet Capital Dynamics, an asset manager that handles $15 billion. The firm’s been snapping up clean-power plants for years, but it wasn’t until this month — when the company agreed to spend almost $1 billion on a solar business — that it really ...

Bloomberg Fossil-fuel subsidies may actually rise in Europe because of the switch to green energy. European Union governments will have to pay out increased compensation for closing coal-fired plants, according to a report by Bloomberg New Energy Finance. Several countries are also rolling out programs that pay power plants to guarantee electricity supplies, mechanisms that often favor fossil-fuel generation. Renewables ...

MANILA / Reuters Australia-listed Energy World Corp expects to start up a gas-fired power plant in the Philippines by end-2018, its chief executive said, fed by the country’s first liquefied natural gas (LNG) imports. The Philippines does not currently import LNG, but its domestic natural gas reserves are depleting, and the country has been developing plans for import terminals for ...

DUBAI / Agencies Dubai Electricity & Water Authority (DEWA) will spend AED81billion ($22 billion) on energy projects over the next five years, with renewables accounting for a growing share of electricity output, Chief Executive Officer Saeed Mohammed Al Tayer said. DEWA last week awarded a contract for a 815-megawatt gas turbine project in the Dubai suburb of Al Aweer to ...

Bloomberg Natural gas is getting edged out of power markets across the US by two energy sources that, together, are proving to be an unbeatable mix: solar and batteries. In just the latest example, First Solar Inc. won a power contract to supply Arizona’s biggest utility when electricity demand on its system typically peaks, between 3 p.m. and 8 p.m. ...

Bloomberg Saudi Arabia’s sovereign wealth fund is nearing an agreement to buy about a 10 percent stake in ACWA Power International ahead of an initial public offering by the Riyadh-based energy producer, according to people with knowledge of the matter. The Public Investment Fund, known as PIF, may sign an agreement with the power plant developer in the coming days, ...

BEIRUT / Reuters Lebanon has signed its first deal to buy electricity from private companies, the energy minister said, in a model which took years to hammer out and opens the country up to more international investment. Lebanon has been short of electricity since its 1975-90 civil war. Households experience at least three-hour outages each day. Those who can afford ...