Energy

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 …

Bloomberg France’s nuclear giant has a plan to survive the wave of renewable energy that’s sweeping aside old-fashioned utilities across Europe. First it needs to disprove the conventional wisdom about how reactors work. Electricite de France SA says its fleet of nuclear reactors aren’t just able to provide a steady stream of power, they’re flexible enough to complement a large …

Bloomberg Norway’s vast resources of Europe’s cheapest and greenest electricity has helped its energy-intensive industry gain an edge and produce everything from aluminum to chemicals and tankers. But now the nation’s powerful unions are objecting to plans by grid managers and utilities to get in on the act by spending more than $6 billion on cables to profit from selling …

DAMMAM / WAM The Middle East and North Africa (Mena) will need investments of approximately $180 billion to add a capacity at 7.4% annually until 2021, which corresponds to additions of more than 130GW, according to estimates by Arab Petroleum Investments Corporation (APICORP). ‘‘Governments continue to meet this challenge by expediting new projects and upgrading their infrastructure to meet increasing …

Bloomberg Britain probably will risk more energy supply shortages after leaving the European Union, a panel of lawmakers from the House of Lords said, adding to pressure on the government to bring forward measures that protect consumers from higher costs. “It’s likely that the UK’s withdrawal from the EU will lead to less-efficient energy trade, which could in turn increase …

Bloomberg US solar panel maker SunPower Corp. is planning to ask for an exemption to the 30 percent tariff on imported solar panels that President Donald Trump approved. The company that manufactures most of its panels at factories in Asia and Mexico could hire more workers at its headquarters in San Jose, California, and invest in a “pilot” factory in …

Bloomberg BP Plc, the oil major that sold a third of its assets after a disastrous rig accident in 2010, said it won’t be left behind as the industry boosts investment in new energy. “We haven’t made really big bets but we’re scanning and screening everything” to assess renewables opportunities, Chief Executive Officer Bob Dudley said. BP must “get its …

Bloomberg President Donald Trump dealt his biggest blow to the renewable energy industry yet. Trump approved duties of as much as 30 percent on solar equipment made outside the US, a move that threatens to handicap a $28 billion industry that relies on parts made abroad for 80 percent of its supply. The tariffs are the latest action by Trump …

Bloomberg FirstEnergy Corp. rose the most in almost a decade after announcing a $2.5 billion equity investment by a group including Elliott Management Corp. As part of the deal, the Akron, Ohio-based utility owner is forming a “restructuring working group” that will seek to minimise the time needed to exit the unregulated power business, according to a statement. The company …