Energy

BLOOMBERG Shell Plc said its earnings from gas trading rebounded in the third quarter from the dip seen in the prior period. After bumper profits in 2022 resulting from the severe energy market volatility caused by Russia’s invasion of Ukraine, the performance of oil majors’ trading divisions has shifted back toward historical norms this year. Even so, Europe’s appetite for ...

BLOOMBERG Sweden’s H2 Green Steel AB raised €1.5 billion ($1.6 billion) of equity to help finance the world’s first large-scale green steel plant and a giga-scale electrolyser that will supply the site with hydrogen. The private placement, which the firm says is the largest this year in Europe, was co-led by French hydrogen investor Hy24, together with existing investors including ...

BLOOMBERG Stripe Inc’s $1 billion Frontier fund has written its third round of checks to startups attempting to suck carbon dioxide out of the atmosphere. Frontier facilitated the purchase of $7 million of carbon removal services from 12 startups on behalf of Stripe, Shopify Inc and Hennes & Mauritz AB (H&M). The startups use a variety of techniques to remove ...

BLOOMBERG The renewable energy unit of South Korea’s SK Inc secured a site required to develop a $15 billion green hydrogen project in Canada that’s set to be one of the world’s biggest. SK ecoplant Co received approval to use 1,078 square kilometres (670 square miles) of Canada’s state-owned property, known as Crown Land, to harness wind energy to develop ...

BLOOMBERG Every morning, thousands of construction workers in Qatar start their day by soaking their uniforms in water. The two-minute ritual kickstarts an important process: When the workers are toiling outside — often at summer temperatures above 120F (48C) —  their uniforms can cool skin temperature by as much as 8C (14F), for up to seven hours. The uniforms are ...

BLOOMBERG India will need to invest $12.7 trillion in its energy system, or more than three times its gross domestic product, to reach net zero emissions by mid-century and help the world avert disastrous planetary warming, according to BloombergNEF. Hitting that target early — ahead of India’s official goal of 2070, which lags the world’s largest economies — will require ...

BLOOMBERG South African fuel and chemical maker Sasol Ltd took a 35 billion-rand ($1.9 billion) writedown on a facility at the heart of its operations and warned of regulatory uncertainty in the country as greenhouse-gas emissions rose. The “significant impairment” on the Secunda liquid fuels plant is reflective of Sasol’s reassessment of costs and the “need to remain realistic and ...

BLOOMBERG European natural gas prices plunged as traders gauged the state of crucial negotiations to avoid strikes at Australia’s biggest export facility for the fuel. Benchmark futures fluctuated wildly — briefly plummeting as much as 18% before paring the loss — after the contract settled at its highest level since April. The sharp moves highlight extreme nervousness in the market ...

BLOOMBERG South African coal exporter Thungela Resources Ltd saw profits plunge by 69% in the first half of the year on weaker coal prices and logistical constraints. The company, which is the country’s largest shipper of coal for electricity generation, posted record income last year as European demand for the fuel surged after Russia’s invasion of Ukraine, causing prices to ...

BLOOMBERG Parts of Europe will remain much hotter than normal this week as wild fires destroy homes and force evacuations in parts of Greece. Madrid will for the next few days get temperatures of just below 40C (104F), or more than 6C above normal for the time of year, according to Maxar Technologies Inc. Red and Orange heat warnings remained ...