Energy

  Bloomberg Energy regulator Ofgem will raise its price cap for the average UK home by 21% to £4,279 ($5,173) from January, underscoring the growing gap the government has to plug to maintain its price freeze. The UK has been subsidising Ofgem’s price cap since October in an attempt to shield households from the worst energy crisis in decades. That ...

  Bloomberg The European Union (EU) paused efforts to approve a package of emergency measures to curb the fallout from high natural gas prices as member states struggled to resolve a deep split over a push to cap the cost of gas. Energy ministers holding an extraordinary meeting in Brussels agreed on the content of several emergency measures, but will ...

  Bloomberg Renault SA is buying solar power from Voltalia SA over 15 years in what is France’s biggest renewable corporate power-purchase agreement. Voltalia will install 100 megawatts of solar panels on the carmaker’s sites across France from 2025, with that number rising to 350 megawatts by 2027, the Paris-based company said. The deal, which is part of the carmaker’s ...

  Bloomberg Asia’s liquefied natural gas (LNG) spot price rallied to the highest level since early October on concern disruptions to production and the arrival of colder weather in key markets will further tighten supply. The Japan-Korea Marker, North Asia’s LNG benchmark, jumped 20% in the week to Wednesday to $34.24 per million British thermal units, according to traders citing ...

  Bloomberg Germany has set out its plan to claw back 90% of the earnings from some clean power generators as the government seeks funding for its consumer aid package. The government is planning to skim 90% of earnings above €130 a megawatt-hour for solar, wind and nuclear, according to a draft law seen by Bloomberg News. Politicians are trying ...

  Bloomberg The UK announced a windfall tax on “excess” profits of some electricity generators to help pay for the continuation of a freeze on household energy bills. Renewable, nuclear and biomass generators will see a 45% tax, while an existing levy on oil and gas firms will rise to 35% from 25% as the government seeks to claw back ...

  Bloomberg German Chancellor Olaf Scholz promised the swift implementation of natural gas price subsidies recommended by a government-appointed panel to ease the impact of soaring energy costs. “The cabinet will start implementing the proposals this Wednesday,” Scholz said at a press conference in Berlin. “We don’t want to let anyone alone in this difficult situation.” Germany, Europe’s largest economy, ...

Bloomberg Natural gas can play a transitional role in Africa’s development to a greener economy, the European Union’s climate chief Frans Timmermans said in response to climate activists’ concerns about locking the continent into fossil fuels. While renewable energy is becoming cheaper globally, Timmermans said he understands Africa’s need to monetise its fossil-fuel resources. The EU and member states like ...

  Bloomberg Strong growth in global demand for renewable fuels offers a great opportunity for suppliers in Australia, the second-largest exporter of canola seed, according to one of the country’s biggest crop shippers. While the US is the largest market, “we are seeing very strong growth across Asian markets and into China, and I think it creates a great opportunity ...

  Bloomberg Enel SpA is weighing a sale of its operations in Peru as it seeks ways to cut debt and fund new investments, according to people familiar with the matter. Italy’s largest utility is working with advisers on the potential disposal, which could be valued at about $5 billion, the people said. The asset has drawn preliminary interest from ...