Energy

Bloomberg The cost of generating electricity from offshore wind farms fell sharply in the UK to below the price the next nuclear reactors will charge, making the form of clean energy one of the cheapest ways to supply the grid. In a government auction that handed out power-purchase contracts worth 176 million pounds ($232 million) a year, all of the ...

Bloomberg The US is poised to experience its first annual decline in solar-panel installations, as a drop in rooftop demand slows growth in the world’s second-biggest market. Developers added a total of almost 2.4 gigawatts in the second quarter, putting the industry on pace to reach 12.4 gigawatts this year, according to a report on Monday from GTM Research and ...

Bloomberg India’s top oil refiner is exploring the use of natural gas and electricity to power vehicles as Prime Minister Narendra Modi’s government envisions multiple paths towards reducing the country’s dependence on petroleum-based fuels. Indian Oil Corp., which supplies about half the oil products to the world’s fastest-growing consumer, is aiming to sell natural gas for vehicles through its existing ...

Bloomberg Gasoline declined to the lowest in more than a week as some US Gulf Coast refineries said they plan to resume operations following shutdowns forced by flooding from Hurricane Harvey. Futures for October delivery lost as much as 4.5 percent in New York after their biggest monthly gain since March last year. While about one-fifth of US refining capacity ...

Bloomberg Gasoline climbed to the highest level in more than two years as traders assess how quickly key Gulf Coast refineries and pipel- ines are able to return to service following Harvey. Motor-fuel prices jumped 13.5 percent in New York. Harvey has shuttered about 23 percent of US refining capacity since its first landfall on the Texas coast as a ...

Bloomberg Nigeria’s Egbin power plant, the biggest in Africa’s most-populous nation, is owed 125 billion naira ($352 million) by the government and half of its output is wasted because of inadequate transmission infrastructure, its chief officer said. Out of the roughly 1,300 megawatts currently generated by the facility’s six units, which is close to full capacity, some 700 megawatts are ...

Bloomberg A stalled solar-thermal project in northern Chile backed by a US private equity investor is seeking about $800 million in debt to resume construction, according to people familiar with the deal. EIG Global Energy Partners, the US private equity investor that took over the $1 billion Cerro Dominador solar plant last year, has received interest from “several international banks,” ...

Bloomberg Gasoline surged to the highest in two years and oil declined as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10 percent of US fuel-making capacity. Motor fuel prices rose as much as 6.8 percent, while New York oil futures slipped 0.9 percent. Harvey, the strongest storm to hit the US since ...

Bloomberg Duke Energy Corp. asked to cancel its planned nuclear plant in South Carolina, citing the bankruptcy of reactor manufacturer Westinghouse Electric Co. North Carolina utility regulators should require customers of the company’s Duke Energy Carolinas unit to pay $353 million of pre-construction costs spent on the Lee Nuclear Station over the next dozen years, the Charlotte-based company said in ...

Bloomberg Indian solar projects banking on a continuous supply of ever-cheaper panels are now under threat as China’s appetite props up prices. The global spot market price for solar panels in the second quarter fell at the slowest pace since the three months ended in December 2015, according to data compiled by PVinsights. While the decline has picked up slightly ...