Energy

Bloomberg The most intense heat of the year across the US East Coast may fire up electricity and natural gas prices as households and businesses crank up their air conditioners over the next several days. Simmering temperatures expected to sweep across the US Midwest, mid-Atlantic and Northeast over the next five days may boost power demand to a nine-month high, …

Bloomberg In an eerily quiet nuclear reactor hall in southern Sweden, new copper and steel machinery stretching 50 meters and weighing hundreds of tons is just sitting idle. Bought from France and Germany as part of a $450 million upgrade at the now defunct Oskarshamn-2 facility, the turbines, steam pipes and feed-water pumps were supposed to help supply cheap electricity …

Bloomberg The governments of Germany, Denmark and Belgium backed a pledge to install 60 gigawatts of new offshore wind power next decade, more than fivefold existing capacity. Energy ministers from the three countries joined chief executives from 25 companies including Dong Energy A/S, the world’s biggest offshore wind developer, to issue a statement pledging to work together to increase investment …

Kurdistan / Reuters Genel Energy’s main Taq Taq oil field in Iraqi Kurdistan has seen falling output in 2017 but the rate of decline has slowed recently, the company said in a statement prepared for its annual general meeting on Tuesday. Shares in Genel, which have fallen more than 92 percent since its peak in 2014, were down 3.2 percent …

Bloomberg Looking for a rare bright spot in US coal? Consider Nebraska, the only state producing more electricity from the fossil fuel than it did a decade ago, according to a Bloomberg analysis of US government data. While America’s slashed its coal-fired electricity generation by more than a third between 2006 and 2016 — creating havoc for the coal sector, …

Bloomberg Oil dropped to the lowest level in more than three weeks as the market refocused on glut concerns after a diplomatic clash involving Saudi Arabia and Qatar was seen as having a limited impact on supply. Futures dropped 0.6 percent in New York, after rising as much as 1.6 percent earlier in the session. Saudi Arabia, Bahrain, the United …

SINGAPORE / Reuters Qatar Petroleum is still seeking gasoil from countries in the Gulf Cooperation Council (GCC) even as some members of the group have severed ties with the country, said two trading sources on Monday. The state-run company was looking for up to two gasoil cargoes a month for delivery over July to September in a tender that closes …

Bloomberg Oil posted its biggest weekly drop in four weeks amid questions over the effectiveness of OPEC’s deal to help rebalance the market as US production continues to grow. Futures slid 1.5 percent in New York. Russia’s most powerful oil boss said output curbs by OPEC and its partners probably won’t succeed over the long term as US shale fills …

MOSCOW / Reuters Saudi Arabia Energy Minister Khalid al-Falih said further oil output cuts could be needed in the future but that OPEC and other leading producers would assess the market situation in July, Russia’s TASS news agency reported. The Organization of the Petroleum Exporting Countries (OPEC) and other nations led by Russia agreed last week to extend a deal …

Bloomberg Brazil is taking steps to promote new renewable-energy projects as the government seeks to reassure the industry that political turmoil won’t threaten current power policies. The country will organize at least one power auction for clean-energy projects this year, according to Eduardo Azevedo, secretary of energy planning and development at the Ministry of Mines and Energy. A second auction …