Energy

  Bloomberg Europe reined in its natural-gas consumption last month as households kept the heating off amid warm weather, providing some relief to a tight market ahead of winter. Governments across the region have been pleading with consumers to reduce their gas use after a slump in Russian supplies raised specter of rationing once the weather gets cold. A mild …

  Bloomberg Commodities from oil to iron ore and copper jumped after China eased some Covid restrictions, raising hopes over a demand recovery in the world’s second-biggest economy. Almost all major commodities traded higher following news that China reduced the amount of time that travellers and close contacts of infected people must spend in quarantine, a significant amendment of the …

  Bloomberg Adani Green Energy Ltd. reported a 49% jump in its second-quarter profit on higher electricity generation, with the clean energy arm of billionaire Gautam Adani benefiting from India’s strong demand for power. Profit for the three months ended September climbed to 1.49 billion rupees from 1 billion rupees a year earlier, the company said in a stock exchange …

Italy will speed up drilling for new sources of domestic gas in a bid to lower energy prices for its industries, reversing a decade of restrictions on new exploration. The plan is part of the new Prime Minister Giorgia Meloni’s first budget law, and the government is pledging €30 billion of additional energy aid. The government estimated about 15 billion …

Shares of Brazil’s state-controlled oil producer Petrobras erased their gains for the year as fears of increased political intervention with Luiz Inacio Lula da Silva as president are driving investors to dump the stock. Petroleo Brasileiro SA’s shares closed down 5.5% to 28.30 reais in Sao Paulo, and have shed over $20 billion in market value since their October peak. …

Uniper SE reported one of the biggest losses in German corporate history, with Russia’s stranglehold on gas supplies leaving the giant utility struggling to survive. Uniper reported a net loss of about €40 billion ($39.3 billion) in the first nine months of the year after being forced to buy gas at prices far beyond what it paid Russia under long-term …

One of Europe’s greenest utilities, Orsted A/S, is set to make more money this year thanks in part to burning more coal as Europe turns to the polluting fuel to provide energy security. While Orsted mostly generates electricity from an increasing fleet of wind farms at sea, it also has plants that produce power and heat from burning coal and …

Galp Energia SGPS SA, Portugal’s biggest oil company, said it wants partners for its renewable energy business in different countries where it operates. “We’re growing all our traditional businesses, including upstream, but the renewables business is going to grow so much faster than you would want eventually to have partnerships in different countries, or different projects, without necessarily having to …

The world’s largest solar company warned that stricter US import requirements for panel shipments will continue to create disruptions to the American market through next year. Longi Green Energy Technology Co. projects between 20 to 50 gigawatts of US solar market demand in 2023, the Chinese company said in an earnings briefing, according to a note by Daiwa Capital Markets. …

European natural gas advanced again with traders focusing on weather forecasts, while outages at key facilities highlight the risk of potential winter shortages. Benchmark futures jumped as much as 10%, extending their rebound from losses earlier in the week, with temperatures dropping closer to seasonal levels after an unusually mild October. Some forecasts also point to colder-than-normal conditions in northwest …