Energy

  Bloomberg UK gas producers and electricity generators may make excess profits totalling as much as £170 billion ($199 billion) over the next two years, according to Treasury estimates that lay bare the revenue-raising potential of a windfall tax. Treasury officials will deliver the assessment to the next prime minister when they take office on September 6, according to a …

Bloomberg Germany says it can’t rely on gas supplies from Russia this winter as Europe faces a crunch point in its energy crisis, with Nord Stream flows disrupted by maintenance this week and more works expected next month. Germany’s Economy Minister Robert Habeck is becoming increasingly pessimistic about the role of Russia’s Gazprom PJSC in supplying the vital fuel during …

  Bloomberg France will extend aid for small and mid-sized companies struggling with surging energy costs until the end of the year, Finance Minister Bruno Le Maire told business leaders. The government will also loosen the conditions for firms to request financial help from the 3 billion-euro ($3 billion) fund, Le Maire said. “At the heart of our policy is …

  Bloomberg The Spanish government will cut value-added tax on natural gas to 5% from 21%, in the latest step to blunt the impact on households and businesses of inflation running at its highest level in nearly four decades. The cut will start in October and last until the end of the year, Sanchez said in an interview with Spanish …

  Bloomberg Indian Oil Corp., the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality in its operations by 2046. The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said. It plans to achieve 60% of the goal …

  Mauritius / Mumbai / Gulf Time In one of the largest post-pandemic M&A deals in India, Essar announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 joint venture partnership, for building a 4 MTPA LNG terminal …

Bloomberg The European Union (EU) met its gas storage filling goal two months ahead of target as the bloc braces for a tough winter with Russia limiting supplies and energy contracts trading at elevated levels throughout the continent. European Commission President Ursula von der Leyen celebrated the milestone on Monday, telling an audience at an energy conference in Denmark that the …

  Bloomberg German energy giant Uniper SE is seeking to extend a government credit line to 13 billion euros ($13 billion) in the latest sign of how the energy crisis is getting worse. The utility has requested an additional 4 billion euros ($4.1 bilion) from Germany’s state-owned lender KfW after fully using its existing 9 billion-euro credit line, Uniper said in …

  Bloomberg The European Union (EU) is planning urgent action to try to dampen soaring power prices and is putting together proposals to reform the electricity market, according to Commission President Ursula von der Leyen. “Skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design,” von der Leyen, who heads the EU’s executive body, …

Bloomberg French utility Engie SA is closing in on an agreement with Algeria for an increase in imports of natural gas, a deal that could come after an official visit to the country by President Emmanue Macron. “Diplomatic negotiations are ongoing,” government spokesman Olivier Veran said on BFM TV, adding that an announcement could come shortly. Europe 1 radio first …