Energy

BLOOMBERG India will need to invest $12.7 trillion in its energy system, or more than three times its gross domestic product, to reach net zero emissions by mid-century and help the world avert disastrous planetary warming, according to BloombergNEF. Hitting that target early — ahead of India’s official goal of 2070, which lags the world’s largest economies — will require ...

BLOOMBERG South African fuel and chemical maker Sasol Ltd took a 35 billion-rand ($1.9 billion) writedown on a facility at the heart of its operations and warned of regulatory uncertainty in the country as greenhouse-gas emissions rose. The “significant impairment” on the Secunda liquid fuels plant is reflective of Sasol’s reassessment of costs and the “need to remain realistic and ...

BLOOMBERG European natural gas prices plunged as traders gauged the state of crucial negotiations to avoid strikes at Australia’s biggest export facility for the fuel. Benchmark futures fluctuated wildly — briefly plummeting as much as 18% before paring the loss — after the contract settled at its highest level since April. The sharp moves highlight extreme nervousness in the market ...

BLOOMBERG South African coal exporter Thungela Resources Ltd saw profits plunge by 69% in the first half of the year on weaker coal prices and logistical constraints. The company, which is the country’s largest shipper of coal for electricity generation, posted record income last year as European demand for the fuel surged after Russia’s invasion of Ukraine, causing prices to ...

BLOOMBERG Parts of Europe will remain much hotter than normal this week as wild fires destroy homes and force evacuations in parts of Greece. Madrid will for the next few days get temperatures of just below 40C (104F), or more than 6C above normal for the time of year, according to Maxar Technologies Inc. Red and Orange heat warnings remained ...

BLOOMBERG Vestas Wind Systems A/S said it expects increased costs from a backlog of wind turbine orders to drag down full year earnings as executives avoided giving details on how the quality issues plaguing the broader wind industry would affect the Danish company. A key supplier of blades to Vestas published a profit warning last month after higher inspection and ...

BLOOMBERG Nigeria’s biggest city and commercial hub of Lagos plans to raise as much as $10 billion in private investment to boost electricity supply to nearly five million households by 2032, state governor Babajide Sanwo-Olu said. Lagos, home to about 25 million people, receives about 25% of 5,000 megawatts of national grid-connected electricity, prompting the city to depend on fragmented ...

BLOOMBERG South Africa’s government will need another two to three months to complete an energy transition implementation plan, further delaying the flow of funds from an $8.5 billion climate finance agreement with some of the world’s richest countries. More work needs to be done on how to re-skill workers from coal-dependent communities as coal-fired plants gradually close down, said Joanne ...

BLOOMBERG The Norwegian government has given Equinor ASA the green light to electrify its liquefied natural gas facility in northern Norway, a project forecast to lower emissions and lock in gas deliveries beyond 2030. “We are putting in place the policies so Hammerfest LNG can continue operating to 2040,” Prime Minister Jonas Gahr Store said at a press conference in ...

BLOOMBERG India’s state-controlled nuclear power industry is considering allowing greater participation of private firms, with an aim to developing small modular reactors to help decarbonise industry. The country is reviewing its six-decade-old atomic energy law to allow more involvement from non-state companies,federal atomic energy minister Jitendra Singh said in a written reply to questions in parliament. India currently allows private ...