Energy

France to extend help with energy costs for small firms

  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 ...

Read More »

Spain to reduce VAT on gas bills

  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 ...

Read More »

India’s top refiner to spend $25 billion to cut emissions

  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 ...

Read More »

Essar, ArcelorMittal in $2.4b sale pact for infra assets

  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 ...

Read More »

EU reaches gas storage goal early despite Russian supply cut

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 ...

Read More »

Uniper seeks $4.1bn from state lender as liquidity deteriorates

  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 ...

Read More »

EU plans emergency intervention to stem surging power prices

  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, ...

Read More »

France nears deal with Algeria for more natural gas imports

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 ...

Read More »

European governments spend $278b to cushion energy crisis

Bloomberg European governments have allocated about 280 billion euros ($278 billion) in funding to cushion the impact of the energy crisis on households and businesses. The funding, calculated by Brussels-based Bruegel think tank, measures fresh allocations since September, and covers everything from subsidising tariffs for small businesses in Greece to direct payouts to consumers in Belgium. Some of the money ...

Read More »

Nigeria seeks $10b to fund its energy transition plans

  Bloomberg Nigeria aims to raise an initial $10 billion in funding to implement its energy transition plan ahead of COP27 climate talks later this year, the country’s vice president said. Africa’s most populous country needs at least an additional $10 billion a year and a total $410 billion to deliver on its net-zero targets by 2060, Vice President Yemi ...

Read More »
Send this to a friend