Energy

  Bloomberg After nearly half a century expanding its bread-and-butter business into one of the world’s largest metal smelting operations, Korea Zinc Co is setting its sights on renewable energy to cut costs and drive growth. The Seoul-headquartered zinc, gold, silver and lead smelter plans to invest $6.6 billion over the next eight years developing solar and wind power generation …

  Bloomberg The European Union could cap natural-gas prices to avoid “unbearably high” costs if Russia, the region’s biggest supplier, significantly limits or cuts off the flow. The European Commission is mapping out energy-market intervention measures as part of a package to replace Russian gas imports after the invasion of Ukraine. It is set to recommend agreeing on common principles …

  Bloomberg Finland’s Fortum Oyj plans to leave Russia by selling assets as policy makers pushed for the state-owned utility to exit because of the war in Ukraine. “We have decided to pursue a controlled exit from the Russian market,” Chief Executive Officer Markus Rauramo said in a statement. “As the preferred path, this decision includes a potential divestment of …

  Bloomberg Major copper producers from BHP to Freeport-McMoRan will likely avoid drastic changes in the way they do business in Chile as writers of a new constitution wrapped up deliberations on mining proposals. In a vote on the Constitutional Convention floor, a plan to replace the nation’s investor-friendly concession model with a system of temporary and revocable permits fell …

Bloomberg Already, 2022 is taking its place in a pantheon of years that have seen the nature of fire change — and all parts of the world fall under threat. It’s only expected to get worse, with drought and heat waves looming over the horizon for many parts of the globe. At the epicenter of the fury will be the …

  Bloomberg Six months ago, UK North Sea oil and gas faced the bleakest outlook in its 50-year history. The government was focused on hosting the COP 26 climate talks and environmentalists were close to killing off one of the country’s largest oilfield developments, called Cambo. An industry that had excelled at prolonging its lifespan was at risk of sudden …

Bloomberg The Texas grid operator called on residents to conserve energy after six generation facilities tripped offline amid hot weather, prompting power prices to spike. The power-plant failures resulted in a loss of about 2,900 megawatts of electricity, the Electric Reliability Council of Texas (Ercot) said. That’s enough power for about 580,000 homes and businesses. Natural-gas fired plants make up …

Bloomberg South Africa will need to attract investment of $14 billion if it is to develop a substantial green hydrogen industry, the head of the government’s climate finance task team said. An initial amount of $1 billion would be needed to create an industry that could export 20,000 tons of the climate friendly fuel annually and a further $13 billion …

  Bloomberg Petroleos Mexicanos’ beleaguered mega-refinery project in Dos Bocas could run at least $4.7 billion over budget with just months to go before its grand opening. Pemex, as the state-owned oil company is known, has budgeted $12.5 billion for the project through the end of 2022, and is expected to spend some $2 billion more on the project, according …

Bloomberg Natural gas prices in Europe declined the most in a month with majors buyers in the region saying they can ride out the latest threat to Russian supply. Benchmark futures fell 9.2%, and posted a weekly loss. Russian shipments through Ukraine have dropped this week, but stayed broadly stable — near the lowest since late April — based on …