Energy

BLOOMBERG European natural gas prices moved higher amid a forecast for colder and calmer weather that could boost demand at a time when production outages are set to limit volumes available for refilling stockpiles. Germany is due to see unusually low temperatures this week, while a cold spell is expected in the UK next week, according to forecaster Maxar Technologies. ...

BLOOMBERG The share of clean sources in India’s power generation capacity should surge to 90% by 2047 — more than double from now — for the nation to meet its climate goals, federal Power Secretary Alok Kumar said. The country will need to reduce the share of coal, which currently accounts for about half of its installed capacity and almost ...

BLOOMBERG European natural gas prices rose as strikes in France that are prolonging outages at the nation’s energy infrastructure increased worries about supply. Nuclear reactor availability in the country has dropped to 57%, driving up local power prices. The strikes have also hit oil refineries and liquefied natural gas import terminals. A short cold spell is passing through Europe, adding ...

BLOOMBERG PetroChina posted a record annual profit following a global spike in energy prices and rising output of oil and gas. China’s largest oil producer reported net income of 149 billion yuan ($21.6 billion) for 2022, according to international financial reporting standards, up from 92 billion yuan a year earlier, the company said in a stock exchange filing. Parent company ...

CANBERRA / WAM Australia’s government expects to win approval for a flagship climate policy to rein in the country’s worst polluters after agreeing to rules that could curb development of new fossil fuel projects, Bloomberg reported. The country’s revised safeguard mechanism, which would compel around 215 of the nation’s most emitting industrial sites to cut greenhouse gas emissions by about ...

BLOOMBERG Eskom Holdings SOC Ltd said it will request that one of the key remaining conditions to separate its transmission unit is concluded within the next month, a step that would mark progress towards transforming the business and opening the grid up to private producers. Spinning off the business to become the National Transmission Co South Africa still requires licenses ...

BLOOMBERG The UK published a revised version of its green finance strategy, laying out plans to track investment flows and boost transition finance as it seeks to become the world’s first net-zero aligned financial center. In the long-awaited update to a 2019 strategy, the UK said it will publish a series of net-zero roadmaps this year that outline funding needs ...

BLOOMBERG The European Union (EU) and the US are nearing an agreement on critical minerals that would provide EU companies access to some of the massive green subsidies offered in President Joe Biden’s Inflation Reduction Act (IRA). The deal will likely be similar to an agreement the US signed with Japan that also included a commitment to not impose restrictions ...

BLOOMBERG Iberdrola SA’s ScottishPower unit signed a £1.5 billion ($1.9 billion) deal with Siemens Gamesa to supply wind turbines for an offshore project in a boost for the UK’s stalling renewable-power sector. The deal comes as the UK wind-power industry grapples with cost inflation, rising interest rates and more generous government backing in the US. Developers have warned that cost ...

BLOOMBERG Reliance Industries Ltd, First Solar Inc and Avaada Group are among winners of India’s $2.4 billion incentives plan to encourage domestic manufacturing of solar modules. The government said it allocated total capacity of 39.6 gigawatts of annual production to 11 companies under the programme. India will give out 139.4 billion rupees to boost local module output, state-run Solar Energy ...