Energy

  Bloomberg Royal Dutch Shell Plc has made an oil discovery in Namibia, an area where previous explorers have largely failed to find commercial resources. Searching for oil and gas in the waters of the southwest African nation has been compared to the early days of the North Sea, where a number of wells were drilled before any significant discoveries ...

  Bloomberg The biggest test of Texas’s newly fortified power grid arrives Friday morning, when electricity demand is forecast to surge as waking residents crank up heaters in the sub-freezing cold. Shortly before sunrise in Dallas, it was 20 degrees Fahrenheit (-7 degrees Celsius). Midland, in the oil- and gas-rich Permian basin, was 10. Highs will only be in the ...

  Bloomberg The European Union (EU) unveiled how it plans to label investments in some gas and nuclear projects as sustainable, a move that has divided member states as the energy transition collides with political reality. The European Commission on Wednesday announced technical amendments to its draft green-label criteria and proposed strengthening disclosure rules to ensure more transparency for investors. Yet ...

  Bloomberg Four countries asked the European Union to reverse a plan to make some natural gas projects eligible for its coveted green label in a last-minute plea, highlighting divisions about how to manage the energy transition. In a letter sent to the European Commission, the Netherlands, Austria, Sweden and Denmark argued there’s a lack of scientific evidence to include ...

  Bloomberg The Indonesian government has lifted a ban on coal exports, ending uncertainty that sent the price of the fuel to this year’s highest level. The ban was lifted on improving supply for local power plants, according to a statement published by Energy and Mineral Resources Ministry on its website on Tuesday. Coal exporters that have met the domestic ...

  Bloomberg Billionaire Mukesh Ambani’s ambitious effort to pivot his conglomerate Reliance Industries Ltd. toward green energy could transform India into a clean hydrogen juggernaut. Ambani, Asia’s richest man, announced plans earlier this month to invest $75 billion in renewables infrastructure including generation plants, solar panels and electrolysers. There is growing speculation that the strategy entails transforming all of that ...

  Bloomberg Global demand for natural gas will increase only marginally this year as declining use in Europe stifles a post-pandemic recovery in consumption of the fuel. Demand growth will slow to 0.9% after a 4.7% advance last year, the International Energy Agency said in its quarterly gas report. While use is expected to increase in Asia and North America, ...

  Bloomberg UK Chancellor of the Exchequer Rishi Sunak will announce a package of measures to alleviate the impact of rising energy costs “in due course,” Prime Minister Boris Johnson said on Monday, as his government grapples with a growing squeeze on the cost of living. Johnson is coming under increasing pressure from opposition parties and members of his own ...

  Bloomberg NTPC Ltd, India’s largest power producer, posted a 25% jump in quarterly profit as demand for electricity soared in one of the world’s fastest-growing economies. Profits increased to 41.3 billion rupees ($551 million) in the three months through December, compared with 33.2 billion rupees a year ago, the state-run company said in a stock-exchange filing. Profits surpassed an ...

  Bloomberg Octopus Energy Ltd. warned record energy prices will result in a 100 million-pound ($134 million) hit to the UK power supplier’s bottom line this financial year, according to a Financial Times report. Soaring wholesale electricity and gas prices have put 25 U.K. utilities out of business in the last six months. A regulatory cap on the amounts suppliers ...