Energy

Bloomberg China has started building a massive renewable energy project that’s bigger than all of the wind and solar power in India. Construction on the first phase, comprising 100 gigawatts of wind and solar, in the desert has started smoothly, President Xi Jinping said via video link at a United Nations Biodiversity Conference in Kunming. That’s more than the entire …

Bloomberg Singapore is offering assistance to power retailers and promising safeguards for customers as skyrocketing prices strain its nascent open electricity market. At least two power providers have announced they will cease retail operations after wholesale prices surged to a record last week. The government is offering help in hedging against volatility for those who want to continue operations, the …

Bloomberg UK power prices rose after a coal power plant switched on Monday to make up for a shortfall in wind generation and limited flows on two power cables to Ireland. Britain is set to end the use of coal within three years and to make power generation fossil fuel-free by 2035. For now the nation is still reliant on …

Bloomberg Chevron Corp committed for the first time to an aspiration of net zero emissions from its operations by 2050 as the company responded to rising investor and societal pressure to play a bigger role in a transition to a low-carbon future. Chevron is also incorporating its customers’ emissions into some of its goals, the San Ramon, California-based company said …

Bloomberg The energy crisis, the coming winter weather and the release of pent-up pandemic demand have sent nations scrambling to stockpile fossil fuels, a move that portends a rebound for global carbon dioxide emissions this year. The trajectory poses a new threat to the Paris Agreement goal of limiting global temperature increases to 1.5° Celsius. China, India and other developing …

Bloomberg A unit of Reliance Industries Ltd acquired solar panel manufacturer REC Solar Holdings AS in a deal giving the company an enterprise value of $771 million as the Indian oil-to-retail conglomerate seeks to extend its dominance into alternative energy. The purchase of Norway-based REC Solar from China National Bluestar Group Co will help Reliance New Energy Solar expand in …

Bloomberg UK oil-service provider Petrofac Ltd must pay a $95 million penalty by a London judge for failing to prevent bribery between 2011 and 2017. The penalty includes a $64 million fine and a $31 million confiscation order. The levy comes after the company pleaded guilty to seven bribery offenses, in a deal with the UK’s Serious Fraud Office (SFO). …

Bloomberg Vitol Group, the world’s biggest independent oil trader, is jumping into the electric-vehicle fleet business. The Rotterdam-based trading house formed a $250 million joint venture with BYD Co, a Chinese EV and battery maker, it said in a statement. The new service will offer electric-car fleet services and charging infrastructure to cities, companies and other organisations. It’s the latest …

Bloomberg India’s coal power giant NTPC Ltd expects to raise $2 billion through initial public offerings in three units including its renewables business, and the paring of a joint venture stake, according to a company official familiar with the plans. The state-run generator plans to sell shares in NTPC Renewable Energy Ltd within a year, the official said, asking not …

Bloomberg Naturgy Energy Group SA’s board said that IFM Global Infrastructure’s 4.9 billion-euro ($5.8 billion) bid for almost a quarter of the Spanish utility is “reasonable.” “From a purely financial point of view and in the current circumstances, the price of the offer is reasonable,” the company said in a regulatory filing. IFM initially offered 23 euros a share for …