Energy

BLOOMBERG A Brookfield Asset Management Inc-led consortium agreed terms on a A$18.7 billion ($10.2 billion) deal, including debt, to acquire Australian utility Origin Energy Ltd after months of delays. The consortium, which includes EIG Global Energy Partners, increased the value of its proposal following further talks in recent weeks and the pact will value Origin’s shares at A$8.912 each, the ...

BLOOMBERG France’s oil-processing industry is running at a fraction of normal capacity as worker strikes enter their fourth week. Four of the nation’s six refineries are barely operating after Exxon Mobil Corp started taking the larger of its two French facilities out of service at the weekend because it can’t get crude into the site. The country’s labour action is ...

BLOOMBERG It took less than two weeks for TotalEnergies SE to put a massive green hydrogen project with Adani Group on hold after the Indian conglomerate was rocked by allegations of fraud. The deal — part of a plan in which billionaire Gautam Adani’s clean energy business would have invested $50 billion over the next decade in the emissions-free fuel ...

BLOOMBERG China’s reopening after three years of Covid Zero is the main source of optimism for commodities markets wracked by a string of bank failures and slowing global growth. Wood Mackenzie Ltd has run the numbers on what it could mean for prices, under a base case scenario where the economy expands at 5.5% this year, and a more bullish ...

BLOOMBERG An expected boom in Asia’s solar manufacturing capacity will drive down panel prices and make imports more competitive, even as President Joe Biden’s landmark climate law entices suppliers to build more US factories. While the law provides generous subsidies for domestic solar producers, Pol Lezcano, a BNEF analyst, is skeptical that factories under development now will be able to ...

BLOOMBERG A year and a half ago, China’s CATL put on a flashy event to make an announcement significant enough that Zeng Yuqun, the founder and chairman of the world’s biggest battery maker, served as emcee. Zeng, who had just passed up Alibaba’s Jack Ma in the Bloomberg Billionaires Index, revealed that CATL was working on battery packs that would ...

BLOOMBERG Greece will put forward a plan to overhaul the European Union’s (EU) electricity grids in order to lay foundations for a massive rollout of renewable power. The country wants to boost so-called north-south corridors so that areas with high levels of wind power generation are better connected with those that produce solar electricity, according to a non-paper seen by ...

BLOOMBERG Power traders in China’s Shandong province can now ask to be paid for taking electricity as the province’s growing rooftop solar capacity threatens to overwhelm the grid. The province officially set the lowest price on its spot market below zero, according to a draft rule released by Shandong Development and Reform Commission. Negative prices that encourage generators to switch ...

BLOOMBERG Coal India Ltd., which accounts for about four-fifths of the nation’s output of the fuel, is aiming to boost supplies to power plants this summer as unusually hot weather drives electricity demand. The state-run miner is increasing coal output and building stockpiles at its mines this month to meet supply commitments, the company said. Electricity consumption is set to ...

BLOOMBERG Off the coast of New England, winds whip over the frigid Atlantic Ocean creating perfect conditions for giant offshore turbines. While plans are in place to tap that natural power to generate electricity, progress — here and around the world — is being held up by soaring inflation. As investment foundations crumble due to rising interest rates and higher ...