Energy

Bloomberg The European Union’s climate plan might be the most ambitious attempt yet to force a major economy to abandon fossil fuels, and by some measures it still won’t be enough to keep global temperatures from rising. But that’s no reason to despair. The Fit for 55 package — named for its goal of cutting emissions at least 55% from ...

Bloomberg Global Power Synergy Pcl, the listed power unit of Thailand’s state-owned PTT Group, has acquired a stake in Indian renewable energy provider Avaada Energy Pvt for about $453 million. Global Power completed the purchase of about 41.6% stake in Avaada through subscription of new shares, the company said in a statement, confirming an earlier Bloomberg News report. The transaction ...

Bloomberg At a time when funding for fossil fuel projects is drying up, Botswana is racing to develop six new coal mines and a rail link for exports, with the government prepared to put its own money into the projects. The southern African nation, the world’s second-biggest diamond producer, has more than 200 billion tons of untapped coal reserves. To ...

Bloomberg A consortium that includes CNIC Corp and GIC Pte are nearing a deal with China Three Gorges Corp for a 25% stake in its overseas asset portfolio that could be valued at as much as $2 billion, according to people familiar with the matter. The group could reach a deal to buy the stake in China Three Gorges’ international ...

Bloomberg A heat wave across some of China’s biggest industrial provinces has pushed local electricity consumption to unprecedented levels, sending thermal coal futures toward record highs. The power load in the eastern province of Zhejiang near Shanghai surpassed 100 million kilowatts per hour for the first time, the State Grid said in its newspaper. Usage has also hit records in ...

Bloomberg Pembina Pipeline Corp said it wasn’t going to sweeten its bid for Inter Pipeline Ltd one day after a new hostile offer for Canada’s fourth-largest midstream company was made by Brookfield Infrastructure Partners LP as the takeover battle intensifies. The Canadian pipeline company doesn’t intend to increase or change the 0.5 common Pembina shares offered under its proposed acquisition ...

Bloomberg Royal Dutch Shell Plc and Iberdrola SA’s ScottishPower unit are teaming up to bid to build what could be the world’s largest wind farms that float in the sea. The companies submitted proposals for multiple floating projects off the coast of Britain as part of Scotland’s process to lease its seabed to renewable energy developers, according to a statement. ...

Bloomberg China’s top economic planning body has been put in charge of devising a plan for the world’s biggest polluter to cut greenhouse gas emissions, indicating that climate policies are gaining a more central role in the nation’s long-term development strategy. The country’s top officials told the National Development and Reform Commission (NDRC) a few months ago to lead the ...

Bloomberg A massive plume of methane, the potent greenhouse gas that’s a key contributor to global warming, has been identified in China’s biggest coal production region. The release in northeast Shanxi province is one of the largest that geoanalytics company Kayrros SAS has so far attributed to the global coal sector and likely emanated from multiple mining operations. Details captured ...

Bloomberg French Finance Minister Bruno Le Maire said it will be difficult for the country to accept the European Commission’s requests regarding a proposed reorganisation of Electricite de France SA tied to regulatory reform. “It seems very complicated to explain to the French — not to mention EDF employees — that we’ll give in to the demands of the European ...