Energy

Bloomberg Orsted A/S, the biggest developer of offshore wind farms, plans to spend 350 billion Danish kroner ($57 billion) by 2027 to be the world’s leading green energy provider. The Danish firm faces increasing pressure from utilities as well as oil majors that aim to be major players in the transition to clean energy, an area it pioneered when it …

Bloomberg Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers channel funds into a “hasty” energy transition. “The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said at the St Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.” His comments echo those …

Bloomberg The days of promoting liquefied natural gas as “freedom gas” or “molecules of freedom” have ended at the US Department of Energy. During a visit to Houston, US Secretary of Energy Jennifer Granholm said the Biden administration would rather promote and sell a cleaner version of the superchilled power plant fuel. The statement marks a policy shift from the …

Bloomberg Talen Energy Corp, a debt-laden power producer operating in the US Northeast and Texas, unveiled a sweeping plan to focus more on clean energy and expand into crypto mining. Its bondholders aren’t sold. The Woodlands, Texas-based company pitched prospective investors on the strategy, which would require it to raise as much as $800 million in new equity to fund …

Bloomberg The first handful of trades in the UK’s new carbon market indicates that polluting will be more expensive for everyone from power plants to factories than it is under the European scheme. The launch of the UK’s own carbon system is a replacement for the country’s participation in a nearly identical EU program that’s been going since 2005. Putting …

Bloomberg Plug Power Inc plans to open a hydrogen-production plant powered by the wind near Fort Worth, Texas as part of a nationwide chain of facilities to make the clean-energy fuel. The plant will be able to produce up to 60 metric tons of hydrogen per day, Chief Executive Officer Andy Marsh said on a conference call with analysts, without …

Bloomberg Sasol Ltd agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt. The deal rounds out an accelerated asset-sale program that has helped Sasol reduce borrowings that ballooned amid cost overruns at a giant US chemicals project …

Bloomberg Fuel that is so dirty that the global shipping industry banned its use last year is being burned at the highest level in three years in Mexican power plants. With the global shipping industry shunning sulfurous fuel oil to curb emissions, storage tanks in Mexico are overflowing with the stuff. The solution for Mexico is to push more of …

Bloomberg Marathon Petroleum plans to repurchase as much as $10 billion of stock after the US oil refiner completed the sale of its Speedway fuel retail chain. The plan starts with a cash tender offer to buy as much as $4 billion of shares, or about 10% of its current market value, the company said. The repurchase would be the …

Bloomberg Norway is trying to make its dirtiest industry as clean as possible. The multi-billion-dollar plan will do little to reduce the nation’s overall climate impact. The Nordic country will use land-based green hydropower to electrify dozens of offshore oil and gas platforms. That will help meet national climate targets, and so allow the lucrative industry to keep pumping fossil …