Energy

Bloomberg British consumers are starting to feel the pinch from a rally in global energy markets, with supplier Igloo saying it will hike prices. The cost of energy for a typical home buying natural gas and electricity will rise 12.1% from August 2, Igloo said on its website. The move follows a surge in the wholesale price of gas and ...

Bloomberg The US and Germany want to conclude a deal by August to blunt Moscow’s geopolitical gains once the controversial Nord Stream 2 gas pipeline is finished, with the two sides exploring ways to shore up Ukraine’s energy sector and deter Russian aggression through the threat of sanctions. The agreement, which some officials hope to have ready for Chancellor Angela ...

Bloomberg Royal Dutch Shell Plc said it plans to buy BP Plc’s stake in a North Sea field they share, superseding a deal agreed by the British oil major last month. “Shell UK Ltd has agreed to purchase BP’s interest in the Shearwater gas hub,” a spokesperson for the Anglo-Dutch company said, without disclosing terms. “The move reflects Shell’s strategy ...

Bloomberg One of the world’s biggest fossil fuels exporters rejected a proposal to build a massive renewable energy hub over concern about its environmental impact. Asian Renewable Energy Hub, which planned 26-gigawatts of wind and solar generation to produce hydrogen and ammonia, would have disrupted tidal movements and impacted habitats and lifecycle of native species, according to a statement from ...

Bloomberg Mozambique plans to sell a majority stake in the planned $2.4 billion Mphanda Nkuwa hydropower dam that will be one of the biggest in southern Africa, according to Carlos Yum, the director in charge of the project. The government will issue a request for proposals this year, and will take up to four months to select the winner and ...

Bloomberg Seven of the European Union’s leading energy producers called on policymakers to agree to an ambitious and fast reform of the world’s largest carbon market in a bid to help investors in the transition to climate neutrality. Companies including Electricite de France SA, Statkraft AS and Fortum Oyj — which have big nuclear and hydropower fleets — want a ...

Bloomberg Thailand’s state-controlled PTT Pcl, the country’s largest company by market value, has invested in a venture to make plant-based protein, including so-called faux meat, as part of its objective to become less dependent on fossil-fuel businesses. The oil-and-gas giant formed a 300 million baht ($9.6 million) partnership with NR Instant Produce Pcl, which specialises in making protein from jackfruit, ...

Bloomberg Apollo Global Management Inc has agreed to buy a majority interest in gas transportation company Total Operations and Production Services LLC. The private equity firm has reached a deal with current owner Black Bay Energy Capital to take a majority stake in the company, Apollo said in a statement. The deal values the company, known as TOPS, at less ...

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 ...