Energy

Bloomberg The UK’s oil and gas industry faces a struggle to recover from an investment slump sparked by the coronavirus and in the longer term will have to manage a prolonged decline in output, according to its trade body. Production may decline further this year and next, following a 5% decrease in 2020, Oil & Gas UK said in a ...

Bloomberg Germany’s greenhouse-gas emissions fell by the most since 1990 last year as its exit from coal started to hit and the pandemic reduced transportation. Foreign Minister Heiko Maas is looking to put Europe’s biggest economy at the forefront of the fight against climate change, calling for the development of a global market for green hydrogen as a two-day energy ...

Bloomberg Eskom Holdings SOC Ltd., which supplies almost all of South Africa’s power, said it’s undertaking long-overdue repairs at its facilities amid a high risk of nationwide outages, and it expects supply to improve later this year. The debt-stricken state utility has implemented electricity rationing — known locally as load-shedding — on 19 days so far this year after record ...

Bloomberg Japan’s biggest utility and the owner of the wrecked Fukushima nuclear power plant said it needs atomic energy to meet its pledge to cut its carbon dioxide emissions in half by 2030. It will take time to boost capacity of renewable energy, such as offshore wind, which makes nuclear energy indispensable for the company to curb CO2 emissions 50% ...

Bloomberg Goldman Sachs Group Inc. is exploring a sale of its majority stake in Japan Renewable Energy Corp. that could raise about $2.5 billion. Goldman is working with financial advisers on the potential sale of its 75% stake in Japan Renewable, the people said, asking not to be identified because the matter is private. The sale has drawn preliminary interest ...

Bloomberg Coal India Ltd. approved an investment of about 473 billion rupees ($6.4 billion) on mining projects as the company seeks to boost output to replace imports of the fuel, the Kolkata-based miner said in an emailed statement. The approvals include eight new projects as well as expansion plans for 24 existing mines, Coal India said. The 32 sites will ...

Bloomberg Nest Corp., the UK’s biggest pension fund by members, will invest $347 million in renewable energy through a partnership with investment manager Octopus Renewables. Nest’s managers are looking to diversify fund’s holdings and support transition towards clean energy. It’s part of a growing wave of investment by institutional investors into renewable energy assets. “The energy transition will require a ...

Bloomberg The size of China’s carbon market will expand more than 30-fold over the next decade as it covers more industries and polluting becomes more expensive, according to Citigroup Inc. The market’s physical turnover will rise from about $800 million this year, its first in operation, to around $25 billion by the end of the decade, analysts including Tracy Liao ...

Bloomberg Five gasoline tankers that were enroute to the US East Coast diverted to the Port of Houston to help ease a supply crunch after last month’s freeze crippled the region’s refineries. Major refineries along Gulf Coast, the nation’s refining hub, shut gasoline units during the February deep freeze and power failures. Operators have gradually begun resuming production since the ...

Bloomberg Germany agreed to compensate Vatenfall, RWE, EnBw and E.ON 2.4 billion euros ($2.9 billion) for losses suffered following the country’s decision to phase out nuclear power after the Fukushima Dai-Ichi meltdowns. The deal ends the decade-long battle between the government and Germany’s biggest energy companies. It comes in an election year when the green credentials of Europe’s largest economy ...