Energy

Bloomberg Europe needs to double the share of electricity produced from renewable sources by the end of the decade to be in with a chance of meeting a stricter emissions-reduction target that would put the region’s economy on track to climate-neutrality, according to a report. Europe wants to become the world’s first continent to zero-out greenhouse gases by the middle ...

Bloomberg Royal Dutch Shell Plc agreed to buy a 51% stake in an Irish project to develop a floating wind farm in the Celtic Sea. Simply Blue Energy’s Kinsale venture will develop the Emerald floating wind farm, with 300 megawatts of capacity initially and the potential to scale up to 1 gigawatts. The companies didn’t disclose the value of the ...

Bloomberg Here’s more evidence the clean-tech boom is only getting bigger. Breakthrough Energy Ventures (BEV), the clean-tech venture capital fund led by Bill Gates, has raised $1 billion for a second round of investments after backing 45 startups with its first billion. Created in 2016, BEV began funding startups just as the second wave of clean-tech investments was gaining momentum. ...

Bloomberg Total SE has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions. Europe’s three largest oil and gas companies — Total, BP and Royal Dutch Shell — all announced plans last year to eliminate most greenhouse gas emissions from their operations and the fuels they sell in the coming decades. It marked a ...

Bloomberg Renewables are for the first time the dominant power source in Europe’s electric grid. In a year that saw pandemic restrictions sap energy demand across the continent, the drop in supply came mostly from more expensive power from fossil fuels. That helped green sources take the biggest share of the European Union’s generation, a portion that will keep growing ...

Bloomberg Russian pipelaying vessel Fortuna has started working at the Nord Stream 2 construction site in Danish waters, defying new US sanctions against the controversial gas-pipeline project. The work being done in the Danish exclusive economic zone is “performed in line with relevant permits” and precede the actual construction of the gas link, a spokeswoman for Nord Stream 2 AG ...

Bloomberg Danish utility Orsted A/S took a final investment decision on its first hydrogen project as it expands beyond wind power. The world’s biggest producer of electricity from turbines at sea will use the technology at its Danish demonstration project H2RES to produce green hydrogen. It’s a small, but concrete step for the company that could help it stand out ...

Bloomberg The scrapping of Keystone XL not only means the end of multibillion-dollar pipe dream for TC Energy Corp — it also leaves behind 48,000 tons of steel. US President Joe Biden revoked permits for the oil pipeline on his first day in office, killing a cross-border project that had won a four-year reprieve under his Republican predecessor, Donald Trump. ...

Bloomberg India’s success in connecting its largest domestically-built nuclear reactor to the grid is a boost for plans to deploy the technology to help the world’s third-biggest polluter limit emissions, according to the official overseeing the plans. The 700-megawatt pressurised heavy water reactor of the Kakrapar Atomic Power Station, located in the western state of Gujarat, is the first of ...

Bloomberg The first cold blast this winter that propelled European power and gas prices to their highest levels in years may be about to dissipate, but its impact will be felt for months to come. From a snow storm in Madrid to record spikes in the UK power market as wind dropped — the weather has been the main driver ...