Energy

Bloomberg In a couple of years, Japan will be paying the highest rates in the world to incumbent power utilities simply for maintaining generation capacity, including coal and nuclear plants, to help meet electricity demand in times of scarcity. That windfall comes at a time when Japan is seeking to liberalise its market, encourage new entrants and boost the use ...

Bloomberg Total SE took a stake in a French floating wind farm project, its third investment in the nascent industry this year as the oil and gas giant reshapes itself for a low-carbon future. While wind farms built directly on the sea bed have become widespread and cost-competitive with other forms of energy, floating turbines that would allow clean electricity ...

Bloomberg A landmark law to strengthen European Union climate policies and make the 2050 goal of climate-neutrality irreversible risks falling off a fast-track approval process, as the bloc’s leaders take time to consider the economic impact of the unprecedented overhaul in the midst of the deepest recession on record. EU heads of government plan to discuss the draft measure at ...

Bloomberg A UK clean energy company is seeking to create 1,000 jobs by the end of next year, expanding its technology to simplify the way consumers buy electricity. Octopus Energy said it wants to make the UK the “Silicon Valley of energy” and detailed a plan to expand its cloud-computing platform, known as Kraken, which aims to make it easier ...

Bloomberg Chile’s government is considering ways to boost the attractiveness of green-hydrogen projects as the biggest copper-producing nation strives to become carbon neutral. “We will announce the details early November,” Energy Minister Juan Carlos Jobet said in an interview in Santiago. “It will come in the form of some financial assistance to allow investors to have returns during the early ...

Bloomberg Noble Energy Inc shareholders approved the company’s acquisition by Chevron Corp, cementing one of the US oil industry’s biggest transactions this year. The vote during a virtual shareholder meeting came despite opposition from Elliott Management Corp. The activist hedge fund was said to seek a break-up of the deal because it thought Chevron wasn’t paying enough. The biggest proxy-advisory ...

Bloomberg The nuclear industry should tap into rising investor interest in hydrogen-fuel to revive the flagging prospects of reactor operators in an increasingly crowded marketplace for clean power. That was the message delivered by executives and scientists who convened at the International Atomic Energy Agency (IAEA). Higher demand for hydrogen from industry and heavy transport could make production of the ...

Bloomberg Suncor Energy, Canada’s biggest oil-sands producer, will trim 10% to 15% of its workforce in the next 18 months, joining a long list of energy companies in Alberta that have announced layoffs following a collapse in fuel demand due to the virus. Suncor had already been preparing for a smaller workforce but the planned cuts, which could affect as ...

Bloomberg Octopus Energy, the UK green power provider, bought US startup Evolve Energy as part of a $100 million push into the American market. The company hopes to attract millions of customers as it gets a foothold in the Texas market. It’s the latest step in Octopus’s plan to expand globally, driving down consumer prices with low-cost renewable power. Evolve ...

Bloomberg Royal Dutch Shell Plc will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings and the oil and gas giant overhauls its business to embrace clean energy. The move reflects the challenge facing Big Oil as the virus pandemic persists, with some in the industry believing the era of demand growth is ...