Energy

Bloomberg Iberdrola SA agreed to buy PNM Resources Inc for $4.3 billion, pushing deeper into the US power market as the Spanish utility strengthens its position as a global giant in an industry that’s being transformed. The deal — at $50.30 per PNM share and a 10% premium — valued PNM at $8.3 billion including debt. It’s Iberdrola’s eighth acquisition ...

Bloomberg The Australian government is seeking clarification from Beijing on reports that China has suspended purchases of Australian coal amid heightened diplomatic tensions between the two countries. Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal, people familiar with the order said, asking not to be identified as the matter is private. Ports ...

Bloomberg ConocoPhillips agreed to buy Concho Resources Inc for about $9.7 billion in stock, the largest shale industry deal since the collapse in energy demand earlier this year and one that will create a heavyweight driller in America’s most prolific oil field. Investors will get 1.46 Conoco shares for each Concho share, the companies said in a statement. The transaction ...

Bloomberg Poland’s largest utility plans to spend 75 billion zloty ($19.4 billion) by 2030 as it aims to become climate-neutral by mid-century. PGE SA seeks to invest half of that amount in renewable energy sources, including offshore and onshore wind as well as solar power plants, it said in a statement. Its 2050 strategy is conditional on a planned spinoff ...

Bloomberg General Electric Co aims to be carbon-neutral at its more than 1,000 factories and other facilities worldwide by 2030, leaving aside emissions from the fossil-fuel burning products that have defined much of the company’s recent history. Accomplishing its goal will mean eliminating the 2.39 million metric tons of carbon dioxide produced by the company’s operations in 2019 — roughly ...

Bloomberg Veolia Environnement SA will buy a 29.9% stake in Suez SA from Engie SA for 3.4 billion euros ($4 billion), setting the stage for a full takeover — and potentially a long and acrimonious corporate battle. Engie’s board agreed to sell the stake after Veolia increased its price for its holding by 16% and offered guarantees on employment. A ...

Bloomberg ConocoPhillips is in talks to acquire rival Concho Resources Inc, according to people familiar with the matter, as one of America’s largest independent oil explorers looks to make a bold bet on shale during an historic industry downturn. The companies may announce a deal in the next few weeks, said the people, who asked to not be identified because ...

Bloomberg SSE Plc rose after it agreed to sell its 50% stakes in two energy from waste ventures as part of its plan to focus on renewable generation. The Scottish utility will sell its holdings in Multifuel Energy Ltd and Multifuel Energy 2 Ltd to the European Diversified Infrastructure Fund III, a fund managed by First Sentier Investors, for a ...

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 ...