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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 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 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 India is considering a floor price for natural gas produced from local fields to shield explorers like state-run Oil & Natural Gas Corp (ONGC) as tariff slumps, people with knowledge of the matter said. Shares of explorers gained. The proposal being considered by the oil ministry pegs the price to the popular benchmark Japan-Korea Marker that is used for …

Bloomberg Devon Energy Corp agreed to acquire WPX Energy Inc in a $2.56 billion all-stock deal, creating one of the largest independent US shale producers and answering investor calls for consolidation at a time of crisis for the sector. Devon shareholders will own about 57 percent of the combined company, Devon and WPX said on Monday in a statement. The …

Bloomberg Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low. Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas …

Bloomberg China aims to be carbon neutral by 2060, tightening its target to cut greenhouse-gases, and signaled higher spending on green technologies in the next five years, major pledge in the fight against climate change by the planet’s worst polluter. President Xi Jinping, speaking during a virtual United Nations General Assembly, also reiterated his goal for emissions to peak before …

Bloomberg Nikola Corp’s latest stock plunge sent shares of Norwegian green energy company Nel ASA to a nearly 17% drop. The Oslo-based company is critically tied to Nikola, which is set to be a major buyer of Nel’s technology to create hydrogen. Earlier this year, Nikola made a more than $30 million order for Nel’s electrolysers that would create the …

Bloomberg LafargeHolcim Ltd, the world’s largest cement maker, pledged to step up efforts to cut CO2 emissions as the energy-consuming industry comes under pressure from environmental groups, lawmakers and investors. The plan includes accelerating the use of low-carbon alternatives in cement mixtures and operating its first net-zero plant by the end of the decade, the company said in a statement …