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Bloomberg FirstEnergy Corp surged the most in more than five months after the Ohio utility reached an agreement with federal prosecutors over a corruption case involving a $1 billion state bailout for nuclear power plants. Under a deferred-prosecution agreement, FirstEnergy admitted that it conspired with public officials and others to pay millions of dollars in bribes. The company agreed to …

Bloomberg The European Union’s climate plan might be the most ambitious attempt yet to force a major economy to abandon fossil fuels, and by some measures it still won’t be enough to keep global temperatures from rising. But that’s no reason to despair. The Fit for 55 package — named for its goal of cutting emissions at least 55% from …

Bloomberg A heat wave across some of China’s biggest industrial provinces has pushed local electricity consumption to unprecedented levels, sending thermal coal futures toward record highs. The power load in the eastern province of Zhejiang near Shanghai surpassed 100 million kilowatts per hour for the first time, the State Grid said in its newspaper. Usage has also hit records in …

Bloomberg China’s top economic planning body has been put in charge of devising a plan for the world’s biggest polluter to cut greenhouse gas emissions, indicating that climate policies are gaining a more central role in the nation’s long-term development strategy. The country’s top officials told the National Development and Reform Commission (NDRC) a few months ago to lead the …

Bloomberg A massive plume of methane, the potent greenhouse gas that’s a key contributor to global warming, has been identified in China’s biggest coal production region. The release in northeast Shanxi province is one of the largest that geoanalytics company Kayrros SAS has so far attributed to the global coal sector and likely emanated from multiple mining operations. Details captured …

Bloomberg The US and Germany want to conclude a deal by August to blunt Moscow’s geopolitical gains once the controversial Nord Stream 2 gas pipeline is finished, with the two sides exploring ways to shore up Ukraine’s energy sector and deter Russian aggression through the threat of sanctions. The agreement, which some officials hope to have ready for Chancellor Angela …

Bloomberg Seven of the European Union’s leading energy producers called on policymakers to agree to an ambitious and fast reform of the world’s largest carbon market in a bid to help investors in the transition to climate neutrality. Companies including Electricite de France SA, Statkraft AS and Fortum Oyj — which have big nuclear and hydropower fleets — want a …

Bloomberg The coronavirus pandemic real-estate boom has made some Canadians richer, while others languish. The net worth of the nation’s households increased by about C$770 billion ($633 billion) in the first three months of 2021, a record 6% gain, to C$13.7 trillion, Statistics Canada said in a report. Since the start of 2020, that figure has increased by more than …

Bloomberg Thailand’s state-controlled PTT Pcl, the country’s largest company by market value, has invested in a venture to make plant-based protein, including so-called faux meat, as part of its objective to become less dependent on fossil-fuel businesses. The oil-and-gas giant formed a 300 million baht ($9.6 million) partnership with NR Instant Produce Pcl, which specialises in making protein from jackfruit, …

Bloomberg Orsted A/S, the biggest developer of offshore wind farms, plans to spend 350 billion Danish kroner ($57 billion) by 2027 to be the world’s leading green energy provider. The Danish firm faces increasing pressure from utilities as well as oil majors that aim to be major players in the transition to clean energy, an area it pioneered when it …