Bloomberg Exxon Mobil Corp is suing the European Union in a push to eliminate a new windfall tax against oil groups, arguing the bloc does not have legal authority to impose the levy. The lawsuit is a major response to the tax from the oil industry that has reaped record profits this year as western governments have sought to bring …

  Bloomberg Germany’s RWE Supply & Trading GmBH agreed to a 15-year contract with Sempra Infrastructure to purchase liquefied natural gas from a production terminal set to open in Port Arthur, Texas, in 2027, according to both companies. With the deal, RWE said it had secured sufficient LNG volumes to make full use of its booked regasification capacities for an …

Bloomberg Wholesale power prices surged more than 6,000% in parts of the country during the worst of the recent brutal cold snap — a sign that Americans are likely to face significantly higher winter heating costs once the bills get mailed out. Electricity prices in Houston jumped to almost $3,700 a megawatt-hour on December 23, or a 65-fold increase from …