Bloomberg Sweden’s biggest wind farm began producing power this month, and the region’s nuclear reactors are feeling the heat. Vasa Vind AB’s Askalen started commercial output on April 1, increasing supplies in a market already bloated by a massive surplus of water for power generation. A day later, two units at Vattenfall AB’s Forsmark nuclear plant north of Stockholm curbed ...

Bloomberg Natural gas production in the US is expected to drop by the fastest pace ever in 2021 as drillers slash spending in response to the coronavirus pandemic that’s sending oil prices to historic lows. Gas output is poised to fall by 4.4% to average 94.49 billion cubic feet a day next year, the US Energy Information Administration (EIA) said ...

Bloomberg Alberta Energy Minister Sonya Savage said the Canadian government needs to release its aid package for the country’s energy industry soon as companies struggle with the Covid-19 pandemic and oil-price crisis. The package may include liquidity for companies and measures to help speed up the cleanup of old wells, Savage saidduring an online presentation. Bill Morneau, the federal finance ...

Bloomberg Uniper SE and Siemens AG said they will develop a hydrogen business in an effort to slash fossil-fuel pollution from industrial processes. Uniper’s Chief Executive Officer Andreas Schierenbeck said his utility will seek to gradually replace coal and natural gas with hydrogen at some of its power generation plants. It will also adapt its gas pipelines and storage sites ...

Bloomberg US coal production will fall even more sharply than expected this year as the coronavirus forces businesses to close down, dragging down demand for electricity. Mines will supply about 537 million tons of coal this year, down 22% from 690 million tons last year, the US Energy Information Administration (EIA) said. A month ago, before lockdown orders took effect ...

Bloomberg The United Kingdom’s plan to grant 50 billion pounds ($61.5 billion) to companies suffering the economic effects of the coronavirus outbreak won approval from the European Commission. The EU must still police British state-aid programs because EU law is still in force during transition period as Britain exits the bloc. The EU has now cleared the UK to take ...

Bloomberg The International Monetary Fund (IMF) may launch a new program to help address the global shortage of dollars, providing a backup to the Federal Reserve’s campaign to keep greenbacks flowing around the world economy. IMF Managing Director Kristalina Georgieva is preparing to offer short-term dollar loans to countries that lack enough Treasuries to participate in a Fed program that ...

Bloomberg Denmark faces a budget deficit of 6.5% of gross domestic product this year under the most optimistic scenario provided by the Danish Economic Councils, an independent government adviser. Under that scenario, GDP would fall by 3.5% this year as the economy quickly returns to normal activity, the advisory, known as the Wise Men, said in a statement on Monday. ...

Bloomberg Germany’s economy will likely shrink this quarter at more than twice the pace recorded at the height of the financial crisis, according to the country’s leading research institutes. Output is predicted to slump 9.8% in April-June period, the most since records for quarterly data began in 1970. The economy is set to contract 4.2% over the course of this ...

Bloomberg UK pharmaceutical giant GlaxoSmithKline Plc is joining dozens of companies in the hunt for coronavirus therapies, signing a partnership with Vir Biotechnology Inc. and agreeing to invest $250 million in the US company. Glaxo and Vir will work together to find experimental antibodies to treat or prevent Covid-19, the illness caused by the coronavirus, the British drugmaker said. The ...