Bloomberg Energy regulator Ofgem will raise its price cap for the average UK home by 21% to £4,279 ($5,173) from January, underscoring the growing gap the government has to plug to maintain its price freeze. The UK has been subsidising Ofgem’s price cap since October in an attempt to shield households from the worst energy crisis in decades. That …

  Bloomberg The European Union (EU) paused efforts to approve a package of emergency measures to curb the fallout from high natural gas prices as member states struggled to resolve a deep split over a push to cap the cost of gas. Energy ministers holding an extraordinary meeting in Brussels agreed on the content of several emergency measures, but will …

  Bloomberg Renault SA is buying solar power from Voltalia SA over 15 years in what is France’s biggest renewable corporate power-purchase agreement. Voltalia will install 100 megawatts of solar panels on the carmaker’s sites across France from 2025, with that number rising to 350 megawatts by 2027, the Paris-based company said. The deal, which is part of the carmaker’s …

  Bloomberg Asia’s liquefied natural gas (LNG) spot price rallied to the highest level since early October on concern disruptions to production and the arrival of colder weather in key markets will further tighten supply. The Japan-Korea Marker, North Asia’s LNG benchmark, jumped 20% in the week to Wednesday to $34.24 per million British thermal units, according to traders citing …

  Bloomberg Germany has set out its plan to claw back 90% of the earnings from some clean power generators as the government seeks funding for its consumer aid package. The government is planning to skim 90% of earnings above €130 a megawatt-hour for solar, wind and nuclear, according to a draft law seen by Bloomberg News. Politicians are trying …

Bloomberg The Bank of Canada’s No. 2 official said the country’s financial system will be able to weather growing stability risks stemming from higher interest rates and inflation that’s causing hardship for many households. In prepared remarks of a speech delivered in Ottawa, Senior Deputy Governor Carolyn Rogers said risks for Canada are mitigated by financial reforms since the 2008-09 …

  Bloomberg The Riksbank raised borrowing costs by 75 basis points and signalled more tightening is needed to tame inflation even as it predicted a worsening slump for Sweden’s economy. In his final decision as central-bank governor, Stefan Ingves and his colleagues lifted the key interest rate to 2.5%, the highest since 2008. Most economists anticipated the move. Officials raised …

  Bloomberg The Bank of England (BOE) must continue raising interest rates to bring inflation back to 2% even if it means more hardship for households, Deputy Governor Dave Ramsden said. Citing concerns about the tight labour market and high inflation expectations, Ramsden said his bias was for further tightening. The BOE has raised rates eight times since December to …

  Bloomberg Australia’s central bank will raise interest rates three more times and then pause from mid-2023 as it tries to slow demand and consumer prices without triggering a recession, economists say. The Reserve Bank will lift its cash rate to 3.6% by June, the median estimate of 35 analysts in a Bloomberg survey showed, up from last month’s forecast …

  Bloomberg The three-month London interbank offered rate for dollars climbed to the highest level since the financial crisis in an otherwise quiet day for the front-end of fixed income markets. The benchmark rate for lending between banks rose for the third straight session, climbing roughly 5.9 basis points to 4.75729%, the highest since October 2008. The spread of Libor …