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Energy
Orsted cancels wind power project in US, resulting in a £4.6bn loss
Two projects in the United States were scrapped by the world's largest offshore wind developer, resulting in a £4.6bn loss. This is a major setback for America’s renewable energy sector.
Orsted, a Danish energy company that operates a…
ExxonMobil’s $60 billion oil bet is a contrarian move.
Darren Woods, ExxonMobil's chief executive, has been arguing for years that oil and natural gas will continue to be a major part of the global energy mix despite attempts to reduce emissions from burning them. He bet $60bn on the…
Breakthrough Fund, backed by Bill Gates, targets third $1bn in capital raising
Breakthrough Energy Ventures, a company founded by Bill Gates and backed with $1 billion in investment capital, is looking to raise an additional $1 billion for its latest fund. The money will be used to invest in technology and companies…
Finland investigates possible sabotage of Baltic Gas Pipeline
Helsinki is looking into whether sabotage was responsible for a gas leak from a Baltic Sea pipeline and the breakage of a data cable connecting Finland and Estonia.
Sauli Niinisto said that damage to the cable and pipeline was caused by…
How Poland wants to rob Germany of its crown as Europe’s industrial heartland
As the G7 powerhouse is losing steam, its eastern neighbor is growing stronger.
Germany is still haunted by the spectre that idle factories cast last year, when gas prices soared.
Deindustrialisation, a phenomenon previously…
Nickel mining linked to destruction of Indonesian forest
Ford, Brazil's Vale and China's Tsingshan, as well as Jardine Matheson of Hong Kong, have invested in Indonesian Nickel projects that are responsible for clearing large areas of some of the most biodiverse forest on the planet.
New data…
Brookfield buys UK wind farms for $1bn
Canadian investment firm Brookfield has bought one of the UK’s largest renewable developers. This is a major boost to the onshore wind sector in the UK after recent setbacks.
People with knowledge of the deal say that Brookfield is set…
Octopus Energy – the UK startup that is growing beyond its roots
Shell's rival was ready to take over when it decided earlier this year to abandon its UK and German retail energy home business.
Octopus Energy will pay an undisclosed amount for Shell's retail division. The deal is expected to be…
Looking to the week ahead for Precious Metals and Energy
As we approach the upcoming week, the focus is squarely on the OPEC+ meeting, a significant event in the global energy calendar. This consortium, which includes major oil-producing nations, will be under the spotlight, with industry…
National Gas pays UK households to reduce heating
The UK's largest network operator is considering plans that could offer households in Britain payments to reduce their heating when necessary to avoid gas shortages.
National Gas, the company that owns Britain's largest transmission…
UK regulators approve plans to build a new Rosebank North Sea Oilfield
Climate campaigners immediately objected to the approval of the massive Rosebank oilfield development in the North Sea by UK regulators.
The North Sea Transition Authority gave its approval to Norway's state backed Equinor on Wednesday…
Developer cancels offshore wind farm due rising costs and windfall taxes
A British onshore wind developer, one of the largest in Britain, has announced that it will stop developing its biggest project ever due to increasing costs and government windfall taxes on green energy.
Community Windpower received…
EDF’s chief executive and the French government disagree on strategy
The French government and its chief executive, whom it chose to lead the state-owned nuclear group EDF, have been at odds over strategy and funding as the country prepares for the largest reactor construction program in decades.
People…
Russia bans diesel exports to squeeze oil market
Russia has banned the export of petrol and diesel as crude oil prices climb towards $100 per barrel. This is a major escalation, which will cause concern that Moscow is weaponising its oil supply in response to western sanctions.
After…
RWE’s chief says the UK must take note of the lackluster bids in the offshore wind auction.
The UK's failure to attract offshore wind developers in its latest renewable energy auction must be a "wake-up call" for the country, the head of one of the world's biggest renewable energy companies has warned.
Markus Krebber, chief…
Octopus Energy claims that the era of ugly heat pumps has ended.
The company claims that the new 'Cosy" range of radiators and pipes does not require any new ones.
Octopus Energy is announcing that it will end the era expensive, "ugly", and inefficient heat pumps by introducing a "Cosy"…
Why BP is a target for a takeover after the end of its Looney era
Murray Auchincloss, BP's finance chief, tried to maintain calm as he spoke with BP colleagues via a video call arranged in a hurry this week.
The Canadian said, "The fundamentals are the same," just hours after Bernard Looney's shock…
Solar industry in Europe warns against bankruptcies due to Chinese imports
Solar power manufacturers in Europe have warned that cheap Chinese imports are pushing some to the edge of bankruptcy and hampering EU efforts to boost the local production of green technology.
SolarPower Europe (a trade group…