Energy

Chancellor: Going green is everything except easy

6 Oct 2021

British Prime Minister Boris Johnson told the United Nations just weeks ago that transitioning to a carbon-neutral economy would be a cinch. Oops. The global energy crisis changes everything. Not least, it makes the cost of jettisoning hydrocarbons a great deal more expensive.

Cox: How Greta can transition from blah blah blah

4 Oct 2021

The young Swedish climate activist grabbed headlines in Milan at the runup to COP26 last week, castigating “so-called leaders” for talking much and acting too little. She’s got a point. But generational resentment won’t halt global warming. She’d be better off going nuclear.

Capital Calls: Pandora, Facebook files pack punch

4 Oct 2021

Concise views on global finance: A leak with rich people’s offshore activities and a Facebook exposé reinforce perceptions with facts; GitLab’s float shows Microsoft’s wise 2018 buy; Volvo IPO aims to supercharge EV plans; BT’s bid to rule UK broadband may face U.S. competition.

China’s power woes herald green transition strains

30 Sep 2021

Surging coal prices are largely to blame for shortages hitting factories and homes. Boosting fossil fuel imports may help but it jeopardises carbon-neutrality goals. It’s better to bear the pain now from resetting rates and weaning industrial polluters off cheap electricity.

Al Gore makes appropriately hedged bet on UK power

28 Sep 2021

Generation, co-founded by the ex-vice president, is pumping $600 mln into Octopus. That gives the UK energy firm a $4.6 bln valuation and insurance if its swoop on rivals caught out by surging gas prices goes awry. Yet first-mover status should limit Octopus’ downside anyway.

Road to COP: Italy’s ecological transition chief

28 Sep 2021

Prime Minister Mario Draghi picked Roberto Cingolani, a trained physicist, from the private sector to lead the country’s mega-ministry combining environment and energy. As Milan hosts the warmup to the COP26, Cingolani discusses Italy’s role in the global decarbonization fight.

Guest view: Offsets reach moment of maturity

24 Sep 2021

There’s no guarantee the world will keep global warming to 1.5 degrees Celsius. As such, emissions cuts to tackle areas that can’t or won’t decarbonise will become key. Paris Agreement overseer Christiana Figueres argues that offsets deserve a chance to overcome their flaws.

The smarter way to avoid energy crises: use less

24 Sep 2021

Soaring power prices have prompted calls to build more wind turbines, hike gas storage, or revive nuclear energy. But a big push to make buildings, industry and transport more efficient could help halve global demand by 2050. It’s something governments can act on straight away.

Elliott’s UK power play rests on blue-sky thinking

23 Sep 2021

The activist has built a stake in SSE and may seek a spinoff of its renewable generation arm. That could hike the $23 bln utility’s value. But it requires hefty assumptions about wind growth, and the state’s readiness to allow tinkering of a stable model amid an energy crisis.

Wanted: Exxon-like activism at top Aussie polluter

23 Sep 2021

AGL’s investors have warned the $2.6 bln energy giant to up its game on climate change. Poor strategy, including a bungled coal spinoff, has halved its market value in 2021. An activist-led shakeup of its underwhelming board, as at the U.S. driller, would bring needed change.

Road to COP: Denmark’s green giant

21 Sep 2021

Orsted is one of the most highly valued players in the global energy transition. Chief Executive Mads Nipper’s main job is to ensure things stay that way as demand for its wind power intensifies. Ahead of Glasgow’s critical COP26 conference in November, he chatted to George Hay.

BP’s hard baptism goes with transition territory

20 Sep 2021

The UK oil major has sold choice assets to control debt since embarking on its green pivot a year ago, and CEO Bernard Looney just replaced the boss of his key renewables arm. If he needs a boost, Danish wind star Orsted looked equally bumpy at a similar stage of its evolution.

UK power market deficiencies flash red at bad time

20 Sep 2021

Britain may spend hundreds of millions of pounds propping up its energy sector. Soaring prices are a global problem, but the UK has a more liberal market and fewer alternative power sources. It’s a poor look as Boris Johnson prepares to lecture others on cutting carbon emissions.

Guest view: Hold auditors to account on climate

20 Sep 2021

The risks of global warming are missing from companies’ financial statements. Accounting firms must share the blame alongside directors, writes Natasha Landell-Mills of Sarasin & Partners. Investors have the power to demand better, while governments can help speed the shift.

Spain’s utility goof is thin end of net-zero wedge

17 Sep 2021

Madrid’s $3 bln raid on the coffers of its power sector is a clear climate-change own-goal. The political sensitivity of energy prices means it won’t be Europe’s last. The bigger risk is Brussels watering down the carbon-trading scheme partly responsible for gas prices soaring.

Greenwashing hostility crashes friendly gas deal

15 Sep 2021

Santos boss Kevin Gallagher argues his $6 bln Oil Search acquisition will help fund a clean energy transition. A world-first lawsuit, however, threatens the credibility of his net-zero plan. A court loss would punch a hole in the strategy and drag fellow polluters into the dock.

Norway readies fresh round of green air guitar

14 Sep 2021

The Scandinavian state is on track for a left-wing coalition pledging to do more on climate change after eight years of conservative rule. But rapid cuts to national hydrocarbons output aren’t likely. Given Norway has a $1.4 trln wealth fund, it can afford to go beyond gesturing.

Road to COP: Hydrogen comes faster than you think

14 Sep 2021

At this fall’s United Nations climate summit, world leaders will seek to take concrete steps to fight global warming. Green hydrogen could help, but it’s still too expensive. Snam CEO Marco Alvera tells Lisa Jucca why the hydrogen energy revolution is likely to surprise us all.

RWE makes for a good coal wind-down guinea pig

10 Sep 2021

The 22 bln euro German utility’s new activist wants it to ditch carbon-intensive lignite assets faster. If the government wants to hit tougher CO2 emissions targets, RWE will have to. The least-bad way forward may be for Berlin to assume the offending power plants itself.

UAE oil IPO looks safer than Saudi for foreigners

6 Sep 2021

Two years after largely spurning Aramco’s listing, international investors have another chance to buy into a Gulf national oil group. At a potential $11 bln, ADNOC’s drilling arm is smaller and in a less tricky locale. A successful sale would confirm the UAE’s overseas appeal.