World News

Extreme heat caused by urbanization, global warming threatening cities: Study

NEW YORK (AFP) – Rapid population growth and global warming are increasing exposure to extreme heat in cities, aggravating health problems and making moving to urban areas less beneficial for the world’s poor, according to a study released Monday (Oct 4). The rise is affecting nearly a quarter of the world’s population, said the report […]

Business

Energy crisis ‘a worry’ for UK car sector as it eyes shift to electric

The energy price crisis is “a worry” for Britain’s car sector as it looks to attract companies to build batteries and electric vehicles in the future, the industry’s trade body has warned. Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT) said the volatility – though similar to that seen elsewhere […]

Business

How much energy does Bitcoin actually consume?

According to the Cambridge Center for Alternative Finance, Bitcoin currently consumes around 110 terawatt-hours per year, accounting for 0.55 per cent of global electricity production and roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. This sounds like a lot of energy. But how much energy should a monetary system […]

World News

Contact Energy awaits Environment Court decision in spill case

Eleven alarms sounded over six days – but were ignored, resulting in a massive sediment discharge into a stream, and from there, the Waikato River. Waikato Regional Council says it was an aggravating feature of the spill north of Taupō, which contained geothermal fluid, pumice, soil and ash and was estimated at 15,000 cubic metres. […]

Business

Energy price cap extended until end of 2021

The energy price cap will be extended until the end of next year, the government has announced. It means around 11 million households will continue to save on gas and electricity bills, according to the Department for Business, Energy and Industrial Strategy (BEIS). It said the cap had saved customers around £1bn – around £75 […]

World News

Pandemic cuts growth forecast as oil demand set to hit 2030 plateau: IEA report

The global demand for oil will hit its peak within the next decade but according to new report from the International Energy Agency, that peak is much lower than what was projected prior to COVID-19. In, “World Energy Outlook 2020,” released Tuesday, the IEA said that prior to the pandemic energy demand was projected to […]

Business

Exclusive: U.S. shale producer Devon in talks to acquire peer WPX – sources

NEW YORK (Reuters) – U.S. shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a company worth around $6 billion, people familiar with the matter said on Saturday.A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, […]

Business

Making sense of China's very vague new plan to reach "carbon neutrality"

Illustration: Rebecca Zisser/Axios Major climate news arrived on Tuesday when Chinese President Xi Jinping said China would aim for "carbon neutrality" by 2060 and a CO2 emissions peak before 2030. Why it matters: China is by far the world's largest greenhouse gas emitter. So its success or failure at reining in planet-warming gases affects everyone's […]

Business

Chevron's interest in giant gas field led to $5 billion bid for Noble Energy

HOUSTON (Reuters) – Chevron Corp’s $5 billion offer to acquire Noble Energy emerged after the U.S. oil major first proposed taking a stake of at least 50% in Noble’s Eastern Mediterranean natural-gas fields, a proxy filing on Tuesday showed. If consummated, the all-stock merger will boost Chevron’s U.S. shale oil holdings and give it vast […]

Business

Chevron to buy Noble for $5 billion in stock, biggest oil deal since price crash

HOUSTON (Reuters) – Chevron Corp (CVX.N) said on Monday it would buy Noble Energy Inc (NBL.O) for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global demand for oil and sent crude prices to historic lows. Chevron has been widely seen as the industry’s flag bearer of financial […]