Argus's Jim Kelleher and John Eade break down stocks they see as well-positioned for 2022 on Wed, 2/9 at 2 PM ET.
(Bloomberg) — The European Union’s renewable energy sources are helping reduce its dependence on natural gas that’s still costing the region dearly.
Most Read from Bloomberg
Teen Who Demanded $50,000 From Elon Musk Is Now Targeting More Billionaire Jets
Covid-Infected HIV Patient Developed Mutations, Study Shows
An Army of Faceless Suits Is Taking Over the $4 Trillion Hedge Fund World
Prince Andrew’s Costly U.S. Court Battle Puts Strain on Finances
Nasdaq 100 Notches Best Two-Day Rally Since 2020: Markets Wrap
Renewables growth has helped reduce the EU’s dependence on gas, which has soared in price since the middle of last year as the region grapples with a supply crisis that’s dealt blows to industries as well as ordinary consumers’ pockets. More than half of new renewable generation since 2019 has replaced gas power, according to a study by London-based climate think tank Ember, with the rest replacing mainly nuclear and coal sources.
“These are moments and paradigm shifts when governments and businesses start taking this much more seriously,” said Charles Moore, the lead author on the study. “The alternatives are available, they are cheaper, and they are likely to get even cheaper and more competitive. Renewables are now an opportunity, not a cost.”
The high price of gas relative to coal has meant utilities are leaning more on coal as a back-up for renewable generation, which risks the trajectory of Europe’s phase-out of the dirtiest fossil fuel. Last year, the EU’s coal use jumped disproportionately high relative to the rise in power generation as high gas prices boosted the relative profitability of burning coal instead.
Europe Coal Use Jumps as Costly Gas Turns Firms to Dirty Fuel
EU power generation from renewables reached a record high in 2021 of 547 terawatt-hours last year, accounting for an 11% increase compared to two years before, according to Ember’s Europe Electricity Review. It’s more than doubled in a decade, representing a 157% increase since 2011.
Gas use declined last year for the second year in a row, reaching a level 8.1% lower than 2019. By contrast, coal use fell just 3.3% in the same period. Put simply, wind and solar did a great job of replacing coal during 2011-2019 but since then renewables have mostly been nudging out gas-fired power stations.
Ember’s Moore warned that the slowing phase-out of coal might require legislation to accelerate. The International Energy Agency recommends OECD countries cease using coal by the end of the decade to ensure alignment with the Paris Agreement target of keeping the world’s temperature increase below 1.5 Celsius.
“Europe can accelerate the phasing out of coal by building more renewable energy and faster,” said Felicia Aminoff, an energy-transition analyst at BloombergNEF. “Wind and solar have no fuel costs, so as soon as you have made the initial investments to build wind and solar capacity it will start replacing generation that uses any kind of fuel, whether it is coal or gas.”
Overall, EU power sector emissions fell at less than half the rate required to hit that target, Ember’s report said. Spain produced the largest emissions reduction in the last two years, with renewables adding about 25 TWh and gas falling 15 TWh. In contrast, heavy use of coal dragged down the bloc’s climate progress in Poland, where coal use rose about 8 TWh and renewables gained only 4 TWh.
Most Read from Bloomberg Businessweek
China’s Local Governments Are at Risk of a Puerto Rico Moment
China’s American-Born Olympic Star Is Being Very Careful
Pharmacy Workers Are the Pandemic’s Invisible Victims
Rent Inflation Shows That Landlords Have the Upper Hand Again
What Happens When Russian Hackers Come for the Electrical Grid
©2022 Bloomberg L.P.
(Bloomberg) — Saudi Arabia raised oil prices for customers in Asia, the U.S. and Europe after crude’s surge to almost $95 a barrel.Most Read from BloombergAmazon Prime Fee Rising to $180, Not $139, for Many MembersAdults Back in Charge of Stock Market as Fed Awakens Big MoneyGoodbye Easy Money as Hawkish Central Banks Speed Up Rate HikesStatement on Publishing ErrorMeta Erases $251 Billion in Value, Biggest Wipeout in HistoryState firm Saudi Aramco increased all grades for its main market of As
Temperatures in 499 counties across west, northeast and upper midwest US have already breached 1.5C (2.7F) An unofficial thermometer reads 55C (132F) at Death Valley National Park, California, in 2021. Photograph: David Becker/Getty Images More than a third of the American population is currently experiencing rapid, above-average rates of temperature increase, with 499 counties already breaching 1.5C (2.7F) of heating, a Guardian review of climate data shows. The US as a whole has heated up over
While wind and solar grab all the headlines, this legacy renewable energy source has a bright future.
“Retiring early is a dream for many people,” said Landon Tan, a certified financial planner. “But those years of not working diminish your chance of a successful retirement more than almost any other metric we toggle when making financial plans.” When planning to retire early, those extra years need to be considered — at the forefront of retirement, but also in the back end if you live longer than anticipated.
With electric-vehicle sales taking off and a wave of new models hitting the market this year, the price increases could weigh on growth.
Ice coated trees in northwest Tennessee could be heard crackling under the morning sun early on Saturday, February 5, as freezing temperatures continued in parts of the state.This video from Twitter user @FunnyFarmDover shows icy trees under blue skies surrounding her home near Dover in Stewart County. “Sun is up and that is the sound of ice crackling,” she tweeted.Warmer temperatures and dry conditions were forecast for the following week, the National Weather Service said. Credit: @FunnyFarmDover via Storyful
Apple Inc (NASDAQ: AAPL) and Broadcom Inc (NASDAQ: AVGO) persuaded a U.S. appeals court to throw out a jury verdict requiring them to pay $1.1 billion, Reuters reports. A Los Angeles federal jury found in 2020 that millions of iPhones, iPads, Apple Watches, and other devices using Broadcom chips infringed Caltech's data-transmission patents. A two-tier damage award of damages of $270.2 million against Broadcom and $837.8 million against Apple that involved different royalty rates from each compa
The EV industry is changing rapidly, with several players trying to make a place for themselves. Electric vehicle pioneer Tesla (NASDAQ: TSLA) looks like a no-brainer name in the list of companies that may dominate in the EV segment. Tesla reiterated that it could grow its vehicle deliveries at an average annual growth rate of 50% over a "multi-year" timeframe.
The chip maker's stock could fall nearly 40% if the price of Ether, one of the major digital tokens, stays depressed, according to one analyst.
Rutgers School of Business Professor Jay Soled speaks with Yahoo Finance Live about how to contribute to retirement savings accounts and how taxes impact retirement planning
It’s hard to remember the last time Facebook, now called Meta, introduced a truly unique and innovative product.
The iconic brand is suing sneaker exchange StockX, which it accuses of creating and marketing NFTs with its logo and brand.
McDonald's is adjusting its menu globally after facing a shortage of one of its customers' favorite items.
Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) and certain of its current and former officers, directors and third-party contractors have been named as defendants in two almost identical purported class action lawsuits filed by Company shareholders in the United States District Court in Brooklyn, New York. The lawsuits were filed in the wake of a third, almost identical lawsuit identified by the Company in an October 28, 2021, pres
(Reuters) -U.S. President Joe Biden extended Trump-era tariffs on imported solar energy equipment by four years on Friday, but in a major concession to installers he also eased the terms to exclude a panel technology dominant among big U.S. projects. The decision represented a balancing act by the Biden administration to meet the demands of two important political constituencies: union labor which supports import restrictions to protect domestic jobs, and clean energy developers keen to access cheap overseas supplies. The four-year extension of the tariff exempts so-called bifacial panels, which can generate electricity on both sides and are favored by large scale developers, according to a White House announcement.
ConocoPhillips (NYSE: COP) is cashing in on higher oil prices. It returned $6 billion of that windfall to investors via dividends and its share repurchase program. With oil prices even higher this year, ConocoPhillips will have an even bigger cash flow gusher to return to investors in 2022.
Tens of millions of British homes will see their energy bills rise by an average of £693 a year from April.
(Bloomberg) — Oil rocketed to a fresh seven-year high above $92 a barrel, and almost every indicator is pointing to the rally extending.Most Read from BloombergAmazon Prime Fee Rising to $180, Not $139, for Many MembersAdults Back in Charge of Stock Market as Fed Awakens Big MoneyGoodbye Easy Money as Hawkish Central Banks Speed Up Rate HikesStatement on Publishing ErrorMeta Erases $251 Billion in Value, Biggest Wipeout in HistoryThe market’s structure is trading at its strongest level in years
Attorneys for stablecoin issuer Tether and its parent company, iFinex, pushed back against CoinDesk, joining a legal case between it and the New York attorney general’s office (NYAG), saying, “The records at issue here include Bitfinex and Tether’s closely guarded, non-public internal records that were developed at considerable expense and could not be acquired by its competitors other than through this FOIL request.” With more than $78 billion worth of tokens in circulation, Tether is by far the largest stablecoin issuer in the crypto markets and accounts for roughly half of all transactions against bitcoin on centralized exchanges, according to data from CryptoCompare. The company settled a case with the NYAG for $18.5 million a year ago stemming from its part in its sister company Bitfinex’s attempts to cover up an $850 million hole after problems with its payment processor Crypto Capital Corp.
It's been a tough few weeks for Equitrans Midstream Corp., the Canonsburg-based company that is building and will operate the Mountain Valley Pipeline, which will take natural gas from southwestern Pennsylvania and bring it to new markets in the Southeast.