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Cepsa SA, the Spanish refiner controlled by Abu Dhabi’s sovereign wealth fund, announced a sweeping clean-energy strategy as the European oil industry races to find new fuel sources.
Norway refuses to bunker the Russian Super-yacht Ragnar but lets it plug into power “so they’re not freezing to death.” By Jill R. Shah and Lars Erik Taraldsen (Bloomberg) Spanish officials.
Is natural gas the new coal?
(Bloomberg) Natural gas is falling out of favor with emissions-wary investors and utilities at a quicker pace than coal did, catching some power generators unaware and potentially leaving them stuck with billions of dollars of assets they can’t sell.
Citigroup Inc. and JPMorgan Chase & Co. are among the banks that strengthened their financing restrictions on thermal coal under pressure from shareholders wanting to avoid the fuel, and the expectation is that gas is next. Executives at some western European companies say they’re already struggling to sell gas-fired facilities.
“If you find out somebody who is ready to offer a good price for our gas plants in Spain, then we are ready to sell,” said Jose Ignacio Sanchez Galan, chief executive officer at Iberdrola SA in Spain. “We are not finding people.”
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