California could change law to help utilities offset wildfire risk and save billions of dollars

California has a history of power lines or faulty equipment sometimes sparking wildfires, and a state fire agency recently pinned the blame on PG&E for at least 16 of last year’s wildfires in Northern California, including some with fatalities. PG&E is pushing to reform California laws that allow utilities to face significant liability in wildfire disasters. The state’s largest utility appears to have some support from Gov. Jerry Brown, who in March suggested that lawmakers should « update liability rules and regulations for utility services, » citing extreme weather and…

Japanese tech giant Fujitsu commits to 100 percent renewable electricity

Fujitsu has joined the RE100, a global initiative of the world’s biggest companies, all committed to renewable power, it announced Friday. The tech giant has set itself the goal of sourcing all electricity consumed at its sites inside and outside of Japan from renewables by 2050, with an interim target of 40 percent by 2030. To achieve its goals, Fujitsu will use a number of sourcing mechanisms, including power purchase agreements and on-site installations of solar panels. The business is also planning to continue research and development and technology trials…

The big ideas that could transform the way planes impact the environment

From jetting off on a long-distance holiday to catching a short-haul flight for a crucial business meeting, the aviation industry is a crucial cog in the global economy. But our thirst for air travel has an environmental impact. The European Commission, for example, has stated that direct emissions from aviation make up around 3 percent of the European Union’s total greenhouse gas emissions and over 2 percent of worldwide emissions. Rolls-Royce is a major player in the aviation industry, with more than 13,000 engines in service globally. The business is…

Oil prices rise as concerns about oversupply ease

Oil prices gained on Friday after Saudi Arabia’s OPEC governor said the kingdom’s exports are likely to fall next month and inventories may be squeezed in the third quarter. Brent oil rose 22 cents, or 0.3 percent, to $72.80 by 0034 GMT, after falling 32 cents on Thursday. U.S. West Texas Intermediate was up 51 cents, or 0.7 percent, at $69.97, extending a 1 percent gain in the previous session. However, both benchmarks are on track for a third weekly loss, after big falls early in the week. Prices have…

Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

Saudi Arabia’s representative to OPEC on Thursday said the kingdom’s oil exports will be little changed this month, a blow to President Donald Trump, who is depending on his allies in Riyadh to put more barrels on the market to tame fuel prices. July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama. Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July. Al Aama said Saudi…

The oil market is becoming increasingly dangerous, analysts say — and crude prices are feeling the pressure

The oil market is likely to become progressively more unpredictable over the coming months, analysts have told CNBC, in the latest sign dynamics shaping crude futures have dramatically shifted since the crude rally began. International benchmark Brent crude has tumbled nearly 9 percent from last week’s high of more than $79 a barrel. It’s most recent dip comes amid emerging evidence of higher crude production from OPEC kingpin Saudi Arabia and other members of the Middle East-dominated cartel — as well as Russia and the U.S. “Political and economic events…

Facebook data center in Oregon to be supported by renewable energy

Facebook’s Prineville Data Center in Oregon is to be supported by 100 percent solar power under a new partnership with Pacific Power. The collaboration will see the new solar developments have a combined capacity of 437 megawatts (MW), including two projects amounting to 100 MW in the Prineville area, Pacific Power said in a statement Wednesday. Prineville is home to Facebook’s first custom-built data center, which opened in 2011. “Our work with Pacific Power to develop new solar resources represents a significant milestone for our hyper-efficient Prineville Data Center,” Peter…

Norsk Hydro subsidiary signs world’s ‘longest’ corporate wind power contract

Hydro Energi AS, a wholly-owned subsidiary of Norwegian aluminium business Norsk Hydro, has signed a long-term wind power contract with the Green Investment Group. The 29-year deal is thought to be the longest corporate wind power contract in the world, Norsk Hydro said in a statement Thursday. It will contribute to supplying Hydro’s aluminium plants in Norway. The agreement will secure an annual baseload supply of 0.3 terawatt hours (TWh) for between 2021 and 2031 and 0.55 TWh between 2031 and 2050. A wind farm in Sweden will also be…

More turmoil in Iraq as deadly protests ravage oil-rich south

Protests that began last week in Iraq are continuing amid widespread anger over abysmal public services provision by the government. The unrest threatens to delay formation of a new government, mandated after Iraq’s elections in May, and has already led to break-ins to oil facilities and political offices. First sparked in the oil-rich southern province of Basra and spreading to several cities including the capital Baghdad, Iraqis are voicing their frustrations over widespread unemployment, pollution, dirty drinking water and electricity failures during a stifling heat wave in the country’s south.…

Oil prices extend gains, buoyed by unexpected drop in US gasoline stocks

Oil prices on Wednesday extended gains from the previous session, buoyed after official data showed that U.S. inventories of gasoline, diesel and heating oil unexpectedly fell last week. Brent crude futures had risen 8 cents, or 0.1 percent, to $72.98 by 0043 GMT. They climbed 1 percent on Wednesday after initially falling to the lowest in three months following the release of official production and stockpile data, which also showed a surprise build in U.S. crude inventories. West Texas Intermediate (WTI) crude futures climbed 20 cents, or 0.3 percent, to…

Trump administration opens investigation into uranium imports, potentially teeing up new tariffs

The Commerce Department is opening an investigation into whether imports of uranium — the chemical element that fuels nuclear power — pose a risk to national security. The new probe marks the Trump administration’s latest use of a 1962 trade law to scrutinize imports. President Donald Trump has placed tariffs on foreign steel and aluminum following an earlier investigation, and the Commerce Department is conducting a review into auto imports. Commerce is taking action after two American uranium producers, Energy Fuels and Ur-Energy, petitioned the department to investigate whether the…

Freight powerhouse embraces renewable electricity as it looks to green operations

The leading rail freight business in Britain, DB Cargo U.K., is to power all of its rail sites and offices with 100 percent renewable electricity. The company, which operates trains transporting coal, biomass, petroleum and steel, added that it would equip its whole fleet with smart sensors and smart telematics systems by 2020. All sites belonging to DB Cargo U.K. will be supplied by SSE Business Energy in a three-year agreement. The deal will prevent an estimated 5,000 tons of carbon dioxide (CO2) equivalent from entering the atmosphere each year.…

Marks and Spencer inks deal to offer customers 100 percent green energy

Major U.K. retailer Marks and Spencer (M&S) has entered into a strategic partnership with Octopus Energy to supply energy and services under the M&S Energy brand. The partnership will begin in September and will see M&S Energy offer its customers 100 percent green energy, the store said in a statement Wednesday. The U.K.’s largest investor in solar farms, Octopus has also made investments in wind generation and anaerobic digestion plants. The team-up will replace M&S’ contract previously held by energy business SSE. Under that arrangement, SSE also offered customers 100…

Oil prices fall after surprise rise in US inventories

Oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction. Brent futures were down 40 cents, or 0.6 percent, at $71.76 a barrel by 0027 GMT. They rose 32 cents to $72.16 a barrel on Tuesday, after earlier touching a three-month low. U.S. West Texas Intermediate crude was down 27 cents, or 0.4 percent, at $67.82. It settled up 2 cents at $68.08 a barrel the session before, coming off a nearly one-month low. The benchmarks…

The natural-gas pipeline from Russia to Germany has split Europe down the middle

Lubmin is a picturesque resort on Germany’s Baltic Sea coast that boasts a long stretch of sandy beach bordered by soft dunes and a lush pine forest. Located a few hours north of Berlin, the town offers tourists a postcard version of seaside tranquility. Or it would, were it not for the fleet of excavator barges that sails out from the local port every day, and the large building site hiding behind the pines. Both are part of a fiercely contentious project that has split Europe down the middle, and…

Oil steadies on supply outages, US China trade

Oil prices stabilized on Tuesday as worries over supply disruptions balanced signs of increasing production and potential damage to global growth from the U.S.-China trade dispute. Benchmark Brent crude oil was up 15 cents at $71.99 a barrel by 0920 GMT after earlier falling to $71.35, its lowest since April 17. The contract fell 4.6 percent on Monday. U.S. light crude was up 15 cents at $68.21 a barrel. It lost 4.2 percent on Monday. « The perception in the oil market seems to be shifting, » Carsten Menke, commodity…

Investment in energy fell again in 2017, raising fresh concerns about security and climate change

The amount of money flowing into the energy sector fell for a third straight year, raising concerns about the world’s ability to provide enough power and tackle climate change, the International Energy Agency reported on Tuesday. On the whole, governments and businesses plowed $1.8 trillion into the infrastructure, equipment and resources that keep the world running. That means global energy investment fell by 2 percent from 2016 after adjusting for inflation, and the IEA warned the trend does not appear to be reversing. At the same time, governments are shouldering…

Oil prices rise from 3-month low as more Norwegian oil workers strike

Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Brent crude futures had climbed 36 cents, or 0.5 percent, to $72.20 a barrel by 0106 GMT. They fell 4.6 percent on Monday, at one point touching their lowest since mid-April. U.S. West Texas Intermediate (WTI) futures were up 3 cents at $68.09. They fell 4.2 percent on Monday. An oil worker strike in Norway intensified on Monday…

Cramer Remix: You should be buying the oil stocks here

CNBC’s Jim Cramer wants investors to have the guts to go against the grain when it comes to investing, especially when it comes to the oil sector. « Now that crude has come down to $68, I think, once again, you have to take the other side of the trade. You’ve got to buy the oils, » the « Mad Money » host said after shares of oil giants like Chevron slid in Monday’s trading session. Cramer made this recommendation because, as he sees it, near-term oil supply won’t define…

Oil falls nearly 5%, below $68, as Treasury says importers may get leeway to buy Iranian crude

Oil prices extended early losses on Monday, dropping more than $3 a barrel, after Treasury Secretary Steve Mnuchin said some crude importers may receive waivers to continue buying supplies from Iran, despite U.S. sanctions on the Middle Eastern country. « We want people to reduce oil purchases to zero, but in certain cases if people can’t do that overnight, we’ll consider exceptions, » Mnuchin told reporters on Friday while traveling to Mexico, Reuters reported. The comments were under embargo until Monday morning. Mnuchin told the reporters the Trump administration wants…

Putin suggests Russia and US could work together to regulate oil prices

Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years. Russia has partnered with OPEC and other producer nations since 2017 to manage nearly half of the world’s oil supply. The countries took action after crude prices sank to 12-year lows in 2016, piling pressure on oil-dependent economies and bankrupting hundreds of U.S. energy companies. The United States, where drillers compete in a free market, is not part of the deal. U.S. laws prohibit…

Elon Musk opens Tesla Model 3 sales to all, but auto experts give 3 reasons why you may want to wait

The Tesla Model 3 for the first time is open for sale to all car buyers in North America — with a few catches. With a $2,500 deposit toward the overall cost of the new Tesla model, customers can now buy a Model 3 and expect delivery in one to three months, according to Tesla. The car is Elon Musk’s attempt to make a mass-market sedan in the price range of consumers not in the luxury-car segment. The electric-car maker has been rushing to ramp up production of the Model…

Oil prices dip as markets eye potential supply increases

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers. Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT. U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel. Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight…

Elon Musk opens Tesla Model 3 sales to all, but auto sales experts say consumers may want to wait

The Tesla Model 3 for the first time is open for sale to all car buyers in North America — with a few catches. With a $2,500 deposit toward the overall cost of the new Tesla model, customers can now buy a Model 3 and expect delivery in one to three months, according to Tesla. The car is Elon Musk’s attempt to make a mass-market sedan in the price range of consumers not in the luxury-car segment. The electric-car maker has been rushing to ramp up production of the Model…

Trump is exaggerating Germany’s reliance on Russia for energy

President Donald Trump repeated a highly misleading claim on Friday that Germany will soon depend on Russia for 50 percent to 70 percent of its energy needs. Earlier this week, Trump opened a new line of criticism against Germany, complaining about a new natural gas pipeline that will directly link Germany and Russia. The United States and several European countries have long opposed the Nord Stream pipeline system, saying it increases Europe’s dependence on Russia and fills Moscow’s coffers despite its destabilizing activity in recent years. « I think it’s…

Trump reportedly considers tapping emergency oil supplies to tame crude prices

President Donald Trump is reportedly considering tapping the nation’s stockpile of emergency oil supplies as prices at the pump remain stubbornly elevated. The administration is actively considering selling 5 million to 30 million barrels from the Strategic Petroleum Reserve into the market, two sources with knowledge of the situation told Bloomberg News. The administration is also mulling a larger release that would be coordinated with other nations, the sources said. Crude futures pared gains by about $1 a barrel following the report. The Wall Street Journal later reported that some…

The sleeping giant of the Middle East is stirring, with billions of dollars eyeing it

Kuwait has long been nicknamed the Sleeping Giant of the Gulf, and it is not exactly intended as a compliment. Kuwait is considered one of the least interesting of the Mideast regional economies and has done little to attract foreign investment. But that reputation might be set for a change. Kuwait’s stock market is being considered for a bump-up to emerging markets status by major index providers, and that would be a significant reclassification within the world of investors. Index funds tracking emerging markets benchmarks, and active fund assets benchmarked…

Novozymes and Novo Nordisk sign deal to source power from Denmark’s largest wind farm

Novozymes and Novo Nordisk have signed an agreement to source power from Vattenfall’s Kriegers Flak offshore wind park, the Swedish utility said Friday. The facility, located in the Baltic Sea, is set to be in full operation by the end of 2021. With a little over 600 megawatts of capacity, Vattenfall said that the Kriegers Flak site is set to be Denmark’s largest wind farm. Global health care business Novo Nordisk employs around 42,100 people across 79 countries, while biotechnology firm Novozymes has more than 6,000 employees. While the deal…

Here’s how sails and liquefied natural gas could transform the shipping industry

The shipping industry plays a crucial role in the running of the global economy and like any major sector, it has an environmental impact. In 2012, international shipping was responsible for an estimated 796 million tons of carbon dioxide (CO2) emissions — around 2.2 percent of total global CO2 emissions that year, according to the International Maritime Organization. In northern Europe, Finnish shipping business Viking Line is looking to mitigate its environmental footprint with innovative design. “The Viking Grace is a passenger cruise ferry operating between Turku in Finland and…

Oil edges lower, set for big weekly decline

Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production. Brent crude eased 20 cents, or 0.3 percent, to $74.25 by 0059 GMT. On Thursday it gained $1.05 a barrel, rebounding from a session low of $72.67. It is heading for a weekly fall of nearly 4 percent. U.S. crude dipped 6 cents, or 0.1 percent, to $70.27, after a five cent decline in the previous session.…