|Bid||13.71 x 0|
|Ask||14.05 x 0|
|Day's range||14.39 - 14.39|
|52-week range||13.38 - 15.97|
|Beta (5Y monthly)||0.93|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg Opinion) -- Everywhere you look, it seems there’s another ad trying to persuade people that natural gas is the key to a clean energy future. The American Petroleum Institute (API) is running a seven-figure campaign touting its climate benefits, despite the fact that natural gas is a fossil fuel with a significant carbon footprint.The industry conducts misleading campaigns like this one because pressure to reduce greenhouse emissions is building. People are coming to realize that we need a 100% clean economy, and they increasingly want pollution-free energy.To be sure, gas can be lower-emitting than other fossil fuels: For example, gas releases about half as much carbon dioxide as coal during combustion. But natural gas is made of the potent greenhouse gas methane, and methane leaks are far too common across the industry. The result is emissions that can be staggeringly large, threatening to undermine whatever near-term climate advantages gas offered in the first place.And even as the industry promotes natural gas as an eco-friendly alternative to coal, it’s fighting rules to curb those harmful leaks. Groups like the API are championing the Trump administration’s plans to abolish EPA regulations on methane emissions across the oil and gas supply chain, and to remove all federal air pollution rules for pipeline and storage facilities. Together, that could result in 5 million metric tons of methane entering the atmosphere each year — equivalent to the emissions from 109 coal plants. So much for that clean energy future.Fortunately, not everybody wants to roll back the environmental clock. Leading producers like Shell, BP, Equinor, Pioneer and Jonah Energy have indicated opposition to Trump’s proposal, with some even calling for stronger federal regulation. Leading gas customers — more than a dozen electric and gas utilities, including Calpine and Exelon — support the standards, too.But the vast majority of American oil and gas companies, collectively responsible for nearly 90% of total U.S. production, have stayed conspicuously quiet in the face of a rollback that will make their product dirtier.Consider the implications for climate change. Methane from human activities is responsible for more than a quarter of the global warming we’re experiencing today, and the oil and gas industry is responsible for a quarter of that. Each pound of methane released has more than 80 times the warming power of the same amount of carbon dioxide the first 20 years after it is released.That means every company with an interest in natural gas — producers, users, distributors — has a vital stake in reducing methane emissions and supporting the policies necessary to do the job. This includes the electric utilities banking on gas to meet their own climate targets, along with investors in each of these areas.Worldwide, oil and gas companies release an estimated 79 million metric tons of methane each year. A five-year series of studies organized by EDF recently concluded that emissions from the U.S. oil and gas sector were a full 60% higher than EPA estimates. And much of that research predates the massive production boom in the Permian Basin, where research suggests the amount of methane escaping has tripled in just the past two years.Some operators are setting targets and implementing straightforward measures like replacing leaky valves and inspecting more regularly for leaks. But in a fragmented industry with thousands of companies, regulations are essential to raise the bar for everyone.The best science tells us that to have a fighting chance at climate stability, the U.S., European Union and other advanced economies need to reach net-zero greenhouse gas emissions by mid-century, with the rest of the world following soon after. While there are different scenarios for achieving that goal, there’s no doubt industry’s methane pollution must be virtually eliminated.And there’s no doubt it can be done.The International Energy Agency estimates that oil and gas methane emissions can be cut by 75% using technologies available today, and that two-thirds of that can be achieved at no net cost. And according to the IEA, the environmental upside is staggering: Those no-cost reductions alone would have the same climate benefit as immediately shutting all the coal-fired power plants in China.That’s one reason why investors managing more than $5.5 trillion across both sides of the Atlantic have opposed the rollback, and have called on the industry to speak up in support of the U.S. methane rules. A growing number of leading oil and gas firms have acknowledged that methane is a major challenge, but also an important opportunity to demonstrate real, measurable climate progress.The private sector has a critical role to play in opposing rollbacks in the U.S., and supporting new policy in the EU, which has a unique opportunity to leverage its role as a major gas buyer. If oil and gas companies really want to be part of a cleaner global energy future, it’s time for them to step up and support strong methane rules.To contact the author of this story: Fred Krupp at email@example.comTo contact the editor responsible for this story: Tracy Walsh at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Fred Krupp is the president of Environmental Defense Fund and has guided EDF for three decades.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Jean-Bernard Lévy became the CEO of Electricité de France S.A. (EPA:EDF) in 2014. This analysis aims first to contrast...
(Bloomberg) -- Emmanuel Macron’s pledge to give up presidential privileges and follow the same pension rule he’s proposing for all French isn’t doing much to appease striking workers.In response to a question about his own pension rights from French daily Le Parisien, Macron said late on Saturday he too would respect the same rules he was seeking to introduce for workers in France. The newspaper reported that he would give up his right to a pension for life that French presidents enjoy under a 1955 law, and instead switch to a points-based calculation.Labor unions, which have led opposition to Macron’s plans, have vowed to continue striking and marching during Christmas and into January. The CGT labor confederation on Monday said it was planning actions every day during the holiday season and stuck to its demands that the government must withdraw its planned reform. The union’s railroad branch earlier had told AFP they would hold a concert at the Austerlitz train station in central Paris on Christmas Eve, as well as dinners in other stations.Some workers in fuel depots have started blocking facilities in Lavera in Southern France, and others threaten to follow. Energy grid workers at EDF resorted to localized “sabotage” actions, temporarily cutting power to households or stadiums. Paris Metro is still severely disrupted, and less then half of the trains are planned to run on Tuesday across France.Read More: All France Wants for Christmas Is a Train as Strikes Go OnA year after facing the violent Yellow Vests protests that he had to placate with 17 billion euros in public spending, Macron’s credibility is at stake in the latest standoff. The 42-year-old investment banker-turned-politician rose to power on a promise to modernize the French state and made the plan a cornerstone of his presidential platform.But opposition to Macron’s reform has gripped the country since Dec. 5 with disruptions for commuters and travelers causing havoc particularly in and around Paris. Most labor unions have refused a truce during the festivities, as asked for by the more moderate CFDT union and the government.DeadlockMacron’s gesture to forfeit presidential perks is the latest measure to try to break a deadlock with French labor unions over his plans to overhaul the pension system. The proposal, which aims to merge 42 separate regimes into a single universal points-based system, also offers incentives to raise the age for full retirement benefits to 64 from 62.“Everyone has the same rules, even the president,” Junior Economy Minister Agnes Pannier-Runacher said on RTL radio on Monday. “If we want to be credible, collectively, then we have to apply the same rules,” she said.The proposal is slated to be unveiled in cabinet on Jan. 22 for a first debate in parliament on February. That leaves little time for the two sides to find an accord. On Monday the government will reveal its schedule for proposed talks in January with labor and business unions. Prime Minister Edouard Philippe organized a new round of talks after last week’s negotiations failed to convince even the moderate unions that his cabinet would back down on some contentious measures.A poll by Ifop for Le Journal du Dimanche newspaper showed public approval of the movement against the pension reform had fallen a further 3 points to 51%.(Updates with union statement in third paragraph)\--With assistance from Rudy Ruitenberg.To contact the reporters on this story: Helene Fouquet in Paris at email@example.com;James Regan in Paris at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Sills at email@example.com, Raymond ColittFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Nuclear power generation in France plunged nearly 11 % year-on-year in November to 29.1 terawatt hour (TWh) state-controlled utility EDF said on Friday, citing a high volume of reactor outages. Total output since the start of the year was at 346.5 TWh, down 2.2% compared with the same period last year, the company said. The utility, which operates France's 58 reactors that cover around 75% of French power needs, cut its 2019 nuclear production target on Nov.14 to between 384 TWh and 388 TWh from 390 TWh, due to prolonged outages of its reactors.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll look at...
Alongside Npower, the Big Six, which control about 70% of Britain's retail energy market, are Centrica's British Gas , SSE, EDF Energy, Iberdrola's Scottish Power and another E.ON-owned supplier operating under the E.ON brand. British Gas dominates with about 24 million customers. E.ON said on Friday it planned to break up Npower under a 500 million pound ($642 million) restructuring, which a union said could put up to 4,500 jobs at risk.
FRANKFURT/DUESSELDORF, Germany, Nov 29 (Reuters) - German energy group E.ON plans a 500-million-pound ($642 million) break-up of the struggling British Npower division it inherited from Innogy, which unions said could put up to 4,500 jobs at risk. E.ON's plan includes managing Npower's residential and small and medium-size business customers on the same platform as its own, while putting Npower's industrial and commercial customers into a separate business. The rest of Npower will be closed.
French power group EDF, which has faced criticism in Britain over cost over-runs at the Hinkley Point C nuclear project, said it would build a new Scottish windfarm. State-controlled EDF said it would start construction of the 450 megawatt offshore Neart na Gaoithe windfarm in the North Sea, off the coast of Fife.
French state-controlled power group EDF, which has faced criticism in Britain over cost over-runs at the Hinkley Point C nuclear project, said it was launching the construction of a new Scottish windfarm. EDF said it was starting construction of the 450 megawatts offshore 'Neart na Gaoithe' (NNG) windfarm, which will be located in the North Sea, off the coast of Fife. EDF, which added it had raised $2 billion via the debt markets, said the new project would be its largest offshore windfarm in the UK to date.
German energy group Innogy on Thursday said it was continuing to lose clients in Britain, where a price cap has increased pressure on the 'Big Six' energy providers. Npower, Innogy's British retail unit, lost 261,000 customers during the third quarter, bringing total customer losses to 447,000 so far this year.
British Prime Minister Boris Johnson promised on Sunday "to get Brexit done", with his Conservative Party making an election pledge to bring his deal to leave the European Union back to parliament before Christmas. With Britain heading to the polls on Dec. 12, the governing Conservatives rolled out an election manifesto that promised more public sector spending and no further extensions to the protracted departure from the EU.
British Prime Minister Boris Johnson will promise to bring his Brexit deal back to parliament before Christmas when he launches his manifesto on Sunday, the cornerstone of his pitch to voters to "get Brexit done". Voters face a stark choice at the country's Dec. 12 election: opposition leader Jeremy Corbyn's socialist vision, including widespread nationalisation and free public services, or Johnson's drive to deliver Brexit within months and build a "dynamic market economy". Opinion polls show Johnson's Conservative Party commands a sizeable lead over the Labour Party, although large numbers of undecided voters means the outcome is not certain.
Nuclear electricity generation from French reactors operated by utility EDF fell 7.6% year-on-year in October to 29.2 terawatt hours (TWh) on the back of increased reactor outages, the company said on Tuesday. EDF said total output since the start of the year stood at 317.3 TWh, down 1.3% compared with the same period a year ago. The state-controlled utility cut its 2019 nuclear output target in France by 1.2 percentage points to 390 TWh on Oct. 25, citing prolonged maintenance outages, but left its financial target unchanged.
Today we'll evaluate Electricité de France S.A. (EPA:EDF) to determine whether it could have potential as an...
(Bloomberg Opinion) -- The U.K. government’s temporary fracking moratorium should turn into a permanent ban. Allowing shale gas extraction makes sense only when a country is still phasing out coal, and then only under certain conditions. But the U.K. is almost finished with coal, and fracking can only postpone its transition to clean energy.The Conservative government has banned the drilling of new wells that use hydraulic fracturing — a technology that involves pumping liquids, chemicals and sand into bedrock formations to crack them and free up natural gas or oil. This follows a report commissioned by the U.K. Oil and Gas Authority that has linked earth tremors to fracking activity by Cuadrilla Resources Ltd., one of the companies developing shale gas in Britain. The risk of earthquakes arises when fracking is used close to geological faults, and these are hard to detect beforehand with current technology.The U.K. government’s move is a pre-election turnabout: The Conservatives have always backed fracking, but it is unpopular with locals pretty much everywhere it’s used, including in the U.S., the technology’s greatest proponent and beneficiary. In the U.K., 40% of the population — the highest share since 2013 — say they're opposed to fracking, while just 12% support it. But public attitudes shouldn’t be the only reason to impose a fracking ban.As she announced the drilling moratorium, Energy Secretary Andrea Leadsom spoke of “the huge potential of U.K. shale gas to provide a bridge to a zero carbon future.” But, almost regardless of all the earthquake- and water-supply-related concerns, that potential is highly questionable.When it comes to carbon emissions, natural gas is certainly preferable to coal. But the U.K. has almost eliminated coal-fired power plants. Last month, Electricite de France announced that it had shut down its Cottam coal plant, which had provided power to 3 million homes. Most of the few remaining coal-burners are scheduled to close. According to the U.K. Office of Gas and Electricity Markets, coal’s share in the country’s electricity-generation mix reached just 0.5% in the second quarter of 2019.The case made for shale in the U.K. and elsewhere has less to do with moving to clean energy than with importing less natural gas. As conventional gas production on the U.K. continental shelf has declined, imports have been increasing.The idea is that by developing its own shale gas, the U.K. could increase its energy security and drive down energy prices. But thanks to the shale boom in the U.S. and the recent growth in global liquefied-natural-gas exports, it’s unlikely the U.K. will ever experience a gas shortage — and today’s prices are the lowest in almost a decade. Besides, a growing export dependence isn’t necessarily bad. Germany, which banned commercial natural gas fracking in 2017, believes in the concept of natural gas as a bridge to a cleaner energy future and intends to displace coal with gas, not just wind and solar. But it would rather increase imports (thus the country’s staunch support for Nord Stream 2, a Russian natural gas pipeline project fiercely opposed by the U.S. and a number of eastern European countries) than face fracking-related protests. In the immediate future, shale can boost employment — but if a country is serious about its climate goals, it’s a bad idea to let an entire new industry develop and then have to shut it down and incur the costs of compensating its employees for the loss of jobs. This process is already costing billions in the German coal industry. Imports, meanwhile, can be phased out at little political cost. In a recent paper, Katheline Schubert and Fanny Henriet of the Paris School of Economics showed that, in most cases, allowing shale-gas production will slow a country’s switch to clean, renewable energy. Shale gas is cheap, and once it displaces coal it’ll be hard to phase it out. In U.S. power generation, increased consumption of natural gas since 2009 is almost equal to the decrease in use of coal. A ban on fracking, supported in the U.S., for example, by Democratic presidential candidate Elizabeth Warren, would require that the country quickly develop a renewables industry to cover that deficit — a costly project to say the least. The Netherlands appears to have embarked on a similar crusade, though. There, a moratorium on fracking runs until 2020 but is highly likely to be extended, despite a still-significant share of coal in the generation mix; the Dutch government plans to drive down the share of gas in the mix from 55% last year to 30% by 2030, and extracting more gas wouldn’t serve that purpose.But the U.K. doesn’t even have to make that difficult choice; it already has a cleaner energy mix than the U.S., Germany or the Netherlands. When France banned fracking in 2011, it didn’t just give in to voters’ fears of tremors and water contamination. It defended its power generation mix, which currently consists of 66% nuclear, 27% renewables and just 5% gas.The U.K. should ban fracking permanently — and not just because of the tremors. In that sense, the Liberal Democrats and Labour, who support a full ban, are on firmer ground before the December parliamentary election than the Conservatives.To contact the author of this story: Leonid Bershidsky at firstname.lastname@example.orgTo contact the editor responsible for this story: Mary Duenwald at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
French state-controlled energy group EDF has agreed to buy Pivot Power, a British start-up company that specialises in battery storage and infrastructure for electric vehicle charging points. EDF, which did not disclose the financial terms of the acquisition, said the deal would allow it to become a leader in the fast-growing field of battery storage. Pivot Power is looking at means to host a battery capable of exporting 50 megawatts (MW) of power and to provide support for hundreds of fast electric vehicle chargers, which could be suitable for large retail sites, logistics centres, and bus depots.
* EDF's EDF Energy has extended outages at its Dungeness B21 and B22 nuclear reactors in Britain to around the end of January, its website shows. * Dungeness B-21 reactor went offline in September 2018 and was scheduled to come back online in November. * Dungeness B-22 reactor went offline in August 2018 and was scheduled to come back in December.
British energy market regulator said it would grant National Grid 637 million pounds ($803.38 million) to build the transmission link for the Hinkley Point C nuclear plant, lower than the company's initial request for 717 million pounds. Ofgem said on Tuesday consumers will save money under its plans to reduce National Grid Electricity Transmission's (NGET) funding request to connect the new Hinkley Point C nuclear reactor to the grid. The regulator's move comes after EDF said last month that its Hinkley Point C nuclear plant could cost up to 2.9 billion pounds more than its last estimate, and face further delays.