Orsted Wins New Jersey Contract as Offshore Wind Poised to Boom

By Christopher Martin (Bloomberg) -- New Jersey awarded a contract to Denmark-based Orsted A/S to provide power from a wind farm it’s planning in the Atlantic Ocean as Northeast states push to jump-start an industry that’s languished in the U.S. Orsted, the world’s biggest offshore wind developer, plans to build the project 15 miles (24 kilometers) off Atlantic City as part … [Read more...]

Persian Gulf War Risk Premiums Seen Costing $500,000 Per Oil Shipment

(Bloomberg) --The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to people familiar with the insurance market. Earlier this year, the same … [Read more...]

U.S. Seeks Allies’ Support to Protect Persian Gulf Shipping Lanes

By Nick Wadhams (Bloomberg) --The U.S. is seeking support from allies for a program to monitor commercial shipping in the Persian Gulf after attacks on tankers that the Trump administration has blamed on Iran. The effort is intended to deter Iran by equipping ships with cameras to monitor tanker traffic and document any threats, a senior State Department official told … [Read more...]

Clean Energy Becomes Dominant Power Source in U.K.

By Jeremy Hodges (Bloomberg) --The U.K. will generate more energy from low-carbon sources than from fossil fuels this year for the first time since the Industrial Revolution. Wind, solar, hydro and nuclear plants provided 48% of the nation’s electricity in the first five months of 2019, according to the U.K. network operator National Grid Plc. Coal, which made up more than … [Read more...]

Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids

By Alex Nussbaum (Bloomberg) --Oil rocketed to its biggest weekly gain in more than two years as U.S. President Donald Trump’s aborted air strikes against Iran left Middle East tensions simmering with the endgame uncertain. Crude futures rose in New York on Friday to complete a 9.4% rally for the week. Trump tweeted that he called off raids because of concern the death toll … [Read more...]