RIYADH: Outbreak of instability in the energy sector prevails despite the sectors’ record year.
Looking at the Bigger Picture:
Energy stocks hit a record high as the sector makes its way to the S&P 500’s top performing group in 2021, CNBC reported. Accordingly, companies’ business models are to be revamped on investors’ demands.
The UK experienced doubling of prices of energy bills last year to reach nearly $2,000 foreshadowing an inevitable energy crisis in 2022, according to The Times.
The number of US natural gas cargoes congesting European ports surged by 33 percent, accumulating to 20 tanks over the weekend due to an extended energy crisis, Bloomberg reported. European gas prices fell on the assumptions that the US transfers will help diminish supply concerns in the continent.
Through a micro lens:
Italy’s A2A acquires a majority stake in competing Volta Green energy adding several wind and photovoltaic projects to the firm’s pipeline with a total installed capacity of almost 800 MW, Reurters reported. This is more than double the 300 MW of solar and wind assets that the company possesses.
China’s green winter Olympics is expected to be overshadowed by harmful fog, according to Reuters.
In an attempt to prevent this, the country will adopt strict environmental protective measures; nevertheless, the heavy industries polluting the area will not shut down, Ministry spokesman Liu Youbin said.