RIYADH: European governments are making efforts to combat the energy crisis regardless of their impacts such as the case with Électricité de France SA, while in the US there is a continued push to pursue investments in the sector.
Looking at the Bigger Picture:
·The Italian government has drafted a plan to ease the pain of surging energy bills on households and businesses, Reuters reported.
The energy package includes boosting local gas output in an attempt to combat the rallying gas prices.
·Germany proceeds with a grid development plan that stretches up to 2035 upon approval from the country’s energy regulator, Bundesnetzagentur, Reuters reported.
As part of the plan, the European country aims to reduce coal consumption and exit nuclear power as it makes way for green sources.
·Global electricity demand is projected to slow down to reach an increase of approximately 2.7 percent by 2024 compared to an accumulated 6 percent rise in 2021 alone, according to Reuters.
Through a micro lens:
·US investment corporation Sixth Street Partners is looking to acquire as much as 49 percent stake in Italian multinational oil and gas firm Eni, Reuters reported.
The potential acquisition is expected to bring the Italian firm’s valuation up to $1.4 billion (1.2 billion euros).
·French nuclear electric power generation firm, Électricité de France SA has been forced by the government to sell power at a high discount, Bloomberg reported.
The move, designed to shield homes and small firms from the surging energy prices that are sweeping the continent, will cost the nuclear giant an estimated $9 billion.
