RIYADH: Instability in the energy sector still prevails. Six power plants go offline in Texas amid high weather conditions pushing prices up in the process. On another note, several European and American firms such as TotalEnergies, Engie, Chevron, ExxonMobil, and Global Infrastructure Partners are either making acquisitions or signing deals, all in favor of a clean and renewable future.
Looking at the bigger picture:
· Six Texas-based power plants have failed to stay online as a result of the hot weather, causing prices to surge and the Texas grid operator to ask residents to conserve energy.
An estimated 2,900 MW of electricity were lost because of the failure, Bloomberg reported, citing the Electric Reliability Council of Texas. The figure reflects enough electricity to power around 580,00 households.
Through a micro-lens:
· French multinational integrated oil and gas company TotalEnergies and French multinational utility company Engie are considering purchasing 1.5 billion euros ($1.6 billion) worth of renewable energy unit of French retailer Casino CASP.PA.
As a result of the news, the retailer’s shares climbed 7 percent, Reuters reported.
· American energy industry company Chevron Corporation and American multinational oil and gas firm ExxonMobil Corp are to explore lower carbon business opportunities in Indonesia, Reuters reported.
Both firms have separately signed agreements with Indonesian state-owned gas corporation PT Pertamina to propel the exploration process.
· New York-based infrastructure investment fund Global Infrastructure Partners has announced that it will acquire clean energy firm Atlas Renewable Energy, valued at $2 billion, Bloomberg reported.
This comes as the investment fund wishes to boost its presence in Latin America.