Italy’s electricity bills to surge 131% in Q1; US’s Comstock to spend $800m in 2022 to boost production: NRG matters

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Gulf
  • Date: 16-Feb-2022
  • Source: Arab News
  • Sector: Oil & Gas
  • Country: Gulf
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Italy’s electricity bills to surge 131% in Q1; US’s Comstock to spend $800m in 2022 to boost production: NRG matters

REEM WALID RIYADH: On a macro level, the energy sector is hindered by soaring prices like those in Italy and unsustainable financing like those channeled into the coal sector. On a micro level, however, firms like Glencore and Comstock are investing in renewables while other businesses are joining forces to advance green plans. ·Italy’s electricity bills are projected to surge 131 percent while that of natural gas are estimated to increase over 90 percent in the first quarter of 2022, Bloomberg reported, citing officials from the regulator. The government is said to be looking at measures to mitigate the impact on consumers. ·Commercial banks from the US, China, Japan, India, Canada, and the UK are accountable for channeling a total of $1.5 trillion into the coal industry in the period between January 2019 and November 2021, CNBC reported, citing the analysis of a "study by campaign groups Urgewald and Reclaim Finance, alongside more than two dozen other NGOs". This figure represents more than 80 percent of the total investments and financing dedicated to the industry during the period. ·Anglo-Swiss multinational commodity trading and mining company Glencore Plc injects 40 million pounds ($54 million) in UK based battery manufacturing firm Britishvolt