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UPDATE 1-U.S. to hold record offshore wind auction next month in clean energy push

Wed, 12th Jan 2022 17:06

(Adds details on offshore wind auction, comment from Interior
secretary)

By Nichola Groom

Jan 12 (Reuters) - President Joe Biden's administration on
Wednesday said it would hold the U.S. government's biggest ever
offshore wind auction next month for areas in waters off the
coast of New York and New Jersey, part of a range of measures it
unveiled to speed growth of clean energy.

"We're at an inflection point for domestic offshore wind
energy development," Interior Secretary Deb Haaland said on a
call with reporters. "We must seize this moment."

The announcement, which seeks to advance Biden's ambitious
climate change agenda, comes as sweeping legislation to support
those goals is stalled in Congress. Biden has pledged an
"all-of-government" approach to fight global warming and
decarbonize the U.S. electricity grid by 2035.

The White House is "continuing to pursue this agenda every
way we know how," a senior administration official told
reporters on a briefing call on Tuesday.

In a wide-ranging memo, the administration unveiled actions
by seven federal agencies designed to accelerate deployment of
wind and solar projects while creating well-paying jobs, a
cornerstone of Biden's presidential campaign pledge.

The centerpiece of the announcement is the Feb. 23 sale of
six commercial leases in the New York Bight, shallow waters
between New York's Long Island and New Jersey. The leases are
projected to one day host projects able to generate up to 7
gigawatts of electricity, enough to power 2 million homes, the
administration said.

It would be the first offshore wind auction under Biden, who
last year launched an aggressive push to install 30 gigawatts of
the technology by 2030 and approved the nation's first two
commercial-scale projects. The last government auction for wind
leases was held in 2018.

The Bureau of Ocean Energy Management said 25 companies are
eligible to bid on the leases, including entities controlled by
Equinor, Avangrid, BP and EDF,
and each bidder may only win one lease.

The 488,201 acres that will be offered to offshore wind
developers was reduced by 22% from the initial sale proposal
outlined last summer in response to input from the commercial
fishing industry, U.S. Coast Guard and others, BOEM said.

Developers will be required to "make every reasonable
effort" to use union labor to build their projects and to
outline plans for supporting creation of a domestic supply chain
for the industry. Companies that succeed in sourcing major
components domestically may be eligible for lower lease
operating fees.

Onshore, the administration announced steps to slash the
time it takes to permit clean energy projects on public lands
through better coordination between five agencies and the
creation of renewable energy coordination offices at the
Department of Interior.

It also unveiled a major federal effort to build thousands
of miles of electric transmission lines to carry clean energy
from solar and wind facilities to U.S. communities. The Building
a Better Grid initiative will tap billions of dollars in funding
from the $1 trillion infrastructure law passed in November to
finance new lines and grid upgrades.

The administration said it would ensure that the benefits of
clean energy investment will reach rural communities through a
new $10 million grant program at the Agriculture Department to
support projects in poor areas.
(Reporting by Nichola Groom; Editing by Leslie Adler and David
Gregorio)

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15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

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15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

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13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

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12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

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12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

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12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

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12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

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12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

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12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

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12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

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12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

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12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

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11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

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10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

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10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

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