A key UK power cable knocked out by a fire will stay partly offline until March, the National Grid Plc said, deepening the energy crisis threatening Britain as it heads into winter.
Brent oil resumed gains as the market assessed the fallout from the big freeze across Texas, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in coming months.
Home heating systems shutting down. Hospitals facing water shortages. Oil refineries going offline.
Brent oil edged higher in Asia after closing at the highest in almost 13 months as a deepening energy crisis in the US disrupted crude production and forced the shutdown of some of the nation’s biggest refineries.
British electricity generators can expect a £1 billion windfall after a European Commission decision that could restart a controversial subsidy scheme which was accused of favouring fossil fuels.