Tesla bids to buy out SolarCity
The deal is a “no-brainer” according to Elon Musk, who is both CEO of US electric car maker Tesla, chair of solar installation firm SolarCity and the largest shareholder in both companies. More recently Tesla has also been touted as a pioneer in the manufacture of electric batteries that can power homes and businesses.
SolarCity shares shot up 23% as Tesla’s slumped by more than 10%, in a bid expected to be worth up to £1.9bn.
Musk said that by merging the two firms he can create the “world’s only vertically integrated energy company offering end-to-end clean energy products”.
But investors are more wary and view it as a bailout for SolarCity and a distraction for Tesla, reports Bloomberg
EU shatters emissions target
There is plenty to delve into in the European Environment Agency data published on Tuesday. The EU bloc has smashed through its targets, six years early reports Climate Home.
Emissions from CO2 and other gases fell by close to a quarter between 1990 and 2014, due in part to warmer winters across the continent, notes the BBC. Renewable energy, the switch to natural gas from coal, alongside the recession were also significant factors. The 24.4% drop means that the EU has soared past its 2020 goal of 20% set by the Kyoto Protocol.
But the Guardian points out that road transport is bucking this trend, with its emissions rising by 17% over the same period.
Campaigners say the data shows that the EU could and should press for more ambitious targets.
Nestle in major wind farm deal
Food and drink giant Nestle has signed a 15 year contract with Community Windpower to source its electricity from a Scottish wind farm. The firm said it will provide power equivalent to half of its electricity needs across 13 factories in UK and Ireland.
The nine turbine site in Dumfries and Galloway is expected to open early next year.
The multinational described it as “a proud moment”
In other news
Nuclear: A “historic” agreement has been signed to close the final nuclear plant in California
Fracking: The German government has agreed to an indefinite ban on fracking, says Reuters
Oil: Leading companies have written to the US urging it to keep the Arctic open for exploration, reports the FT
Didcot: The power station, which collapsed four months ago, is to be demolished as it has become too dangerous to search for the three missing men with the structure still standing, reports the Independent
Energy: Price comparison websites could profit from hiding cheaper deals on which they do not get commission, according to the Times
Nuclear: The speed at which new reactors are being built is not fast enough to meet global warming targets, according to a new report covered in Reuters