Monday, 12 October 2026

IMF chief Kristalina Georgieva said the global economy is being pulled in two opposite directions by a negative energy supply shock and a positive demand shock from AI.

She made the remarks as the IMF and World Bank meetings opened in the Thai capital, Bangkok, where sessions run from Monday through Saturday.

The IMF has warned that the effects of the shock have been unequal, with developing countries reliant on imported energy hit the hardest.

First Gen Corp. will power 189 company-owned Jollibee Group outlets in the Philippines with renewable electricity under the government's retail aggregation program, BusinessWorld reported.

Those 189 stores now draw entirely on renewable supply, sourced through a set of power contracts signed with First Gen, according to BusinessMirror.

First Gen said the sites make up roughly 40% of the group's company-owned outlets nationwide, spanning the Jollibee, Greenwich, Chowking, Red Ribbon, Burger King, and Panda Express brands.

Electricity for the stores will come from First Gen's geothermal plants in Ormoc City and Kananga, Leyte.

Ørsted has exercised a buyback right to acquire the remaining 49.9% stake in the 172 MW Gunfleet Sands 1 & 2 offshore wind farm in the UK, moving toward full ownership of the asset, according to Offshore Engineer OEDigital.

The company currently holds 50.1% of the project, which sits seven kilometres off the Essex coast, according to Offshore Engineer OEDigital. Its partners JERA Nex BP and the Development Bank of Japan each hold 24.95%, the outlet reported.

The transaction is estimated at USD 19.8 million, or GBP 15 million, according to Offshore Engineer OEDigital. It is subject to customary closing conditions and is expected to complete in November, after which Ørsted will own and operate the entire project.

Ørsted said taking full ownership would give it greater flexibility to manage the wind farm and evaluate late-life options, including a potential extension of its operational lifetime.

Seadrill Limited has secured new offshore drilling contracts and extensions across Indonesia, Malaysia, Angola and the U.S. Gulf, including a $420 million award for the West Carina drillship, according to World Oil. The deals strengthen the company's contracted rig activity through 2030.

In Indonesia, the West Carina won a contract with an undisclosed operator valued at approximately $420 million for a firm duration of 880 days, World Oil reported.

In Malaysia, Seadrill secured extensions for the West Capella totaling approximately $94 million, according to World Oil.

Offshore Angola, the exercise of all remaining priced options extends the Sonangol Libongos operations by approximately three years, keeping the rig contracted through January 2030.

In the U.S. Gulf, the Sevan Louisiana was awarded a 25-day drilling contract with Kosmos, World Oil reported. Operations under that contract are scheduled to begin in November 2026.

Developers of cleaner cooking projects in the UN carbon market must now reserve a portion of their credits to cover the chance that protected trees are later lost to fire, drought or logging, Climate Home News reported. The sector had asked to be exempted, and the market's regulator turned that request down.

The buffer rule sits inside a new rulebook approved by the Article 6.4 Supervisory Body, the Paris Agreement carbon market regulator, Climate Home News reported. That rulebook governs programmes that cut emissions by handing out new and cleaner cookstoves across regions where households still burn wood or charcoal to cook.

Where natural hazards are involved, developers will calculate local risk values drawn from new modelling published by a group of independent scientists, according to Climate Home News.

Meralco PowerGen Corp. (MGEN) is preparing to bid for Manila Electric Co.'s 900 MW baseload supply requirement to advance its 1,200 MW coal-fired power plant in Atimonan, Quezon, according to philstar.com. MGEN is turning to its parent, Meralco, in a bid to move the long-stalled project forward.

MGEN President and CEO Emmanuel Rubio called the auction MGEN's last opportunity to execute the Atimonan project. "Hopefully, when we win it, we can build it. This is the last opportunity for MGEN to execute Atimonan," Rubio said.

Rubio said the Atimonan plant will run on coal.

The 15-year power supply agreement resulting from the competitive selection process will cover delivery of 600 MW by February 26, 2031, with an additional 300 MW by February 26, 2032, according to businessmirror.com.ph.