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Industry

Solar seen overtaking coal and gas as biggest power source by 2035

Solar power is expected to become the world’s largest source of electricity within the next decade, overtaking coal, oil and natural gas, a forecast said. BloombergNEF projects solar will be a core energy source in the global power market by 2035 on economics alone as costs keep falling. It also expects AI-driven data centre demand to spur new generation, with 24-hour power needs likely to slow a solar-led shift and keep gas and coal playing a role.

Mobility

EV battery prices fall but insurance premiums surge, becoming a hurdle to adoption

Rapid rises in car insurance premiums and repair costs in Europe are weakening the cost-saving appeal long seen as a key advantage of switching to electric vehicles, an analysis shows. While battery prices keep falling and the EV market grows, surging insurance and maintenance expenses, shortages in charging infrastructure and added strain on power grids are emerging as hurdles. Oil price gains support demand, but wider adoption may hinge on costs, chargers and grid integration.

Economy

Naphtha up 68 percent, ethylene up 61 percent as March producer prices post biggest rise in 4 years

South Korea’s producer prices rose at their fastest pace in nearly four years in March as international oil prices surged in the aftermath of the Iran war. The producer price index climbed 1.6 percent from February to 125.24, the biggest monthly rise since April 2022, and extended gains for a seventh straight month. Oil products and chemical items jumped, while farm and fisheries products fell and services were flat.