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In this article, we talk about the five richest billionaires in the energy sector. To skip the detailed research of the energy sector, let’s move on to the five richest billionaires in the energy sector.
The global energy industry encompasses two main segments, namely renewable and non-renewable energy. The energy sector is gaining momentum after a slowdown due to the COVID-19 lockdown. In 2022, energy inventories posted some of the biggest gains following a surge in oil. costs caused by Russia’s invasion of Ukraine, perfecting global energy supply chains. That’s when Europe began restricting its imports of Russian fuel, creating pressure for Russia to end the war. Companies such as Cheniere Energy, Inc. (NYSE: LNG) have had the opportunity to enter the European market as an option for Russian energy suppliers, adding state-owned joint stock company Gazprom (MCX: GAZP) and state-owned joint stock company Rosneft Oil Company (MCX: ROSN), among others.
The importance of the Russian energy market is obvious. According to the International Energy Agency, Russia is the largest exporter of oil to global markets and the second-largest exporter of crude oil to Saudi Arabia. In addition, Russia is the third largest oil manufacturer in the world. As of February 2024, Russia’s total source of crude oil was about 9. 42 million barrels per day (mb/d) and sustainable crude oil capacity was about 9. 78 mb/d. As one of the largest energy markets, Russia is also home to some of the richest billionaires in the energy sector.
Renewables have been a trending segment in the global energy industry in recent years. As we discussed in our article on the 12 most undervalued renewable energy stocks to buy according to analysts, at the COP 28 convention in December 2023, global greenhouse fuel emissions will increase. They will need to be reduced by 43% by 2030, compared to 2019 levels. This goal will need to be achieved to keep global warming below 1. 5°C. Companies will have to meet low-carbon benchmarks as governments around the world implement new policies aimed at reducing carbon emissions. In 2023, the energy sector added $2. 8 trillion in new investments and 60% of total investments were spent on renewables.
The United States is one of the leading markets for renewable energy. According to a report by Mordor Intelligence, the renewable energy market in the United States is expected to reach 434. 5 gigawatts by 2024. The market is expected to continue to develop at a compound annual pace. expansion rate of 10. 01% and reach 700. 15 gigawatts by 2029. Renewable energy relies on several points, such as falling solar panel costs, expansion of solar and wind power installations, renewable energy subsidies, and favorable government policies. Texas, Washington, California, and Iowa are among the most sensible states in the U. S. There are two U. S. companies that produce the most renewable energy. The global renewable energy market is expected to double in the next 20 years, according to a McKinsey report. Renewables are expected to continue to grow to around 45-50% of energy production until 2030. In addition, the expansion rate is expected to reach between 65% and 85% until 2050. carbon technologies in the global energy system.
Global demand for electric power is expected to reach between 52,000 and 71,000 terawatt hours by 2050. The expected increase in global demand for electric power will be a key factor in the overall expansion of the power sector. The demand for electric power will be driven primarily by the desires for strength of emerging markets and the electrification of the global economy. At the same time, electricity demand is expected to double by 2050 from existing levels. While the strength of the sun and wind may only account for more than 70% of the world’s total installed capacity until 2050. Fuel and other business capacity would need to reach around 30 per cent to ensure resource adequacy.
Brookfield Renewable Partners LP (NYSE:BEP), PJSC LUKOIL (MCX:LKOH) and PAO Novatek (MCX:NVTK) are the major electric utilities.
Brookfield Renewable Partners LP (NYSE: BEP) is one of the world’s leading renewable energy companies. On Feb. 2, Brookfield Renewable Partners LP (NYSE: BEP) reported its results for the fourth quarter of 2023. The company posted gains consistent with the percentage of $0. 01, beating consensus estimates of $0. 22. Brookfield Renewable Partners LP (NYSE: BEP) reported earnings of approximately $1. 32 billion, beating estimates of $134. 43 million. Here are some of the comments from the company’s earnings call for the fourth quarter of 2023:
“2023 was a record-breaking year for our company across many metrics. We generated a record budget through our organic acquisition and development operations. We deployed a record amount of capital into engaging, cumulative opportunities across all of our key markets. And we’ve developed more features than ever before, while strengthening our balance sheet. We have established ourselves as a blank energy global superpower, evolving from an undeniable renewable energy manufacturer to a preeminent platform for renewable energy and decarbonization solutions, with a scale and breadth of functions and relationships. that differentiate us from our peers.
We have deployed or agreed to deploy $9 billion of capital together with our partners, as evidenced by our acquisitions of Westinghouse, Deriva Energy, the remaining 50% stake in X-Elio, which we did have in renewable energy banks, and our investments in CleanMax. and Avaada in India.
PJSC LUKOIL (MCQ: LKOH) is one of Moscow’s largest energy corporations. On March 1, PJSC LUKOIL (MCX: LKOH) announced that it had begun construction of solar power plants in the Almaty region of Kazakhstan. PJSC LUKOIL (MCX: LKOH) Sun Force plant will have a total capacity of 4. 95 MW and the structure of the first 2 MW line is expected to be completed in 2024. On April 3, the company announced the opening of two full-service multi-purpose plants. PJSC LUKOIL (MCX: LKOH) HAS OPENED A PETROL STATION ON THIS INTERNATIONALLY IMPORTANT HIGHWAY THROUGH WHICH MORE THAN 40,000 VEHICLES PASS EVERY DAY.
PAO NOVATEK (MCX: NVTK) IS ONE OF THE WORLD’S LARGEST PRODUCERS OF NATURAL GAS AND the second largest producer of natural gas in Russia. On February 9, the company released the financial results for fiscal year 2023. PAO NOVATEK (MCX: NVTK) REPORTED A TOTAL REVENUE OF APPROXIMATELY 1. 37 BILLION RUBLES IN 2023. On March 19, the Board of Directors of PAO NOVATEK (MCX: NVTK) approved the total revenue. Dividend payment for 2023. La Company will pay a total dividend of 78. 59 RUB according to the percentage, adding the interim dividend dividend of 34. 50 RUB according to the percentage paid for the half of 2023. The dividend of PAO NOVATEK (MCX: NVTK) will be paid in cash no later than May 2, 2024 to holders of percentages of record on March 26.
The global energy industry is one of the most important markets in the world. Energy companies, especially oil and fuel suppliers, play a critical role in the global economy. In this context, let’s take a look at the 25 richest billionaires in the energy sector.
Top 25 Richest Energy Billionaires
Our Methodology
We’ve amassed insights from the 25 richest billionaires in the energy sector from the Forbes Real-Time Billionaires Index. The list of energy sector billionaires is ranked in ascending order of billionaires’ value, as of April 5.
Net worth: $6. 5 billion
Cao Renxian is the founder and chairman of solar photovoltaic inverter manufacturer, Sungrow Power Supply Co. , Ltd. (SHE: 300274). Cao Renxian has a net worth of around $6. 5 billion and ranks as the 25th richest billionaire in the energy sector.
Net worth: $6. 6 billion
Alexei Kuzmichev has a diversified portfolio with holdings in the oil, banking, and telecommunications sectors. Kuzmichev and his friends sold their stakes in their vertically incorporated oil company, TNK-BP, for $14 billion in 2013. Alexei Kuzmichev is one of Russia’s richest billionaires.
Net worth: $6. 8 billion
Terrence Pegula made his fortune in the oil and fuel industry. In 2010, Pegula sold a majority stake in his oil and fuel company East Resources to Royal Dutch Shell for $4. 7 billion. Terrence Pegula is the 23rd richest billionaire in the energy sector.
Net worth: $6. 9 billion
Wang Yusuo is the founder of one of China’s largest power companies, ENN Group. Wang Yusuo has a net worth of around $6. 9 billion.
Net worth: $7 billion
Arthur Irving has a net worth of around $7 billion and is one of the richest billionaires in the energy sector. Arthur Irving owns 100 percent of Irving Oil, which operates fuel stations and oil refineries.
Net worth: $7. 3 billion
Ray Lee Hunt is the president of Hunt Consolidated and owns one of the largest private oil corporations in the United States. With a net worth of around $7. 3 billion, Ray Lee Hunt ranks as the 20th richest billionaire in the energy sector.
Net worth: $7. 9 billion
Scott Duncan inherited his father’s oil and fuel company, Enterprise Products Partners, as well as his three brothers. Scott Duncan has a net worth of around $7. 9 billion.
Net worth: $7. 9 billion
Milane Frantz is Scott Duncan’s sister and one of the richest billionaires in the energy sector.
Net worth: $7. 9 billion
Dannine Avara is the sister of Scott and Milane. Avara has a net worth of around $7. 9 billion and ranks as the seventeenth richest billionaire in the energy sector.
Net worth: $7. 9 billion
Randa Duncan Williams is the eldest of the Duncan siblings. Williams is the non-executive chairman of Enterprise Products Partners.
Net worth: $8. 3 billion
Richard Kinder is co-founder and president of Kinder Morgan, Inc. (NYSE: KMI), one of the largest electrical infrastructures in the United States. Richard Kinder is ranked 15th among the 25 richest billionaires in the energy sector.
Net worth: $8. 5 billion
German Khan and fellow billionaires Mikhail Fridman and Alexei Kuzmichev co-founded Alfa Group and LetterOne. German Khan has a net worth of around $8. 5 billion.
Net worth: $9. 3 billion
Daniel Kretinsky heads Central Europe’s largest energy group, Energeticky a prumyslovy holding (EPH). With a net worth of around $9. 3 billion, Daniel Kretinsky is the thirteenth richest billionaire in the energy sector.
Net worth: $10 billion
Sarath Ratanavadi heads Gulf Energy Development Public Company Limited (BKK: GULF). In 2017, Ratanavadi went public and raised more than $700 million, one of the largest IPOs in Thailand in a decade. Sarath Ratanavadi is one of Thailand’s richest billionaires.
Net worth: $10. 5 billion
Leonid Fedun is one of the masterminds of PJSC LUKOIL (MCX:LKOH). In the 1990s, Fedun helped fellow billionaire Vagit Alekperov privatize Lukoil. Leonid Fedun owns a 10% stake in PJSC LUKOIL (MCX: LKOH).
Net worth: $10. 8 billion
Carrie Perrodo is the tenth richest billionaire in the energy sector. Carrie Perrodo inherited the Perenco oil company after her husband passed away in 2006.
Net worth: $13. 1 billion
Mikhail Fridman, one of the co-founders of Alpha Group, in 2013, Fridman made $5. 1 billion in money after promoting his stakes in TNK-BP. Mikhail Fridman is one of Russia’s richest billionaires in the energy sector.
Net worth: $14. 5 billion
Jeffery Hildebrand owns Hilcorp, one of America’s personal oil corporations. Jeffery Hildebrand has a net worth of around $14. 5 billion and is the eighth-richest billionaire in the energy sector.
Net worth: $14. 6 billion
George Kaiser is one of America’s richest billionaires in the energy sector. In the 1960s, George took over the family-run Kaiser-Francis oil company. George Kaiser also owns a 76% stake in the LNG company Excelerate Energy, Inc. (NYSE: USA).
Net worth: $18. 5 billion
Harold Hamm is the founder and chairman of America’s leading independent oil company, Continental Resources. With a net worth of $18. 5 billion, Harold Hamm ranks as the sixth-richest billionaire in the energy sector.
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Disclosure. None. The 25 richest billionaires in the energy sector are published on Insider Monkey.