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20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power

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and we expect this to grow to over 7 million UK households.

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Good morning from the Financial Times.

Today is Tuesday, April 29th.

And this is your FT News Briefing.

Big Oil is in for a rough year.

And Spain and Portugal are reeling after a massive power outage.

Plus, the Swiss franc has become extremely popular,

and that could be a very large problem for the country.

I'm Mark Filipino, and here's the news you need to start your day.

I don't think I'm telling you anything you don't already know when I say oil is having a terrible time right now.

But just how bad is it?

Well, Big Oil is reporting quarterly earnings this week, and the industry is bracing for its worst year since the pandemic.

Here to talk to me about it is the FT's energy editor, Malcolm Moore. Hey Malcolm. Hi, Mark. Malcolm, the worst year since the pandemic?

Well, okay, so let's just step back and we all remember when the pandemic hit, right, and the

plane stopped flying and people stopped driving and the demand

for oil just plummeted. And so obviously that was a terrible year. But then after the pandemic,

...