BP plans return to Gulf as profits drop

mattInternational, Wholesale Utilities Markets

BP first quarter profits are lower than last year, after selling off production to help pay for the damages of the Gulf oil spill. BP announced yesterday that its “replacement cost” profit had fallen from $5.6bn in the first quarter of 2010 to $5.4bn (£3.3bn) in 2011. This is despite oil price being 31pc higher in 2011 than in 2010.

BP sues Transocean over oil spill

mattInternational

A year on from the deepwater horizon oil rig explosion, BP is suing Transocean for at least £24m BP has launched a $40 billion USD (£24bn) lawsuit against Transocean, the owners of the Deepwater Horizon oil rig that exploded last year in the Gulf of Mexico. The tragic explosion one year ago that killed 11 people, lead to the worst … Read More

High oil price affecting demand – IEA

mattInternational, Wholesale Utilities Markets

The International Energy Agency (IEA) has said the current high price of oil is beginning to affect demand. The IEA has said the global demand for oil has been slowing over the last few months, due to very high prices. Despite their concerns, the IEA did not change it’s global oil demand growth forecast, which is at 1.4 million barrels … Read More

Oil prices at two and a half year highs

mattInternational, Wholesale Utilities Markets

Oil prices have risen to a two and a half year high due to supply concerns and the strength of the dollar The drop in the strength of the dollar means that other commodities such as gold and silver have also risen in price. Other commodity prices are also on the increase, such as food, metal and cotton.

UK nuclear plans delayed after Fukushima

mattInternational, Utilities Market Regulation

A decision to approve designs for Britain’s next generation of nuclear plants has been delayed for a safety review The workers at the nuclear power plant in Fukushima are still fighting to contain radiation after the earthquake and tsunami destabilised its reactors, designed with withstanding natural disasters in mind. In an attempt to incorporate any lessons learned from the crisis … Read More

Britain falls 10 places in green rankings

mattEnergy Efficiency, International

The UK has fallen from third place to thirteenth place in the green investment rankings According to rankings published yesterday by The Pew Charitable Trust, Britain has significantly faltered in its push to be a major player in global renewable energy. Britain’s 13th place means the UK is behind developing nations such as Brazil (6th) and India (10th).

Japan quake increases energy price worries

mattEnergy Efficiency, International, Wholesale Utilities Markets

What does the catastrophic record-magnitude earthquake in Japan mean to the worldwide energy industry? With the disastrous events in Japan following the record magnitude earthquake, the country has experienced some problems with one of its nuclear power stations in Fukushima. Nuclear reactors are meant to be built to withstand seismic activity, but the plant is still experiencing some significant difficulties, … Read More

UK at top of European Commission report

mattEnergy Efficiency, International

The UK is one of the most energy efficient nations in Europe, says a European commission report. The European Commission report says the UK’s energy use fell by 5% between the year 2000 and 2008. In comparison, German energy use stayed at the same rate whilst France’s energy use grew by 7%. The report found that in total, there was … Read More