Energy Secretary on UK oil dependency

mattInternational, Wholesale Utilities Markets

Oil price rises due to middle east conflict, UK energy secretary says UK needs to become more energy independent. UK Energy Secretary Chris Huhne has called for the UK to speed up a move away from foreign oil vulnerable to factors such as civil unrest. The recent turmoil throughout the Middle East has sent the price of oil up dramatically, … Read More

BP looking at North Sea asset sale

mattInternational, Wholesale Utilities Markets

British Petroleum are thought to be looking at the sale of North Sea assets worth £633 million ($1 billion). The sale is thought to be being considered to help the company ease the financial burdens caused by the Gulf of Mexico oil spill. The spill, a saga which started in mid April of this year, has cost BP billions of … Read More

EDF’s UK Distribution network taken over

mattBusiness Electricity, International, Utilities Market Regulation, Wholesale Utilities Markets

A Hong Kong consortium has announced the takeover of EDF’s UK distribution network for £5.7 billion The completion of the purchase was announced on 30 October. The Hong Kong consortium is comprised of Cheung Kong Infrastructure Holdings (CKI) and Hongkong Electric Holdings, and is fronted by Hong Kong’s richest man, Li Ka-shing. Both CKI and HK Electric hold a 40% … Read More

Oil found off coast of Greenland

mattInternational, Wholesale Utilities Markets

Scottish firm Cairn energy have found new oil just off the coast of Greenland Edinburgh based energy company Cairn Energy have struck oil for the first time just off the coast of Greenland. Early analysis indicates two types of oil have been found, with natural gas also present in the Baffin Bay basin. Further analysis is needed to determine the … Read More

Iberdrola in £3 billion Scotland investment

mattEnergy Efficiency, International

Spanish energy giant Iberdrola are planning to invest £3 billion in the Scottish economy. Iberdrola, owner of British energy firm Scottish Power, have announced plans to invest £4 billion in the UK over the next two years, with around two thirds of the total going to Scotland. First minister Alex Salmond has hailed the investment package as “immensely important”. The … Read More

Gulf Oil spill has cost BP 3.8 billion pounds

Web MasterInternational, Wholesale Utilities Markets

BP says they have spent nearly four billion pounds since April, when the Deepwater Horizon rig exploded in Mexico. The staggering sums have accumulated in scarcely three months since the disaster. BP attribute the majority of the sum to their initial spill response, namely the 31,000 people deployed in the numerous containment attempts. The gushing oil well was finally stopped … Read More

Oil demand to rise in 2010, says IEA

mattInternational, Wholesale Utilities Markets

The IEA has claimed the demand for oil will increase by 1.7 percent next year as the world recovers from the recession. Oil price has most recently dropped below $60 per barrel, amidst concerns about the state of the global economy. The IEA (International Energy Agency) has predicted demand to fall by 2.9% in 2009.