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NewsRenewable energy sources must be “financially sustainable” if they are to meet the world’s needs, the Prime Minister David Cameron has said. A meeting of international Ministers was held last week when Mr Cameron welcomed the investment of £350 million to create 800 jobs in the energy sector, but he says the main challenge is [...]
Posts under ‘Wholesale Utilities Markets’
Budget 2012: New carbon taxes for businesses?
In the budget today, the Chancellor George Osborne announced plans for a new “alternative environmental tax”, as a result of reforming or scrapping the Carbon Reduction Commitment. The Carbon Reduction Commitment, also known as the CRC Energy Efficiency Scheme, is designed to reduce the energy consumptions of the largest businesses in the UK, by placing [...]
Wholesale gas prices rise as Europe freezes
Energy suppliers are warning that wholesale gas is being traded at significantly higher prices than it was a fortnight ago. In winter 2012 we rely on imported gas more than ever. This was the main reason given for the recent winter price rises made by all big six suppliers, and it seems foreign imports are [...]
Shell announces 54pc profits rise
Oil giant Shell has announced bumper profits from 2011, up 54pc from the previous year. The company’s formula for success is astonishingly simple – it sold oil at much higher prices, compensating for losses in its other businesses. Oil prices at an average of $109 per barrel, up from $88 per barrel the previous year, [...]
‘Big six’ make small price reductions
All of the big six energy suppliers have now cut their prices, following electricity and gas price rises in the second part of 2011. All of the largest players in the energy market have now cut their standard domestic tariffs to some extent, but all of them have made reductions that amount to a fraction [...]
The main problem with wind turbines
32,000 new turbines are planned, but how many understand the major flaw with the UK’s most popular renewable energy source? It seems at first glance to be the perfect solution to an ever-growing problem. Like the sun, the wind never ‘runs out’, and each turbine we build in the UK provides a little bit more [...]
Ofgem wants ‘better protection for businesses’
In a press release on Monday, Ofgem proposed new measures designed to shake up the business energy market, and encourage energy suppliers and brokers to provide a better service.
Rising gas prices push up energy bills
Wholesale natural gas prices are 40 per cent higher than they were this time last year. Despite criticism that green taxes and subsidies are pushing up energy prices, Ofgem remain certain that it is rising wholesale electricity prices that are to blame. An Ofgem report stated that wholesale gas is now 40% costlier than it [...]
Chris Huhne attacks critics
The Energy & Climate Change Secretary has called renewable energy critics ‘curmudgeons and faultfinders’ and says they are ‘selling Britain’s ingenuity short’. Chris Huhne seems to never be out of the spotlight. A couple of weeks ago he was slamming those who doubt the cost-effectiveness of renewable energy sources, such as wind power, and last [...]
Fracking caused 50 earthquakes – report
Cuadrilla Resources, the company responsible for drilling for shale gas underneath Blackpool, has released the findings of an independent report it commissioned earlier this year. On April 1, a tremor reaching 2.3 on the richter scale was recorded, followed by another of around 1.4 on May 27th after drilling at the Preese Hall-1 well in [...]
