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.
Energy giant Centrica, owner of British Gas, has agreed a deal with french company EDF Energy to take control of 20% of British Energy. Last year Centrica agreed a fee of about £3.1 billion for 25% of British Energy. They have now confirmed the new re-negotiated deal, £2.3 billion for a 20% stake.
The auction of three proposed sites for new nuclear plants finished at the end of april. The three new nuclear sites, next to existing nuclear plants, at Wylfa, Oldbury and Bradwell, were bought by a consortium of E.ON UK & RWE Npower (Wylfa & Oldbury) and French energy giant EDF (Bradwell)
U.S. crude oil stockpiles rose by millions more than expected this week, dropping oil prices. The American Petroleum Institute reported rises in crude stocks that were much higher than expected. This comes soon after OPEC’s decision not to decrease crude output last month. Crude stocks rose by about 7 million barrels, 5 million more than expected. Petroleum and distillate stocks … Read More
An online, ebay style auction selling land for proposed nuclear sites has surpassed all expectations. The bidding for the three sites, being sold by the NDA (Nuclear Decommissioning Authority) went over the £200m mark last week. This is evidence of the growth in interest in nuclear power, as the renewables sector, and particularly offshore wind, seems to be losing its … Read More
The intergovernmental consortium has decided not to further reduce the amount of crude oil exported in fear of damaging the global economy. The Organisation of Petroleum Exporting Countries (OPEC) controls 40% of the world’s oil. The decision came at a meeting in Vienna, and it was unclear as to what OPEC would decide, given that Algeria and Libya were calling … Read More
Oil down to $35 a barrel as decrease in global demand leads to oil production slowdown. The supply cuts announced by OPEC last month coupled with worries about the current economic climate are finally having an affect on the global oil market. An oil price rise looks more likely after Opec nations and those outside the cartel have lessened their … Read More
Eastern European energy conflict continues despite EU agreements. The ongoing Russia-Ukraine conflict, leads to concerns that UK prices won’t come down as promised. Russian energy giant Gazprom has stated that despite the EU deal signed by both Russia and Ukraine, it will not resume gas supplies to Europe until they receive a copy of the agreement. This is just the … Read More
French energy giant effectively take control of British nuclear power industry following £12.5 billion deal EDF Energy offered 774p a share for the Scottish nuclear power company, snapping up enough shares to gain more than 70% control of the firm, including acceptances from the government and other major investors. EDF has added to it’s already significant stake in Britain’s energy … Read More
The $16 rise takes the price to $120.92 a barrel, the biggest one-day gain on record. This is thought to be due to investors switching to perceived safe havens such as oil, as well as uncertainty about how the government’s financial plan will work. Many think that the US government’s bail-out plan will help the economy, increasing demand for oil. … Read More