The Government has unveiled plans for Smart meters to be installed in every home in Britain by 2020. The Government plans, which aim to reduce carbon emissions by more than a third, aim to install a smart meter in every one of Britain’s 26 million homes. They expect this move to to reduce energy consumption and boost efficiency, by allowing … Read More
Centrica in British Energy deal
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.
Nuclear site auction winners announced
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)
Rise in crude stocks causes further price drops
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
Online auction bids for nuclear sites higher than expected
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
OPEC decides on no cuts to crude oil output
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
European Commission deems electricity prices too high
The European Commission is to carry out an investigation into electricity prices. This comes following suspicions of excessive pricing due to wholesale price cuts not being passed on to consumers. With 60 percent of consumers across the EU last year reporting a rise in their electricity bills, the fact that the wholesale price of electricity has come down by 35 … Read More
President Obama backs renewable energy
US President voices support for green energy alternatives Speaking on Monday, President Obama claimed that the country to make power from renewable energy sources such as solar and wind available to customers at a similar price to energy from fossil fuels will become the economic superpower of the future. He acknowledged the fact that whilst the costs for generating renewable … Read More
Global oil production slows faster than expected
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
Price rises feared as Europe waits for Russia to turn gas back on
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