Has the oil market been rigged to raise prices?

adminBusiness Electricity, Business Gas, International, Utilities Market Regulation, Wholesale Utilities Markets

BP, Shell & Statoil suspected of deliberately manipulating markets and exacerbating the recession. Three energy giants may have “colluded in reporting distorted prices to manipulate the published prices for a number of oil and biofuel products”. If these allegations are true, it could have had an impact on not just petrol. Everything is linked to the price of oil somehow … Read More

A 2013 UK Shale Gas Revolution? Unlikely.

adminBusiness Electricity, Business Gas, Energy Efficiency, International, Utilities Market Regulation, Wholesale Utilities Markets

Natural gas prices in the US have dropped by almost two thirds since they started ‘fracking’ for shale gas. Could we see a similar boost to the UK economy any time soon? Shale Gas – probably the only hope we have of producing a significant amount of useful, home-grown energy in the next decade or two. Some say it is … Read More

Budget 2012: New carbon taxes for businesses?

adminEnergy Efficiency, Utilities Market Regulation, Wholesale Utilities Markets

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 them in a league table … Read More

Shell announces 54pc profits rise

adminInternational, Wholesale Utilities Markets

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, led to Shell to announce … Read More

Libyan oil production already on the increase

mattInternational, Wholesale Utilities Markets

Libyan rebel leaders have already called workers back into oil refineries and said pre-conflict levels of production could be reached as early as next year. The country’s Transitional National Council (TNC), recently recognised by the United States as the nation’s legitimate governing body, said damage to its oil infrastructure is not as bad as previously feared. The Libyan TNC stated … Read More

North Sea oil leak “substantial” says DECC

mattWholesale Utilities Markets

Shell gas has announced a ruptured pipeline has spilt a substantial amount of oil into the North Sea The spill, coming from the pipeline leading to the Gannet Alpha oil platform 113 miles (180 km) off Aberdeen, is said to have been releasing oil into the North Sea since last week. The Department of Energy and Climate Change (DECC) said: … Read More

Oil price down after IEA open reserves

mattInternational, Wholesale Utilities Markets

The price of oil has dropped by $6 per barrel today after The International Energy Agency (IEA) opened up oil reserves. The IEA are to release an extra 60m barrels from emergency crude supplies. The UK is contributing 3m barrels, and half of it is coming from the US Strategic Petroleum Reserve.