BP plans return to Gulf as profits drop

mattInternational, Wholesale Utilities Markets

BP first quarter profits are lower than last year, after selling off production to help pay for the damages of the Gulf oil spill. BP announced yesterday that its “replacement cost” profit had fallen from $5.6bn in the first quarter of 2010 to $5.4bn (£3.3bn) in 2011. This is despite oil price being 31pc higher in 2011 than in 2010.

BP sues Transocean over oil spill

mattInternational

A year on from the deepwater horizon oil rig explosion, BP is suing Transocean for at least £24m BP has launched a $40 billion USD (£24bn) lawsuit against Transocean, the owners of the Deepwater Horizon oil rig that exploded last year in the Gulf of Mexico. The tragic explosion one year ago that killed 11 people, lead to the worst … Read More

E.ON sells Central Networks to US firm

mattBusiness Electricity, Business Gas, Utilities Market Regulation

RWE E.ON has agreed to sell its UK electricity distribution company, Central Networks, to US firm PPL. The German-owned energy giant E.ON is selling Central Networks, the second largest distributor of electricity in the UK, to Pennsylvania Power and Light for £4bn. Central Networks operates an 80,000 mile power grid that delivers electricity to over 5 million customers in 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

OPEC decides on no cuts to crude oil output

mattInternational, Wholesale Utilities Markets

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

President Obama backs renewable energy

mattEnergy Efficiency, International

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