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
Ofgem to investigate big six profits
Energy industry regulator Ofgem has stepped up its investigation into how the top UK energy suppliers make their profits The Office of Gas and Electricity Markets (OFGEM) has hired forensic accountants BDO to scrutinise how the top UK energy suppliers make their profit. BDO will look at the trading profits, wholesale prices and hedging practices at British Gas, E.ON Energy, … Read More
Npower to increase gas and electricity prices
Npower yesterday announced rises in gas and electricity prices which will come into effect later this year. Energy company Npower is to raise gas prices by 15.7% and electricity prices by 7.2% from 1 October. Npower is the fifth of the “big six” UK energy suppliers to announce rises for the coming winter, following Scottish and Southern Energy, Scottish Power, … Read More
North Sea oil leak “substantial” says DECC
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
E.ON Energy announces price rise
E.ON Energy has become the latest of the big six UK energy suppliers to up its prices. E.ON have raised electricity bills by 11.4%, while gas bills will be raised by a larger margin of 18.1% and will come into effect from 13 September. They are the fourth of the big six UK suppliers to announce hikes, after Scottish Power, … Read More
Good Energy freezes electricity prices
Good Energy has committed to freezing electricity prices until at least 2012. The supplier, that supplies to around 26,000 people in the UK, have pledged to a price freeze on electricity tariffs. Good Energy‘s electricity tariff has not risen since August 2008, a contrast to the high price increases by three of the ‘big six’ already this year. The supplier … Read More
BHP Billiton invests in shale gas
The world largest mining company has invested £7.5bn into shale gas technology. BHP Billiton has agreed to purchase American shale gas company Petrohawk Energy in a £7.5bn deal, its biggest acquisition to date. It is the company’s second major investment into shale gas technology in the year, as BHP also purchased a gas field from Chesapeake Energy in February.
Huhne outlines electricity market reform
UK Energy Secretary Chris Huhne unveiled proposals set to bring about the biggest reforms since privatisation. The UK government announced on Tuesday that the UK’s energy infrastructure will need £110bn of investment to keep the lights on. Chris Huhne told parliament that without reform and substantial financial investment, the country will be facing blackouts.
British Gas prices raised
British Gas are the first of the big six suppliers to follow Scottish Power in raising their domestic prices. British Gas announced on Friday it is to raise its domestic gas and electricity prices from 18 August. Gas bills will have an average rise of 18% whilst electricity will rise by around 16%. The Centrica-owned company has, somewhat predictably blamed … Read More
Ofgem investigate wholesale energy prices
Energy industry regulator Ofgem is to launch an investigation into how much suppliers are paying for wholesale energy. Ofgem discovered a 27% difference in how much suppliers were paying for electricity and 15% for gas last year. Wholesale prices are the reason quoted for the majority of supplier price rises. Two weeks ago Scottish Power upped prices by up to … Read More