The French energy giant has reported a net income of £3.4bn for the financial year. EDF, who are planning to build a number of next generation nuclear power stations in the UK, saw sales increase by 4pc to €66.3bn. EDF’s growth has been attributed to it’s acquisition of British Energy, the UK nuclear operator for a reported £12.5bn at the … Read More
£100bn wind farm plans unveiled
Huge new windfarms are to be built around the UK in a £100bn scheme The new plans are for offshore wind farms to be built around the UK on nine different locations, totalling about 6,400 new wind turbines. These offshore wind farms will be unlike anything the UK has seen before. The largest of the new farms will consist of … Read More
Ofgem warns suppliers over prices
Industry regulator has again inquired into why suppliers continue to increase energy bills despite falling wholesale energy costs. Ofgem has announced concerns that energy suppliers are making too much money from their customers, with reports suggesting that they are making £85 profit per customer. This is the highest profit level the energy suppliers have made in 5 years, according to … Read More
Suppliers responsible for rolling out new smart meters
Energy suppliers will be responsible for installing Smart meters in every UK household by 2020. The government has given the go ahead to their smart meter plans for an estimated £8 billion roll out of smart meters to UK homes, with the main energy suppliers deemed responsible for installing the new technology in every UK household. The cost of installing … Read More
Britain’s new nuclear plan given go ahead
10 new nuclear power plants are to be built, aiming for 25% nuclear energy by 2025. Energy and Climate Change Secretary Ed Miliband announced this week that new nuclear plants, combined with renewable energy and cleaner coal plants, can secure the country’s energy supply and cut its carbon and greenhouse gas emissions. With nuclear power currently providing around 15% of … Read More
Fear of steep energy price rises in future
Ofgem review of energy market predicts future prices are going only one way. The report, named ‘Project Discovery’, reviews a series of possible energy climate scenarios that the world could experience, and all four of the scenarios see a rise in price over the 10 years. The report claims that £200bn of investment is needed in the UK’s energy market … Read More
Suppliers say no cuts to bills, despite increase in profits
The big six energy suppliers in Britain have warned customers not to expect price cuts, despite their profits increasing. The big six have told Ofgem that customers are unlikely to see a cut in their bills in the coming year. They were responding to a request from Ofgem, the industry regulator, to pass on savings from the drop in price … Read More
Government report advises increase in nuclear role needed
Report published this week advises that the percentage of the UK’s energy generated from nuclear plants could double after 2030. The report, commissioned by the government, claims that the most efficient solution to lowering the UK’s depency on energy from sources such as natural gas and fossil fuels is by increasing the UK’s nuclear output to a proposed target of … Read More
New pipeline deal means less dependence on Russia
Less dependence on Russia for the EU as Turkey and four other EU countries sign a new pipeline deal. The Nabucco project, formally agreed by Turkey and four other EU nations, is intended to reduce the EU’s reliance on Russian gas by allowing a new pipeline to be built through their countries. The prime ministers of Turkey, Austria, Bulgaria, Romania … Read More
Oil demand to rise in 2010, says IEA
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.