The Chancellor, George Osborne announced yet another ‘carbon tax’ in yesterday’s budget, dubbed the ‘2011 budget for growth’. This means businesses and consumers can expect higher electricity bills, as carbon-emitting coal and gas-fired plants are taxed £3.2 billion over the next 5 years. Nuclear and renewable companies should see increased profits, as the tax is applied to the oil and … Read More
Ofgem crack down on energy suppliers
Energy industry regulator Ofgem has told energy firms to simplify their prices to avoid confusing their customers. The Office of Gas and Electricity Markets (Ofgem), the regulator for the energy industry, has told suppliers that their tariff structures are unnecessarily complex, which leave their customers “bamboozled”. The investigation came after suspicions that the big six UK energy suppliers (British Gas, … Read More
Japan quake increases energy price worries
What does the catastrophic record-magnitude earthquake in Japan mean to the worldwide energy industry? With the disastrous events in Japan following the record magnitude earthquake, the country has experienced some problems with one of its nuclear power stations in Fukushima. Nuclear reactors are meant to be built to withstand seismic activity, but the plant is still experiencing some significant difficulties, … Read More
UK at top of European Commission report
The UK is one of the most energy efficient nations in Europe, says a European commission report. The European Commission report says the UK’s energy use fell by 5% between the year 2000 and 2008. In comparison, German energy use stayed at the same rate whilst France’s energy use grew by 7%. The report found that in total, there was … Read More
Energy Secretary on UK oil dependency
Oil price rises due to middle east conflict, UK energy secretary says UK needs to become more energy independent. UK Energy Secretary Chris Huhne has called for the UK to speed up a move away from foreign oil vulnerable to factors such as civil unrest. The recent turmoil throughout the Middle East has sent the price of oil up dramatically, … Read More
E.ON sells Central Networks to US firm
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
British Gas profits up 24 percent
Parent company Centrica has announced British Gas profits have risen by 24% to a record £742m Centrica’s operating profit rose 29% to £2.3bn, whilst Britain’s largest energy supplier made £742m last year. In 2010, British Gas added 267,000 customers to a grand total of 16m accounts.
Centrica in £2billion Qatar gas deal
Parent company of British Gas has landed a £2billion liquefied natural gas deal with Qatargas. Centrica have signed a new 3 year deal with Qatargas for the supply of 2.4 million tonnes per annum of liquefied natural gas (LNG), equivalent to 10% of annual UK domestic demand. Centrica have displayed some strategic ability as the deal has been struck at … Read More
Renewable energy plans to be reviewed
Energy Minister Charles Hendry has spoken out on issues surrounding renewable energy and wind power. The UK Energy minister has spoken about government plans for the nation’s energy mix, with some possible changes to its approach on wind power. Speaking at Westminster Hall last week Hendry stated his support of the offshore wind power and nuclear energy initiatives already put … Read More
Government grants wind farm approval
E.ON has been given the go ahead for the construction of one of the UK’s largest offshore wind farms. The government has granted planning approval for the construction of a huge new wind farm off the Yorkshire coast. The Humber Gateway wind farm, will consist of 77 wind turbines and will generate enough energy to power 150,000 homes a year … Read More