Category Archives: Gas

Celebrities call on UK banks to stop financing new oil, gas and coalfields

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Stephen Fry, Emma Thompson and Mark Rylance add their voices to Richard Curtis’s Make My Money Matter campaign

Famous names including Stephen Fry, Emma Thompson and Mark Rylance have joined activists and businesses in calling on the UK’s big five banks to stop financing new oil, gas and coal expansion.

Make My Money Matter, a campaign set up by Richard Curtis, the screenwriter, director and Comic Relief co-founder, has written to the chief executives of HSBC, Barclays, Santander, NatWest and Lloyds to urge these banks to “stop financing fossil fuel expansion”.

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Wood banks emerge as vital source of heat while US gas bills still on the rise

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Wood banks distribute firewood to people in need as the average US gas bill goes up by 28% this winter

Inflation may be going down in the US, dropping to 6.5% from last month’s 7.1%, but the cost of keeping a home warm this winter is still on the rise. The average gas bill will increase by 28% this winter compared to last, according to estimates from the Energy Information Administration.

In some places across the country, people are returning to a surprising source of heat to keep costs down: wood. In areas where wood is more widely available and used for heating – such as forested parts of New England – wood banks are emerging as a vital way to stay warm this winter.

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UK energy bills to fall to about £2,200 from July as wholesale gas costs drop

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Mild weather in Europe reduces gas demand but bills will remain higher than 2021 energy price cap

Annual energy bills are expected to fall to about £2,200 from July in a fillip for the government and households struggling with ballooning costs.

The energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year.

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Australian energy users call gas industry ‘a bunch of bullies’ amid claims of supply shortages

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Producers argue Albanese government’s price cap intervention has ‘paralysed the market’

Strains in the gas market have not been eased by the Albanese government’s price caps imposed late last year, with an industry group claiming supply shortages remain while the peak gas lobby is warning the sector has become “virtually paralysed”.

One month on from the government’s rare intervention to limit domestic gas prices to $12 a gigajoule and black coal to $125 a tonne, big commercial gas users are hoping new compliance guidelines to be released soon by the Australian Competition and Consumer Commission will force suppliers to provide an adequate supply.

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Hopes of sharp fall in household energy bills as HSBC cuts gas price forecast

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Bank slashes predicted 2023 European wholesale price by 30% as mild weather reduces demand

HSBC has slashed its forecasts for future wholesale gas prices in response to mild weather in Europe – raising hopes of a sharp decline in household energy bills.

The bank cut its 2023 forecasts for the price of gas traded in Europe by about 30% and its forecast for 2024 by 20%.

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MPs to hear plan to get rural households to run heating on vegetable oil

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George Eustice says adapted kerosene boilers can run on ‘hydro-treated vegetable oil’ and cut emissions by 88%

A proposal to incentivise households in rural areas to run their heating systems on vegetable oil is to be put to parliament.

The former environment secretary George Eustice will introduce a bill proposing the removal of duties on renewable liquid heating fuels and incentives to replace kerosene in existing boilers.

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Australia’s big polluters must cut emissions by nearly 5% a year, but can use offsets to get there

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Plan that is key to Albanese government’s 2030 target will focus on emissions intensity to encourage cleaner practices rather than cutting production

Australia’s big polluting sites will have to reduce greenhouse gas emissions by nearly 5% a year but will face no limits on the use of carbon offsets under the Albanese government’s plan to deal with industrial emitters.

The climate change minister, Chris Bowen, on Tuesday released the government’s plan to revamp the safeguard mechanism, a Coalition policy that was promised to limit emissions from more than 200 industrial facilities, but in practice has failed.

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Why are wholesale gas prices falling and will it cut UK bills?

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Falls could lower cost of government subsidies and reduce risk of power cuts this winter

Economic forecasters could be forgiven for reading the outlook for 2023 through their fingers as strikes, cost of living pressures and a potential global recession paint a gloomy picture. But wholesale gas prices have offered a sliver of optimism, with a sharp fall in recent days. Here’s why they are tumbling – and what it means for consumers.

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European gas prices fall to pre-Ukraine war level

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Milder winter, alternative imports and energy reduction cuts demand after Russian invasion pushed up prices

European gas prices have dipped to a level last seen before Russia launched its invasion of Ukraine in February, after warmer weather across the continent eased concerns over shortages.

The month-ahead European gas future contract dropped as low as €76.78 per megawatt hour on Wednesday, the lowest level in 10 months, before closing higher at €83.70, according to Refinitiv, a data company.

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EU energy ministers reach agreement on gas price cap

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Months of talks end with ‘dynamic cap’ deal after Germany persuaded by global reference-price condition

EU ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.

“Mission accomplished,” said the Czech minister for trade and industry, Jozef Síkela, who chaired talks between energy ministers, adding that negotiations had not been easy.

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Australia’s coal exporters made windfall gain of $45bn last year, report estimates

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Report by Australia Institute finds a windfall profits tax could collect almost all this money for public use

Coal exporters from Australia reaped as much as $45bn in windfall gain in the 2021-22 year, with a similar bonanza likely this year, offering governments a budgetary boon for those willing to grasp it, the Australia Institute has said.

In a report released on Thursday, the institute’s economists said Russia’s invasion of Ukraine and subsequent disruption to energy markets alone had delivered between $13bn and $23bn of gains to coalminers. All up, those gains totalled between $39bn and $45bn.

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Gas industry attempts to block price caps on fossil fuels shrugged off by Australian government

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Crossbenchers express surprise at lack of direct lobbying from resource companies who may have been blindsided by ‘reasonable pricing’ test

Gas industry concerns that price caps on fossil fuels will damage investment and supply have been shrugged off by the majority of parliament, with lobbying efforts from fossil fuel companies unsuccessful in scuppering Labor’s plans.

Despite weeks of strong public criticism from coal and gas companies about the proposed price caps and increasingly apocalyptic claims of energy disasters if skyrocketing profits were reined in, the parliament will pass the government’s proposal on Thursday.

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Germany at risk of gas shortages as consumption cutting target missed

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Country has scrambled to open up new sources of energy since start of Ukraine war

Germany is saving less gas than necessary to rule out shortages this winter, the head of the German grid agency has said, as the country missed its crucial target of a 20% cut in consumption last week amid dropping temperatures.

Germany, which used to draw about half of its natural gas needs from Russia before the start of the Ukraine war, has scrambled to open up new sources of energy during the last ten months.

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Energy users and ex-ACCC boss praise government for staring down ‘bullies of the gas industry’

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Industry argues capping gas at $12 a gigajoule risks future investment but experts say price is top end of range forecast before invasion of Ukraine

Energy users and the former boss of the competition watchdog have congratulated the Albanese government for staring down the “bullies of the gas industry” in a bid to lower domestic energy bills.

The federal government last week announced an energy relief plan that would cap coal and gas prices and deliver $1.5bn in assistance to struggling lower-income Australians.

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Qatar’s gas output increase could cause catastrophic global heating, report says

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If Qatar exploits all its reserves it will add 50bn metric tons of CO2 to atmosphere, more than entire annual emissions of whole world

Qatar’s longest lasting legacy following the World Cup won’t be football or even its human rights record – it will be the climate crisis, according to a new report warning that its huge expansion of gas extraction could push the planet into catastrophic global heating.

Should Qatar exploit all of its oil and gas reserves it will eventually add an enormous 50bn metric tons of carbon dioxide to the atmosphere once burned, which is more than the entire annual emissions of the whole world, the new research, shared with the Guardian, has found.

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Joe Biden and Rishi Sunak agree to increase gas exports from US to UK

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Leaders announce partnership to reduce global dependence on Russian energy

Joe Biden has agreed a deal to ramp up gas exports from the US to the UK as part of a joint effort to cut bills and limit Russia’s impact on western energy supplies.

Sunak and Biden announced an “energy security and affordability partnership” and set up a joint action group, led by Westminster and White House officials, with the aim of reducing global dependence on Russian energy.

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Germany agrees 15-year liquid gas supply deal with Qatar

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Racing to wean itself off Russian gas supplies, Germany is set to buy 2m tonnes of liquid gas from Gulf state

German firms have signed a 15-year deal to buy 2m tonnes of liquid gas from Qatar, sending out mixed signals over the priority Germany places on human rights in the Gulf and its commitment to a carbon neutral energy supply.

The deal was announced by state-owned Qatar Energy and deliveries will start from 2026. The gas will be sold by Qatar to the US company ConocoPhillips, which will then deliver it to the LNG terminal in Brunsbüttel, Qatar’s energy minister said in the capital, Doha.

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Annual UK energy bills would have hit £4,279 without emergency support, Ofgem says

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Regulator raises cap for start of 2023 by £730 but government limits typical bill to £3,000 from April

The energy regulator Ofgem has said its price cap will reach £4,279 from January – but households will be shielded by the government’s emergency intervention to keep a lid on bills.

Ofgem said the cap, which is adjusted every quarter, will increase by £730 for the three months from the start of next year. However, the government’s energy price guarantee (EPG) will limit typical household bills to £2,500. Analysts had expected the cap to sit at about £4,200.

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Russian oligarchs and companies under sanctions are among lobbyists at Cop27

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The heavy presence of lobbyists from Moscow suggests Russia is using the climate talks to drum up business

Russian oligarchs and executives from multiple companies under international sanctions are among the lobbyists currently attending Cop27 in Sharm el-Sheikh.

Among those at the pivotal climate talks are the billionaire and former aluminium magnate Oleg Deripaska, who is under UK sanctions, and the billionaire Andrey Melnichenko, the former head of the Russian fertiliser company the EuroChem group, who has been targeted with individual sanctions by the European Union which he disputed, calling them “absurd and nonsensical”.

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Germany keen to discuss natural gas pact with UK amid supply risk

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Officials interested in deal that would allow two countries to bail each other out in event of shortages

Germany is keen to talk to Britain about a solidarity pact that would allow Europe’s largest consumers of natural gas to bail each other out if an extreme cold snap were to create shortages this winter, German officials have said.

Such an agreement could be mutually beneficial for both London and Berlin, the German civil servant in charge of rationing in the case of a supply crisis told the Guardian in an interview.

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