Category Archives: Gas

Origin Energy to quit Beetaloo gas project but green groups warn environmental threat remains

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Sale will come at a loss but distance company from both environmental controversy and Russian oligarch

Origin Energy will sell its stake in its Beetaloo Basin gas project at a loss and review all its other exploration permits in a move that will distance it from an environmental controversy and end its association with sanctioned Russian oligarch Viktor Vekselberg.

Chief executive Frank Calabria said gas remained “a core part of our business” but getting out of gas exploration would free up money to “grow cleaner energy and customer solutions, and deliver reliable energy through the transition”.

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European gas prices likely to fall sharply this winter, says Goldman Sachs

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EU countries’ efforts to avoid big shortages likely to ‘successfully solve’ Russian cuts, says bank

European countries can withstand Russia’s gas cuts this winter as supply headaches may have been “successfully solved”, according to analysis by a leading US bank.

Goldman Sachs said the price of gas was likely to more than halve this winter as efforts by EU countries’ to avoid big shortages this winter prove effective.

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‘Nothing is decided’: EU energy ministers clash over price cap on Russian gas

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Countries that import large volumes fear Kremlin would respond by halting all gas flows, plunging them into recession

EU energy ministers have clashed over a plan to put a price cap on Russian gas, casting doubt on whether the measure will go ahead.

Speaking after emergency talks in Brussels in response to surging gas and electricity prices, the EU’s energy commissioner, Kadri Simson, said “nothing is decided” on proposals to curb Russia’s income.

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Energy ministers to gather to thrash out EU approach to gas and electricity price crisis

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Talks expected to be complex, with some member states strongly against proposed price cap on Russian gas

EU energy ministers will gather for emergency talks in Brussels on Friday to thrash out common measures in an effort to counter a gas and electricity price crisis that threatens to make energy bills unaffordable for households and businesses and tip Europe into recession.

The European Commission president, Ursula von der Leyen, has set out a five-point plan, which includes a price cap on Russian gas that is likely to draw strong opposition from some member states.

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PM expected to reverse fracking ban as campaigners call for review’s release

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BEIS has been sitting on report delivered in early July into possible effect of fracking in UK

Liz Truss must publish a recently completed review on fracking in the UK, green campaigners have urged, amid expectations the new prime minister will lift the moratorium on shale gas drilling immediately.

The Department for Business, Energy and Industrial Strategy has been sitting on a report delivered in early July by the British Geological Survey into the possible effects of fracking in the UK, including the danger of Earth tremors.

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NT Labor members at odds with government after call to ban fracking in Beetaloo Basin

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Northern Territory party conference passes string of motions urging a ban on fracking and an end to gas industry subsidies

Grassroots Northern Territory Labor members passed a string of motions on the weekend calling for a ban on fracking in the Beetaloo Basin and an end to gas industry subsidies, putting themselves at odds with both the territory and federal Labor governments.

The previous federal Coalition government helped speed up gas exploration in the resource-rich Beetaloo Basin, about 500km south-east of Darwin, by handing tens of millions of dollars to fracking companies to incentivise exploration.

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Russia will not resume gas supplies to Europe until sanctions lifted, says Moscow

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Kremlin blames western sanctions for failure to deliver gas through Nord Stream 1 pipeline

Russia will not resume in full its gas supplies to Europe until the west lifts its sanctions against Moscow, the Kremlin said, as concerns over Russian gas supplies continued to drive up energy prices.

Speaking to journalists on Monday, Dmitry Peskov, the Kremlin’s spokesperson, blamed sanctions “introduced against our country by western countries including Germany and the UK” for Russia’s failure to deliver gas through the Nord Stream 1 pipeline.

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Gas prices likely to hit new highs as Russia shuts pipeline indefinitely

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More UK manufacturers are cutting production or making job cuts as result of ‘out of control’ energy bills

Analysts are expecting gas prices to surge to record highs this week after Russia shut down a key pipeline to Europe.

At the same time, a growing number of UK manufacturers have said they are already cutting production or making job cuts as a direct result of “out of control” energy bills.

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Fears rise of energy crisis after Russia switches off the gas – again

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Shutdown over ‘oil leak’ comes only hours after G7 nations agree to impose a price cap

Fears that Europe could be engulfed by a winter energy crisis reached new heights yesterday after the Russian energy supplier Gazprom extended the shutdown of gas flows it had imposed through its key Nord Stream 1 pipeline into Germany.

The seriousness of the situation is underlined by the fact that Russia kept gas supplies to Europe flowing even at the height of the Cold War. By contrast, the pipeline has now been shut down twice since the Russian invasion of Ukraine: for 10 days in July in addition to the current indefinite closure.

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Nord Stream 1: Gazprom announces indefinite shutdown of pipeline

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Russian energy company had been due to resume gas delivery to Germany on Saturday morning

The Russian energy major Gazprom extended the shutdown of gas flows through its key Nord Stream 1 pipeline to Germany on Friday evening, providing no timeframe for a reopening.

The move came hours after G7 countries agreed to impose a price cap on Russian oil in an attempt to stem the flow of funds to Vladimir Putin’s regime.

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EU must act now on ‘catastrophic’ energy price spike, says European Council chief

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Charles Michel says bloc must address price caps and has been too late in putting ‘concrete proposals on the table’

The EU must “make up for lost time” in finding urgent answers to an energy price spike that is a “catastrophe” for households and businesses, the head of the European Council, Charles Michel, has said.

Michel, who chairs EU leader summits, said the bloc needed to address the question of price caps, an idea backed by many EU member states.

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Russia-Ukraine war: Russia says gas pipeline suspended indefinitely; G7 nations agree price cap for Russian oil – as it happened

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State-owned Gazprom announces NordStream 1 pipeline to stay out of action citing turbine engine damage after EU announces upper limit on oil prices

Russian news agency Tass is carrying a quote from Alexander Volga, head of the Russian-imposed occupation administration of Enerhodar, the city where the Zaporizhzhia nuclear power plant (ZNPP) is located.

It reports he said on Russian television that eight people from the IAEA mission remain at the ZNPP, alongside four more people, who he described as service personnel who accompany them through their activities.

The IAEA mission must state that the presence of the military, the presence of weapons at the station, is a real threat to nuclear safety. This is obvious.

This mission is unique because there are no analogues in the history of the IAEA at all. Missions took place at objects that were controlled by states. But there was no such mission format as it is now.

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Johnson takes jibe at Truss plans for fracking and North Sea drilling

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Outgoing leader hails £700m funding for Sizewell C nuclear plant in penultimate speech

• Boris Johnson says ‘madness’ not to build Sizewell C – UK politics live

Boris Johnson has vowed to give his total support to the next prime minister, but could not resist using his penultimate speech to take a potshot at Liz Truss’s energy plans.

In an attempt to shore up his legacy just days before he leaves No 10, the outgoing Conservative leader hailed the government’s “accelerated, long-overdue reforms” to make the UK more energy independent and announced £700m for the Sizewell C nuclear plant.

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Energy price inflation: how the UK and EU could fight it

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What can be done about rising prices – and would nationalising gas and electricity firms help?

Governments across Europe have been funding relief measures to help people with energy and petrol bills. The UK announced a £15bn package in May, largely in the form of cash payments to households, while EU member states are estimated to have spent €280bn (£243m) over the past year on everything from subsidies and price caps to one-off payments. But bills for households and businesses are reaching unsustainable levels, with further increases expected next year, sharpening the debate over whether ministers should be intervening directly in energy markets to help bring prices down.

As Russia threatens to further reduce gas supplies, politicians in Italy, Spain, Greece and the Czech Republic are among those pushing for coordinated action. The European Commission president, Ursula von der Leyen, said on Monday Brussels was considering measures to be adopted by the 27 member states. What are the options?

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Wholesale gas prices tumble as Europe prepares to intervene in energy markets

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European Commission says it is working ‘flat out’ on emergency intervention and on longer-term structural reform

The wholesale price of gas has dropped sharply in a rare respite from recent highs on signs that Europe is preparing to intervene directly in energy markets.

The European Commission said it was working “flat out” on an emergency package, and on a longer-term “structural reform of the electricity market” to combat soaring prices while efforts to fill gas storage facilities appear to be ahead of schedule.

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European gas shortages likely to last several winters, says Shell chief

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Warning raises prospect of continued rationing, as Total boss says Europe has to plan for future without Russian supplies

Gas shortages across Europe are likely to last for several winters to come, the chief executive of Shell has said, raising the prospect of continued energy rationing as governments across the continent push to develop alternative supplies.

Cuts to the supply of Russian gas since the invasion of Ukraine have plunged European countries into a devastating energy crisis, driving up wholesale prices to leave consumers facing huge bills and the highest rates of inflation since the 1980s.

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Rising energy bills put millions of UK households at risk of winter catastrophe

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Experts say 80% price cap increase will plunge people into destitution and cause avoidable deaths

Millions of households are bracing for a winter catastrophe of rising energy bills that experts say will plunge people into destitution and cause an increase in avoidable deaths without urgent government support.

After Britain’s energy industry regulator confirmed an 80% rise in the consumer price cap from October that will take a typical household’s gas and electricity bill to £3,549 a year, there were stark warnings about its potentially devastating effects.

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German ministers under pressure to scrap gas levy after anger over profits

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Government to review aid package as energy companies who seek share of surcharge post-billion-euro earnings

The German government is under pressure to radically revise or scrap a controversial new gas levy on already stretched consumers after it emerged that some energy companies seeking a share of the surcharge have posted billion-euro earnings.

Robert Habeck, the economy minister, said his ministry acknowledged the angry response to the surcharge and would urgently review the aid package in an attempt to prevent gas importers whose businesses have profited from recent energy inflation from benefiting from it.

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British Gas to donate 10% of profits to struggling customers

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Company’s owner, Centrica, says extra support will begin in autumn and last for the ‘duration of the energy crisis’

British Gas has announced it will donate 10% of its profits to help its poorer customers manage rising gas and electricity bills for the “duration of the energy crisis”.

Ahead of an expected rise in the price cap on energy on Friday, the company’s owner, Centrica, said it would donate £12m this autumn into an existing support fund. Grants of £250 to £750 would be given to poorer customers, and the pledge to donate 10% of profits every six months would last for the duration of the energy crisis “backdated to the start of 2022”, it added.

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Next PM could face £23bn autumn spend to cover £900 rise in energy bills

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Energy prices have soared above prediction and subsidies will require significant further spending

Ministers could face an additional £23bn price tag for covering extra household energy costs of £900 this autumn, rising to £90bn next year, a new paper by the Institute for Government has found.

The paper, looking at the options for Liz Truss or Rishi Sunak in No 10, also warned the government should plan for prolonged rises in energy bills by going a lot further in making public appeals to use less gas – for example by informing consumers about the cost savings from turning down thermostats – and in committing to building more energy efficient homes to help protect consumers.

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