V2G tech enables drivers to charge automatically when electricity is cheaper and then sell some back to the grid at times of high demand
Electric cars that can be used as “power plants on wheels” could be given government backing as part of plans under consideration to help UK manufacturers.
Ministers are considering giving manufacturers incentives to add “vehicle to grid” (V2G) technology to cars as part of its review of the zero-emission vehicle (ZEV) mandate.
Continue reading...Official forecasts show country will meet energy demand by paying high prices to secure imports
Great Britain is expected to pay some of the highest energy costs in Europe this winter as its reliance on imports to ensure a steady supply is forecast to deepen.
Energy system operators have said the country will have enough gas and electricity to meet demand over the coldest months – in part because of paying higher market prices than neighbouring markets to secure imports.
Continue reading...More than 160 offshore rig workers plan walkout amid rising tensions between unions and oil companies
North Sea workers are preparing to strike at oil rigs across the ageing basin over the coming weeks in a sign of growing tensions between trade unions and oil companies.
The Unite union said on Monday that more than 160 offshore rig workers would take part in a 24-hour strike from Wednesday that could “severely disrupt” UK fuel supplies.
Continue reading...Regulator for Great Britain weighs up reintroducing market stabilisation charge to prevent firms going bust
Energy suppliers could be forced to pay a charge to rivals if they lure customers with cheaper deals, as the industry regulator for Great Britain attempts to prevent suppliers going bust this winter.
Ofgem has published a consultation on a proposal to reintroduce the market stabilisation charge (MSC), which aims to prevent suppliers failing if there is customer exodus, as it frets over the impact of sharp swings in energy prices linked to the conflict in the Middle East.
Continue reading...Analysts say fuel will take weeks to ship and quantity is too small to affect prices, while full deal is unlikely to be met given damage to Russian refineries
Donald Trump’s deal with Vladimir Putin to temporarily lift sanctions on US imports of Russian diesel will have little “meaningful” effect on motorists and businesses in the US and overseas, energy and foreign policy analysts have predicted.
The US president infuriated Volodymyr Zelenskyy when he announced the deal on Friday, writing on Truth Social that the agreement with his Russia counterpart to supply millions of tonnes of diesel was essential to reduce fuel prices in the US, which have soared after his decision to go to war against Iran.
Continue reading...Union says staff left with no choice but industrial action after breakdown in pay talks with Texas oil firm Apache
A looming strike by oil workers in the North Sea could “severely disrupt” UK fuel supplies, the Unite union has said, adding that staff were left with no choice after a breakdown in pay talks with the Texas oil company Apache.
The union said Apache workers had “emphatically” backed strike action after being given what it said was an unacceptable pay offer that amounted to a real-terms pay cut for many employees, at a time when the company was “raking in eye-watering profits”.
Continue reading...Alternative ways being used to move fuel out of Gulf region, but flows of refined products such as diesel still constrained
Exports of crude from the strait of Hormuz have largely returned to levels seen before the outbreak of the Iran war, as oil producers and the shipping industry have found alternative ways of transporting crucial fuel out of the Middle East.
Pipeline exports and ship-to-ship transfers are among the methods being used, according to analysts tracking the situation, while the US military continues to escort some vessels. However, flows of refined products such as diesel remain constrained, pushing prices higher.
Continue reading...US president blames attacks for driving up fuel prices before midterms, though analysts say his Iran war is main cause
Ukraine is pressing on with strikes on Russian oil refineries, defying Donald Trump, who blames the attacks for exacerbating a global diesel shortage and pushing up fuel prices.
Kyiv struck an oil facility in Russia’s southern Samara region overnight, Volodymyr Zelenskyy said on Thursday in a statement on social media. The Ukrainian president added that a Russian vessel in the Black Sea was hit, as well as a launch and storage site for attack drones in the Oryol region.
Continue reading...Public offering of Aliko Dangote’s Nigerian oil refinery business could swell his net wealth by two-thirds
The fortune of Africa’s richest person could swell by two thirds to nearly $60bn (£44bn) after his refinery in Nigeria listed publicly in the continent’s biggest-ever initial public offering.
If Monday’s flotation of Dangote Petroleum Refinery and Petrochemicals on the Nigerian exchange goes to plan, then Aliko Dangote will add a further $23bn (£17bn) to his $35bn net worth.
Continue reading...As one of Europe’s biggest consumers of gas the UK may be particularly exposed to heightened price volatility
Europe is on course to enter the cooler months with gas stores at their lowest level in 13 years, which has triggered “winter panic” among energy traders, experts have warned.
The EU’s gas stocks were 63% full in the last week of August, well below the 80% average for late August over recent years and among the lowest levels ever recorded for this time of year.
Continue reading...After higher prices for winter kick in, energy debt unpaid for more than 30 days likely to rise, says Energy UK
Households in Great Britain could owe their energy suppliers as much as £7bn by the end of the year after higher gas and electricity prices forecast for the winter kick in, an industry group is warning.
Domestic energy debt and arrears climbed by about £500m over the past year to a record £6bn at the end of June as the Middle East conflict continued to stoke rising gas market prices.
Continue reading...Incident marks apparent escalation by Tehran in its in retaliation against UK over allowing US to use British bases
Hackers linked to Iran have been blamed for a cyber-attack that caused a British power plant to be temporarily shut down.
The incident involved a small-scale energy generator, according to the UK government, which said that at no point was there a risk to the wider energy system.
Continue reading...Government assessment warns of supply shock that could leave homes and businesses without gas within a decade
Great Britain risks running out of gas in the 2030s despite its growing clean energy sources, unless ministers take “unprecedented” action to guard against a future supply shock, according to an official assessment.
The government is considering plans to provide direct financial support to safeguard the country’s ageing gas infrastructure after a consultation found that a “high stress scenario” could mean homes and businesses run out within the next decade.
Continue reading...Move will be one of first large-scale foreign investments in country since US ousted leader Nicolás Maduro in January
BP has answered Donald Trump’s call for oil companies to help rebuild Venezuela’s fossil fuel industry with new plans to develop a large offshore gasfield.
BP will partner with two oil firms with close links to the Trump administration to develop the second phase of the Loran gasfield, in one of the first large-scale foreign investments in Venezuela since the US ousted its leader Nicolás Maduro in January.
Continue reading...Meg O’Neill says ‘where we generate jobs, we generate tax revenue’, as company’s profits more than double
Revealed: major oil firms make $93bn profits amid war and climate crisis
Nils Pratley: BP boss is unsentimental in pruning portfolio and clear on North Sea advice to Burnham
BP’s chief executive has urged Andy Burnham to make use of the UK’s oil and gas resources even as the oil company prepares to sell its North Sea business after 60 years in the ageing basin.
In a conversation with the new prime minister, Meg O’Neill said the country should prioritise using energy produced in the UK, “where we generate jobs, we generate tax revenue, we generate all those additional positive impacts”.
Continue reading...Move will end six decades of production in area, as new CEO tries to simplify company and cut debt
BP has put its North Sea oil and gas business up for sale as it looks to end six decades of production from the basin.
The firm announced on Friday morning it had launched a formal process to market its North Sea business for a potential sale. The move comes as BP’s new chief executive, Meg O’Neill, tries to simplify the company and cut its debt levels.
Continue reading...Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes
The story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.
The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.
The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.
The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”
In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.
It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn.
Continue reading...The Houthi threat to Saudi oil exports comes as Japan, South Korea and the Philippines are still reeling from the closure of the strait of Hormuz
Governments in Asia are scrambling to avoid their second major energy crisis in six months, as another maritime chokepoint in the Middle East faces a violent blockade, leaving only the Suez canal completely open for the free movement of gulf oil.
Countries like Japan, the Philippines, Thailand and South Korea – which rely on Middle East oil for up to 90% of their imports – are working to secure supplies after Yemen’s Houthis launched a blockade of Saudi Arabian shipping passing through the Bab al-Mandab strait, which forms the southern entrance to the Red Sea.
Continue reading...KKR and Energy Capital Partners poised to buy firm despite misgivings from founder and biggest shareholders
One of the biggest energy businesses listed on the London Stock Exchange has agreed a controversial £5.7bn takeover by private equity, adding to the growing exodus of companies from the UK market.
The US private equity groups KKR and Energy Capital Partners are poised to buy DCC Energy after the company’s board recommended the offer despite misgivings from its founder and biggest shareholders.
Continue reading...Greenland Energy says billions of barrels of crude could lie beneath territory and claims it has permission to bring drilling kit ashore – a claim denied by Nuuk
On 10 June, a snowy-haired American in his 60s addressed the residents of a remote Greenland hamlet. He was there to tell them about a business venture supported by figures linked to Donald Trump. “So,” Robert Price said via an interpreter, “we have a project to drill for oil here.”
The Texas oil company that Price represents, Greenland Energy, hopes to prove that billions of barrels of crude lie underground by bringing in 300 shipping containers of drilling kit.
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