British steelmakers lobby for government to set limit to compete with France and Germany
The British steel industry has called for capped energy prices for heavy industry in order to match France and Germany, as companies grapple with the fallout from Donald Trump’s trade war.
UK Steel, a lobby group, has proposed the government set a maximum price for energy through a contract for difference (CfD), before an announcement of a new steel strategy.
Continue reading...The US president is making energy deals with Japan and Ukraine, and in Africa has even touted resurrecting coal
Donald Trump’s repeated mantra of “drill, baby, drill” demands that more oil and gas be extracted in the United States, but the president has set his sights on an even broader goal: keeping the world hooked on planet-heating fossil fuels for as long as possible.
In deals being formulated with countries such as Japan and Ukraine, Trump is using US leverage in tariffs and military aid to bolster the flow of oil and gas around the world. In Africa, his administration has even touted the resurrection of coal, the dirtiest of all fossil fuels, to bring energy to the continent.
Continue reading...Chris Wright signals abandonment of Biden’s ‘irrational, quasi-religious’ climate policies at industry conference
The world needs more planet-heating fossil fuel, not less, Donald Trump’s newly appointed energy secretary, Chris Wright, told oil and gas bigwigs on Monday.
“We are unabashedly pursuing a policy of more American energy production and infrastructure, not less,” he said in the opening plenary talk of CERAWeek, a swanky annual conference in Houston, Texas, led by the financial firm S&P Global.
Continue reading...King Okpabi, ruler of Ogale, says Shell has caused chronic pollution, while oil firm argues it is not responsible
His Royal Highness King Godwin Bebe Okpabi has carried bottles of water drawn from the wells of his homeland in the Niger delta to the high court in London.
It stinks. “This is the water that Shell has left for my people,” said the ruler of the Ogale community in Ogoniland, Nigeria. “This is poison, and they are spending millions of dollars to pay the best lawyers in the world so that they will not clean my land.”
Continue reading...Government considering such a move over state-owned firm set up by Labour in June’s spending review, say reports
The UK government is making plans to cut the funding for GB Energy, the state-owned company set up by Labour to drive renewable energy and cut household bills, in June’s spending review.
Cuts to the £8.3bn of taxpayer money promised over the five-year parliament would be another blow for Ed Miliband, the energy secretary, after he was overruled by the government when the chancellor, Rachel Reeves, backed the expansion of Heathrow’s third runway.
Continue reading...Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan
BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.
The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.
Continue reading...Citizens Advice believes Ofgem made flawed interest rate calculation for companies in Great Britain
The companies behind Great Britain’s gas pipes and power lines have pocketed a windfall of nearly £4bn from household bills during the energy and cost crisis, according to a report.
The analysis, by Citizens Advice, argued that energy network owners were able to make the “excess profits” over the past four years after the industry regulator misjudged their costs.
Continue reading...Households face greater than expected rise in Ofgem price cap after Europe’s gas storage levels slump, analysts say
Millions of households face a greater than expected increase to their energy bills of about 5% from April after a slump in Europe’s gas storage levels caused market prices to climb, according to analysts.
The average gas and electricity bill for a typical household in Great Britain is expected to rise by £85 from April to £1,823 a year under the energy regulator’s price cap.
Continue reading...Greenpeace protest draws attention to worsening typhoons and demands accountability from major polluters
For two days and two nights, Ronalyn Carbonel and her four children clung to the roof of their home as a huge storm raged around them. With the wind battering her village of Rizal, about 10 miles east of Manila in the Philippines, and water swirling through the rooms below them, they had no choice but to wait, hoping that someone would come to rescue them and hundreds of their neighbours.
“We did not have shelter, we did not have food … we just had to wait for the government for two days,” Carbonel said. “It is not easy, no electricity, no light, we just wait for the sun to rise. The children were scared, we had never experienced anything like this.”
Continue reading...Industry insiders say it will be ‘tricky’ to find suitable candidate who would agree to location and civil service pay
Britain’s state-owned energy company faces a “challenging” task to find a chief executive for its Aberdeen HQ when it begins recruiting this month, senior industry sources have said.
Great British Energy is poised to begin the hunt, but sources claim there are still no obvious frontrunners for the top job almost six months after the £8.3bn publicly owned clean energy company was formed.
Continue reading...Developing countries urge biggest polluters to act as Trump’s return to the White House heightens geopolitical turmoil
The vast majority of governments are likely to miss a looming deadline to file vital plans that will determine whether or not the world has a chance of avoiding the worst ravages of climate breakdown.
Despite the urgency of the crisis, the UN is relatively relaxed at the prospect of the missed date. Officials are urging countries instead to take time to work harder on their targets to cut greenhouse gas emissions and divest from fossil fuels.
Continue reading...Billions of pounds from energy bill payers to run out in 2027 but could be extended as soon as Monday
Green campaigners fear ministers are poised to award billions of pounds in fresh subsidies to Drax power station, despite strong concerns that burning trees to produce electricity is bad for the environment.
Drax burns wood to generate about 8% of the UK’s “green” power, and 4% of overall electricity. This is classed as “low-carbon” because the harvested trees are replaced by others that take up carbon from the atmosphere as they grow.
Continue reading...Chair Jürgen Maier also refused to put a date on when the agency would bring down energy bills
It could take 20 years for GB Energy to meet its pledge to employ 1,000 people, its chair acknowledged on Monday.
Jürgen Maier also refused to put a date on when it would bring down energy bills.
Continue reading...Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers
US consumers will see higher prices at the gas pump from Donald Trump’s decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.
The likely hike in fuel prices reflects the double-edged nature of Trump’s trade protections, which are designed to bolster domestic business and pressure US neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.
Continue reading...Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies
It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.
But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.
This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.
In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.
Continue reading...Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions
The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.
The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.
Continue reading...Esyasoft to acquire UK company, which supplies renewable power to about 245,000 households and businesses
A British green electricity supplier, Good Energy, has agreed a near-£100m takeover by a company controlled by a member of Abu Dhabi’s ruling family.
The retail energy company said on Monday it had agreed a deal with the Dubai-headquartered Esyasoft for a cash offer of £4.90 a share, valuing it at £99.4m.
Continue reading...Experts say UK should stop biomass burning as electricity sector decarbonisation by 2030 can be achieved without it
The UK should stop burning wood to generate power because it is not needed to meet the government’s target of decarbonising the electricity sector by 2030, according to analysis.
Ed Miliband, the energy security and net zero secretary, is expected to make a decision soon on whether to allow billions of pounds in new public subsidies for biomass burning, despite fierce opposition from green groups.
Continue reading...Iron ore billionaire says he is ‘personally delighted’ at lawsuit as fossil fuel giant has ‘opened themselves up to cross-examination’ in a US court
Australian mining magnate Andrew Forrest is among a group accused of orchestrating “smear campaigns and lawfare” against the global oil and gas sector “for politics, publicity, and private gain” in a dramatic defamation claim launched in US courts by fossil fuel company ExxonMobil.
But the iron ore billionaire, who is not himself a defendant in the case, said he is “personally delighted” at the court action and that “Exxon has walked themselves into the court and opened themselves up to cross-examination”.
Continue reading...Ukraine president hails ‘one of Moscow’s biggest defeats’ as deal’s end brings power cuts in breakaway Moldovan region
Russian gas has stopped flowing to Europe via Ukraine, ending a major energy route that goes back to Soviet times and had even survived three years of full-scale war between the two states.
Ukraine cut off the transit route after an agreement signed in 2019 expired in the early hours of New Year’s Day, marking a new milestone in Europe weaning itself off Russian gas supplies over the past few years, and prompting immediate power cuts for hundreds of thousand of people in a breakaway region of Moldova.
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