Category Archives: Energy industry

Companies still investing too much in fossil fuels, global energy watchdog says

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Head of International Energy Agency says the industry faces a ‘moment of truth’ as Cop28 talks approach

Fossil fuel companies are investing twice as much in oil and gas as they should if the world hopes to limit rising global temperatures to avert a climate catastrophe, according to the International Energy Agency (IEA).

The world’s energy watchdog said that the sector still had “minimal” engagement with the global clean energy transition, and continued to contribute just 1% of clean energy investment globally.

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‘Breakthrough battery’ from Sweden may cut dependency on China

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Northvolt says new lithium-free sodium-ion battery is cheaper, more sustainable and doesn’t rely on scarce raw materials

Europe’s energy and electric vehicle industries could reduce their dependency on scarce raw materials from China after the launch of a “breakthrough” sodium-ion battery, according to its Swedish developer.

Northvolt, Europe’s only large homegrown electric battery maker, has said it has made a lower cost, more sustainable battery designed to store electricity which does not use lithium, nickel, graphite and cobalt.

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Ofgem plans to cut wind and solar delays by stripping out ‘zombie’ projects

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Regulator aims to reduce backlog as some wind and solar schemes wait up to 15 years to get hooked up

The energy regulator is to introduce rules designed to kick out “zombie” wind and solar farms from the lengthy queue to connect to Great Britain’s electricity grid.

Ofgem hopes to speed up the process of hooking up new energy projects to the electricity network in the face of a backlog that is deterring investment and Britain’s attempts to switch to clean energy.

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UK subsidies for offshore windfarms likely to increase amid rising costs

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Developers say higher prices across their supply chains mean costs have climbed by about 40%

The government is poised to offer higher subsidies for new offshore windfarms to avoid missing its green energy targets as developers grapple with a rise in supply chain costs.

Ministers are expected to set out within the next week a new starting price for the next subsidy auction, which is likely to offer higher levels of support to offshore wind developers.

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Approval of divisive Alaska oil project upheld in blow to US climate goals

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Advocates warned of ‘tragic consequences’ should the project in a remote part of northern Alaska go ahead

A federal judge has upheld the Biden administration’s approval of the Willow oil-drilling project in a remote part of northern Alaska in a move that environmental groups warned will have “tragic consequences” for the Arctic.

On Thursday, the US district court judge Sharon Gleason rejected requests by a grassroots Iñupiat group and environmentalists to undo the approval for the project in the federally designated National Petroleum Reserve-Alaska.

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Energy efficiency scheme for cold homes going at a glacial pace, says Labour

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Government’s Energy Company Obligation has managed to upgrade only 65,000 homes since April 2022, figures show

Labour has attacked the Conservatives over the speed of government efforts to upgrade Britain’s draughty housing stock, as analysis showed a leading household energy efficiency initiative was proceeding at what the party called a “glacial pace”.

Just 65,000 homes have been upgraded under the government’s Energy Company Obligation (Eco) scheme since it was relaunched in April last year, according to analysis of statistics released by the Department for Energy Security and Net Zero (DESNZ).

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North Sea oil and gas: what is the new licensing scheme, and will it cut bills?

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Rishi Sunak signalled changes in the king’s speech that create a policy divide with Labour

The government has confirmed its plans to grant new North Sea oil and gas licences every year at the opening of parliament, deepening a political fault line between the Conservatives and Labour, and angering environmental campaigners who argue it undermines efforts to reach net zero. Here, we examine the move.

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Chevron to buy oil and gas producer Hess in $53bn all-stock deal

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Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry

Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.

The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.

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Chinese ship is focus of investigation into damaged pipeline, Finland says

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Police focusing on Newnew Polar Bear cargo ship that was in the area when gas pipeline was damaged

Finnish police have said a Chinese ship whose movement coincided with the time and place of the suspected sabotage of a pipeline between Finland and Estonia that was damaged this month is now the focus of their investigation.

After a leak led to the shutdown of the Balticconnector pipeline on 8 October, Finnish authorities have been investigating the damage they say was caused by “external” activity.

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Finland says ‘state actor’ not ruled out in mystery of damaged Baltic gas pipeline

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US secretary of state pledges support for Finland and Estonia, as Finnish officials say Russia is treating their country as ‘hostile’

Finland has said it cannot exclude the possibility that a “state actor” was behind damage to a gas pipeline under the Baltic Sea, amid what its national security intelligence service called “significantly deteriorated” relations with Russia.

The US secretary of state, Antony Blinken, said on Thursday the US would support Finland and Estonia as they probed the damage to the Balticconnector pipeline and parallel Estlink telecommunications cable between the two countries.

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World’s largest offshore windfarm project starts powering UK grid

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First of 277 turbines goes into operation at site that will produce enough energy for 6m homes a year

The first turbine to be completed in a project to build the world’s largest offshore windfarm, in the North Sea, has begun powering British homes and businesses.

Developers confirmed on Monday that Dogger Bank, which sits 70 nautical miles off the coast of Yorkshire, started producing power over the weekend as the first of 277 turbines was connected to the electricity grid.

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UK cost of diesel soars as RAC says petrol is ‘overpriced by about 7p a litre’

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Diesel up by more than 8p to 163p in September and petrol by 4.5p to 152p amid global oil production cuts

The price of diesel in the UK has shot up at one of its fastest rates in more than 20 years – while retailers have been accused of charging “unjustifiably” high petrol prices.

Diesel prices rose by more than 8p a litre to 163p in September, the fifth biggest monthly rise since 2000, and on top of another 8p rise the previous month, the RAC said. Petrol prices rose by 4.5p a litre to 152p, the fourth consecutive monthly increase.

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UK go-ahead for North Sea oil and gas field angers environmental groups

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Campaigners including Greta Thunberg had called for halt to Rosebank project involving Oslo-listed Equinor

Britain has given the go-ahead to develop the UK’s biggest untapped oilfield off Shetland, sparking outrage from environmental campaigners.

The UK oil and gas regulator’s decision to grant the Oslo-listed Equinor and the British firm Ithaca Energy permission to develop the Rosebank oil and gas field in the North Sea was condemned by the Green party MP Caroline Lucas as “the greatest act of environmental vandalism in my lifetime”.

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Europe’s banks helped fossil fuel firms raise more than €1tn from global bond markets

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Exclusive: Pan-European investigation looked at thousands of transactions since Paris climate agreement in 2016

Banks including some of Europe’s largest lenders have helped fossil fuel companies to raise more than €1tn (£869bn) from the global bond markets since the Paris climate agreement, according to an investigation by the Guardian and its reporting partners.

In the push to zero carbon, Europe’s biggest lenders face growing pressure to limit their financial support for fossil fuel companies through direct loans and other financing facilities.

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Petrostate windfall tax would help poor countries in climate crisis, says Brown

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Former British PM calls for 3% levy on oil and gas export revenues of biggest producers to generate $25bn a year for global south

Petrostates should pay a small percentage of their soaring oil and gas revenues to help poor countries cope with the climate crisis, the former UK prime minister Gordon Brown has urged.

Countries with large oil and gas deposits have enjoyed a record bonanza in the last two years, amounting to about $4tn (£3.3tn) last year for the industry globally. Levying a 3% windfall tax on the oil and gas export revenues of the biggest-producing countries would yield about $25bn a year.

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New £1bn government upgrade to plug Great Britain’s draughtiest homes

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Households could save £400 a year on energy bills via means-tested insulation scheme

Households could save up to £400 a year on energy bills under a new means-tested scheme to insulate more than 300,000 of Great Britain’s draughtiest homes.

The government is spending £1bn on grants for homes that have low energy efficiency ratings and are in lower council tax bands.

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Former rubbish dump in Essex becomes UK’s third largest solar farm

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Ockendon solar farm to generate enough clean electricity to power the equivalent of 15,000 homes


The largest solar farm in Europe to be built on a closed landfill site has begun generating renewable electricity from a former rubbish dump in Essex.

The Ockendon solar farm, the third largest in the UK, includes more than 100,000 solar modules covering 70 hectares (173 acres) of land.

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UK’s net zero ambitions at risk after ‘disastrous’ offshore wind auction

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Industry figures and the TUC warn of missed carbon reduction targets and lost jobs unless government boosts green investment

Fears are growing that existing offshore wind projects could be shelved, after industry insiders warned that “disastrous” handling by the government had created a big shortfall in future renewable energy.

Ministers revealed last week that no additional offshore windfarms will go ahead in the UK after the latest government auction. No bids were made in the auction, after the government ignored warnings that offshore schemes were no longer economically viable under the current system.

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Offshore wind expecting to lose out in auction for UK financial help

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Energy industry experts say steep rise in costs could result in few projects submitting bids

Britain’s offshore wind industry is expecting to lose out on financial help for projects toward meeting the UK’s climate goals, because soaring inflation means developers are not able to compete for crucial government support.

Ministers are expected to announce the results of the latest auction for financial support contracts this Friday, but energy industry insiders suggest it could be a damp squib in a potential blow to the UK’s climate goals.

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A social tariff could bring a warm glow to UK energy policy

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A lower price cap will still mean unaffordable bills for many. Yet a fairer alternative has been quietly dropped

Nearly a decade ago, former Labour leader Ed Miliband sowed the seeds of the energy price cap, vowing to protect households from unfair tariffs by freezing their energy bills. But even though a cap has been in place since 2018, bills today can be far from affordable, even when they are fair.

On Friday, industry regulator Ofgem will set its new limit on how much suppliers can charge per unit of gas and electricity. Analysts at Cornwall Insight expect it to lower the energy price cap from £2,074 a year for the typical household to £1,823, which would be its lowest level since Russia’s invasion of Ukraine.

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