Analysis finds Treasury rules on new windfarms likely to stifle energy generation and keep bills high
New offshore windfarms will be strangled by government red tape, costing UK billpayers £1.5bn a year, an analysis has found.
The latest government auction for new offshore windfarms, due to be completed in September, could result in few projects making it through Treasury rules, according to the Energy and Climate Intelligence Unit (ECIU), a non-profit organisation.
Continue reading...Both sides of constitutional debate use Gers data to argue case for and against independence
Scotland’s public spending deficit has fallen from a record peak last year, as oil and gas revenues reached their highest-ever level after a global rise in oil prices.
The government expenditure and revenue Scotland (Gers) report calculated a per-person deficit – the gap between the amount raised through all tax and spending on all public services – as £1,521 in the 2022-23 financial year, down from £2,184 the previous year.
Continue reading...Critics of the policy expressed concern that decision will weaken investor confidence in solar and wind energy in the region
A decision by Canada’s largest oil and gas-producing province to halt new wind and solar projects has prompted disbelief among environmental groups and economists. The move comes as the country struggles with its worst wildfire season on record, a situation that experts agree is worsened by the climate crisis and a reliance on fossil fuels.
Alberta last week announced a six-month moratorium on large solar and wind projects so it can review policies surrounding the projects’ construction and impact on the power grid, as well as rules for their eventual decommissioning.
Continue reading...Eight South American presidents including Brazil’s Lula say rich countries need to pledge more resources to help protect rainforest
Amazon leaders have called on rich countries to help them develop a Marshall-style plan to protect the world’s largest rainforest – but stopped short of committing to zero deforestation across the biome by 2030 amid divisions over oil extraction.
In a joint declaration at the end of a two-day summit in the Brazilian city of Belém on Wednesday, the eight South American countries that are home to the Amazon rainforest said ensuring its survival could not be solely up to them, as resources from the forest were consumed globally.
Continue reading...Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of Ukraine
The world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.
The company, which is 90% owned by the Saudi state, said in a statement to the market that profits were $30.1bn for the months of April to June, down 38% from $48.4bn in the second quarter of last year.
Continue reading...Chiefs say UK’s troubled economy and political uncertainty is dampening enthusiasm for clean energy rollout
The bosses behind Britain’s multibillion-pound clean energy rollout have warned the government that the UK’s difficult economic circumstances and political uncertainty have taken a toll on investor confidence.
About 20 industry bosses representing companies from across the sector attended a summit at No 10 to discuss their plans to invest more than £100bn in the UK economy.
Continue reading...Other retailers say they are working with government on implementing industry-wide comparison service
Asda has begun publishing local fuel prices at its forecourts online, becoming the first retailer to launch the service following pressure from the competition watchdog and MPs over widened profit margins at the pump.
The Competition and Markets Authority (CMA) has called on the government to introduce legislation to ensure fuel retailers provide up-to-date pricing for a new industry-wide comparison service.
Continue reading...Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility
The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.
The iron ore magnate, who also runs the Minderoo Foundation philanthropic organisation, threatened to move his investments out of the UK over Rishi Sunak’s swivel towards new oil and gas drilling.
Continue reading...Exclusive: Long list of ‘sensitive’ topics for petrostate include oil and gas production, emissions and Yemen war crimes
A comprehensive list of “touchy and sensitive issues” for the United Arab Emirates, which is running the next UN climate summit, has been revealed in a document leaked to the Guardian.
The document sets out the government-approved “strategic messages” to be used in response to media requests about the issues, which range from the UAE’s increasing production of oil and gas to people trafficking.
Continue reading...Campaigners criticise plan to increase oil and gas production despite extreme heat in Europe
Shell has reignited outrage among climate activists by handing billions to its shareholders after making profits that campaigners have described as “obscene”.
Protests were held outside the oil company’s London headquarters on Thursday after it reported second-quarter profits of just over $5bn (£3.9bn) in the same week that wildfires linked to the climate crisis burned across Mediterranean countries.
Continue reading...Exclusive: Move follows outcry from small firms, charities and others about hidden commission fees
Rogue energy brokers are to be brought to heel by the industry regulator in a crackdown seeking to stop small firms being ripped off by their strongarm tactics and hefty fees.
Under proposed rules to be put forward by Ofgem on Wednesday, energy suppliers would be forced to come clean on the billions in secret broker commissions they load on to business contracts.
Continue reading...Analysts call on government to make pumps mandatory for all new homes and scale up grants for installation in existing properties
The UK is lagging far behind France and other EU countries in installing heat pumps, research has shown, with less than a tenth of the number of installations despite having similar markets.
Only 55,000 heat pumps were sold in the UK last year, compared with more than 620,000 in France. Twenty other European countries also had higher installation rates than the UK.
Continue reading...ScottishPower expects Hagshaw Hill to produce five times as much energy with half the turbines by early 2025
One of Britain’s oldest onshore windfarms will soon be “repowered” so it can generate five times as much green electricity as it did in 1995 – with almost half as many turbines.
The owner of the Hagshaw Hill windfarm, ScottishPower, began dismantling 26 turbines on its site in rural South Lanarkshire on Wednesday.
Continue reading...Fatih Birol says China’s economic recovery combined with harsh winter could pile pressure on gas supplies
The head of the International Energy Agency has said energy prices may spike again this winter, forcing government to subsidise bills – just days after state support for UK households fell away.
Fatih Birol said a rapid improvement in the Chinese economy, coupled with a harsh winter, could put pressure on gas supplies and push up bills for consumers.
Continue reading...Exclusive: Cadent Gas, owned by Australia asset manager Macquarie, is considering closing its defined benefit scheme
The former owner of crisis-hit Thames Water has been accused by union leaders of staging a “cost-cutting money grab” at another critical UK infrastructure asset under its control, as it emerged that Cadent Gas is considering cuts to its pension scheme.
Macquarie, the Australian banking powerhouse that owned Thames for a decade, has led a consortium controlling Cadent since 2016. Cadent, Britain’s biggest gas network, serving 11 million people, was formerly part of National Grid.
Continue reading...As the industry gathers in London this week, there are signs of a new dawn after the damage done by Tory subsidy cuts
Britain’s solar industry delivered record levels of renewable electricity to the power grid earlier this year, but as daylight hours stretch longer around the summer solstice, it could be on track to reach another record.
Solar power generation in June is on track to come within a hair’s breadth of the record set during an unusually sunny May in 2020 at about 20 gigawatt hours, according to Alastair Buckley, the professor of organic electronics at the University of Sheffield.
Continue reading...Electricity generated on Shetland could be used to fuel the proposed Rosebank field, instead of homes
Electricity from a new onshore windfarm could be used to power the biggest undeveloped oilfield in the North Sea, campaigners are warning, ahead of an imminent decision over whether to approve the project.
The huge Rosebank oilfield is three times bigger than the controversial Cambo field that was put on hold more than a year ago. It has the potential to produce 500m barrels of oil and its final approval is expected to reach the energy secretary, Grant Shapps, in the next few weeks. It is expected to be approved after Rishi Sunak hinted last month that it would be “economically illiterate” not to invest in UK oil and gas because Britain will remain reliant on fossil fuels for “the next few decades”.
Continue reading...Speech in Scotland shows willingness to face energy dilemma head-on, but green groups say fossil fuel end date must come soon
Scotland was a brave choice as the venue for the launch of Keir Starmer’s new energy and climate policy. Back in March, Rishi Sunak was planning to hold his “energy day” in Aberdeen, the UK’s oil and gas capital, but after criticism he switched to the much safer Oxfordshire.
Starmer knows that Labour needs to win back lost seats in Scotland, so visiting the Scottish capital for an important speech was a canny move. More than that, though, taking the launch to Edinburgh showed a willingness to face head-on Labour’s energy dilemma: how to shift the UK economy to a low-carbon footing, as net zero demands, without destroying high-quality jobs in carbon-intensive industries.
Continue reading...Theresa May says parliament must punish MPs who break rules as Penny Mordaunt says Johnson ‘undermined democratic process’
At the Labour event Keir Starmer is now speaking. He starts with a jibe at the SNP, saying the tide is turning in Scotland.
Turning to energy policy, he says Labour wants to promote security.
Can we still achieve great things? Can we unite and move forward? Can we still change, can we grow, can we get things done, can we build things? New industries, new technologies, new jobs; will they come to our shores, or will the future pass us by?
You can put it even more starkly. Around the world people want to know, are we still a great nation? If the question is about the British people, the answer is emphatically: yes.
Continue reading...Report by cross-party MPs criticises previous ‘lack of urgency in addressing market failures’
MPs have urged the government to set out its plans to protect households from high energy bills this winter as they said about 1.7 million people, including some of the most vulnerable groups, had been left waiting too long to receive previous support.
The public accounts committee (PAC) said that although schemes were introduced quickly, the government “did not have the bandwidth” to make sure help reached all groups in a timely fashion.
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