Judgment is huge victory for campaigners concerned about effect of seismic waves on marine life
A South African court has upheld a ban imposed on the energy giant Shell from using seismic waves to explore for oil and gas off the Indian Ocean coast.
The judgment delivered in Makhanda on Thursday marks a monumental victory for environmentalists concerned about the impact the exploration would have on whales and other marine life.
Continue reading...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.
Continue reading...UK chancellor says more help will be provided to heat homes this winter but does not explain how
The chancellor, Nadhim Zahawi, has said households should not be cut off if they cannot afford their energy bills, as the Treasury examines a range of options to help consumers cope with the cost of living crisis.
Zahawi promised that the government would expand on the £37bn package of aid announced earlier this year to help households tackle soaring energy costs. He told Sky News: “No one should be cut off because they can’t afford their bills.
Continue reading...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?
Continue reading...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.
Continue reading...Government urged to ensure thousands living in park homes in Great Britain receive £400 payments
Gypsy and Traveller groups are calling on the government to ensure thousands of households living in park homes are not excluded from its energy bills support scheme this winter as bills soar.
The scheme will pay out a total of £400 to all households in Great Britain with a domestic electricity connection between October and March, with monthly payments administered by their energy supplier.
Continue reading...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.
Continue reading...Work to begin in coming weeks in move that emphasises ties between Viktor Orbán and Vladimir Putin
Hungary has announced that the €12.5bn (£10.6bn) construction of two nuclear reactors by Russia’s Rosatom will begin in the coming weeks after regulators approved the project.
The war in Ukraine has not deterred Hungary’s interest in the project to add to the four reactors already operating at the Paks plant outside Budapest.
Continue reading...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.
Continue reading...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.
Continue reading...Truss remained loath to ‘bung money’ at those struggling to afford spiralling bills, Sunak said millions may be forced into destitution
Liz Truss has doubled down on her reluctance to “bung more money” at those who will struggle to afford spiralling energy costs this winter while Rishi Sunak said millions may be forced into destitution without extra support, as the pair clashed at the penultimate hustings of the Conservative leadership race.
With energy regulator Ofgem expected to raise the price cap to £3,500 a year from October for the average dual-fuel tariff, Truss warned the issue of spiralling fuel costs was not a short-term one. “If people think this problem is going to be over in six months they are not right. This is a long term problem,” she told the audience in Norfolk.
Continue reading...Italian government ordered to compensate UK firm after exploration forbidden within 12 miles of coast
A corporate tribunal has ordered the Italian government to pay more than £210m to the UK oil company Rockhopper as compensation for an offshore oil drilling ban.
Rockhopper’s case was launched after the Italian government banned oil exploration and production within a 12 mile-limit off Italy’s coast in 2015, scotching the company’s planned Ombrina Mare oilfield.
Continue reading...Half of UK households could be in fuel poverty by January unless government steps in, says managing director for customers
The UK faces a “dramatic and catastrophic winter for customers” as energy prices soar, according to a stark warning from the head of EDF Energy’s retail business.
Philippe Commaret, the energy firm’s managing director for customers, called for extra government intervention, including help for households to insulate their homes and a VAT cut for small businesses as prices jump to record levels.
Continue reading...German energy firm, which operates many UK power stations, has been bailed out by federal government
The owner of the Ratcliffe-on-Soar power station in Nottinghamshire has posted a €12bn (£10bn) loss weeks after agreeing a bailout package with the German government, in a set of results that signal the deepening energy crisis across Europe.
Uniper received a €15bn lifeline from the German state in return for a 30% equity stake in a deal agreed in July.
Continue reading...Chinese recovery from lockdowns shows signs of fizzling out as central bank cuts interest rates
Global oil prices have dropped amid concerns over weaker growth in the Chinese economy caused by repeated Covid lockdowns and a downturn in the property sector.
A barrel of Brent crude fell by about 5% to below $94 (£78) on Monday, hitting the joint lowest levels since the Russian invasion of Ukraine as traders reacted to weaker figures from the world’s second-largest economy.
Continue reading...Power blackouts after wholesale prices soar as a result of Russia’s invasion of Ukraine
Soaring international energy prices have brought power blackouts to Europe as Kosovo said it could no longer afford to import electricity, adding to fears that tensions with Russia will plunge the continent into crisis this winter.
Consumers in the Balkan state have been told they will be allowed six hours of power at a time, punctuated by two-hour breaks, according to a spokesperson for its energy distribution company, KEDS.
Continue reading...Keir Starmer says people won’t pay ‘a penny more’ and that plan would reduce inflation
Keir Starmer has put a beefed-up £8bn windfall tax on energy company profits at the heart of a new plan to stop people having to pay “a penny more” on fuel bills this winter.
The Labour leader confirmed that under his plan the energy price cap would be frozen at the current level, meaning that an expected 80% rise in October – taking an average household bill to about £3,600 – would not go ahead.
Continue reading...The $48bn figure from world’s biggest oil firm is thought to be one of largest quarterly profits in history
Saudi Arabia’s largely state-owned energy firm has highlighted the colossal profits made by gas and oil-rich nations during the energy crisis by revealing profits in the three months to the end of June up 90% to $48bn (£40bn).
Saudi Aramco recorded what is believed to be one of the largest quarterly profits in history to easily beat the near $26bn it made a year earlier.
Continue reading...ONS says two bank holidays to mark Queen’s jubilee contributed to fall in output in June
Britain’s economy contracted by 0.1% in the three months to June, according to official figures that revealed the weakening outlook for the UK, which is expected to enter a recession later this year.
The dip in output in the second quarter followed 0.8% growth in the first quarter and was driven by the health sector – as Covid testing and the vaccine programme was wound down – and by retail, as household spending fell. Economists had forecast a bigger fall in output of 0.2% in the second quarter.
Continue reading...Be it a loft insulation drive or a lower price cap, there are many ways to help – but action must be swift and extensive
The UK government has been urged to take further action to alleviate the impact of soaring energy prices, and there are a number of measures it could take.
Any rescue package would need to be swift and extensive to prevent households being plunged into poverty this winter as home energy prices surge. Ministers will also need to dig deep to prevent more businesses hit by rising energy costs from defaulting on loans and declaring themselves bankrupt.
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