Category Archives: Energy industry

Martin Lewis says energy price cap is a ‘pants cap’

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Consumer champion urges consumers to head to a price comparison website to find a cheaper deal

The consumer champion Martin Lewis has said that the energy price cap should be called the energy “pants cap” because there are much cheaper energy deals available.

The cap is adjusted every quarter by Ofgem, the energy regulator for Great Britain, and imposes a maximum on how much suppliers can charge customers for each unit of gas and electricity. On Tuesday it increased by nearly £150 to the equivalent of £1,717 a year for an average dual-fuel household paying by direct debit.

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The deep history of British coal – from the Romans to the Ratcliffe shutdown

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With the last coal-fired plant closing today, we chart the rise and fall of the once-indispensable fuel which powered modern Britain

Britain’s transition to a low-carbon future has reached a milestone with the closure of its last remaining coal-fired power plant at Ratcliffe-on-Soar in Nottinghamshire.

The shutdown of the 57-year-old power plant on Monday ends more than 140 years of coal power generation in the UK – an industrial story closely interwoven with Britain’s socioeconomic and political history.

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Sanctioned Russian oligarchs allowed to invest in UK North Sea oil producer

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Critics say Labour ‘should have run a mile’ from LetterOne after it is acquires 15% of Aberdeen-based Harbour Energy

The government faces growing criticism after a company backed by two sanctioned Russian oligarchs was allowed to become a part-owner of the UK’s largest North Sea oil producer.

Critics of the decision to allow LetterOne, the investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, to acquire almost 15% of Aberdeen-based Harbour Energy, warned that oligarchs should have no place owning critical national assets.

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Renewable energy auction secures enough power for 11m UK homes

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£1.5bn auction awards record funding for new windfarms, solar farms and tidal power projects

Great Britain’s renewable energy auction has secured enough new clean electricity projects to power 11m UK homes after the Labour government made record funding available to suppliers.

The £1.5bn auction will support 131 new projects including windfarms, solar farms and tidal power projects after ministers increased the amount of funding available to seven times the sums offered last year.

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UK’s methane hotspots include landfills and last coalmine

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Greenpeace urges Labour to ‘fulfil international obligations’ as critics question accuracy of official data

The UK’s worst methane hotspots include the last coalmine, livestock farm clusters, landfills, power plants and North Sea oil and gas wells, according to an analysis.

The process has also thrown up serious doubts over the UK’s ability to calculate its methane emissions.

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Shell to cut hundreds of jobs in oil and gas exploration operations

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Reduction of about a fifth of workforce in two subdivisions part of plan to slash up to $3bn in costs by end of 2025

Shell is to cut hundreds of jobs from its oil and gas exploration operation in the latest move by the chief executive, Wael Sawan, to slash up to $3bn (£2.3bn) in costs by the end of next year.

The energy company is to cut about a fifth of its workforce in two subdivisions of its oil and gas business responsible for exploration strategy and developing its oil and gas finds.

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Support planned for UK households struggling with winter energy bills

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Government discusses measures after criticism over cuts to winter fuel payments

Ministers have committed to help households struggling with their gas and electricity bills this winter after energy industry bosses warned that consumer debt had climbed to more than £3bn.

With Labour under fire for scrapping universal winter fuel payments to pensioners, ministers met energy industry bosses on Wednesday to discuss ways of supporting struggling households through the coming colder months.

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Police acting as ‘private security’ for Drax power station, say climate activists

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Greenpeace among 150 groups expressing outrage after preemptive arrests led to cancellation of protest camp

Greenpeace and Friends of the Earth have accused police of acting as “private security” for the UK’s biggest carbon emitter after dozens of pre-emptive arrests forced the cancellation of a climate protest camp near Drax power station.

In a statement signed by almost 150 groups, they called the operation against activists who had spent months planning the camp near the wood-burning power station “an unreasonable restriction of free speech”.

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Average annual energy bill to rise by 9.5% to £1,717 in Great Britain from October

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Campaigners fear increase by £149 in energy price cap by Ofgem will put more pressure on households

Households will begin the run-up to winter with a sharp increase in their energy bills after the industry regulator increased its cap on energy prices by 9.5% from October.

Under the new price cap, the average annual energy bill will rise to £1,717 a year for gas and electricity, up £149 from its current level of £1,568, which has been in place since July.

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Big polluters targeting esports industry with advertising deals, report reveals

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Oil firms, petrostates, airlines and carmakers ‘doubling down’ on sector that is popular with young people

Oil companies, petrostates, airlines and carmakers are among the big polluters bombarding the esports industry with adverts, a study has found.

Esports, short for electronic sports, are competitive video games watched by spectators, with multiplayer games such as League of Legends and Defense of the Ancients 2 attracting peak viewer figures in the millions.

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Danish wind power giant Ørsted delays major US offshore project

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News follows scrapping of two other Atlantic windfarms and axing of hundreds of jobs as costs surge

The Danish company developing the world’s largest offshore windfarm in the North Sea has been forced to delay a major project off the north-east coast of the US, months after cancelling two nearby developments and cutting hundreds of jobs.

Ørsted has pushed back the start of commercial operations at its 704 megawatt Revolution Wind project off the coast of Rhode Island and Connecticut by a year, to 2026.

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Investors push Glencore to scrap spin-off of heavily polluting coal division

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More than 95% of investors urged commodities firm to keep highly profitable fossil fuel arm to help maximise shareholder cash

Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.

The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.

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Wood Group suitor pulls out of takeover, blaming market turmoil

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Shares in FTSE 250 company slump 37% in early trading after Dubai-based Sidara cites geopolitical risk

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

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Labour tries to attract clean energy contracts with record £1.5bn for auction

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The new budget comes after the previous government failed to award a single new offshore wind contract in 2023

The Labour government will make record amounts of funding available to clean energy developers after it increased the value of its summer subsidy auction by 50%, to £1.5bn.

The addition, compared with figures previously announced, means the total budget is seven times the amount available at last year’s auction, the government said.

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‘Inexcusable’: should climate hypocrites get the petrostates label?

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Suggestions definition of petrostate is too narrow as many rich countries that could phase out fossil fuels double down

“Drill, baby, drill!” Donald Trump’s ominous avowal to pump up the oil and gas production of the US has horrified many people around the world about the intentions of the Republican candidate, who has also declared he wants to be “dictator for a day”. Rather than the prospective leader of the free world, the election frontrunner sounds more like the tyrant of a petrostate.

That should not be entirely surprising given the country’s recent record: it has ramped up fossil fuel production to become the world’s biggest producer. As a Guardian investigation reveals, the total number of projected licences by the US for 2024 could lead to an estimated 397m tonnes of planet-heating emissions.

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Revealed: wealthy western countries lead in global oil and gas expansion

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The US and the UK among countries with low dependence on fossil fuels criticized for ‘hypocrisy’ on climate pledges

A surge in new oil and gas production in 2024 threatens to unleash nearly 12bn tonnes of planet-heating emissions, with the world’s wealthiest countries – such as the US and the UK – leading a stampede of fossil fuel expansion in spite of their climate commitments, new data shared exclusively with the Guardian reveals.

The new oil and gas field licences forecast to be awarded across the world this year are on track to generate the highest level of emissions since those issued in 2018, as heatwaves, wildfires, drought and floods cause death and destruction globally, according to analysis of industry data by the International Institute for Sustainable Development (IISD).

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Cop29 host Azerbaijan seeks $1bn from fossil fuel producers for climate fund

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Countries and companies involved in oil and gas extraction to be asked to join scheme aimed at tackling global heating

Fossil-fuel producing countries and companies are being asked to pay into a new international fund to help poor countries cope with the effects of the climate crisis.

The climate investment fund is being set up by the Azerbaijan government, host country of the Cop29 UN climate summit in November.

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Shell to take hit of up to $2bn on Rotterdam and Singapore sites

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Oil firm’s warning comes after it had to halt work on Europe’s largest biofuel project and sell refinery in Asia

Shell has warned investors that it will take an impairment charge of up to $2bn (£1.6bn) in its next set of results after it was forced to halt work on Europe’s largest biofuel project and sell off a Singapore refinery.

The oil company told investors to expect a non-cash writedown of between $600m and $1bn when it publishes its second-quarter results next month because of trouble at a major biofuel project in Rotterdam in the Netherlands.

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Journalists refused entry to Azerbaijan energy conference ahead of Cop29

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Incident reignites concerns over crackdown on media before crucial UN climate talks in Baku later this year

Western journalists were refused entry to an energy industry conference in Azerbaijan earlier this month, reigniting concerns over the state’s crackdown on the media ahead of crucial UN climate talks in Baku later this year.

At least three journalists from the UK and France have told the Guardian that they felt “unsafe” after they were denied entry to the Baku Energy Week forum, despite registering with the event organisers weeks in advance.

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British Columbia investigates claims energy company ‘dramatically’ influenced climate policy

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Inquiry into possible violations of provincial law after TC Energy executive claims company influenced government

British Columbia’s attorney general has called for an investigation into possible violations of provincial law after a Canadian oil and gas executive claimed the company improperly used political connections to “dramatically’’ weaken the province’s environmental policies.

In leaked audio recordings first published by the Narwhal and heard by the Guardian, the executive, Liam Iliffe, claimed that TC Energy, a Calgary-based pipeline company with operations spanning the continent, had ghostwritten ministerial briefing notes and planted employees “next to the strawberries or the romaine lettuce” at a Costco supermarket to choreograph seemingly impromptu meetings with senior bureaucrats in order to push the company’s agenda.

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