Category Archives: Energy industry

Energy prices surge as Russian invasion of Ukraine stokes fears of global shortages

Posted on by

European stock markets tumble as crisis fuels near-40% rise in gas price and pushes oil to $105 per barrel

Global markets were thrown into turmoil on Thursday as the arrival of war on European soil sent prices of commodities such as oil, gas and wheat surging, while stock market plunged.

The ramifications of a potentially prolonged conflict involving Europe’s primary supplier of gas sent a chill through markets, affecting prices across a phalanx of asset classes and investments.

Continue reading...

Storm Eunice: tens of thousands still without power in UK

Posted on by

Widespread disruption to services continuing in aftermath of worst storm in 32 years that has led to at least four deaths

Tens of thousands were still without power and travel continued to be disrupted on Saturday as the cleanup effort after record-breaking deadly Storm Eunice threatened to be hampered by more weather warnings.

Friday’s storm brought record-breaking winds to the UK and Ireland, and killed at least four, leaving a trail of damage and destruction in its wake.

Continue reading...

Florence asks residents to pay utility bills of struggling pensioners

Posted on by

Social impact of Italy’s 50% energy price rise is evident in city where 27.6% of the population is over 65

Florence residents are being asked to pay the utility bills of elderly people living alone and struggling to make ends meet as the city’s leaders seek to shield the most vulnerable from soaring energy costs.

The “adopt a bill” initiative begins in the next few days and comes as the social implications of a more than 50% hike in gas and electricity bills in Italy this winter start to manifest.

Continue reading...

Northern Powergrid accidentally sends out compensation cheques for trillions of pounds

Posted on by

Energy meter numbers were used instead of amount payable in 74 Storm Arwen compensation cheques

An energy company has thanked “honest” customers who did not try to cash compensation cheques for trillions of pounds sent out in error.

Compensation is being paid to tens of thousands of people who were left without power when severe “once in a generation” winds swept across the UK in November last year during Storm Arwen.

Continue reading...

The rise in global inflation – the hit to living standards across the world

Posted on by

Analysis: From Pakistan to the US, Australia to Germany, the cost of living is rising to new highs and causing new hardships

After decades lurking in the shadows, inflation is back. On Amazon, you can find fridge magnets printed with words spoken 40 years ago by Ronald Reagan, before the election that swept him into the White House.

“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”

Continue reading...

As UK households feel pressure, how are other European countries tackling energy crisis?

Posted on by

Many European countries are a step ahead of the British government, which has yet to announce plans to help homes facing annual bills of almost £2,000

In the next week Great Britain’s energy regulator will announce the steepest rise ever in its energy price cap, effectively saddling millions of households with an annual energy bill of close to £2,000.

The blow to household finances follows almost six months of record high energy market prices because of the global gas crisis. Despite the deepening gloom facing bill payers, ministers are yet to agree a package of measures to prevent a national energy crisis.

Continue reading...

Qatar in talks to supply gas to Europe if Russia cuts supplies

Posted on by

Emir expected to tell US president Qatar can provide short-term emergency liquid gas to help replace any loss of supplies

The emir of Qatar, Sheikh Tamim bin Hamad al-Thani, is expected to tell the US president, Joe Biden, that his country will provide some short-term emergency liquid gas to help replace any shortages if Russia cuts off supplies to Germany.

Qatar is looking to supply Europe through transferring excess gas in storage in east Asia. It is also hoping to return to the European market on a bigger scale as its own production levels rise, but wants to see an end to a European Commission anti-trust investigation.

Continue reading...

China’s coal production hit record levels in 2021

Posted on by

In blow to climate campaigners, state encourages miners to ramp up output to avert winter gas crisis

China’s coal production reached record levels last year as the state encouraged miners to ramp up their fossil fuel output to safeguard the country’s energy supplies through the winter gas crisis.

The world’s biggest coal producer and consumer mined 384.67m tonnes of the fossil fuel last month, easily topping its previous record of 370.84m tonnes set in November, after the government called for miners to work at maximum capacity to help fuel the country’s economic growth.

Continue reading...

Global surge in electricity use could bring three more years of price rises

Posted on by

International Energy Agency says pollution from power generation will worsen until alternatives are found

The global surge in demand for energy could spark another three years of market volatility and record power plant pollution unless countries make major changes to how they generate electricity, the world’s energy watchdog has warned.

The International Energy Agency recorded the steepest ever increase in electricity demand last year, which triggered blackouts in major economies and led to historic energy price highs and record emissions.

Continue reading...

Fury as EU moves ahead with plans to label gas and nuclear as ‘green’

Posted on by

Brussels faces backlash and charges of greenwashing after publishing draft proposals on New Year’s Eve

The European Commission is facing a furious backlash over plans to allow gas and nuclear to be labelled as “green” investments, as Germany’s economy minister led the charge against “greenwashing”.

The EU executive was accused of trying to bury the proposals by releasing long-delayed technical rules on its green investment guidebook to diplomats on New Year’s Eve, hours before a deadline expired.

Continue reading...

EU in row over inclusion of gas and nuclear in sustainability guidance

Posted on by

Activists including Greta Thunberg criticise ‘fake climate action’ in response to planned investment taxonomy

The European Commission is facing a backlash from Greta Thunberg and fellow climate activists over plans to include gas and nuclear energy in a “green” investment guidebook.

Both energy sources are expected to feature in the next part of the EU’s “taxonomy for sustainable activities”, which is expected at the end of the year, following a period of intense political bargaining between the commission president, Ursula von der Leyen; the French president, Emmanuel Macron; and Germany’s new chancellor, Olaf Scholz.

Continue reading...

Gas crisis fuels call for UK to update energy security policy

Posted on by

As rising tensions with Russia over Ukraine drive prices to record highs, experts warn of lack of strategy for gas supply

Ministers are relying on an outdated energy security policy, leading academics have warned, as escalating tensions between Russia and western leaders propelled the gas market to record price highs.

UK gas reached a record closing price of 322.5 pence per therm on Tuesday, according to data from market price experts at ICIS, vaulting ahead of the previous high of just over 298p/therm set in early October this year.

Continue reading...

Gazprom profits as Russia prospers from Europe’s gas crisis

Posted on by

State-owned company accused of ‘selling as much gas as possible without lowering market prices’

• Gas prices near record highs as Berlin rejects pipeline from Russia

About 12.7bn cubic feet of gas flowed into Europe from Russia’s state-owned Gazprom last month. The world’s largest gas producer typically supplies more than a third of the needs of countries across the European Union, but in November flows dwindled to a six-year low.

Gas supplies from Russia have fallen well short of pre-pandemic levels for months. The volumes of Russian gas flowing into homes, businesses and storage facilities this year have been almost a quarter below those in 2019.

Continue reading...

Gas prices near record highs as Berlin rejects pipeline from Russia

Posted on by

Germany says escalating tensions over Ukraine are one factor in Nord Stream 2 not getting green light

• Gazprom profits as Russia prospers from Europe’s gas crisis

Gas prices across the UK and Europe are on course to return to record highs after Germany said a controversial pipeline from Russia could not be approved amid deepening tensions on the Ukrainian border.

The German foreign minister, Annalena Baerbock, said the Nord Stream 2 pipeline could not be given the green light in its current form because it did not meet the requirements of EU energy law.

Continue reading...

UK ‘embarrassed’ into funding Mozambique gas project, court hears

Posted on by

Friends of the Earth cites documents suggesting UK’s reputation could suffer if it pulled $1.15bn of promised support

The UK was “embarrassed” into funding a huge gas project in Mozambique while considering ending overseas support for fossil fuels, a court has heard.

During a three-day high court hearing, Friends of the Earth highlighted government documents that suggested there would be “obvious repercussions” if the government did not follow through on $1.15bn of support to an offshore pipeline and liquefied natural gas plant in Cabo Delgado province.

Continue reading...

Old UK oilwells could be turned into CO2 burial test sites

Posted on by

Exclusive: Consortium of energy firms and universities says underground storage of hydrogen can also be investigated

Exhausted oil and gas wells would be turned into the UK’s first deep test sites for burying carbon dioxide next year, under plans from a consortium of universities and energy companies.

There are hundreds of active onshore oil and gas wells in the UK. But as they come to the end of their lives, some need to be redeployed for trials of pumping CO2 underground and monitoring it to ensure it does not escape, the group says. The test wells could also be used to assess how hydrogen can be stored underground.

Continue reading...

Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose

Posted on by

Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends

The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report.

The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.

Continue reading...

Shell to go ahead with seismic tests in whale breeding grounds after court win

Posted on by

Judgment rules company can blast sound waves in search for oil along South Africa’s eastern coastline

Royal Dutch Shell will move ahead with seismic tests to explore for oil in vital whale breeding grounds along South Africa’s eastern coastline after a court dismissed an 11th-hour legal challenge by environmental groups.

The judgment, by a South African high court, allows Shell to begin firing within days extremely loud sound waves through the relatively untouched marine environment of the Wild Coast, which is home to whales, dolphins and seals.

Continue reading...

Germany suspends approval for Nord Stream 2 gas pipeline

Posted on by

Move follows mounting politcal pressure to scrap project in setback to Kremlin-backed project

Germany has suspended its approval process for the controversial Nord Stream 2 gas pipeline which would double its reliance on Russian gas following growing geopolitical pressure to scrap the project.

Energy markets across Europe surged after the German energy regulator suspended its certification process, in a big setback to Kremlin-backed Gazprom’s plans to extend Russian gas dominance via a new pipeline across the Baltic Sea.

Continue reading...

Shell and BP paid zero tax on North Sea gas and oil for three years

Posted on by

Firms defend paying no corporation tax after government handed out billions to energy giants

Shell and BP, which together produce more than 1.7bn tonnes of greenhouse gases a year, have not paid any corporation tax on oil and gas production in the North Sea for the last three years, company filings reveal.

The oil giants, which have an annual global footprint of greenhouse gases more than five times bigger than Britain’s, are benefiting from billions of pounds of tax breaks and reliefs for oil and gas production.

Continue reading...