Category Archives: Energy industry

Shell has ‘no intention’ of making offer to buy BP after £60bn takeover rumours

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Statement to stock market follows media reports of early talks with BP to create a £200bn UK oil company

Shell has said it has “no intention” of making an offer for the rival fossil fuel company BP after speculation it had been planning a £60bn takeover, ruling out a formal approach for the next six months.

In an official statement to markets on Thursday, the company doubled down on the previous day’s denials that it was planning a bid, after media reports that it was in early talks with its competitor to create a £200bn UK oil supermajor.

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UK energy meter switch-off delayed amid fears over heating and higher bills

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RTS meters in 300,000 homes to be phased out rather than turned off on 30 June deadline

As the temperature climbed towards 30C the peril of turning off a system that could leave people with their heating stuck on full must have looked like an avoidable disaster.

On Thursday ministers confirmed the “widespread switch-off” of the Radio Teleswitch Service (RTS), which controls an old type of electricity meter, “will not happen” on 30 June.

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Europe will never return to Russian gas, European Commission insists

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Body unveils plans to ban all gas imports from Russia by January 2028 – but faces backlash from Hungary, Slovakia and Austria

The European Commission has insisted there will be no return to Russian gas, as it published plans to phase out fossil fuel imports from its eastern neighbour by 2028.

The EU energy commissioner, Dan Jørgensen, said a proposed ban on Russian gas imports would remain, irrespective of whether there was peace in Ukraine.

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Spanish minister rules out cyber-attack as cause of April blackout, after expert report

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System failure caused by network’s inability to control grid voltage said to be behind outage in Spain and Portugal

The unprecedented blackout that brought the Iberian peninsula to a standstill at the end of April was caused by surging voltages triggering “a chain reaction of disconnections” that shut down the power network, an expert report commissioned by the Spanish government has found.

Speaking to reporters on Tuesday afternoon, the country’s environment minister, Sara Aagesen, ruled out a cyber-attack as the cause of the outage on 28 April, saying it had been down to a “multifactorial” system failure caused by the network’s inability to control grid voltage.

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Sizewell C power station to be built as part of UK’s £14bn nuclear investment

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Ed Miliband promises to ‘get Britain off the fossil fuel rollercoaster’ with new plant expected to create 10,000 jobs

The biggest nuclear programme in a generation will “get Britain off the fossil fuel rollercoaster”, the energy secretary, Ed Miliband, has said, announcing £14.2bn to build a new nuclear power station and a drive to build small modular reactors.

The multibillion-pound investment at Sizewell C on the Suffolk coast, which has been long expected, will create 10,000 jobs and power the equivalent of 6m homes.

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Trump tariffs could wipe out European steel sector, senior industry figure says

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ThyssenKrupp executive warns of ‘collateral damage’ to supply chains and urges protective action on energy pricing

Europe’s steel industry faces being wiped out in the face of Donald Trump’s prohibitive 50% tariffs, high energy costs and a mountain of cheaper Chinese steel, one of Germany’s biggest industrial groups has warned.

Ilse Henne, a board member at the steel, engineering and chemicals group ThyssenKrupp, said the industry faced an existential crisis after the US president’s decision last week to double tariffs on steel and aluminium imports from 25% to 50%.

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Will the North Sea oil and gas industry be Labour’s next U-turn?

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With Nigel Farage targeting net zero, could government policy change to protect jobs, revenue and votes?

It was inevitable that Nigel Farage would take Reform UK’s campaign tour to Aberdeen. On a visit to the capital of the UK’s oil and gas industry on Monday he welcomed a defecting Aberdeen Conservative councillor, the 13th defection to his party’s ranks in Scotland to date.

Reform is hoping to make political hay from the discontent surrounding the government’s North Sea policies, the demise of the oil and gas basin and the vast workforce that depends on it. The populist party has vowed to reverse the government’s ban on fresh North Sea oil and gas drilling as a “day one” priority if elected to power in 2029.

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Reeves hopes hat-trick of deals shows Britain is open for business

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Impact of agreements on food, energy and defence may not be huge but chancellor believes it will draw investors to UK

Rachel Reeves joked to journalists after Monday’s EU-UK reset that trade deals were coming along “like buses”, given the agreements with India and the US that had also been sealed in the past fortnight alone.

The chancellor described the EU deal as the best that had been secured by any non-member country, but she was also keen to talk about the three successful negotiations as a package.

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Denmark rethinking 40-year nuclear power ban amid Europe-wide shift

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Government to analyse potential benefits of new generation of reactors

Denmark is reconsidering its 40-year ban on nuclear power in a major policy shift for the renewables-heavy country.

The Danish government will analyse the potential benefits of a new generation of nuclear power technologies after banning traditional nuclear reactors in 1985, its energy minister said.

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‘Blackouts can happen anywhere’: how power systems worldwide can collapse

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After Europe’s biggest blackout in over 20 years, experts warn that while such incidents are rare, no grid is infallible

Europe’s biggest blackout in over 20 years on the Iberian peninsula unleashed hours of chaos for people in Spain, Portugal and parts of France earlier this week. But in the aftermath it has raised a common question for governments across the continent: could the same happen here?

Europe’s political leaders and energy system operators have given assurances that such blackouts are extraordinarily rare, and that European power grids are some of the most stable in the world.

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Blair’s net zero intervention invites scrutiny of his institute’s donors

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Labour insider rebukes ‘tech bros’ within Tony Blair Institute as critics question past work with petrostates

In little more than 1,600 words voicing his scepticism over net zero policies, Tony Blair this week propelled himself and his increasingly powerful institute back into the national debate.

In the past eight years, the former prime minister has built a global empire employing more than 900 people across more than 40 countries, providing policy advice to monarchs, presidents and prime ministers.

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Equinor considers suing Trump administration over halted US windfarm

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Norway’s state energy company’s $2.5bn project off coast of New York was almost a third finished

Norway’s state energy company may take Donald Trump’s administration to court after it ordered an “unprecedented” halt to a $2.5bn (£1.87bn) windfarm project off the coast of New York.

Equinor is considering its legal options after the US interior secretary, Doug Burgum, ordered the company to “immediately halt all construction activities” on an offshore windfarm last month.

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Spain and Portugal power outage: what caused it, and was there a cyber-attack?

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Several countries in Europe have been scrambling to restore electricity after a huge power cut caused blackouts

Spain, Portugal and some of south-west France suffered a massive power cut on Monday, with major cities including Madrid, Barcelona and Lisbon among those affected.

Houses, offices, trains, traffic lights and even the Madrid open tennis tournament were all hit, causing chaos for millions of people and prompting a scramble by the Spanish and Portuguese governments and network operators to understand the problem and race to fix it.

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Six things we learned about the future of energy security at UK summit

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Critical minerals, nuclear power and the ‘weaponisation’ of energy supplies were discussed at international conference

The UK and the International Energy Agency gathered ministers and high-level officials from 60 countries to Lancaster House in London for two days of talks on the future of energy security this week. The EU was out in force, the US sent a top official, but China stayed away. Here’s what we learned.

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MPs question value of billions in subsidies granted to Drax power plant

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Spending watchdog warns £6.5bn in funding may not offer value for public money amid ongoing sustainability concerns

A government spending watchdog has questioned the value of the multi-billion pound subsidies granted to the Drax power plant in North Yorkshire – and said that plans to hand over billions more may not represent value for money.

The government has provided about £22bn of public money to businesses and households that burn biomass pellets as fuel over the past three years, including £6.5bn for the owner of the Drax plant.

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UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’

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Bosses from automative, manufacturing and energy warned MPs about effect of Trump tariffs

Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.

Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.

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China to snub UK energy summit amid row over infrastructure projects

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Exclusive: Absence of world’s biggest clean energy producer will be welcomed by US pushing oil and gas exports

China is to snub a major UK summit on energy security next week, the Guardian has learned, amid a growing row over the country’s involvement in UK infrastructure projects.

The US will send a senior White House official to the 60-country summit, to be co-hosted with the International Energy Agency. Leading oil and gas companies are also invited, along with big technology businesses, and petrostates including Saudi Arabia, Qatar and the United Arab Emirates.

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EU mulls plan to let importers break Russian gas contracts without penalties

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European Commission may reportedly let companies declare force majeure as part of strategy to rid bloc of Russian fossil fuels by 2027

The European Commission is considering plans that would allow European companies to break long-term Russian gas contracts without paying penalties to Moscow, it has been reported.

Citing three officials with knowledge of the plan, the Financial Times reported that the commission was studying the possibility of allowing companies to declare force majeure, which would absolve importers of their obligations to pay penalty fees for ending contracts.

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US ‘demands control’ from Ukraine of key pipeline carrying Russian gas

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Senior Kyiv economist describes latest postion of Trump administration in talks as ‘colonial-type’ bullying

The US has demanded control of a crucial pipeline in Ukraine used to send Russian gas to Europe, according to reports, in a move described as a colonial shakedown.

US and Ukrainian officials met on Friday to discuss White House proposals for a minerals deal. Donald Trump wants Kyiv to hand over its natural resources as “payback” in return for weapons delivered by the previous Biden administration.

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Will global climate action be a casualty of Trump’s tariffs?

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Clean energy investors likely to pull back from US, but other countries may seize opportunity to speed transition

Donald Trump’s upending of the global economy has raised fears that climate action could emerge as a casualty of the trade war.

In the week that has followed “liberation day”, economic experts have warned that the swathe of tariffs could trigger a global economic recession, with far-reaching consequences for investors – including those behind the green energy projects needed to meet climate goals.

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