Category Archives: Energy industry

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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Trump signs orders to allow coal-fired power plants to remain open

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Move aimed at addressing rise in power demand for datacenters, AI and EVs, but environmentalists call it a step back

Donald Trump signed four executive orders on Tuesday aimed at reviving coal, the dirtiest fossil fuel that has long been in decline, and which substantially contributes to planet-heating greenhouse gas emissions and pollution.

Environmentalists expressed dismay at the news, saying that Trump was stuck in the past and wanted to make utility customers “pay more for yesterday’s energy”.

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Northern Ireland faces court case over £300m north-south power pylon plan

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Campaigners claim NI is being used as a ‘whipping boy’ to feed Irish republic’s energy-hungry datacentres

An ambitious €350m (£300m) plan to connect electricity grids across the island of Ireland is heading for the high court after a challenge brought by campaigners claiming Northern Ireland was being used as a “whipping boy” to feed the republic’s energy-hungry datacentres.

An estimated 150 landowners representing 6,500 residents have called on the Northern Ireland minister for infrastructure, Liz Kimmins, to suspend the construction of more than 100 towering pylons in Armagh and Tyrone until a judicial review, due to start on 9 April, has been completed.

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UK steel industry calls for capped energy prices amid Trump trade war

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British steelmakers lobby for government to set limit to compete with France and Germany

The British steel industry has called for capped energy prices for heavy industry in order to match France and Germany, as companies grapple with the fallout from Donald Trump’s trade war.

UK Steel, a lobby group, has proposed the government set a maximum price for energy through a contract for difference (CfD), before an announcement of a new steel strategy.

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Trump’s ‘drill, baby, drill’ agenda could keep the world hooked on oil and gas

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The US president is making energy deals with Japan and Ukraine, and in Africa has even touted resurrecting coal

Donald Trump’s repeated mantra of “drill, baby, drill” demands that more oil and gas be extracted in the United States, but the president has set his sights on an even broader goal: keeping the world hooked on planet-heating fossil fuels for as long as possible.

In deals being formulated with countries such as Japan and Ukraine, Trump is using US leverage in tariffs and military aid to bolster the flow of oil and gas around the world. In Africa, his administration has even touted the resurrection of coal, the dirtiest of all fossil fuels, to bring energy to the continent.

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What the world needs now is more fossil fuels, says Trump’s energy secretary

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Chris Wright signals abandonment of Biden’s ‘irrational, quasi-religious’ climate policies at industry conference

The world needs more planet-heating fossil fuel, not less, Donald Trump’s newly appointed energy secretary, Chris Wright, told oil and gas bigwigs on Monday.

“We are unabashedly pursuing a policy of more American energy production and infrastructure, not less,” he said in the opening plenary talk of CERAWeek, a swanky annual conference in Houston, Texas, led by the financial firm S&P Global.

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Nigerian king faces Shell in London high court over decades of oil spills

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King Okpabi, ruler of Ogale, says Shell has caused chronic pollution, while oil firm argues it is not responsible

His Royal Highness King Godwin Bebe Okpabi has carried bottles of water drawn from the wells of his homeland in the Niger delta to the high court in London.

It stinks. “This is the water that Shell has left for my people,” said the ruler of the Ogale community in Ogoniland, Nigeria. “This is poison, and they are spending millions of dollars to pay the best lawyers in the world so that they will not clean my land.”

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UK Treasury ‘plans funding cuts at GB Energy’ in blow to Ed Miliband

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Government considering such a move over state-owned firm set up by Labour in June’s spending review, say reports

The UK government is making plans to cut the funding for GB Energy, the state-owned company set up by Labour to drive renewable energy and cut household bills, in June’s spending review.

Cuts to the £8.3bn of taxpayer money promised over the five-year parliament would be another blow for Ed Miliband, the energy secretary, after he was overruled by the government when the chancellor, Rachel Reeves, backed the expansion of Heathrow’s third runway.

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BP to almost double oil and gas production by 2030 in move away from green goals

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Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan

BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.

The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.

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Energy network owners have made £3.9bn from higher bills, says report

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Citizens Advice believes Ofgem made flawed interest rate calculation for companies in Great Britain

The companies behind Great Britain’s gas pipes and power lines have pocketed a windfall of nearly £4bn from household bills during the energy and cost crisis, according to a report.

The analysis, by Citizens Advice, argued that energy network owners were able to make the “excess profits” over the past four years after the industry regulator misjudged their costs.

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Energy bills in Great Britain forecast to rise by 5% from April

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Households face greater than expected rise in Ofgem price cap after Europe’s gas storage levels slump, analysts say

Millions of households face a greater than expected increase to their energy bills of about 5% from April after a slump in Europe’s gas storage levels caused market prices to climb, according to analysts.

The average gas and electricity bill for a typical household in Great Britain is expected to rise by £85 from April to £1,823 a year under the energy regulator’s price cap.

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Philippines storm survivors join climate protest outside Shell HQ in London

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Greenpeace protest draws attention to worsening typhoons and demands accountability from major polluters

For two days and two nights, Ronalyn Carbonel and her four children clung to the roof of their home as a huge storm raged around them. With the wind battering her village of Rizal, about 10 miles east of Manila in the Philippines, and water swirling through the rooms below them, they had no choice but to wait, hoping that someone would come to rescue them and hundreds of their neighbours.

“We did not have shelter, we did not have food … we just had to wait for the government for two days,” Carbonel said. “It is not easy, no electricity, no light, we just wait for the sun to rise. The children were scared, we had never experienced anything like this.”

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GB Energy faces ‘challenging’ task to find CEO for Aberdeen HQ, sources say

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Industry insiders say it will be ‘tricky’ to find suitable candidate who would agree to location and civil service pay

Britain’s state-owned energy company faces a “challenging” task to find a chief executive for its Aberdeen HQ when it begins recruiting this month, senior industry sources have said.

Great British Energy is poised to begin the hunt, but sources claim there are still no obvious frontrunners for the top job almost six months after the £8.3bn publicly owned clean energy company was formed.

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‘Backsliding’: most countries to miss vital climate deadline as Cop30 nears

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Developing countries urge biggest polluters to act as Trump’s return to the White House heightens geopolitical turmoil

The vast majority of governments are likely to miss a looming deadline to file vital plans that will determine whether or not the world has a chance of avoiding the worst ravages of climate breakdown.

Despite the urgency of the crisis, the UN is relatively relaxed at the prospect of the missed date. Officials are urging countries instead to take time to work harder on their targets to cut greenhouse gas emissions and divest from fossil fuels.

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Green campaigners fear UK to renew subsidies to Drax power station

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Billions of pounds from energy bill payers to run out in 2027 but could be extended as soon as Monday

Green campaigners fear ministers are poised to award billions of pounds in fresh subsidies to Drax power station, despite strong concerns that burning trees to produce electricity is bad for the environment.

Drax burns wood to generate about 8% of the UK’s “green” power, and 4% of overall electricity. This is classed as “low-carbon” because the harvested trees are replaced by others that take up carbon from the atmosphere as they grow.

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GB Energy says it may not meet pledge to employ 1,000 people ‘for 20 years’

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Chair Jürgen Maier also refused to put a date on when the agency would bring down energy bills

It could take 20 years for GB Energy to meet its pledge to employ 1,000 people, its chair acknowledged on Monday.

Jürgen Maier also refused to put a date on when it would bring down energy bills.

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US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil

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Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers

US consumers will see higher prices at the gas pump from Donald Trump’s decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.

The likely hike in fuel prices reflects the double-edged nature of Trump’s trade protections, which are designed to bolster domestic business and pressure US neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.

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European Central Bank cuts interest rates to support growth as eurozone economy stagnates – as it happened

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Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies

It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.

But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.

This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.

In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.

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