Category Archives: Energy industry

Filipino activists appeal to British banks over region devastated by oil spill

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Environmentalists from the Philippines urge investors to avoid LNG projects which they say threaten the Verde Island Passage

Campaigners from the Philippines have urged British banks not to fund the expansion of fossil fuel use in their country. It follows a huge oil spill that threatened a globally important marine biodiversity hotspot.

Filipino environmentalists have travelled to the UK to meet representatives from Barclays, Standard Chartered and HSBC as part of efforts to stop the expansion of liquefied natural gas (LNG) power plants and terminals in and around the Verde Island Passage, a global marine biodiversity hotspot known for its whale sharks, corals, turtles and rich fisheries, which was badly affected by the oil spill this year.

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Bumper BP profits reignite debate over tougher windfall tax

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Oil and gas company beats analysts’ forecasts as its profits reach $5bn in the first three months of the year

BP has beaten City forecasts to post one of the largest first-quarter profits in its history despite an easing in energy prices, reigniting a debate over windfall gains by oil and gas firms.

The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts of $4.3bn.

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‘There’s a lot of posturing’: Europe’s nuclear divide grows as one plant opens and three close

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Europe’s first new plant in 16 years comes on stream in Finland day after Germany pulls plug on last reactors

When Europe’s first new nuclear reactor in 16 years came online in Finland, it was hailed by its operator as a “significant addition to clean domestic production” that would “play an important role in the green transition”.

The opening last Sunday of the long-delayed Olkiluoto 3 plant, Europe’s largest, means about 40% of Finland’s electricity demand will soon be met by nuclear power, which the government says will boost energy security and help it achieve its carbon neutrality targets.

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New prepayment meter rules must be properly enforced, says Grant Shapps

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Suppliers in Great Britain have agreed code banning them from installations in homes of over-85s

The energy secretary, Grant Shapps, has urged Ofgem to turn words “into action” to ensure new industry rules designed to protect vulnerable people from being forced on to prepayment meters are properly enforced.

The Guardian revealed on Monday that all energy suppliers in Great Britain had signed up to a code of conduct banning them from putting the meters in the homes of people aged 85 and over as well as those with severe health conditions.

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Businesses in north of England ask ministers for help to hit net zero

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Leaders of Drax, Siemens and others call for green growth to be a priority and ‘regional disparities’ to be closed

Business leaders in the north of England have written to the prime minister, chancellor and energy secretary asking for help to reach net zero.

Big names including Drax, Siemens, Peel, Manchester airport, the CBI and all 11 local enterprise partnerships (LEPs) in the north signed a letter urging the government to prioritise green growth in the north.

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Revealed: UAE plans huge oil and gas expansion as it hosts UN climate summit

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Exclusive: UAE’s fossil fuel boss will be the president of Cop28, making a mockery of the summit, say campaigners

The United Arab Emirates, which is hosting this year’s UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar.

The CEO of the UAE’s national oil company, Adnoc, has been controversially appointed president of the UN’s Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis. But Sultan Al Jaber is overseeing expansion to produce oil and gas equivalent to 7.5bn barrels of oil, according to new data, 90% of which would have to remain in the ground to meet the net zero scenario set out by the International Energy Agency.

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People in Cheshire village will not be forced to join hydrogen energy trial

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Backlash prompts companies to give residents option of keeping natural gas rather than joining pilot project

Energy firms will no longer force people in a village in Cheshire to stop heating and cooking with natural gas and swap to lower-carbon hydrogen after a local backlash to a planned government-backed pilot.

British Gas and Cadent had been prepared to cut off gas supplies to nearly 2,000 homes in the village of Whitby, just outside Ellesmere Port on the south bank of the Mersey, as part of their proposals to create the UK’s first hydrogen-fuelled village.

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‘Half-baked, half-hearted’: critics ridicule UK’s long-awaited climate strategy

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UK’s 1,000-page plan criticised as doing ‘little to boost energy security, lower bills or meet climate goals’

The UK’s new energy plan unveiled on Thursday is a missed opportunity full of “half-baked, half-hearted” policies that do not go far enough to power Britain’s climate goals, according to green business groups and academics.

The 1,000-page strategy has been criticised by many within Britain’s green sectors who fear the country could surrender its leading role in climate action because of the government’s “business as usual” approach to delivering green investments.

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Bulb bailout may cost UK government billions less than feared, says watchdog

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National Audit Office estimates bill of £246m for saving energy supplier as result of sharp fall in gas prices

The bailout of the bust energy supplier Bulb is expected to cost the government billions of pounds less than originally feared because of a sharp fall in wholesale gas prices, according to the National Audit Office.

The public spending watchdog said the government may end up spending £246m on saving the supplier, which has 1.5 million customers and was acquired by Octopus Energy late last year.

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Jeremy Hunt makes U-turn on planned cut to energy support

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Campaigners unite with suppliers to call on ministers to give long-term help to struggling households

Ministers are under pressure to announce plans for a social tariff to help Britons struggling with their energy bills over the long term, after the government performed a U-turn on a planned cut to support for households.

On the morning of the chancellor Jeremy Hunt’s budget speech, the government confirmed the energy price guarantee would continue at its current rate, which limits a typical annual household bill to £2,500. It is being extended from April, when it was due to expire, for a further three months until the end of June.

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Saudi Aramco’s $161bn profit is largest recorded by an oil and gas firm

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Amnesty International hits out at ‘shocking’ annual figure reaped through sale of fossil fuel

Saudi Aramco has reported a record $161bn (£134bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.

The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.

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North Sea’s biggest energy producer claims UK windfall tax ‘wiped out’ surge in profit

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Harbour Energy says it had to cut jobs and investment at same time as announcing new shareholder payouts taking total to $1bn

The North Sea’s biggest producer has complained that the windfall tax on oil and gas companies “all but wiped out” its profits last year, at the same time announcing new shareholder payouts which take the total to $1bn since the end of 2021.

Harbour Energy said on Thursday its pre-tax profits rose by nearly 700% in 2022 to $2.5bn (£2.1bn) on higher production and bigger margins making it the latest oil and gas company to report a huge increase in underlying profits, after the war in Ukraine pushed up wholesale gas prices and sent household bills soaring.

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UK energy firms must pass on price savings to customers, ministers warn

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Grant Shapps to tell suppliers that reduced wholesale prices must be seen in consumer prices

Ministers have warned energy firms that they must pass on the benefits of lower wholesale prices to consumers, amid concern that bills could rise this spring.

In a speech on Wednesday, Grant Shapps will tell energy suppliers that reduced wholesale prices must be seen in consumer prices, “no ifs, buts or maybes”.

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Selfish or a godsend? Readers share their views on wood-burning stoves

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Demand for wood stoves is soaring in energy crisis despite research showing their harmful effects

Demand for wood-burning stoves, including in urban areas, has soared as households look for more affordable ways to stay warm during the energy crisis.

Campaigners have called for stricter legislation on their use because of their negative impact on air pollution and health, with wood burning in the UK gaining in popularity over the past decade.

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China approves biggest expansion in new coal power plants since 2015, report finds

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Concerns about energy shortages drive increase as projects progress at ‘extraordinary’ speed

China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, research shows.

Over the year, 50GW of coal power capacity went into construction across the country – up by more than half compared with the previous year – driven by energy security considerations, the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) said on Monday.

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BP boss could be in line for special bonus of up to £11.4m

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Firm set for clash with investors over possible payout to Bernard Looney from three-year share award plan

BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.

Strong growth in BP’s share price means Bernard Looney is set for a multimillion-pound payout from a three-year share award plan set up in 2020, when countries around the world were in lockdown and the company was cutting jobs amid a global collapse in demand for oil.

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BASF to cut 2,600 jobs as energy crisis puts Germany on track for recession

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Chemicals company says disruption from Ukraine war, rising costs and inflation will continue this year

The German chemicals company BASF has said it will cut 2,600 jobs as Europe’s largest economy braces for recession triggered by the energy crisis that intensified after Russia’s full-scale invasion of Ukraine a year ago.

The year was “dominated by the consequences of the war in Ukraine and in particular by increased raw material and energy prices”, BASF said in a statement on Friday. It paid additional energy costs of €3.2bn (£2.8bn) globally during 2022.

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Shell and Vitol accused of prolonging Ukraine war with sanctions ‘loophole’

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Exclusive: Ukrainian economic adviser urges energy firms to heed deadline to halt trade of ‘Russian-origin oil products’

The oil company Shell and energy trader Vitol have been accused of prolonging the war in Ukraine by exploiting a “loophole” in the EU sanctions regime to bring products derived from Russian oil into Europe through Turkey.

Oleg Ustenko, the economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has urged the energy companies to commit to a deadline to halt the trade of a “Russian-origin oil products” to reduce Vladimir Putin’s war coffers, the Guardian can reveal.

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Profits of British Gas owner Centrica triple to ‘obscene’ £3.3bn

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Figure angers campaigners calling for tougher windfall taxes and follows prepayment meter scandal

The profits of the scandal-hit owner of British Gas have more than tripled to a record £3.3bn, boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine and as many households in Britain struggle with the cost of living.

Centrica’s “monster” profits immediately angered campaigners who are calling for tougher windfall taxes, lower bills and better treatment of vulnerable customers against the backdrop of the prepayment meter scandal.

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British Gas owner expected to reveal record profits of £3bn

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Britain’s largest energy supplier only recently ended its much-criticised forced installation of prepayment meters

The owner of British Gas is poised to reveal record annual profits of more than £3bn just weeks after suspending the forced installation of prepayment meters due to concerns over its treatment of vulnerable customers.

Analysts expect Centrica, which owns Britain’s largest energy supplier, to post underlying profits of £3.3bn in 2022 on Thursday, up from £948m in 2021.

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