Gas price surge forces industrial sites to close September 17, 2021 Two industrial sites that produce a combined 40 per cent of the UK’s fertiliser have been forced to halt operations due to recent record gas prices. The Times reported that CF Industries had shuttered its plants at Billingham in Teesside and Ince in Cheshire as a direct result of the price spikes. The closures came [...]
Power cable fire sends electricity prices higher again September 16, 2021 UK energy prices have continued to surge after a fire yesterday knocked out a crucial power cable that can supply electricity to 1.4m homes. Day-ahead power prices climbed 19 per cent on the back of the incident, with the “interconnector” not expected to be repaired until March. Gas prices closed in on £2 a therm, [...]
Kremlin: Launch Nord Stream 2 to balance gas prices September 15, 2021 The Kremlin today said that a rapid start-up of the controversial Nord Stream 2 pipeline would help to correct sky-high gas prices across Europe amid a squeeze in supply. Spokesman Dmitry Peskov said: “Undoubtedly, the quickest launch of Nord Stream 2 would significantly balance out the pricing parameters of natural gas in Europe, including on the spot [...]
Lights out for two more energy firms amid record power prices September 15, 2021 Two more energy suppliers have gone bust, leaving 500,000 customers needing a new provider, amid record prices for electricity and gas. Both Utility Point and People’s Energy have ceased trading, Ofgem has announced, the sixth and seventh energy companies to do so this year. Bournemouth-based Utility Point provided power to 220,000 customers, while London’s People’s [...]
Energy sector hits out at automatic switching plans July 23, 2021 The energy industry has reacted with dismay to the government’s plans to tackle the so-called “loyalty tax” on energy customers. Under proposals laid out this morning, the government will trial automatic switching to move customers on expensive default energy tariffs to cheaper deals. From 2024, consumers on costly tariffs would be automatically switched to cheaper [...]
Ecotricity makes fourth takeover bid of Good Energy for £60m July 22, 2021 Ecotricity has made a new higher offer in its takeover pursuit of fellow green energy supplier Good Energy, after a series of rejected offers since June. The latest cash offer, announced this morning, is at 340 pence per share, valuing the Chippenham-based company at around £59.5m. It marks a rise on Ecotricity’s initial indicative offer [...]
China’s crackdown on crypto continues as more mining projects shut down July 14, 2021 The cryptocurrency industry in China was further hit today as Anhui province said it would close all crypto mining operations due to energy consumption concerns. The province in east China will shut down the energy-intensive projects as part of a package of changes to address a power supply shortage. Cryptocurrency prices continued to drop overnight, [...]
Gas firms pushed UK minister to burn more gas in transition to clean energy July 7, 2021 Fossil fuel giants lobbied a UK government minister to use more natural gas in the transition to lower carbon energy production. As reported by Channel 4, a memo released under the Freedom of Information Act details how firms pushed the then-trade minister Connor Burns to accept a “greater recognition” of gas. The document, obtained by [...]
Draft EU plans for a Carbon Border Adjustment Mechanism June 8, 2021 | City Talk Draft EU regulations last week provided businesses with their first opportunity to consider the Commission’s current thinking around embedding a carbon price on imported, emissions-intensive goods. The Carbon Border Adjustment Mechanism (CBAM) would introduce a charge aimed at ensuring that the cost of foreign products imported to the EU reflects their carbon content. Under the [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City PM checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
