Britain Rejects Moroccan Subsea Power Project In Favor of Domestic Solutions
Britain has rejected a 25 billion pound ($34.39 billion) Moroccan renewable energy project that would have used solar and wind power from the Sahara to supply up to seven million UK homes.The British government, which is aiming to largely decarbonise its electricity sector by 2030, said on Thursday it believed domestic projects could offer better economic benefits."The government has concluded that it is not in the UK national interest at this time to continue further consideration of support for the Morocco-UK Power Project," energy department minister Michael Shanks said in a written statement to parliament.He also said the project did not clearly align strategically with th
UK-based Balfour Beatty awarded $1.14 billion contract to build new gas power plants
Technip Energies, a French energy company, awarded Balfour Beatty of Britain a contract worth 833 million pounds ($1.14 billion). The project involves the construction of a UK gas-fired power plant. Balfour Beatty announced that construction on the plant, where 1,500 workers will be employed, will begin later this year and will end in 2028. The British Government is pushing clean energy initiatives in order to reduce energy bills and decrease reliance on fossil fuels imported. A strategy for the industry, made public this week, stated that the country would give energy-intensive companies exemptions and reduce their high energy costs.
Miliband pledges to lead the way in clean energy and demand corporate net-zero strategies
Ed Miliband, the energy secretary, said that Britain is on the right track by cutting emissions and investing in a green economy. He also pledged to press large companies to explain how they will align their business with this shift. Opposition parties are putting pressure on the government over perceived costs associated with the move to net zero emission at a moment when energy prices remain high after Europe has shifted away from Russian imports due to Moscow's invasion of Ukraine in 2022. Miliband, speaking to climate investors, scientists…
Treasury yields are easing with US stocks flat or up; investors evaluate US tax bill
The 30-year U.S. Bond yields rose to their highest level in nearly 19 months, before falling on Thursday. Worries about the U.S. Fiscal Outlook and the demand for government bonds remained, while Wall Street stocks ended either flat or slightly higher. After recent losses, the U.S. Dollar has strengthened. The yields increased earlier, after the U.S. House of Representatives approved President Donald Trump's proposed tax bill with a single vote. This added to concerns about the debt burden of the country. Moody's was the last major credit rating agency to remove the U.S. from its triple-A status late last week. Some buyers were attracted by the recent drop in bond prices.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries around the world after Russia's full-scale invasion of Ukraine in 2022 drove up global prices and pushed the EU to curb its reliance on Russian fuels."Energy security is national security...
FT reports that UK Treasury is considering cutting funding for GB Energy
The Financial Times reported that Britain's Treasury Department is considering cutting funding plans for the state-backed energy company GB Energy during a review of spending scheduled for June. The British government created GB Energy last year with a budget of 8.3 billion pounds (10.73 billion dollars) and envisioned it as its main tool for driving investment in renewable energies. The Crown Estate, which manages the public holdings of the British monarchy, was to be partnered with the company to lease seabeds for 20-30 gigawatts by 2030. A request for comment was not immediately responded to by the UK Treasury or Britain's Energy Department.
UK announces plans to reform subsidy schemes in order to accelerate green energy projects
The British Government on Friday announced plans to reform its flagship Contracts for Difference scheme (CfD), which will remove planning obstacles and accelerate green energy projects in particular offshore wind farms. The Department for Energy Security and Net Zero, (DESNZ), has announced that it will relax eligibility criteria for planning consent for offshore fixed-bottom wind and extend the CfD contract beyond its current 15 year term. CfDs is a government-backed price guarantee for electricity producers. The government also wants to alter the way that budgets are published and set for offshore wind, including the ability to view bid data in an anonymous form.
Additional Sanctions Possible for Russian Oil tankers
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package. Two Russian oil companies, more than 100 tankers, oil traders…
Equinor, BP and TotalEnergies invest in Britain's carbon-capture projects
They announced on Tuesday that Equinor, BP, and TotalEnergies have made the final investment decisions for two of Britain's first projects to capture and store carbon in the north. The Northern Endurance Partnership Project, which is a joint venture between the three companies, will store carbon dioxide permanently for an initial amount of 4 million tonnes per year. Equinor holds 45% of NEP. BP has 45%, and TotalEnergies 10%. Equinor, BP and BP are also partners on the Net Zero Teeside Power Project. This project is a 742 megawatts (MW), gas-fired plant with carbon capture. BP owns 75% of this project and Equinor 25%.
Developer: Five investors bid for UK Sizewell C nuclear stake in the bidding process
The project developer said on Thursday that five investors were involved in the bid to buy stakes in Sizewell C, the nuclear plant being constructed in Britain by EDF and the British government. The Labour Party in Britain has stated that nuclear plants are important to help the country achieve its climate goals and decarbonise their electricity sector. The project is looking for investors to invest in the Sizewell-C nuclear plant. It hopes to make a decision on the financial investment next year. Nigel Cann said, Sizewell C's managing director, "We are in talks with five potential investors." This was on the sidelines an industry event.
UK increases windfall taxes on North Sea Oil and Gas Producers
Finance Minister Rachel Reeves said on Wednesday that the British government would increase its windfall tax for North Sea oil-and-gas producers from 35% to 38% and extend it by one year. Reeves, who presented the first budget of the new Labour Government, said that the increase in the windfall tax - also known as the Energy Profits Levy - will come into effect on November 1. The headline tax rate for oil and gas activity is now 78%. This is among the highest rates in the world. The duration of the law will be extended an additional year, until March 2030.
Financial Times - Oct 16
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. BBC, the British broadcaster, has announced plans for 155 job cuts across its news operations. This is part of a larger cost-cutting plan worth 700 million pounds (915 million dollars). Woodside Energy, an Australian oil and natural gas company, announced on Wednesday that it will delist next month from the London Stock Exchange in order to cut down the administration costs of the business. Ratings agency Moody's warned that UK water companies may struggle to raise capital by 2030…
British Business – September 6
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. According to a new study, British pension funds have the lowest level of support for their own stock market among developed economies. This will fuel debates about reforming UK retirement pots in order to boost the London Stock Exchange. BMW plans to launch its first hydrogen powered vehicle in 2028 using the fuel cell technology it developed with Toyota Motor Corp. ASOS, the British online retailer…
Hitec, a unit of Eni, wins support for a large floating wind farm
Flotation Energy, a joint-venture between Eni Plenitude, and HitecVision private equity, announced on Tuesday that their floating offshore project Green Volt had won a contract in Britain's most recent renewable energy auction. They said that the 2.5 billion pound initiative ($3.28 billion), which will have a maximum capacity of 560 megawatts and be supported by incentives from government, is on track to become the largest floating offshore wind farm in support. The ship will be 80 km (50 miles), off the coasts of Scotland's northeast. Vaargroenn's…
UK North Sea Tax Changes Mean $12 Billion Revenue Drop, Industry Body Says
An industry group warned on Monday that the British government's plans to raise a windfall-tax on North Sea oil producers will result in a drop of nearly 16 billion pounds in state revenue and accelerate a fall in production. The Labour government elected in July has stated that the changes will assist in achieving a ramp up in renewable energy and a shift away from oil and natural gas in order to reduce carbon emission and help curb global climate change. Offshore Energies UK, an industry group, predicted that the changes will reduce tax revenues by 12 billion pounds from 2025 to 2029 when compared with the current tax regime.
NEO Energy reduces UK investment plans due to fiscal and regulatory uncertainty
NEO Energy announced on Monday that it would slow down its investment in all of its portfolios due to the uncertainty surrounding fiscal and regulatory issues in the British oil sector. NEO is the owner of half the Buchan Horst project in the UK North Sea. Serica Energy, Jersey Oil & Gas and NEO are the joint venture partners. They own 30% and 20% respectively. The British government has decided to delay the assessment of environmental statements as it plans to launch a consultation for new environmental guidelines on oil and gas project. In late July, the Labour government announced that it would raise the Energy Profits Levy from 35% to 38 % starting November 1.
Britain announces that the Trans-Pacific Trade Agreement will come into effect by December 15
The British Government announced on Thursday that its agreement to join Comprehensive and Progressive Agreement for Trans-Pacific Partnership will enter into effect by December 15th this year, after receiving the final ratification needed. CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is a free-trade agreement signed in 2018 by 11 countries: Australia, Brunei (Burma), Canada, Chile, Japan Malaysia, Mexico New Zealand, Peru Singapore, Vietnam. The UK is the sole European member of CPTPP, and it was the first country to join the agreement since its creation.
Activists Climb Shell North Sea Platform
Greenpeace activists boarded two Royal Dutch Shell oil platforms in the British North Sea on Monday in protest against plans to leave parts of the giant structures in place after production shuts down.Pictures provided by Greenpeace show two people in yellow hats scaling one of giant two large, rusty structures and unfurling a banner reading "Clean up your mess, Shell!"Shell confirmed that protesters boarded the Brent Alpha platform and the Brent Bravo concrete legs.Shell is in the process of dismantling the 40-year-old Brent field east of the Shetland islands, in what is known as decommissioning, as its oil and gas reserves dwindle after producing more than 500,000 barrels a
Siemens Gamesa, GRI Renewables Invest in NE England Offshore Wind Production
Siemens Gamesa and GRI Renewables Industries will invest more than $360 million into offshore wind manufacturing facilities in northeast England.Siemens Gamesa will invest a total of $258m to expand its blade manufacturing site located near Hull - Britain's largest offshore wind manufacturing facility - readying it for the next generation of offshore wind turbines and blades greater than 100 metres, the government said.Siemens Gamesa will add 200 workers to the 1,000 it already employs in the factory, the company said in a separate statement.GRI Renewable Industries will spend more than $100m to build an offshore wind turbine tower factory at Able Marine Energy Park…
UK faces legal action for new North Sea oil and Gas Licences
A marine conservation group is challenging in court the decision of Britain to issue new oil and natural gas exploration licenses. The organization claims that ministers failed to take into account the impact of these licences on marine life. Oceana UK has filed a lawsuit against 31 licenses granted by the previous British government to the North Sea Transition Authority in May of this year, as part of its latest round for oil and gas licensing. A licence for exploration does not always lead to a producing field. However, environmental groups…
