Burnham’s energy costs battle confronts net zero pressure Energy Andy Burnham will face difficult decisions on energy policy against the competing pressures of sky-high industrial costs and Labour’s net zero commitments. Mauricio Alencar looks at the trade-offs facing the government before the Prime Minister’s COP 31 visit. While it didn’t make the headlines, Chancellor John Healey’s Budget speech signalled a huge shift in positioning [...]
BP raises £785m to pay off debt after selling down Aker BP stake Energy BP has offloaded around a third of its stake in Norwegian oil and gas company Aker BP marking a major cash injection as it seeks to bring down its debt pile. The FTSE 100 energy giant told markets on Thursday it had sold a five per cent stake in Aker for around NOK9.83bn (£785m). BP [...]
Drax unveils £20bn plans for new data centre – powered by burning wood Energy Energy company Drax has unveiled plans to build a new data centre at the site of its North Yorkshire power plant, which uses wood as fuel. The FTSE 250 firm’s biomass plant is predominantly powered by wood pellets, but also uses straw and sunflower pellets. The company said it intends to use surplus energy capacity [...]
BP shares lift as oil giant cheers surge in profit October 30, 2026 BP has reported a surge in profit after the disruption to fuel supplies caused by the war in Iran turbocharged its margins. The FTSE 100 firm reported earnings of $8.5bn (£6.3bn) for the third quarter, a near-quadrupling compared to the same period last year, smashing analyst estimates. The company has halved its debt over the [...]
Healey scraps ‘unfair’ standing charges from gas bills October 28, 2026 John Healey has said he will scrap “outdated and unfair” standing charges from gas bills, in a move which could save households £45 per year. The Chancellor said these fees – which are charged on top of the daily rate to cover the cost of connecting to a supply – are part of “an energy [...]
Healey weighs removing standing charges on gas bills October 21, 2026 Chancellor John Healey is looking at cutting standing charges on gas bills as part of the government’s push to cut household energy costs, the Prime Minister has announced. Speaking in the House of Commons today, Andy Burnham said he had asked the Chancellor and the energy secretary, Miatta Fahnbulleh, to consider stripping “unfair” standing charges [...]
Supreme Court blocks Scottish Power’s £28m tax write-off October 21, 2026 The Supreme Court has ruled that the energy giant, Scottish Power, cannot deduct £28m in regulatory settlement payments from its taxable corporate profits after a lengthy legal battle with HMRC. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and [...]
UK government approves Jackdaw production in North Sea boost October 21, 2026 A major gas field in the North Sea has been re-approved by the government following years of legal rows with environment campaigners. The Jackdaw site, a large offshore natural gas field 150 miles east of Aberdeen, has received the official stamp of approval from the government and is expected to supply gas to the UK [...]
Burnham complains Jackdaw and Rosebank approval delayed by ‘government process’ October 14, 2026 Approval for more oil and gas drilling at the North Sea sites Jackdaw and Rosebank have been delayed by “government process” and lengthy bureaucratic wrangling, Prime Minister Andy Burnham has said. Burnham told MPs that he would take a “pragmatic approach” on oil and gas drilling amid calls from energy bosses for drilling to go [...]
BP braces for hit of up to $4.5bn in pivot from green energy October 13, 2026 BP is bracing for a hit of up to $4.5bn after a hefty write-down in its energy transition unit, as the firm pivots away from aggressive green targets. The FTSE 100 energy giant told markets on Tuesday its third quarter update – set for the end of the month – would include a post-tax impairment [...]