Petroineos: Sir Jim Ratcliffe-backed energy giant loses $250m October 24, 2025 Petroineos, the energy trading company backed by Sir Jim Ratcliffe, lost $250m (£187.5m) in 2024 as it slumped into the red for the first time since 2020, it has been revealed. The Jersey-based business has reported the pre-tax loss after posting a profit of $30m in 2023. The results for the previous financial year were [...]
Tony Blair calls on Labour to ditch key net zero target October 23, 2025 Tony Blair’s think tank has called for the government to ditch its 2030 clean power target as it urged the Labour government to focus on making electricity cheaper in order to persuade Brits to use it over gas. In a report published by the Tony Blair Institute (TBI), researchers called for the government to “solve” [...]
Net zero targets “are not helping” claims shadow energy secretary October 19, 2025 Shadow energy secretary, Claire Coutinho, has claimed that Labour’s net zero targets” are not helping” the UK’s economy. In an interview with Sky News’ Trevor Phillips, Countinho linked the government’s climate targets to the ongoing cost of living crisis. She said: “We’ve said we would repeal the climate change target, and we actually think the [...]
Rolls-Royce: Losses widen at FTSE 100 giant’s SMR division October 6, 2025 The small nuclear reactor business owned by FTSE 100 giant Rolls-Royce lost £115m in 2024, it has been revealed. Rolls-Royce SMR, which is not yet revenue generating, has posted the higher losses after also making a deficit of £78m in 2023. New accounts filed with Companies House have also shown that the division’s income from [...]
Explainer: Why are energy prices so high? October 2, 2025 Energy prices for consumers across the UK rose again this month. Ofgem, the energy regulator, set the maximum annual rate for an average household for gas and electricity at £1,755 until the end of the year. The cap is now over £600 higher than when it was first introduced in 2019. Under the cap, [...]
Has the wind shifted on Net Zero? October 2, 2025 Once upon a time the promise of Net Zero enjoyed such universal support that a Tory government signed the UK’s Net Zero pledge into law. Today, the Tories say they’d scrap it – while alarm bells are ringing as the costs of the policy become clearer. In June 2019, Prime Minister Theresa May passed a [...]
Tories vow to scrap net zero targets and prioritise cheap energy October 2, 2025 Tory leader Kemi Badenoch has vowed to scrap legislation forcing the government to achieve net zero by 2050 promising instead to prioritise “cheap and reliable” energy if elected to government. The Climate Change Act was first passed in 2008 before being amended in 2019 under Theresa May’s government to include a legally-binding target to reach [...]
Remove windfall taxes on North Sea oil, bosses tell Rachel Reeves October 2, 2025 Chancellor Rachel Reeves should abolish windfall taxes on oil and gas producers in the North Sea, top bosses have said. In a new report setting out UK businesses’ proposals for the Budget, the Chancellor has been urged to focus on cutting energy costs for firms and set out a clearer plan for the North Sea’s [...]
Greg Jackson spins off Kraken from Octopus Energy September 18, 2025 Greg Jackson’s Octopus Energy has announced the spin-off of its technology arm Kraken to become a standalone business. The group said the move is aimed at “speeding up the platform’s expansion across the globe” and allowing Kraken to “fast-track investments into its technology, expand into new energy markets and regions, and drive innovation”. Kraken has [...]
Nuclear plants to be built faster in UK-US energy deal September 15, 2025 Nuclear plants could come online faster in a new deal between the UK and the US aimed at boosting growth in the sector and bolstering energy security. Under plans set to be signed off during US president Donald Trump’s state visit to the UK this week, the time for a nuclear project to get a [...]