Investment in solar power set to outshine oil for first time May 25, 2023 The IEA announced that investment in solar power will this year exceed that of oil for the first time ever amid the global push towards renewables.
UK committed to new oil and gas licences – but “would never” back plans which fail net zero May 25, 2023 The government is committed to granting new UK oil and gas licences but “would never” approve anything incompatible with net zero.
Water firm United Utilities sees profit slump but finds £310m for dividend boost May 25, 2023 The UK’s largest water company, United Utilities, saw pre-tax profits slump by 27.7 per cent this morning whilst announcing a boosted dividend payment of £310m to its shareholders. The Washington-headquartered firm, which supplies much of the water to the north-west, said that profits had slumped as a result of inflation, which had impacted procurement costs [...]
Campaigners warn of little relief as Ofgem expected to lower price cap to £2,053 May 25, 2023 Ofgem is expected to lower household energy bills to an average of £2,053 a year from July to reflect tumbling wholesale prices, according to analysts. The regulator will announce its latest energy price cap on Thursday as campaigners warned consumers are likely to feel little relief with bills remaining well above pre-pandemic levels. Consultancy firm [...]
Severn Trent profits rise and forecast lifted as sector readies for ‘biggest investment period ever’ May 24, 2023 Severn Trent reported a booming full-year profits and forecast strong earnings for the upcoming year, as it anticipates the “biggest investment period the sector has ever seen.” The company said it was planning “increased capital investment of between £850 million and £1bn for 2023/24,” and saw turnover hit £2.1bn, up 11.4 per cent on the [...]
South West Water facing Ofwat probe into leakage data accuracy May 23, 2023 The water watchdog is set to probe the accuracy of leakage data from one of England’s biggest providers. Ofwat will investigate South West Water (SWW) over the accuracy of its information on water consumption and leakages, in the wake of an apology from firms over sewage issues. Owned by the FTSE 100 listed Pennon Group, [...]
Offshore: 1,650 workers to strike in sector’s biggest walkout – following Shell and BP’s £11.7bn profits May 23, 2023 Around 1,650 North Sea offshore contractors will begin two new rounds of 48-hour strike action in what a trade union said is the biggest walkout in the sector so far. The workers are striking in an increasingly bitter dispute over jobs, pay and conditions in the offshore sector, Unite said. The union says BP and Shell recorded [...]
Atome Energy shares leap after Baker Hughes snaps up stake May 22, 2023 Atome Energy’s share price jumped over 10 per cent this morning after US oil services company Baker Hughes snapped up a 6.6 per cent stake
Suppliers must improve customer performance after energy crisis May 22, 2023 Ofgem will meet this week to establish the latest update to the quarterly price cap, with energy suppliers under more scrutiny.
Enough with excuses, energy suppliers must up their game May 22, 2023 Ofgem will meet to establish the latest update to the price cap, meaning a potential 30 per cent reduction in energy bills this summer.