Starmer set to announce £22bn boost for UK carbon capture October 4, 2024 The UK is set to invest almost £22bn over 25 years in carbon capture and storage schemes, Sir Keir Starmer is to announce ahead of the upcoming international investment summit. Projects in Teesside and Merseyside will benefit from the £21.7bn in funding over 25 years, which the government says will attract £8bn in private investment [...]
Demise of coal power is end of an era, but not an end in itself October 1, 2024 A quiet revolution occurred in the very earliest moments of this morning, probably while you were asleep. You went to bed in one sort of country, and woke up in another sort entirely. The difference is largely invisible but undeniably huge: yesterday, the UK’s last coal power station was still operational and by this morning [...]
UK calls time on coal as it closes last remaining plant October 1, 2024 The UK has shut down its only remaining coal-fired power station, bringing to an end a 142-year dependence on the fossil fuel by the country that invented it as an industrial power source. The country’s last remaining coal power station, located in Nottinghamshire’s Ratcliffe-on-Soar, ceased operations at midnight on Monday, signalling a new chapter for [...]
Britain’s last coal-fired power station set to close in landmark moment September 26, 2024 The UK’s last remaining coal-fired power station is to shut at the end of September, drawing to a close Britain’s 142-year reliance on the fossil fuel to produce electricity. Ratcliffe-on-Soar power station has been generating electricity since 1968 via its four coal-fired boilers, eight vast cooling towers and 199-metre tall chimney, which occupies a prominent [...]
Singapore’s wealth fund snubs regulated UK utilities amid Thames Water crisis September 22, 2024 Singapore's sovereign wealth fund has reportedly told the government that it will not invest in regulated UK water, electricity and gas utilities due to unpredictable rules on infrastructure, in a blow for Labour's economic strategy.
Thames Water creditors plan emergency funding for troubled utility September 22, 2024 Thames Water's lenders are reportedly preparing to plough more than £1bn of emergency funding into the embattled utility before the end of 2024 in an effort that could keep it out of government hands.
UK cracks down on London entity belonging to Iranian oil tycoon September 16, 2024 The British government has targeted a London-based entity of Iranian oil trading empire led by Hossein Shamkhani, as it steps up efforts to stop those sidestepping oil-trading restrictions. Bloomberg revealed last month the role Shamkhani plays in Iranian and Russian oil trading. Shamkhani’s father, Ali, served as a naval commander for the Islamic Revolutionary Guard [...]
London Metal Exchange hires veteran Credit Suisse executive in modernisation push September 16, 2024 The London Metal Exchange has added veteran banker Robert Arbuthnott to its executive team as the marketplace looks to modernise and rebuild its reputation after a high-profile legal battle.
Neo Energy slows down £900m North Sea project due to windfall tax September 2, 2024 One of the North Sea’s largest oil and gas project has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil a [...]
Future of Rosebank in doubt as UK drops challenge to judicial review August 29, 2024 The future of Britain’s largest untapped oil field, Rosebank, has been thrown in to doubt after the new government said it would not challenge a judicial review. The decision affects the field which is just off the Shetland Islands, as well as Jackdaw, another untapped site 150 miles east of Aberdeen. Legal challenges against the [...]