UK consumer confidence falls into negative territory for first time since 2020 September 15, 2022 Confidence among UK consumers has fallen into negative territory for the first time since June 2020, according to a survey. The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research (Cebr) fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic. [...]
Tullow Oil chiefs double down on plans for £1.5bn Capricorn merger September 14, 2022 BOSSES at Tullow Oil yesterday reaffirmed their commitment to a £1.5bn merger with Capricorn – though shareholders in the latter continue to sound the alarm on the possible deal. Tullow announced the deal in June, with CEO Rahul Dhir yesterday saying that the merger has “the potential for material value creation” alongside half year profits [...]
Von der Leyen sets out £120bn energy windfall plan and says Ukraine may join single market September 14, 2022 The European Union has set out plans to raise more than £120bn with a windfall tax and revenue cap on energy suppliers, as its commissioner reiterated the bloc’s backing for Ukraine. The body announced it would cap revenues for non-gas energy suppliers in a bid to reverse the fuel problem in Europe, sparked in part [...]
Shares plunge for ITM Power as losses widen and CEO plans his exit September 14, 2022 ITM Power’s shares plunged nearly 25 per cent this afternoon after the energy giant posted widening losses and announced the news that its CEO was calling it quits. The green energy giant said in its full year results that gross loss hit £23.5m, ballooning from £6.5m in 2021. Although revenue jumped to £5.6m, compared to [...]
Challenger gas supplier Yu Group exceeds expectations amid concerns over price rises September 13, 2022 Challenger gas supplier Yu Group exceeded expectations on its cash, earnings and profitability, as it looks to finish the financial year strongly. The company said it expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) of more than £4.7m, while its cash balance was ahead of expectations. Its strong showing took place even with an [...]
UK battery storage capacity to be boosted by £200m venture September 12, 2022 Specialist energy storage trust NextEnergy Solar Fund has announced a £200m venture with sustainable electricity firm Eelpower to strengthen the UK’s battery storage capacity. The company’s first 50MW battery storage project through the joint venture is currently under construction in Fife, Scotland, and is expected to grid-connected in the first half of 2023. “Battery storage [...]
Europe must avoid ‘sticking plaster’ solutions to meet energy needs September 12, 2022 Europe has to ramp up its own energy production, rather than become reliant on other overseas suppliers, argues a Westminster think-tank.
Industry body backs fracking revival September 8, 2022 One of the UK's leading energy bodies has welcomed the Government's decision to lift the moratorium on fracking.
Free market think tanks criticise Truss’s energy price freeze September 8, 2022 Free market think tanks have said that the government’s plan to freeze energy bills will be ineffective and does not sufficiently target those most in need of support. “The energy price freeze is middle class welfare on steroids,” Andy Mayer, CEO of the Institute of Economic Affairs, said. “It represents a gigantic, untargeted handout to [...]
Energy firms welcome Government support package for households September 8, 2022 Energy firms have broadly welcomed the announced support package for households this winter, but called for more focus on demand.