UK’s last fracking wells to be filled with cement despite dwindling gas stocks January 29, 2025 The UK’s last fracking wells are set to be closed and filled with cement despite warnings that Britain’s gas stockpiles are dwindling. In an open letter, the North Sea Transition Authority regulator told the energy firm Cuadrilla to plug the two wells at Preston New Road in Lancashire before decommissioning them by 30th June 2025. [...]
Probe launched into £2.1bn takeover of Electricity North West by ScottishPower owner January 29, 2025 The competition watchdog has launched a probe into a £2.1bn deal to takeover Electricity North West by the owner of ScottishPower. The Competition and Markets Authority (CMA) is looking into the deal which was first announced by Iberdrola in August last year. The watchdog said it was investigating whether the deal may affect competition in [...]
Ovo Energy buys brand from billionaire founder in £150m deal January 28, 2025 Ovo Energy has bought its brand from the company’s billionaire founder in a £150m deal. The Bristol-based firm, which is the country’s fourth-biggest household energy supplier, has made the move as part of a wider reorganisation. It was reported last Summer that Ovo Energy was close to hiring bankers to explore fundraising options which could [...]
ScottishPower: Court grants appeal against HMRC over £28m tax bill January 17, 2025 Energy giant ScottishPower has been granted an appeal to allow it to deduct £28m in fines by Ofgem for corporation tax purposes
Britain has enough gas, network says amid warnings stores are low January 11, 2025 Britain has enough gas, the network operator has said after warnings that stores are at “concerningly low” levels. National Gas said on Friday that supplies remain “healthy” and that Britain is “well-placed” to respond to demands this winter. It added that gas stocks kept at the UK’s storage sites are well-above half full. It comes [...]
British Gas owner Centrica: UK has less than a week’s worth of demand for gas in store January 10, 2025 UK gas stores have fallen to “concerningly low” levels amid freezing cold temperatures, the owner of British Gas has said. Centrica said the UK now has less than a week’s worth of demand for gas in store. On Thursday, stocks at UK gas storage sites were 26 per cent lower than the same period last [...]
Shell warns of £1bn cash hit from emissions certificates payments January 8, 2025 Shell said it expects to take a $1.3bn (£1.04bn) cash hit in the final quarter from payments for emissions certificates. The energy major said on Wednesday that the charge is “related to timing of payments of emissions certificates” in Germany and the US. The London-listed company also said it expects profits in its gas business [...]
Utilita Energy profit to fall as sales slashed by £700m January 3, 2025 The owner of Utilita Energy has warned its profit will fall because of an “increasing obligation to support customers with higher bills”. Luxion Group, which owns the Eastleigh-based supplier, added that its resources “continue to be stretched” despite its pre-tax profit increasing from £31.2m to £43m in the year to 31 March, 2024. Utilita Energy [...]
Myenergi crashes into the red as jobs cut December 20, 2024 Smart home start-up Myenergi has crashed into the red after its sales were cut and it shed more than 100 jobs. The Lincolnshire-based business has reported a pre-tax loss of £24.5m for the year to 31 May, 2024, after having generated a pre-tax profit of £8.8m in the prior year. Newly-filed accounts with Companies House [...]
Hunton Andrews Kurth raids EY for team of nearly two dozen lawyers December 10, 2024 Nearly a dozen lawyers have joined the City office of US law firm Hunton Andrews Kurth from Ernst & Young legal services arm, EY Law