Ofgem launches probe into troubled Western Link cable January 28, 2020 Ofgem has launched an investigation into National Grid and Scottish Power’s delivery of a high voltage subsea cable which carries energy from Scottish windfarms to north Wales. The £1.3bn Western Link, as the cable is known, has endured a deeply troubled gestation involving multiple delays and outages. Originally designated to come online in 2015, the [...]
Yu Group shares jump as firm eyes successful year ahead January 28, 2020 Business utility supplier Yu Group’s shares jumped 20 per cent this morning as the firm announced that its 2019 revenue would be 35 per cent ahead of expectations. According to a trading update, revenue for the financial year is expected to hit £110m, up from £80.6m in 2018. The group did not give an estimate [...]
Germany confirms first case of human-to-human coronavirus January 28, 2020 Germany has confirmed that its first case of the deadly coronavirus was the result of human-to-human transmission, the first such case on European soil. A 33-year-old man caught the disease when he attended a meeting with a Chinese colleague who visited Germany last week, officials said. According to Andreas Zapf, head of the Bavarian State [...]
Hong Kong shuts mainland travel links as coronavirus spreads January 28, 2020 Hong Kong has shut down a large proportion of its transport links with mainland China in a attempt to limit the spread of the deadly coronavirus, which has infected eight people in the city. Carrie Lam, Hong Kong’s chief executive, who was wearing a green face mask as she briefed the media this morning, said [...]
Energy sector needs to fill 400,000 jobs to reach net zero January 28, 2020 The energy sector will have to recruit 117,000 people in the next decade if the UK is to hit its net zero targets by 2050. According to new research by the National Grid, in total the UK will need to fill 400,000 jobs by 2050 to ensure it makes the transition successfully. The total number [...]
Ovo strengthens leadership as new chapter begins January 27, 2020 Ovo Energy has bolstered its senior leadership team as it prepares for life as one of the UK’s largest household energy suppliers. Earlier this month Ovo completed the acquisition of SSE’s retail arm for £505m, meaning that the challenger brand now has around 5m customers in the UK. Today the firm announced that three people [...]
ITM Power sees losses widen amid joint venture optimism January 27, 2020 Clean energy company ITM Power this morning reported a widened interim loss due to ongoing legacy issues related to the firm’s Shell Refhyne project. The company, which manufactures hydrogen fuel storage cells, fell to a £8.3m loss, 84 per cent higher than last year’s £5.3m loss. This came despite ITM doubling its revenue to £2.4m. [...]
Oil stocks fall as coronavirus hammers oil prices January 27, 2020 Shares in oil and mining firms slipped this morning as oil prices continued to tumble, with fears over the coronavirus driving down demand for fuel. Brent crude fell over 3.5 per cent to hit $57.78, its lowest levels since October, after sixth straight sessions of decline. West Texas Intermediate fell 3.5 per cent to $52.30. [...]
Petra Diamonds revenue falls but glimmers of hope remain January 27, 2020 Precious stone miner Petra Diamonds said that its revenue fell six per cent in the first half of the financial year due to slowing demand in Asian markets. The firm sold 1.7m carats for $193.9m (£148.5m) in the period, compared to $207.1m in the same period in 2019. Anti-government protests in Hong Kong, as well [...]
Octopus limits losses as customer base triples January 25, 2020 Challenger energy supplier Octopus more than tripled its customer base in the last financial year, growing from 199,000 to 691,000 households by April 2019. The company, which now has over 1.4m customers, also increased its revenue by 256 per cent to £460m in the same period, today’s annual results showed. Notably, considering its rapid growth, [...]
