US lawmakers pass $1tn infrastructure bill November 6, 2021 The US congress has passed a $1tn package to upgrade key infrastructure across the country such as highways, railways, water pipes, and broadband. The package will now be sent to president Joe Biden to sign into law. This follows a 228-206 vote in the House of Representatives, and months of heated back-and-forth negotiations between the [...]
UK government approaches Qatar for ‘last resort’ gas deal November 6, 2021 The UK government has approached Qatar for a long-term gas deal to shore up supplies amid soaring wholesale energy prices and growing fears of a winter fuel crisis, according to The Financial Times. British ministers have been holding talks with the world’s largest producer of liquefied natural gas to reach an arrangement where Qatar would [...]
COP 26: UK pledges £500m to protect rainforests from deforestation November 6, 2021 The UK has committed £500m of public money to protect five million hectares of rainforests worldwide from deforestation. The pledge was made at the COP 26 climate summit in Glasgow, and follows prime minister Boris Johnson calling for an “end to the great chainsaw massacre” after 100 countries signed up to reverse deforestation by 2030. [...]
Energy market could shrink to five suppliers warns Scottish Power boss November 5, 2021 The UK energy market could shrink to just five suppliers by next spring, warns Scottish Power’s CEO. Keith Anderson argues soaring wholesale prices means there is a “significant risk” the market down could return to a new Big Six, with smaller firms forced to cease trading. Since the start of September, 19 energy firms have [...]
Weir Group snaps up mining tech firm November 5, 2021 Glasgow-based Weir Group has boosted its technological capabilities with the expected acquisition of Motion Metrics for an initial £89m. The deal is likely to go through in the fourth quarter of this year, and it could increase by a further £59m by the end of 2024 depending on revenue and profit performance. Integration costs are [...]
Cop 26: Sharma urges negotiators to speed up climate talks November 5, 2021 COP 26 president Alok Sharma has warned negotiators at the climate conference in Glasgow more progress needs to be made on key environmental issues. He has encouraged them to make an extra push over the next 24 hours before COP26 enters its second week. In a note published by the United Nations, Sharma said: “I [...]
Suez Canal hikes tolls during ports crisis to capitalise on booming cargo trade November 5, 2021 Transit tolls in the Suez Canal are rising by six per cent next year for nearly all ships, despite the waterway reporting record revenues of $5.8 billion during the pandemic. The Suez Canal Authority is now looking to harness a booming cargo trade, with global trade traffic set to increase by nearly seven per cent [...]
Energy trust IPO raises £186.5m for Tesla powered battery plan November 5, 2021 Harmony Energy Income Trust has raised £186.5m through an initial public offering (IPO) to develop large-scale battery energy storage systems across the UK. The systems will be powered by Tesla technology. It has issued 210 million ordinary shares at a price of £1 each, alongside 23.5 million ordinary shares for the acquisition of its seed [...]
BEIS committee calls for sector deal to protect steel industry November 5, 2021 The government must establish a new steel sector deal to ensure the UK industry remains competitive, says the business, energy and industrial strategy (BEIS) committee. In its latest report, the committee argues it could resolve long-running issues in the sector such as high energy prices and barriers to supplying steel for major public projects. The deal could [...]
CNG Energy collapses leaving 41,000 business customers in the lurch November 4, 2021 CNG Energy has ceased trading amid soaring wholesale energy costs. The North Yorkshire based firm is the 19th to cease trading since September. The collapse of the struggling energy firm has left 41,000 business customers in need of rescue from Ofgem. The market regulator has confirmed customers’ energy supplies will continue as they look to [...]
