The growth of electric vehicles won’t make much impact on the global demand for oil November 22, 2016 Chevy is about to release its all-electric Bolt. Tesla will soon put its Model 3 on sale. More than a dozen additional EV models will be launched in the next few years. Battery costs are falling fast, making EVs close to becoming cost-competitive with the internal combustion engine. Yet, oil demand will continue to rise, [...]
Prime Minister Theresa May is taking aim at the wrong energy target in tariffs: she should go after green levies and smart meters November 22, 2016 Prime minister Theresa May appears to be limbering up for a three-pronged attack on “rip-off” energy firms, broadband providers and housebuilders that stockpile land. On the energy front, speculation has been mounting that the so-called big six energy firms will soon be told to offer fewer, simpler tariffs and make switching suppliers easier for families [...]
Fuel duty should be cut, not frozen, in the Autumn Statement, urges campaign group FairFuelUK November 22, 2016 An expected fuel duty freeze in tomorrow's Autumn Statement should be switched to a 3p-per-litre cut that would add £850m to the UK economy next year, campaign group FairFuelUK has urged. Chancellor Philip Hammond is thought to be scrapping a planned 2p-per-litre rise in fuel duty, due to come into force in April, and will [...]
Theresa May takes aim at the wrong energy targets November 21, 2016 Prime Minister Theresa May appears to be limbering up for a three-pronged attack on “rip-off” energy firms, failing broadband providers and any housebuilders that stockpile land. On the energy front, speculation has been mounting that the so-called big six energy firms will soon be told to offer fewer, simpler tariffs and make switching suppliers easier [...]
Four things companies and consumers want for energy, fuel duty and North Sea oil from the Autumn Statement November 21, 2016 Energy consumers and industry groups no doubt have their fingers crossed for a slew of price cuts, duty freezes and investment boosts when chancellor Philip Hammond delivers his Autumn Statement on Wednesday. Here are some of the top energy-related wants – and some of the indicated energy policies – to look out for later this [...]
The world will reach peak oil within years, the IEA warns, as it declares the era of fossil fuels is “far from over” November 16, 2016 The world could reach peak oil and face a supply shortage within years, causing it to enter a new phase of boom and bust prices, the International Energy Agency (IEA) has warned. Investment in crude oil development fell to its lowest level since the 1950s in 2015 and 2016 data so far shows no signs of [...]
Sterling falls back below $1.24 after a surprise fall in inflation – pushed down by tuition fees and clothes November 15, 2016 So much for the Trump rally. The pound fell back below $1.24 this afternoon after figures from the Office for National Statistics (ONS) showed prices rose 0.9 per cent in October – missing expectations. Economists had expected the weaker pound to push consumer price inflation (CPI) to a two-year high of 1.2 per cent, from September's one [...]
Net profit at Rosneft plunges more than 70 per cent as weak Brent crude oil price continues to bite November 11, 2016 Russia's largest oil producer, Rosneft, has become the latest firm to report a hit from weak oil prices in the third quarter as net profit at the group plummeted 71 per cent. The figures Net income attributable to Rosneft's shareholders in the third quarter slid to 26bn roubles (£325m), driven by lower operating profit, while earnings before [...]
Businesses are unwittingly entering the political fray with post-Brexit price rises November 10, 2016 More businesses are justifying price rises by blaming the fall in the pound post-Brexit. Whatever their commercial reasons, this is an extremely dangerous game. Commenting in these ways means entering the political arena at a sensitive time. These firms should be ready for serious scrutiny and hostile comment – now, but more importantly in the [...]
Britain’s coal-fired power stations likely to close by 2025 as government orders plants to halve carbon emissions or shut down November 9, 2016 Britain's eight remaining unabated coal power stations will be forced to close in 2025 unless they can halve their carbon emissions, the government said today. However, the process to install technology to dramatically cut emissions and become "abated" power stations is thought to be so costly that the last plants will not be able to accomplish [...]