Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]
Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]
The UK is not as dependent on Russian money as you think March 24, 2014 IT IS obvious that Russia is a significant source of jobs, trade and investment for the UK. But it is also important not to exaggerate these links: while they matter a lot for a few industries, they are less important overall than some commentators assume. It is entirely untrue that London would collapse without Russian [...]
Budget at a glance: Osborne’s plans for Britain’s economy March 19, 2014 As growth bounces back, the focus turns to reforming savings THE ECONOMY UK growth for this year is now expected to be 2.7 per cent, the Office for Budget Responsibility (OBR) said yesterday – up from its previous estimate, made in December, of 2.4 per cent GDP expansion. A year ago the OBR expected growth [...]
Osborne freezes carbon tax March 19, 2014 The chancellor has announced a freeze in the carbon price floor. Carbon will cost £18 per tonne from 2016 for the rest of the decade. Measures in the budget taken to bring down cost of energy amount to £7bn. This will be welcome to energy intensive industries that have been hardest hit by the rising cost [...]
Everything revealed in the Budget March 19, 2014 Apparently this a budget for makers, doers, and savers. But enough of the buzzwords, onto the substance. GrowthThe UK grew by three times as much as the OBR predicted at the budget last year. Now the OBR has revised its growth forecasts up. 2014 should see growth of 2.7 per cent, up from the 2.4 [...]
Cairn Energy plummets 14 per cent after it halts share buyback due to Indian tax investigation March 18, 2014 CAIRN Energy’s share price plunged over 14 per cent yesterday, after the Scottish oil and gas explorer reported a higher-than-expected loss after tax of $556m (£335.2m) and suspended its share buyback programme due to an Indian tax dispute. The Indian regulator had contacted the FTSE 250 firm at the start of the year to discuss [...]
EU considers subsidies to industry to tackle crippling energy costs March 18, 2014 The European Union may provide state aid to 62 energy intensive industries to reduce the impact of adapting to renewable energy, according to a draft document seen by Bloomberg. The European Commission would reduce environmental taxes if the beneficiaries covered 20 per cent of the additional costs. The document is due to be adopted by [...]
Tory MoneySupermarket Budget is the best foil to Labour’s Wonga economics March 17, 2014 AHEAD of the last Budget before the 2015 election, Britain’s political battle lines are being carved out. Voters will be tempted by alternative menus combining less debt, higher spending and lower taxes. Since no party can credibly offer more than two of the three, the Conservatives’ best chance of winning is to demonstrate that trimming [...]
E.On warns on profit as power plants struggle March 12, 2014 GERMAN power giant E.On yesterday warned that profits could decline as much as one third this year, as its coal and gas plants continue to suffer due to the rise in renewable energy generation. The company, which owns one of the UK’s big six suppliers, expects earnings this year to be between €8bn (36.7bn) and [...]