Zog Energy collapses amid deepening winter energy crisis ENERGY CRISIS Zog Energy ceased trading today, marking another dark chapter for the struggling industry, with four million customers now affected by the crisis.
Gazprom reveals record profits amid soaring gas prices and supply shortages RECORD RESULTS AS GAS CRISIS DEEPENS Gazprom reports record profits for the nine months of the year, driven by soaring gas prices amid a deepening global energy crisis.
Oil and gas decommissioning costs to hit nearly £17bn with 1.2m tonnes from North Sea to be removed With 1.2 million tonnes of disused oil and gas installations from the North Sea expected to be removed for reuse and recycling, UK oil and gas firms are being forecast to spend some £16.6bn on decommissioning work over the next decade. Industry body Oil and Gas UK (OGUK) said work in this area would be [...]
Blackout Warning: Germany suspends approval for Nord Stream 2 pipeline as energy crisis deepens November 17, 2021 EUROPE is bracing itself for an energy crisis this winter after approval for Russia’s controversial gas pipeline into Germany was suspended by regulators. Gas prices shot up again on Wednesday as traders reacted to the news, with UK natural gas futures up 17 per cent on the day and the European benchmark also spiking by [...]
Yü are welcome here: Ampoweruk’s customers rescued by independent supplier November 8, 2021 Yü Group is taking on over 8,000 customers stranded by Ampoweruk’s collapse last week. It has on-boarded the customers through Ofgem’s supplier of last resort process. They will join the firm on Sunday 7 November. Ampoweruk ceased trading last week alongside three other energy firms. The UK energy sector has been struggling with soaring wholesale [...]
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 [...]
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 [...]
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 [...]
Number of UK gas suppliers almost cut in half by energy price crisis November 4, 2021 UK energy suppliers have nearly halved in number this year, as soaring wholesale prices wreak havoc with the struggling sector. New research from Cornwall Insights has revealed that the market has sharply decreased from 47 suppliers at the start of 2021 to 24 currently left operating in the country. The number of departures from the [...]
Shell hits back as activist Loeb calls for breakup October 28, 2021 Under-fire energy giant Shell yesterday shot down suggestions from US hedgie Daniel Loeb’s Third Point that it should split up its divisions. CEO Ben van Beurden warned the activist intervention could derail the FTSE major’s climate transition plans. His defensive move follows Third Point acquiring a $750m majority stake in the company, while pension fund [...]