energy

Saudi Arabia to end their addiction to oil

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Oil

Saudi Arabia has announced ambitious plans to end their ‘addiction’ to oil revenues this week after Prince Mohammad Bin Salman said the Kingdom would not allow their economy to be dictated by volatility in commodity markets.

Carbon Trust launches Green Business Fund for SME’s

The Carbon Trust has launched a new fund worth £7 million for SME’s in the UK. Small businesses in the UK can now apply for the money to improve the energy efficiency of equipment and will be available up to the value of £10,000. This can cover the costs of up to 15% of a project, which can also be changing a buildings lighting to a more energy efficient alternative such as LED’s.

Could the UK be sitting on £52.6 billion?

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Oil

A potential £52.6 billion worth of oil could be sitting under Gatwick and other areas of the South East according to a new report by UK Oil & Gas. The company who plans to extract oil from the Gatwick area have said that they believe there is a considerable amount of oil in the area, which will be a huge boost to the region.

Oil output freeze discussions end without a deal

A meeting between oil producing nations over the weekend to discuss a possible output freeze has ended without a deal. It was hoped that this meeting would finally see OPEC cut its production and force the price of oil up. However, the familiar issue of Saudi Arabia not wanting to loose market share to Iran forced the meeting to end without a deal being made.

Energy tax landscape to be simplified for businesses

The UK Government has said that they will be streamlining the energy tax landscape for businesses, which will include simplifying policy and regulation. When the Conservative Government was elected in 2015 they believed that the business energy tax landscape had become over complicated and had became a burden for businesses. Energy efficiency policy was also criticised with a number of schemes being very similar, using up a lot of administrative time within businesses.

24.7% of the UK’s electricity generation came from renewable energy in 2015

The Department for Energy and Climate Change has revealed that almost 25% of all electricity generated in the UK in 2015 came from renewable energy. This sees renewable energy now account for more of the UK’s electricity generation than coal, which fell to just 23%. Sources such as nuclear rose to 21% while gas accounted for 30%.

UK Government to introduce zero carbon laws

The UK Government have said that they will be introducing laws to cut carbon emissions to zero, after they had promised at the COP21 conference in December to reduce carbon emissions by at least 80% by 2050. However, critics have said that the UK are failing to hit current targets which are much lower.

Have oil prices bottomed out?

With oil prices rising sharply over the past couple of weeks, many are wondering if the price has bottomed out. In early February the price of Brent Crude Oil hit $28 per barrel, however talks of an output freeze between the Saudis and Russia has fuelled a sharp recovery, with prices opening on Monday the 14th of March at just over $40 per barrel.

Possible £8 billion savings per year for the UK

It has been revealed that the UK could be saving up to £8 billion a year on energy if it was to implement nationwide smart energy. The National Infrastructure Commission (NIC) laid our their vision of the future of the UK’s electricity network, which included more links to mainland Europe and a much larger capacity to store energy.

Has nuclear power had its day?

For the western world, nuclear power has been around for decades, and in Europe the amount of planned new nuclear plants is in decline. France was once leading the way with nuclear power, but now even they are reducing their dependency on nuclear. Countries such as Italy and Spain have been forced by public opinion to abandon any plans to expand their nuclear industry and Germany will phases out nuclear completely by 2022, opting for renewable energy to fill in the gap.

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