energy

Worlds largest wind farm given final investment decision

A 660MW offshore wind farm that will be located off the coast of Cumbria has been given a final investment decision. The wind farm will be the largest offshore wind farm in the world and will supply enough electricity to power 460,000 homes.

UK SME’s wasting £82 million per year

The Energy Efficiency Financing (EEF) Scheme has revealed that SME’s in the UK are wasting more than £82 million on their energy bills each year. The analysis stated that the overspending on energy was due to SME’s having old energy efficiency technology fitted on their premises and using old equipment that would not be as energy efficient as newer models of the same equipment.

China to investment in the UK’s nuclear energy

The announcement this week that China will be investing in the UK’s nuclear energy industry has been met by mixed reviews. Under the plans china will own around a third of the new nuclear power station that will open in Hinkley over the next decade.

China will also invest in other nuclear projects throughout the UK said to be worth billions of pounds, and supporters of the plans point to the strength of the Chinese economy and the fact that investment from such a strong economy will help build and strengthen the UK economy.

Climate change to put considerable pressure on energy sector

It has been suggested by the World Energy Council that the energy sector will be put under considerable pressure over the coming decades because of climate change. The number of extreme weather events has increased by over 400% from 1980 to 2014, and it is because of statistics such as this that the World Energy Council are warning the energy sector.

Oil market looking gloomy

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Oil

According to Wall Street analysts the oil market over the next couple of years is in for a bumpy ride. The price of oil had fell from close to $135 per barrel in the beginning of 2014 to just over $50 per barrel in January 2015. There were some signs of recovery up until June 2015 as prices rose to $60 per barrel, however that was short lived as prices then crashed to $45 per barrel.

Analysts have indicated that this turbulent market will continue over the next couple of years as factors such as Iranian oil coming back onto the market and a slowing Chinese economy take affect.

Pass through charges are here to stay

The cost of commodities has been steadily falling throughout the year, reaching levels not seen for years. However, although the wholesale costs of commodities has been falling, pass through charges or third party charges have been sharply rising. This has meant businesses have not felt the fall in commodity costs as much as they would have, if the pass through charges did not exist. It has also meant that people purchasing the energy such as energy consultants or an in house purchasing team have not been able to deliver the saving you would expect when testing the market.

A quarter of Europe’s electricity to be powered by wind

The European Wind Energy Association (EWEA) expects a quarter of Europe’s electricity to be generated by wind power by 2030. This is if all member states meet their pledges on climate and energy.

Europe can currently generate 128.8 GW of wind power on a normal wind year which is around 10% of the demand. Over the next 15 years this is expected to increase dramatically with the installation of 66 GW offshore and 254 GW of onshore.

Indonesia to re-join OPEC

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Oil

OPEC have announced that Indonesia will be re-joining the organisation this December after they terminated their membership in 2009. The termination came after Indonesia’s oil demand increased and they became a net importer of oil. This has led to a lot of questions about OPEC’s decision to allow Indonesia to reactivate their membership, however in response OPEC have said that Indonesia is a country with a lot of history with the organisation.

Energy firms take Government to court over CCL exemption

The UK Government will be taken to court by two energy firms because of the removal of the Climate Change Levy (CCL) exemption. The Climate Change Levy is a tax on business energy usage which affects all businesses within the UK, however businesses sourcing their energy from renewables used to receive tax breaks. The energy firms claim they were not given sufficient notice to adapt their business accordingly.

EU holds talks on reducing dependency on Russian gas

After holding talks on how the EU can move away from being dependant on Russian gas it has been revealed that a decision was not made. MEP’s from Eastern, Western and Central Europe had met to discuss how to better coordinate energy policy.

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