energy

Energy Secretary confirms power capacity auction

The UK’s Energy Secretary Amber Rudd has confirmed that the government will again hold an auction for power capacity delivery for 2019-2020. This will be the second time this has happened after the Conservative-Lib Dem coalition did the same last year.

The announcement was made after a letter was sent to the national grid by Amber Rudd, outlining the governments plans for the auction. The auction parameters will be published closer to the auction date on the 1st of September.

EU needs more powers to ensure it meets the 27% renewable energy target

The European Wind Energy Association (EWEA) has claimed that the European Commission needs more powers to ensure that its members meet the 27% renewable energy pledge by 2030. The paper released by EWEA claimed that the European Commission must be hard on those states that were not pulling their own weight, and instead expected other countries to go beyond the target and make up for their short fall.

China are making progress with greenhouse gases

China is close to hitting its peak emission levels and will start to see a decline within the next 10 years. China, who are the world biggest investor in solar and wind power, have a particular vulnerability to an increase in global temperatures.

Gas supply set to greatly outstretch demand

Unexplained low demand for gas in Asia is set to cause global oversupply which will push prices down to levels not seen in over a decade. Prices of gas in Asia are usually very closely linked to oil prices, which dropped by almost 50% in the final two quarters of 2014. When the oil prices fell, the gas prices followed suit which prompted experts to predict increased demand due to the low prices, however, the demand has not picked up.

Will OPEC cut supply to boost oil prices?

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Oil

With oil prices down by almost half over the past year, OPEC currently have a split camp on what to do with supply levels, although one side is a lot more influential. On one side sits Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, who can all produce oil very cheap and can afford the war on price with the US and Russia. This is the most influential side for the simple fact that they have Saudi Arabia in their camp, who sit on the worlds largest supply of oil.

Unbelievable similarity between the UK’s and US’s electricity production

Following on from our post which compared the electricity production in France to the UK, which showed the huge investment France has put into nuclear power, this month we have compared the United Kingdom with the United States, and they are almost identical.

Putting aside that the United States produces a lot more electricity than the United Kingdom, due to it being a larger country, the percentages of both country’s electricity production portfolio are very similar. Both countries have a huge emphasis of coal and gas, showing they are still very dependant on fossil fuels.

Calls made for a global emissions target to be set

Energy leaders around the world have called for a global emissions target to be set. Recently countries such as the US and the UK have set targets for emissions, with the United States pledging to cut its emissions by 26%-28% by 2025, however, energy leaders state this is not enough and a global target must be set.

This comes amidst an expected huge increase in emissions from countries such as India, Brazil and China, who will use more and more energy, transferring into more emissions.

Saudi Arabia oil exports hit 10 year high

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Oil

Saudi Arabia’s attempt to keep their dominant market position has resulted in them exporting their highest amount of oil for over 10 years. Recent pressure from the Unites States shale oil boom boosted supplies in the market, which was one of the causes of the recent fall in prices.

Experts had stated that the Saudi’s had deliberately aloud the price of oil to fall to slow down the amount of shale oil produced in the United States, due to the high production cost of fracking.

Ferrybridge Coal Plant to close by March 2016

It has been announced by SSE that they will close their Ferrbridge Coal Power Plant by March 2016, after in was confirmed the companies profits had remained flat over the last 12 months. SSE have blamed the flat profits on competition from smaller companies in the market, with them loosing 500,000 customers in the period.

UK leading the way for energy policies

The UK has peen praised by the Colombian Vice Minster of Finance for it energy policies, who stated that they have based their energy policy model on the UK’s. This comes in the same week that David Cameron declared the UK’s Green Investment bank as a world leader.

25 years ago the Colombians took the UK model and made it work for the South American country whose energy make-up was a lot different to the UK’s. Colombia produces 85% of its electricity from water, which is a lot different to the UK’s.

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