Wholesale energy prices update 13/10/17
There was a return to upward price pressure last week. Political events allied with continuing issues with the French nuclear fleet forced a rise in global energy prices again. The ongoing Iraqi / Kurdish conflict around the Kirkuk oil assets in inevitably unsettled the market as threats arose that 600,000 barrels of oil could be…Read more
The pros and cons of an energy price cap
The government has published draft legislation designed to bring down the cost of the most expensive domestic energy tariffs. Following Theresa May’s speech at the Conservative Party Conference, the Draft Domestic Gas and Electricity (Tariffs Cap) Bill will give Ofgem the ability to cap standard variable tariffs. About 12 million households pay for one of…Read more
Will the energy price cap affect businesses?
Theresa May’s speech at the Conservative Party Conference in Manchester will more likely be remembered for coughing fits and prankster interruptions than policy announcements. But the rebirth of one policy caused old debates to ripple through the energy industry. Advocates say that it is a much-needed intervention in a broken market, but others argue that…Read more
Why have business energy prices increased?
Energy prices for businesses and consumers always seem to be on the rise these days. And it looks as though UK energy bills could rocket again this winter, following a big jump in the wholesale energy market. The wholesale cost of winter electricity on the UK market is now around 16% higher than it was…Read more
Wholesale energy prices update 29/9/17
Last week brought more volatility to the energy markets, but with little overall change. Markets rested as world events took their course. With the US still recovering from recent hurricanes, the independence referendum in Iraqi Kurdistan, continued currency fluctuations and no concrete news from the latest OPEC meeting – markets continued to trade on sentiment. Oil…Read more
Doctor Who Backs Offshore Wind Power
Doctor Who actor Peter Capaldi has given offshore wind power the Time Lord seal of approval; launching a campaign to take over Westminster tube station in support of the technology. Capaldi posed in front of posters and ticket gates featuring pictures of mighty offshore wind turbines and slogans like ‘50% OFF’. Devised by a coalition…Read more
Should companies try and save on energy costs by banning phone charging?
J D Wetherspoons made headlines last month when it was announced that the national pub chain would stop customers from charging their phones behind the bar at some of its pubs. The company said that the phones caused a nuisance for busy bartenders and that it did not want to be held legally responsible if…Read more
Offshore wind smashes nuclear prices
Britain’s renewable energy revolution passed a key milestone as the cost of subsidising offshore wind power fell below the cost of subsidising new nuclear power plants for the first time. Remarkably, the cost of subsidising offshore windfarms dropped by more than 50 per cent in two years. Plummeting costs has taken even the most optimistic…Read more
Space: The next energy frontier
As a planet, we are trying to pivot away from the consumption of fossil fuels and towards cleaner sources of energy. The rise in renewable sources of energy has been staggering. 500,000 solar panels were installed every day last year. This kind of progress was unthinkable five years ago when costs were astronomical and showed…Read more
Wholesale energy prices update 25/8/17
After lots of price rises, last week brought something of a breather to global markets. They continued to look for direction with oil trading in a tight band – Hurricane Harvey, however, could see prices rise once the full impact of the devastation is seen. Oil stayed within a limited price range with another drop…Read more