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Energy
The price cap on energy bills has increased by 5% in Great Britain
The regulator increased its price cap to reflect the rise in gas prices on the global market.
This change will take effect on 1 January 2024, which means that average households will begin the year with an increase of 5% in their energy…
Harbour Energy, UK, agrees to $11.2bn for Wintershall Dea’s assets
Harbour Energy, listed in the UK, has signed a $11.2bn agreement to purchase Wintershall Dea’s oil and natural gas assets. The deal was backed by German investment firm LetterOne and Russian oligarchs Mikhail Fridman Petr Aven.
Harbour…
Octopus Energy raises $800m to create green jobs in the UK
Octopus Energy raised $800m from its shareholders, valuing the company at almost $8bn. This comes just weeks after Octopus Energy became Britain's largest power supplier.
Existing investors such as Tokyo Gas of Japan and Al Gore’s…
Redcar’s ‘Hydrogen Village’ project abandoned following local opposition
A plan to use hydrogen to heat homes in a village in North-East England has been canceled after months of opposition.
Insufficient hydrogen production in the area will prevent the government from implementing the "hydrogen villages" in…
OECD warns that Net Zero will cost the global economy trillions.
Net zero would shrink Britain's economy by £60bn and cause the global economy to be $3.6 trillion (£2.8 trillion) smaller, according to the Organisation for Economic Cooperation and Development.
Eliminating coal and reducing reliance on…
Solar farm to power London offices
Workspace Group, a corporate landlord, has made an agreement with Europe's largest renewable energy generator to provide solar power for their offices in London.
Workspace, a flexible office provider, has agreed directly to purchase power…
Subsea project to transport renewable energy from Scotland to England is awarded £1.8bn
The contract for the 190km superhighway will cost £1.8bn. It is designed to transport renewable energy from Scotland up to the north of England.
National Grid and Scottish Power will begin construction of a "transformative", £2.5bn,…
UAE invests in UK wind farm market
The United Arab Emirates purchased a 49% stake in a major British wind farm, even though increasing costs have raised concerns about the industry's future.
Masdar, the company owned by the Gulf State and presided over by the Cop28…
Sellafield Nuclear Site under ‘robust’ scrutiny over cybersecurity concerns
The government agency responsible for cleaning Sellafield nuclear waste in Cambria was put under "special measures" due to not meeting cyber-security standards.
The Office for Nuclear Regulation is investigating Sellafield Ltd's computer…
Stellantis, owner of Vauxhall, in talks with Chinese competitor for European EV Battery Factory
Vauxhall's owner Stellantis has been in discussions with a Chinese manufacturer of batteries to build an European factory for auto cells, despite warnings from its chief executive about the danger of Beijing dominating the automotive…
Northvolt makes a breakthrough in sodium-ion batteries
Northvolt claims to have made a breakthrough with a new battery for energy storage. The Swedish start-up company believes that this could reduce the reliance on China in the green transition.
The Swedish group has been backed by…
UK gives watchdog new power to force garages into revealing profits
Fuel retailers are required to reveal profit information by next year or risk hefty fines. This is under the new powers granted to the UK Competition Watchdog to combat high fuel prices.
The government announced the measures on Wednesday…
Orsted requests more cash from the government amid doubts about viability of flagship development
After spiraling costs cast doubt on its viability, the UK's largest offshore wind developer has been in discussions with Net Zero Secretary Claire Coutinho regarding the fate of their flagship project off of the coast of Norfolk.…
Bets on wind energy stocks are profitable for hedge funds
Hedge funds have profited from a series well-timed bets on wind energy stocks. Some are betting that the sector will continue to suffer.
Marshall Wace, Qube Research & Technologies and other quantitative traders have all made…
Southern England prepares for massive solar farm expansion
Ofgem plans to increase green electricity generation near London could transform farmland in southern England into solar farms equivalent to 40,000 football fields.
The report suggests that new solar farms in the Home Counties, East…
UK signs nuclear fusion agreement with US after EU snub
Britain doubles down on its efforts to unlock a 'grid ready' reactor by 2020
After being rejected by a rival EU program due to Brexit, the UK signed an agreement with US to collaborate in nuclear fusion.
Andrew Bowie…
Centrica supports plans for a 12-mile tidal wall across The Wash
British Gas's owner Centrica has backed plans to build a 12-mile barrier that will prevent tidal flooding in The Wash, despite the backlash of green campaigners.
The £3bn barrier would run from Skegness, Lincolnshire, to Hunstanton,…
Shell’s boss defends renewables strategy shift with a ‘leaner operation’
Wael Sawan, the chief executive of Shell, plans to make the company "leaner", and more selective in its investments in energy transition. He defended the shift in focus which has caused several senior executives in the green divisions to…