Oil prices fell to their lowest in 12 years on Thursday morning due to a continued glut of supply on the market and record levels of storage in the USA and Europe. This combined with lower demand from a slowing Chinese economy is causing market analysts to revaluate what they thought the lowest price could be.
The Government are currently locked in a battle with Lancashire County Council over Cuadrilla’s plans to start fracking in the area. Lancashire County Council say that the drilling will have too great of an impact on the landscape and will create too much noise.
Brent Crude Oil on Monday fell to its lowest price since July 2004 when it sank to $36.05 a barrel. The huge amount of oversupply on the market is causing the price to fall, with experts predicting that we could see prices close to $20 a barrel before it starts to recover, causing a huge headache for the oil industry but a huge relief to consumers at the pumps who can now purchase petrol for under £1 a litre for the first time since 2008.
Clean air zones will be set up in Birmingham, Nottingham, Leeds, Southampton and Derby under plans to cut carbon emissions. The new plans will discourage heavily polluting diesel vehicles such as buses, taxis and lorries from entering the city centres. Park and rides schemes will be implemented, as well as increased infrastructure for electric vehicles and cleaner fuels.
The UK Government has announced that they will be cutting subsidies for solar electricity panels by 64%. The cut has been reduced from the original plans to cut the subsidies by 87% after they came under a lot of criticism.
The solar sector has spoken out against the cuts, claiming that they are being forced to go out on their own before they are ready. However the Government energy secretary Amber Rudd has said that consumers shouldn’t be paying the same amount towards subsidies when the price of the technology has gone down.
A successful experiment in Germany has used nuclear fusion to produce a cloud of helium plasma that reached 1 million degrees Celsius. Nuclear fusion is what creates the Sun’s energy source, and scientist have long believed that unlocking the energy source will create unlimited clean energy.
The RAC have said that they expect petrol prices to fall to £1 a litre by Christmas, bringing forward their previous prediction. This comes after Brent Crude Oil prices fell below $40 per barrel, the lowest since 2009.
Final meetings will be held today at the COP21 Conference where ministers from countries throughout the world will attempt to come to an agreement. The conference so far has seen a split of opinions, on one side are richer countries who are in agreement that everything possible must be done to protect the climate, and on the other side poorer countries say that they want to do their part, but not if it affects their growth.
The UK Government have said at the COP21 Conference that they will support the push for zero emission cars. They now join countries such as Germany and Holland in the push, with a target of 2050 to make all passenger vehicles zero emission.
A report by the Federation of Small Businesses (FSB) has revealed that businesses that adopt energy efficiency measures could save anywhere between 18% and 25% on their energy bills. This comes after it was revealed that 31% of FSB members had said that energy costs were preventing them from growing.
George Osbourne has pledged that the conservative government will be investing in energy infrastructure over the next four years during his spending review. However, he also confirmed that the Department of Energy and Climate Change (DECC) will see a 22% cut to its budget, a move that has been strongly criticised.
Russian gas giant Gazprom has announced they have stopped all exports of gas to Ukraine because of Ukraine using up all of the gas they had paid for. However, Ukraine say that it was them who stopped the flow of gas from Russia because they could purchase it cheaper from other sources such as Europe.
npower have reported in their daily market report that the gas system in the UK is ‘slightly’ undersupplied and demand is higher than the seasonal norm. It is forecast that the linepack will be 6mcm short.
The UK has ramped up storage withdrawals to combat the higher demand and exports to Belgium via the IUK pipeline have been reduced to 7mcm a day, down from 17mcm a day. It is believed that the combination of these two actions will be enough to combat the slight undersupply and not affect prices.
The RAC has announced that there is a big chance that petrol prices will fall below £1 for the first time in 6 years. This comes after a recent drop in wholesale fuel prices which could pass on a 2p per litre saving to consumers.
Since 2009 the price of petrol has been above £1 per litre and it actually rose to record prices of £1.41 in April 2012. The price of petrol is something which affects consumers and businesses throughout the country, with fuel being such a big expense in everyone’s budget.
The UK’s Energy Secretary Amber Rudd has announced that all remaining coal power plants will be phased out by 2025, instead shifting the focus onto gas power plants. Coal currently provides almost a third of the UK’s electricity supply, as seen in the diagram, however Mrs Rudd would like gas to play a much more important role.
Throughout ESOS, many companies have been very reluctant to commit the resources needed to complete the scheme on time. There has also been other problems with ESOS, such as a lack of Lead Assessors required to sign off the scheme, which has ultimately led to an extension of the deadline date.
The National Grid are to be questioned by The Energy and Climate Change Committee about how safe the UK’s energy security is. This comes after it was announced that the gap between peak demand and total power generating capacity will be the tightest for a decade.
This had been heavily criticised by the shadow energy and climate change secretary, Lisa Nandy, who blames the Conservative Government for the tight gap, stating it is because the Tory’s have attacked the UK’s renewable energy industry.
Scotland are set to announce that they will miss the target to generate 100% of their electricity from renewable sources by 2020. The renewable energy industry in Scotland is a huge part of the economy accounting for around 21,000 jobs and delivering almost £1 billion of capital investment each year.
Diesel cars have had a really hard time in the media lately, with talks of increased taxes, city centre bans and extra congestion charges diesel drivers will be starting to worry. This recent criticism all began with the VW scandal where it was announced that their cars are not as eco friendly as they claim.
What’s wrong with diesel?
Financial giant Goldman Sachs has announced that it is planning on investing $150 billion in projects such as solar farms, wind farms and upgrading buildings so they are more energy efficient. The target for Goldman Sachs is to invest this money by 2025, which follows their previous target of investing $40 billion into clean energy by 2012.