energy

Boris Johnson plans to make London the ultra low emission capital of Europe

The London Mayor and Uxbridge MP Boris Johnson has announced his plans to make London the Ultra Low Emission Vehicle (ULEV) capitol of Europe. The plans include developing areas of certain boroughs where ULEV’s will be able to gain access to preferential parking and charges. It is believed that this will create an incentive for people to but the vehicles, with them being able to park closer to their destination for a cheaper price.

Iran to make global oil market return

With Iranian nuclear talks finished and Iran about to make a return to the global oil market, many people are asking what sort of impact it will make on oil prices. Many people expect the increased supply will cause a decrease in price, however, the Russian Energy Minister disagrees. He believes it will not impact global oil prices at all, as the market has already adjusted to accommodate increased supply from Iran.

EU urged to toughen air pollution targets

There has been calls for the EU to act upon its air pollution levels, which are reportedly responsible for 400,000 premature deaths each year. The environmental Members of the European Parliament have stated that a 70% reduction in air pollution could save anywhere up to £40 billion by 2030.

Diesel vehicles blamed for London’s poor air quality

Boris Johnson the London Mayor has been urged to take action to lower the amount of pollution diesel cars are causing. This comes after the London Assembly, who scrutinise the mayors annual plans, stated that the air quality are among the worst in the EU.

The UK has already been warned this year by the European Supreme Court to reduce its levels of air pollution. Diesel vehicles are a major contributor to NO2 levels in the capital, with reports suggesting they make up 40% of the total NO2 levels.

Are oil prices about to fall further?

According to the International Energy Agency there is currently a massive amount of oversupply in the market, which cannot possibly be absorbed. This will then push the oil price lower, possibly lower that what was seen in January when prices fell to their lowest for 5 years.

The oversupply is being generated by OPEC refusing to cut its supply in an attempt to gain extra market share. Another contributing factor has been the US shale oil boom, which has revolutionised the way the US drills for oil, allowing them to up their volume by a considerable amount.

UK Government to continue supporting North Sea oil and gas

The Government has said it will continue to support the North Sea oil and gas industry by establishing a governing body that will be in charge of regulation to help with recover and asset stewardship. The industry had begun to struggle when the oil prices had crashed towards the back end of 2014 and beginning of 2015, and has only recently started to recover. However, the Government do not believe the recovery is picking up enough pace, which is why they will create the Oil and Gas Authority.

Gas and electricity contracts at new lows

Annual gas contracts fell in June after they had initially risen to 47.0p/th due to worries over a production cap in Groningen, which limited the supply. Groningen is Europe’s largest gas field and has imposed an output cap of 30bcm after an EU court ruling. However, this rise was then counter balanced by strong Russian and LNG supplies, eventually pushing down prices. The Greek crisis has also had an effect on gas prices, with the euro weakening against the pound, imports have been a lot cheaper.

EU seeks Chinese investment to boost funding for sustainability

A stronger relationship with China must be a priority for the EU if it is to boost its funding in sustainability. The President of the European Committee of Regions stated that if Europe is to get the funding it requires to make urban areas more sustainable, it must look to China for investment.

The President reiterated claims he has already made that it is important for city pairing and partnerships between regions in energy efficiency. He believes that city’s and regions working together to meet energy efficiency targets works a lot better that city’s going it alone.

Could fracking pull down your house price?

A recent government report has reviled that a fracking site within a mile of your home could reduce the value of your property. Fracking or Hydraulic Fracturing is the process of using pressurised liquid to fracture the rocks deep beneath the ground, to allow any natural resources such as gas and oil to move more freely.

UK power prices fall due to hot weather

The UK’s day-ahead prices fell this week due to much higher temperatures than seasonal norms, which increased the amount of electricity generated by solar power. This also caused a drop in peak power demand, which pushed prices even lower. The wholesale cost of electricity is now fast approaching the lows seen in January after a downward trend over the last couple of months.

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