Ofgem consults fund to speed up UK power projects Business The new scheme would provide billions of pounds to help owners cut delays, bring down costs and attract international investment, Ofgem said.
Green light for £2bn North Sea cable to power millions of UK homes Energy A £2bn subsea and underground cable which will power millions of UK homes has received final funding approval today. The 196km-long Eastern Green Link 1 (EGL1) cable, which will be primarily laid under the North Sea, is expected to bolster the UK’s energy security and reduce customer bills by £870m per year. The National Energy [...]
Consumers will pay for Starmer’s green targets The City View It’s easy to be cynical about a climate conference that sees plutocrats flying their private jets to a petrostate claiming they’re going to save the world. That’s certainly the position of Greta Thunberg, who has dismissed COP29 as an exercise in greenwashing Azerbaijan’s human rights violations, a view shared – in City AM recently – [...]
Gerry Grimstone: ‘Climate change is the best investment opportunity since the Industrial Revolution’ November 14, 2024 Former investment minister and chairman of Gemcorp Capital, Gerry Grimstone, speaks to Eliot Wilson about the transformative potential of net zero and why private capital is indispensable to growth Gerry Grimstone, who turned 75 this summer, is steeped in private enterprise. He was a director of the venerable London investment house Schroders, chairman of Standard [...]
Ex-BP boss says Labour is ‘ignoring’ UK’s energy needs November 12, 2024 The new government’s decision to divest from North Sea oil and set up a state-owned renewable energy company is the “last thing” it should be doing, the former chief executive of BP has said. Bob Dudley, who ran the British petrochemical giant BP for ten years, told City AM that energy secretary Ed Miliband was [...]
Did Rachel Reeves deliver a net zero Budget? November 4, 2024 The UK’s recent Budget included a series of measures which have prompted debate over its impact on achieving net zero. While Rachel Reeves announced significant investments in green energy, hydrogen projects and electric vehicle incentives, a number of her decisions have raised concerns about the effectiveness of the UK’s environmental sector. While Wednesday’s Budget announced [...]
HMRC takes Royal Bank of Canada to the UK’s highest court over corporation tax November 4, 2024 The tax agency has taken the Canada's largest bank to the UK Supreme Court over corporation tax payments on a North Sea oil production
UK and EU energy giants call for post-Brexit North Sea ‘green power hub’ October 15, 2024 UK and EU energy firms are urging their governments to overhaul the post-Brexit trading set up in a bid to construct a North Sea “green power hub” and unlock investment. Some 20 top power firms and lobby groups have written an open letter to European and British energy ministers to urge them to prioritise a [...]
Like it or loathe it, DP World’s £1bn investment is vital to UK shipping October 13, 2024 The government narrowly avoided a major setback after DP World, the owner of P&O Ferries, threatened to pull £1bn in investment from London Gateway port.
Starmer set to announce £22bn boost for UK carbon capture October 4, 2024 The UK is set to invest almost £22bn over 25 years in carbon capture and storage schemes, Sir Keir Starmer is to announce ahead of the upcoming international investment summit. Projects in Teesside and Merseyside will benefit from the £21.7bn in funding over 25 years, which the government says will attract £8bn in private investment [...]