Centrica project terminations cost company £240m September 23, 2013 Utilities company Centrica has announced its decision not to proceed with two gas storage projects in Yorkshire and the North sea, costing the company £240m. (Release) Its new-build gas storage project at Baird in the UK Southern North Sea has been terminated, whilst its £1.4bn project at Caythorpe in East Yorkshire has been put on [...]
Lack of investor confidence limits number of UK gas power stations June 9, 2014 A LACK of private sector funding has limited the number of independent gas-fired power plants being built in the last five years, claims a new government-backed report. There is currently enough investor appetite to fund two large gas plants a year, but a return to market confidence could enable ten plants a year to be [...]
Big energy firms accused of failing to pass on green saving May 5, 2014 THE POLITICAL battle over energy policy fired up afresh over the weekend, as Labour accused the government of failing to ensure that the big six suppliers passed savings from green levies down to customers. The government rolled back some green charges from energy bills in December, which it claimed would save consumers £50. But the [...]
Could City deals bloom with the Chelsea flowers? May 19, 2014 ANYONE hoping to see Pfizer boss Ian Read at the notorious deal-making Chelsea Flower Show (CFS) will be disappointed to hear he is back in the US and will not make tonight’s preview evening. Clearly, with his latest AstraZeneca move already made, Read chooses to bid from the boardroom rather than from amid the bulbs. [...]
Most UK adults do not trust any energy supplier June 9, 2014 MORE than half of British adults do not trust any energy supplier, while 36 per cent do not trust their energy bills, according to new research published today. Forty-one per cent of 10,000 respondents fear they are paying for more energy than they are using, showed a survey commissioned by the Smart Meter Central Delivery [...]
City Moves for 18 June 2014 | Who’s switching jobs June 17, 2014 Edison Investment Research Peter Lynch has been appointed UK oil and gas analyst at the investment intelligence firm. He joins from Tell Investments. Lynch has also previously held positions at Citigroup, where he was a sell-side analyst, Merrill Lynch, and Arthur Andersen. Utilyx The energy consultancy has appointed George Pitt as finance director. He joins [...]
What you need to know before the open May 29, 2014 European markets are expected up this morning, with the focus on the latest first quarter GDP number from the US. Bond prices continued to rise yesterday – in peripheral as well as UK and German ones – with the market still firmly decoupled from equities. Data-wise, things are quiet in Europe, with the significant numbers [...]
Ovo Energy’s price hike shows hedging isn’t always bad for the customer May 15, 2014 Independent energy supplier Ovo Energy announced today that it would be increasing its prices by three per cent for new and renewing customers, bringing the average annual dual fuel bill up to £1,028. It blamed the price hike on an “upward move in wholesale commodity costs in April”, but bearing in mind SSE’s recent price [...]
Why Ukraine’s unrest may benefit UK utilities March 3, 2014 The ongoing tensions in Ukraine have had a knock-on effect on European gas prices today, with speculation that this could lead to an increase in UK energy prices. Analysts at Liberum say that if the rise in European gas prices persists, this would be positive for the UK generators, especially those exposed to renewables [...]
Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]