“Cash crunch clouds future for oil firms” WSJ. Big oil struggles to generate enough cash to cover spending and dividends, despite efforts to cuts billions of dollars from their budgets.
Asset managers suffer as oil funds withdraw cash. Sovereign wealth funds are withdrawing billions from funds to support their own economies, and seeking cheaper investment approach.
“Rarely has so much damage been done in such short a time.” So former Energy & Climate SoS Ed Davey tells Recharge. “The problem is Osborne and the motley crew backing him.”
24.10.15.
A prolonged cold snap could see UK electricity prices double this winter. Industries would then be forced to ration their usage, former SSE boss Ian Marchant warns.
23.10.15.
Draft climate treaty finished in Bonn and forwarded to Paris. “We now have a Party-owned text that is balanced and complete”, says Christiana Figueres.
The strongest hurricane ever recorded is heading for Mexico. Patricia is expected to hit the coast at Category 5, with 200 mph winds.
“$6.5 Billion in Energy Writedowns and We’re Just Getting Started.” Bloomberg marvels at the early total, with the OGI’s earnings season barely started.
“Abysmal” results expected by analysts in the tar sands. “The outlook is grim,” concedes boss of Canada’s largest drilling contractor.
IEA report on benefits of coal is ‘deeply misleading’ and a ‘disinformation tool’. So concludes the IEEFA, analysing a leaked copy. IEA says the report is by advisors, not IEA itself.
UK is “going against the world”, say Solarcentury boss. Cuts have cost £16 m worth of business, says Frans van den Heuvel.
Spain approves a sun tax that discriminates against solar PV. Autogenerators will have to pay the state for the solar electricity they generate.
22.10.15.
As many as 25 US states set to challenge Obama’s emissions power plan. Their challenge to the plan, which is to be published tomorrow, will likely end up in the Supreme Court.
Carbon Tracker takes issue with big energy demand scenarios. A new report casts doubt on 9 basic “business as usual” assumptions in the case fossil fuel use will continue to expand.
UK government finally admits it is subsidising nuclear power. After it has had 60 years to stand on its own feet. Meanwhile saying they can’t support solar because it needs subsidy.
Low-carbon electricity from wind and solar will be cheaper than gas by 2020 in UK. And effectively subsidy-free, says the Committee on Climate Change.
Broker tells investors to sell EDF shares because of Hinkley Point costs. Investec Securities has ‘long-term concerns’ about financial strain the £18bn will put the French energy group under.
Off Grid Electric raises $25 m for solar roof leasing in Africa. Xavier Helgesen, CEO, speaks of “global implications and demonstrates that universal energy access is achievable.”
Women don’t support fracking because they don’t understand it. So says a woman who has just been appointed chair of UK Onshore Oil and Gas.
21.10.15.
Hinkley gets go-ahead during Xi Jinping UK visit. Construction could start “within weeks” says EDF. Cost is now £18bn, they say. And it isn’t coming online until 2025.
20.10.15.
Energy giants axe UK renewables projects. RWE cites 15 “illogical” policy reversals that have made renewables “uninvestable”. Investors are being put off whole energy market.
Fracking can cause nearby abandoned wells to leak methane. So a study in New York concludes. The authors suggest their results may have national significance.
19.10.15.
Fractious day at final session of climate talks in Bonn. The slimmed down text meets opposition from developing countries.
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