UK's Serica Energy reduces production forecast for 2025 due to 'frustrating Triton' issues
Serica Energy, a British oil and natural gas company, lowered its production forecast for 2025 on Tuesday due to delays at its Triton floating storage and offloading unit (FPSO) in the North Sea. The shares of the London listed firm dropped as much as 7.5%, to 124.2 pence. Serica increased its production in recent years through acquisitions, investments and other means. However, in 2024 it will face challenges due to a failure at the Triton FPSO. Triton's problems have made the start of this year frustrating.
The LAPFF in Britain recommends voting against BP Chairman, annual report
The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected. Institutional Shareholder Services Inc. (ISS) as well as Glass Lewis, two influential proxy advisors, have advised that shareholders vote for the reelection of BP’s board of directors, management team and annual report during the annual general meeting on April 17.
Vucic: Serbia will lose access to oil imports when the deadline for sanctions looms.
Serbia may lose access to essential oil imports as of Friday, after discussions to stop the imposition by the United States of sanctions on its sole oil refinery failed. President Aleksandar Vucic stated this in an interview published. The waiver of sanctions expires at midnight. If it is not extended, NIS, which is owned by Russia's Gazprom and Gazprom in majority, may face a reduction in crude oil supply. NIS is the sole oil refinery in Serbia, with a capacity of 4.8 millions tons per year. This facility covers most of Serbia's energy requirements.
Government data shows that Britain's greenhouse gases emissions decreased by 4% between 2024 and 2025.
The government released preliminary data on Thursday showing that Britain's greenhouse gases (GHGs) will fall by 4% between 2024 and 2025. This is due to the closing of the last coal-fired plant in the country, and the reduction in emissions from the industrial sector. Britain's goal is to achieve net zero emissions in 2050. This will require an increase in renewable energy and the switch to cleaner electric cars. The Department for Energy Security and Net Zero…
EUROPE GAS - Prices fall on mild temperatures and energy attack pause
The Dutch and British gas price fell on Wednesday morning, as the mild temperatures reduced gas demand. Meanwhile, the U.S. made deals with Russia and Ukraine to stop attacks against energy targets and at sea. LSEG data shows that the Dutch front-month contract fell by 0.15 euros to 40.97 euros per Megawatt Hour (MWh), or $12.96/mmBtu at 0917 GMT. The Dutch May contract is down 0.75 euros at 40.95 Euro/MWh. On ICE, the British day-ahead contract fell by 0.80 pence to 99p/therm.
The EU Commission has told Spain that it will not pay in a long-running case of renewable subsidies
The European Commission gave Spain a win on Monday when it told the country that they would not be paying any compensation for claims in the billions of Euros for renewable energy subsidies cut over a decade earlier. After the conservative government of Spain cut renewables subsidies to reduce an artificially low power tariff deficit that had been built up over years, foreign investors, mainly investment funds, filed a lawsuit against Spain. In 2018…
The price of gas in Europe is falling amid mild temperatures and ceasefire talks with Ukraine
Dutch and British wholesale prices of gas fell on Monday morning, as temperatures remained mild. Meanwhile, U.S. officials and Russian officials were in Saudi Arabia for talks to discuss possible ceasefires in Ukraine. LSEG data shows that the Dutch front-month contract fell by 1.13 euros to 41.47 Euro per Megawatt Hour (MWh) or $13.22/mmBtu by 0907 GMT. The Dutch May contract is down by 0.85 euros at 41.60 Euro/MWh. The British front-month contracts was down 1,65 pence to 101.65p/therm. The weekend saw no significant geopolitical events.
UK stock prices fall on uncertainty over tariffs; Heathrow power failure disrupts airlines
British stocks ended lower on Friday due to continued concerns about the impact of U.S. Tariff policy. Meanwhile, a Heathrow Airport shutdown impacted travel stocks. The blue-chip FTSE 100 index fell 0.6%. The FTSE 250 mid-cap index fell 0.9%. The blue-chip index gained 0.3% despite the losses of the day. The mid-cap index ended four weeks of losses by rising 0.5%. Heathrow Airport in Britain said that it has begun the process to reopen after an electrical fire shut down the airport's power supply for the day.
Prices rise following reports of a strike at Sudzha Gas Metering Station
The Dutch and British wholesale prices for gas rose on Friday after reports of a striking at the Sudzha gas station, which was the point where Russian gas used to enter Europe via Ukraine. LSEG data revealed that the Dutch contract for Winter 2025 was up 1,93 euros at 43.35 Euros/MWh at 0830 GMT. The Dutch contract for front-month was also 1.70 euros higher at 44.55 Euros/MWh. The April contract in Britain rose by 3.97 pounds, to 108.32 cents per therm.
UK invests $260 Million on solar panels for hospitals and schools
GB Energy, a state-owned firm, will be leading a 200 million pound ($260) solar panel project to benefit hospitals and schools in Britain, the country announced on Friday. This is the first investment made by the company since its establishment last year, with the goal of lowering electricity bills. GB Energy, a key component of the Labour Government's plan to improve the public services in Britain as well as to help revive the British economy, was created in October in order to encourage investment in renewable energy.
Prices of EUROPE Gas are down due to milder weather.
The wholesale gas prices in the Netherlands and Britain were lower on Thursday morning. This was after a recovery in the previous session. According to LSEG, the Dutch front-month contract fell by 0.53 euros at 43.19 Euros per Megawatt Hour (MWh) as of 0947 GMT. The May contract also dropped by 0.49 Euros to 43.18 Euros/MWh. The day-ahead contract in Britain was 2.50 pence more expensive at 104.00 cents per therm. LSEG data shows that the demand for heating in northwest Europe will fall by 604 gigawatt-hours per day (GWh/d), to 2535 GWh, on the day ahead.
Prices of gas in Europe rise following agreement on energy ceasefire
Dutch and British wholesale prices of gas rose on Wednesday, bouncing back from the previous day, after Russian President Vladimir Putin agreed to temporarily halt attacks on energy infrastructure but did not agree to a complete ceasefire. According to LSEG, the Dutch front-month contract had risen by 1.41 euros at 42.13 Euros per Megawatt Hour (MWh) as of 0922 GMT. The May contract also rose by 2.08 Euros to 42.60 Euros/MWh. The day-ahead contract in Britain was 3.25 pence more expensive at 103.25 cents per therm.
Prices of gas in Europe drop ahead of Trump-Putin call
Dutch and British wholesale prices for gas eased Tuesday morning, as the market awaited news of a possible peace agreement between Russia and Ukraine. However, low storage levels are still a concern while weather forecasts remain mixed. LSEG data shows that the Dutch front-month contract has dropped by 0.55 euros to 40.65 Euro per megawatt hour at 0917 GMT. The Dutch May contract fell by 0.68 euros to 40.57 euros/MWh while the day-ahead contracts eased 0.20 euros to 40.80 euro/MWh.
Ofgem: UK power group Drax does not breach sustainability obligations
LONDON, 12 March - British energy regulator Ofgem announced on Wednesday that its review of audit reports prepared by KPMG had found no evidence of Drax's breach of sustainability obligations. Renewable electricity generators can sell certificates of renewable obligation (RO), which they can use to sell to their customers, to energy suppliers. To qualify for the certificate, biomass power plants must prove that at least 70% their biomass fuel is sourced from sustainable sources.
UK electricity capacity auction for 2028/29 clears at 60 pound per kW/yr
The National Energy System Operator (NESO) announced on Tuesday the auction for Britain to secure enough electricity capacity in 2028/29 was cleared at 60 pounds each kilowatt per year. In 2014, Britain launched a market for power capacity in which it offered to pay suppliers to make capacity available so that the country had enough power. Auctions are held four years before the date of delivery. A smaller auction is held one year prior to delivery.
British Business – March 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Britain advises Ukraine on how to handle peace talks with the United States, while President Zelensky is on his way to Saudi Arabia. He had said that Russia was responsible for hundreds of attacks against his people over the last week. BP CEO Murray Auchincloss said that a decision to increase fossil fuel output and abandon green energy goals is "resonating"…
FT reports that UK Treasury is considering cutting funding for GB Energy
The Financial Times reported that Britain's Treasury Department is considering cutting funding plans for the state-backed energy company GB Energy during a review of spending scheduled for June. The British government created GB Energy last year with a budget of 8.3 billion pounds (10.73 billion dollars) and envisioned it as its main tool for driving investment in renewable energies. The Crown Estate, which manages the public holdings of the British monarchy, was to be partnered with the company to lease seabeds for 20-30 gigawatts by 2030.
The world must adhere to climate goals, despite what the US and UK envoys say
Britain's climate ambassador said that despite the United States pulling out, the world must continue to pursue the reductions in greenhouse gas emissions outlined in Paris Agreement. The UK is also moving forward with its goals. Last month, Donald Trump, the president of the United States, withdrew his country as the second largest emitter in the world from an agreement that seeks to limit global temperatures to below 2 degrees Celsius. Rachel Kyte said in an interview during a trip to Pretoria, South Africa. "Around world, people have noticed that the U.S.
UK Invests $71M in Scottish Port Expansion for Floating Wind
Britain will invest 55.7 million pounds ($71.45 million) in the Port of Cromarty Firth in Scotland to expand the facility to become a hub for floating offshore wind, the government said on Wednesday.Britain has a target to largely decarbonize its electricity sector by 2030 which will require a huge ramp up in renewable power like offshore wind.Using floating turbines, that are not fixed to the seabed like traditional wind farms, allows the projects to be much deeper out at sea, making them less visible to communities that might object and where wind speeds ar
UK replaces windfall oil tax with consultation on clean energy future
Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations. One was on how to transform the North Sea into a clean-energy area, while another focused on how taxes would be applied when energy prices were high. This will give producers more certainty about future tax rates.
