US Energy Secretary attacks "sinister" net zero goals and singles out Britain
Chris Wright, the U.S. Energy secretary, called Monday's pledge to reach net zero carbon emission by 2050 "a sinister goal" and criticized British efforts to meet clean energy targets. The former president Joe Biden has set an ambitious goal for 2021: to reduce emissions to zero by 2050 in order to combat climate change. This will be achieved in part through subsidies that encourage the expansion of clean energy sources and electric vehicles.
China is ready to deepen and improve ties with the UK
China is willing to improve and stabilize bilateral relations with the United Kingdom, as well as to cooperate more in the areas of infrastructure, trade, and investment. This was stated by the Chinese Foreign Ministry in a Friday statement, citing their minister. Wang Yi visited Britain for the first time since a decade on Thursday. He met with the Prime Minister, Foreign Minister and National Security Advisor.
Shell should be held responsible for oil spills in Nigeria, says community leader before UK trial
Shell must take responsibility for the environmental damage caused in Nigeria by oil spills. A community leader made this statement on Thursday, as a crucial hearing in suits brought against Shell began at London's High Court. Godwin Bebe OKpabi, the leader of the Ogale Community in the Niger Delta said that he appealed to Shell to rectify the damage which, he claimed, had "destroyed [our] way of life".
Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years. It also supported a rally which has driven benchmark regional gas prices up by more than 15% this year.
Wright to speak at conservative event in London
The organization announced on Thursday that Chris Wright, Donald Trump's nominee to lead the U.S. Energy Department will be speaking to a conservative think-tank in London, next month. Wright has advocated expanding fracking operations in previous meetings. Wright, whose confirmation by the Senate is expected on Friday, will not be attending the Alliance for Responsible Citizenship Conference in person, according to a spokesperson for the department.
Sources say that Tesla's former China plant head will join renewable energy company Envision
Two sources with knowledge of the situation said that Tesla's former China Plant Manager is expected to join Chinese renewable energy company Envision. One source said that Song Gang, who announced Wednesday his departure from Tesla, will be taking on supply chain management duties for Envision. Envision and Song didn't immediately respond to separate comments. Tesla did not reply to a question about Song's departure.
Ørsted to Shed Part of its UK Wind Farm Stake - Bloomberg News
Bloomberg News reported Monday that Denmark's Ørsted had begun selling a stake in the largest wind farm planned for the United Kingdom coast. The report was based on people familiar with this matter. Reports added that the Danish utility is looking to sell around 50% of the Hornsea 3 Project, but did not specify the price at which it would like to do so.Ørsted's spokesperson confirmed that in February, the company said it had planned to sell its Hornsea III stake by 2025.
Shell and Equinor face off against UK North Sea oil, gas projects
Shell and Equinor urged on Tuesday an Scottish court to support Britain's approval of the development two vast North Sea gas and oil fields as environmental activists attempted to block these projects. Shell is fighting Greenpeace's legal challenge at the Court of Session of Edinburgh regarding Britain's approval of the Jackdaw Gas Field in 2022. Equinor, a Norwegian oil company, and Ithaca Energy, its partner in the case are opposing the decision of 2023 to approve the planned Rosebank Oilfield.
Exports of US ethanol are surging, but production is booming -Braun
The U.S. ethanol stock dropped last week despite a surge in production. This was partly due to the sharp rise in gasoline demand which reached three-year highs. Even though the production of corn-based ethanol has been setting records, record exports of the fuel additive have kept the U.S. supply in check. The abundance of cheap corn, and the relatively low prices of natural gas, have helped to support profit margins among U.S.
Exports of US ethanol are surging, but production is booming -Braun
The U.S. ethanol stock dropped last week despite a surge in production. This was partly due to the sharp rise in gasoline demand which reached three-year highs. Even though the production of corn-based ethanol has been setting records, record exports of the fuel additive have kept U.S. supplies under control. The abundance of cheap corn, and the relatively low prices of natural gas, have helped to support profit margins among U.S.
British Business – Sept 27
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. Keir starmer, British Prime Minister, is in talks with Donald Trump. He wants to build a relationship with him personally and continue his support for Ukraine. Two of the leading credit rating agencies in the world have rated Thames Water as on the verge of default. This could bring a government-backed bailout deal closer.
GE Vernova claims that offshore wind turbine blade failures have nothing to do with each other
GE Vernova said on Friday that recent turbine blade failures in two offshore wind farms located in the United States of America and the United Kingdom were unrelated. The company is still dealing with the fallout of three separate blade accidents that occurred in just four months. The latest incident occurred on August 22 at Dogger Bank, off the coasts of Yorkshire and the North Sea. This was just over a week after a blade broke off at Vineyard Wind off the coasts of Massachusetts.
Harbour Energy, UK to complete Wintershall Dea Asset Deal in September
Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter. Harbour's shares rose 7.2% to 301.10p at the opening of morning trading. The biggest British North Sea oil-and-gas producer has said that it has made significant progress in satisfying the completion conditions, including regulatory approvals from Mexico.
The European gas surplus is almost gone: Kemp
The record European gas surplus that was inherited in winter 2023/24 is now largely gone, thanks to a very small accumulation of stocks so far this summer 2024.Gas Infrastructure Europe (GIE) data shows that inventories in the European Union and United Kingdom are up just 336 Terawatt Hours (TWh).The accumulation is the lowest since 2012, and compares to a 10-year average of 443 TWh (Aggregated Gas Storage Inventory", GIE. August 14).On Aug.
Delft Students Cross North Sea on Self-Built Hydrogen Boat
On July 11, 2024, Dutch students from the TU Delft Hydro Motion Team arrived in Ramsgate with their self-built hydrogen boat, becoming the first to cross from the Netherlands to England with a fully hydrogen-powered vessel, making the nearly 169-km journey across the North Sea on a single tank.Read more about the future of Hydrogen in the maritime space in our inteview with Roy Campe, CTO, CMB.TECH in…
Offshore Wind: Orsted Earnings, Shares Dented by Lower Wind Speeds, Cable Problems
Lower wind speeds and cable problems hit first-quarter earnings at Denmark's Orsted , sending shares in the world's biggest offshore wind farm developer lower on Thursday.Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 4.9 billion Danish crowns ($799 million), missing analysts' consensus forecast of 5.2 billion crowns.However, Chief Executive Mads Nipper said the company's…
Snam Sees Limited Impact from Coronavirus on Targets
Italian gas company Snam can't reliably calculate the effects of the coronavirus pandemic on its business outlook but doesn't see any major impact, it said on Thursday."The company expects a limited impact on its economic targets and to the investment programme, proportional to the speed of recovery of operations," it said in a statement on first quarter results.Europe's biggest gas pipeline company has…
Wartsila Says Share of Renewable Energy Up Rapidly Amid COVID-19
Finnish ship technology and power-plant maker Wartsila said on Tuesday the coronavirus outbreak has caused the share of renewable energy in Europe's power production to increase rapidly.The pandemic has caused demand for electricity to fall across Europe, Wartsila said, according to data it collected and analysed.Countries such as Germany, Spain and Britain have had to temporarily shut down coal-fired power generation…
Offshore Helicopter Merger Nears Completion as HSR Waiting Period Ends
Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10, 2020.The expiration of the waiting period under the HSR Act satisfies a condition to the closing of the merger, Era said."The closing of the Merger remains subject to other customary closing conditions…
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect of the COVID-19 pandemic and the low oil prices."This year was slated to be another remarkable year for exploration with about 45 countries launching at least 52 lease rounds…
