Author: Graham Foster

European energy prices have fallen beneath zero for a record variety of hours this yr, because the speedy growth of photo voltaic and wind era outpaces the continent’s means to cope with extra provide.Electricity prices fell into destructive territory for 7,841 hours throughout the continent throughout the first eight months of the yr, in keeping with consultancy ICIS, with prices falling beneath minus €20 ($22) per megawatt hour in some cases. Power prices may be extremely unstable and delicate to sudden shifts in demand or provide, which means occasionally customers may be paid to make use of electrical energy.While useful…

Stay knowledgeable with free updatesOil and gas manufacturing within the North Sea might halve by 2030, far sooner than presently anticipated, under tax proposals that might trigger “irreversible damage” to the sector, in accordance to a report from energy consultants Wood Mackenzie. North Sea oil and gas firms have already dramatically scaled again their exercise whereas they watch for a call on taxes in subsequent month’s Budget. “The ongoing uncertainty makes planning extraordinarily hard and financing all but impossible,” mentioned the report. Companies could have to pay 78 per cent tax from November, after a rise within the “energy profits levy”…

Unlock the Editor’s Digest without costOil-rich nations are making a concerted effort to sluggish progress on a landmark UN local weather settlement to finish using fossil fuels, in response to western nations collaborating in international local weather change talks. Negotiators from 5 western international locations informed the Financial Times that they have been making use of stress to Azerbaijan because the host nation for the upcoming UN COP29 summit to prioritise fossil fuel phaseout discussions, in an try and counter a “pushback” from the petrostates and their allies.At COP28 in Dubai final December, nearly 200 international locations agreed to transition away…

Green tech leaders have warned a Donald Trump presidency may decimate the US offshore wind business, gradual the roll out of electrical automobiles and imperil the nation’s efforts to turn into a renewable energy superpower that may compete with China.With polls exhibiting the previous president working neck and neck with Kamala Harris within the race for the White House, business and local weather teams are stepping up their efforts to spice up the vice-president’s prospects by internet hosting donor occasions, financing promoting campaigns and talking out about political dangers to the sector.“There is a very good chance that he’ll try…

Stay knowledgeable with free updatesThe High Court in London has dominated towards the planning permission granted for a metallurgical coal mine in West Cumbria, ending a years-long controversy over what would have been the UK’s first new coal mine in 30 years. The carefully watched verdict underlines how the brand new Labour authorities, bolstered by a key authorized precedent set in June, is curbing the event of any new fossil gasoline initiatives within the UK.Justice David Holgate issued the choice right this moment, upholding a authorized problem from two environmental teams who argued that the licence for the mine didn’t…

Unlock the Editor’s Digest without spending a dimeThe Hague will become the world’s first city to write into law a ban on promoting that promotes fossil fuels, petrol vehicles, air journey and cruise ships, within the newest in a wave of crackdowns by cities world wide.The choice by the council within the Netherlands’ administrative centre and the hub of worldwide law is important as a result of not like different bans it doesn’t depend on negotiations to finish particular person promoting contracts, and might be tougher to overturn.It will apply throughout public areas equivalent to billboards and freestanding screens, and…

Simon Quack adopted in his father’s footsteps, becoming a member of the group at RWE’s coal-fired plant in Bergheim within the North Rhine-Westphalia area that has powered the German economic system for many years. But as Europe’s manufacturing powerhouse begins to show its again on coal, his profession has taken a special path. The 28-year-old now works for RWE’s rising renewables arm, serving to handle apprentices. “I wanted not to just talk about the change but to help shape it,” he mentioned.  Quack’s profession shift is emblematic of a labour market pattern world wide, as international locations transfer away from…

Unlock the Editor’s Digest without costEurope is at risk of shedding a key “green” manufacturing trade to Asia. Sound acquainted? This time it’s Europe’s nascent battery trade that’s going through a shaky future. Slowing electrical automotive gross sales are including to present issues, akin to low cost battery imports from an oversupplied China.As European automakers reduce their electrical car plans, Benchmark Mineral Intelligence is forecasting practically 14 per cent decrease demand in Europe for cells in 2030 than it was a 12 months in the past. Battery makers have responded by delaying or cancelling their very own tasks. Northvolt of…

Stay knowledgeable with free updatesOil prices are seemingly to keep falling, the head of the International Energy Agency has stated, as producers proceed to pump volumes that exceed international demand.“Given the current weak demand and lots of oil coming from the non-Opec countries, mainly from America and others, we may well see downward pressure on the price,” stated Fatih Birol.The bearish feedback come after a turbulent fortnight in oil markets, with the value of benchmark Brent crude falling by greater than $10 a barrel to tumble beneath $70 on Tuesday for the primary time in practically three years. The temper…

Oil costs slid to multiyear lows earlier this week, as traders develop more and more nervous about weaker development in China and the US. Brent crude, the worldwide benchmark, has fallen 13 per cent since late August and tumbled beneath $70 for the primary time in three years on Tuesday. Fatih Birol, head of the International Energy Agency, warned that crude costs are likely to keep falling as demand weakens. “Given the current weak demand and lots of oil coming from the non-Opec countries . . . we may well see downward pressure on the price,” Birol stated in an interview with the Financial…