Author: Graham Foster

Unlock the Editor’s Digest totally freeUK energy provider Ovo Group elevated its adjusted earnings 11-fold final 12 months, after the regulator intervened to permit firms to recoup rising prices in the wake of Russia’s invasion of Ukraine. Ovo Group, which owns UK family provider Ovo Energy in addition to energy software program firm Kaluza, reported adjusted earnings (ebitda) of £225mn in the 12 months to the top of December 2023 on revenues of £8.7bn.  That was up from £20mn on revenues of £6.7bn in 2022, in keeping with newly revealed accounts. The Bristol-based firm mentioned the development was primarily because of the UK…

The Financial Times has a scoop this morning on new allegations by Shell that US liquefied pure gas supplier Venture Global has “wrongfully earned” $3.5bn via cargo arbitrage, the most recent escalation in a bitter dispute between a few of the largest gamers within the LNG industry.The oil main accuses Venture Global of failing to ship shipments to European prospects beneath long-term provide contracts and as a substitute promoting them on high-priced spot markets when gas costs soared following Russia’s full-scale invasion of Ukraine. Venture Global has dismissed Shell’s claims, declaring pressure majeure on its contractual commitments.Thanks for studying,AmandaNew examine…

Russia has been pressured to begin storing gas from Vladimir Putin’s flagship Arctic project, in an indication that western sanctions are deterring consumers.According to ship-tracking knowledge and satellite tv for pc photographs, three vessels have shipped liquefied pure gas from Arctic LNG 2, which is beneath US sanctions, because it began loading operations final month.One of the ships, Everest Energy, seems to have unloaded at Saam FSU, a floating storage unit anchored in a bay within the Murmansk area of northern Russia. It has since headed again within the path of Arctic LNG 2.The switch “underscores the challenges that Russia…

The UK should consider a range of applied sciences for future large-scale nuclear power crops because it seeks to revive the sector, in keeping with the top official overseeing these efforts, casting doubt over the nation’s long-standing nuclear relationship with France.  Simon Bowen, chair of Great British Nuclear, the general public physique chargeable for the supply of new initiatives, stated the UK would wish “at least another couple” of massive nuclear power stations after the 2 presently in improvement by French state-owned power firm EDF.But he added {that a} “pause” was wanted earlier than the UK selected what know-how to…

Unlock the Editor’s Digest for freeOpec+ members have agreed to delay deliberate increases to grease production for at the very least two months because the group continues its battle to prop up costs which have fallen to their lowest ranges this yr.Eight members of the producer group, together with Saudi Arabia, Russia and the United Arab Emirates, had been attributable to start unwinding voluntary output cuts from the beginning of October however the curbs will now stay in place till December 1, they mentioned in a joint assertion after a digital assembly on Thursday.The deliberate increases would have lifted the…

Stay knowledgeable with free updatesInvestors are demanding a better premium to tackle the debt of Britain’s most extremely rated water firms within the wake of the crisis at Thames Water.Companies with stronger credit score rankings, together with Welsh Water, United Utilities and Anglian Water, have marketed or issued new sterling debt this week within the first vital wave of issuance because the guardian firm of Thames defaulted on its debt earlier this yr.But buyers have demanded a less expensive value for water bonds, elevating company borrowing prices and renewing considerations that the business might want to divert a better proportion…

Stay knowledgeable with free updatesThe International Energy Agency chief has criticised Europe for falling behind China and the US after making “two historic monumental mistakes” in energy coverage, by counting on Russian gas and turning away from nuclear energy.Fatih Birol, the company’s government director, instructed the Financial Times that European business was now paying the worth for these errors and that the bloc would want “a new industrial master plan” with a purpose to recuperate.The Paris-based Birol’s intervention comes because the EU leaders put together to debate the bloc’s financial competitiveness this week.It trails China and the US in areas…

Stay knowledgeable with free updatesShell is alleging US liquefied pure gas supplier Venture Global “wrongfully earned” $3.5bn by failing to ship shipments to European clients below long-term provide contracts and as a substitute bought them on high-priced spot markets when gas costs soared following Russia’s full-scale invasion of Ukraine.The accusations are rising forward of arbitration proceedings Shell and a number of other different energy firms have filed with Venture Global, a brand new entrant which has shaken up the worldwide LNG market. They are the newest salvo in an unusually bitter battle between a number of the largest gamers within…

The newest IEA funding report affords a nuanced take a look at the worldwide circulation of energy spending Source link

Stay knowledgeable with free updatesGoldman Sachs has slashed its 2025 forecast for the copper worth by a 3rd, as the autumn in Chinese demand for the purple metallic clouds the profit outlook for main miners. The US financial institution warned this week that the anticipated rally within the copper market wouldn’t materialise as the Chinese property rout depresses demand for commodities. It now expects copper to common $10,100 a tonne subsequent yr, sharply decrease than its prediction 4 months in the past that it will hit an all-time excessive of $15,000.“The copper rally is delayed,” Goldman analysts wrote in a…