Author: Graham Foster

Chancellor Rachel Reeves may consider ending the windfall tax on the UK oil and gas sector sooner than anticipated. This comes as Prime Minister Keir Starmer expressed his intention to prioritize North Sea drilling. Reeves is reportedly looking at using her upcoming budget to lift the energy profits levy in March 2029, rolling back a prior decision that pushed its end to March 2030. However, she is under significant budgetary pressure and seeks guarantees from oil and gas companies that this move will encourage investments and create jobs, ultimately benefiting the government’s revenue. Sources from the industry indicate that the…

Welcome to Energy Source from New York In recent news, ExxonMobil’s CEO, Darren Woods, has confirmed that the company does not plan to return to Russia. This comes amid discussions with Russian officials about recovering approximately $4.6 billion lost after the government seized Exxon’s stake in the Sakhalin-1 oil project. In the U.S., the Federal Reserve has cut interest rates for the first time this year, responding to pressures from the White House. However, Chair Jay Powell noted that the labor market is showing signs of weakness, prompting a focus on keeping Americans employed rather than just controlling inflation. In…

According to the U.S. Energy Information Administration (EIA), carbon dioxide emissions per person from energy consumption have decreased in every state from 2005 to 2023. This change is largely attributed to a reduction in coal usage. Overall, CO2 emissions dropped by 20% during this period, despite a 14% increase in the U.S. population, leading to a 30% decline in per capita emissions. The EIA noted that the growth of electricity generation from natural gas, which produces roughly half the CO2 emissions compared to coal, along with the rise of renewable sources like wind and solar energy, helped to counterbalance the…

Dive Brief: In the first half of this year, project financing for the U.S. clean energy sector reached about $86 billion, rising from $80 billion in the same period last year, according to a report by Crux, a financial technology firm focused on tax credit transactions. Despite the political turbulence following President Trump’s administration, which saw some Biden-era policies rolled back, clean energy investment continued to grow. This included the passing of the One Big Beautiful Bill Act, which affected certain tax credits from the Inflation Reduction Act. Crux CEO Alfred Johnson remarked that the market is expanding and diversifying.…

A complaint aimed at reversing the Midcontinent Independent System Operator’s (MISO) $22 billion Tranche 2.1 regional transmission portfolio has met with significant pushback. This was highlighted in comments submitted to the Federal Energy Regulatory Commission (FERC) on Tuesday. The request to dismiss the complaint came from multiple parties, including MISO itself, six utility commissions, AES Indiana, Ameren, Xcel Energy, and various other utilities. Consumer-focused groups, such as the Illinois Citizens Utility Board and even Iowa’s governor, have also shown their support for MISO. On the other hand, those backing the complaint are mainly organizations representing large energy users, like the…

In the first half of this year, global solar capacity soared to 380 gigawatts (GW), a remarkable 64% increase compared to 2024 when 232 GW was added during the same period. This information comes from a report by clean energy organization Ember. According to Ember, reaching 350 GW of added capacity happened six months earlier in 2025 than it did in 2024, where it took until September. China was the leader in solar installations, contributing a staggering 256 GW—over twice the total added by the rest of the world combined—making up 67% of the global total. For comparison, China accounted…

JEA, the municipal utility in Jacksonville, Florida, has announced a significant investment of $1.57 billion to build a new 675-MW combined cycle gas plant. This new facility will replace an aging gas unit expected to be retired by 2031. JEA Board Chair Joseph DiSalvo emphasized the necessity of this development to ensure reliable energy for all customers. “The risk is unacceptable if we delay on this,” he stated during a recent board meeting. The board unanimously endorsed the plan on August 26. However, consumer and environmental advocates express concerns that this move could lead to higher energy bills and a…

Botswana is making a significant move by hiring Lazard to assist in taking control of diamond mining company De Beers. This comes just days after the country received a massive investment pledge of $12 billion from Qatar. Highlights from Today’s Business Report: EchoStar’s Exit from Telecom Plans: Charlie Ergen, after 45 years of striving to create a competitive mobile network in the U.S., has seen his plans crumble in just a few months. His company, EchoStar, has accepted a $23 billion deal to sell its wireless spectrum licenses to AT&T. This decision comes amid pressure from the Trump administration, which…

Key Findings: If the 3.5 gigawatts (GW) of offshore wind energy projects contracted for New England had been active last winter, they could have saved ratepayers approximately $400 million on energy bills by offsetting rising natural gas prices, a report from Daymark Energy Advisors shows. The findings indicate that the savings from power purchase agreements would yield monthly bill reductions of between $1.32 and $2.68 for an average residential customer of Eversource Energy. RENEW Northeast, which commissioned the report, noted that ISO New England’s recent data showed natural gas prices this spring averaged $3.40 per million British thermal units (MMBtu),…

Global advertising giant Interpublic Group (IPG) appears to have strayed from its commitment to avoid fossil fuel promotions. This comes to light after the company proposed a campaign for Saudi Aramco and renewed contracts with oil and gas companies. In 2022, IPG had pledged to move away from fossil fuels, but a shift in its policy allowed it to continue working with firms like ExxonMobil and Qatar Energy. Two advertising professionals, who wished to remain anonymous, expressed concerns that the recent work for Aramco violated earlier guidelines. One former employee, frustrated with IPG’s approach, suggested that promoting fossil fuel companies…