Author: Graham Foster

The UK Treasury is planning to reduce funding for GB Energy, as part of the upcoming spending review in June, which poses a significant challenge for Energy Secretary Ed Miliband. GB Energy was created by the Labour government to promote investment in clean energy generation and supply to aid in the decarbonization of the electricity grid. Originally, the company was promised £8.3 billion in taxpayer funding over a five-year period; however, it has only received £100 million so far, which was allocated during the previous October’s budget for the first two years. With growing fiscal pressures and an increasing focus…

Utilities are increasingly finding innovative ways to use artificial intelligence (AI) and machine learning (ML) to tackle reliability challenges as the demand for electricity grows. A paper from the Electric Power Research Institute (EPRI) highlights a surge in interest around generative AI models, which has led to vast financial commitments from the U.S. and Europe. This shift is prompting utility companies to explore new opportunities in AI technology. Jeremy Renshaw, Executive Director at EPRI, noted that even utility professionals who were once doubtful about AI are now embracing technologies like cloud computing and drones. The rapid adoption of these tools…

The latest developments in the oil and gas sector have investors raising eyebrows. Despite expectations of growth fueled by government policies promoting fossil fuel expansion, shares in U.S. oil companies have not performed well lately. The Dow Jones U.S. Oil and Gas index has seen a decline of 1.2% over the past year, in stark contrast to an 11.3% increase in the S&P 500. Concerns in this sector are warranted, as a recent study suggests that significant declines could be on the horizon. A report from OPEC forecasts that global oil consumption will increase to 120 million barrels per day…

Elliott Management, a prominent hedge fund, has made headlines by taking a short position of €670 million in TotalEnergies, a major player in the French energy sector. This move was reported in regulatory filings and represents 0.52% of the company’s stock. The announcement was made public by the French financial regulator just a day after Elliott’s maneuver. This decision follows Elliott’s earlier acquisition of nearly 5% of British oil company BP, a stake valued at around £3.8 billion, where the firm is advocating for significant divestments and a renewed emphasis on traditional oil and gas operations. Short positions like this…

 Highlights: ComEd, a utility company based in Chicago, has announced a significant rebate program worth $100 million aimed at reducing the costs of electric vehicle (EV) charging stations for homes, businesses, and public areas throughout northern Illinois. This initiative is part of a larger effort in the state to encourage the use of electric vehicles, targeting a goal of having one million EVs on Illinois roads by the year 2030. “The rebates from ComEd that support electric vehicle adoption and help expand charging infrastructure are essential for a sustainable future,” stated Megha Lakhchaura, Illinois’ state EV officer.…

An attorney representing the Climate United Fund recently sent a letter to the Environmental Protection Agency (EPA), urging the agency to immediately restore access to its nearly $7 billion Greenhouse Gas Reduction Fund grant. The attorney described the current funding freeze as illegal. Adam Unikowsky, a partner at Jenner & Block, stated that Climate United hopes for direct communication to resolve the situation. However, he warned that if the EPA decides to suspend or terminate the grant, it should postpone its decision until there is a judicial review. He believes that Climate United has strong grounds to prove the EPA’s…

BP’s chief executive, Murray Auchincloss, saw his pay drop by 30% last year, bringing his total earnings down to £5.36 million. This reduction comes as the oil giant fell short of key profit and operational goals. While Auchincloss’s base salary remained steady at £1.45 million for 2024, his share awards decreased sharply from £4.36 million to £2.75 million due to missed targets related to earnings, cash flow, reliability, and energy transition. Recently, BP abandoned its five-year strategy aimed at becoming a leader in green energy. Instead, Auchincloss announced a shift back to focusing on oil and gas, with plans to…

The United States has pulled out of a prominent climate financing initiative aimed at supporting developing nations as they move away from coal. This withdrawal jeopardizes a $45 billion plan that was a key element of international climate cooperation, a move many attribute to President Donald Trump’s ongoing cuts to climate programs. Under Trump’s leadership, the US has drastically slashed funding for various climate initiatives, including essential domestic agencies like the National Weather Service and the National Oceanic and Atmospheric Administration. His administration has consistently dismissed the seriousness of climate change. The US was a vital participant in the Just…

Hello everyone, and welcome to this edition of Energy Source from New York. Recently, President Biden made changes to tariffs on goods coming from Canada and Mexico, offering car manufacturers a temporary one-month break. U.S. Commerce Secretary Howard Lutnick mentioned that the president might consider easing tariffs for other sectors too. The impact of the ongoing trade dispute has already led to a significant drop in oil prices, which fell for the third consecutive day, now at a three-year low. In an exclusive interview, Jamie Smyth spoke with the CEO of TC Energy, a major pipeline company in North America.…

During a recent House hearing, Todd Brickhouse, CEO of Basin Electric Power Cooperative, urged Congress to keep the clean energy tax credits provided by the Inflation Reduction Act. He emphasized that stopping the production tax credit would disrupt utilities’ planning and could lead to higher costs for consumers. Basin Electric, based in Bismarck, North Dakota, is in the process of constructing 1,500 megawatts of solar power, relying on the assumption that this capacity will qualify for the production tax credits mentioned. As congressional Republicans strive to cut federal spending for their budget, discussions are underway regarding potential adjustments to the…