Home » Archives by category » Energy industry
Energy crisis forces EU ministers to face up to reliance on natural gas

Energy crisis forces EU ministers to face up to reliance on natural gas

Energy industryEnergy crisis forces EU ministers to face up to reliance on natural gasAnalysis: As governments shield consumers against soaring prices, Russia and renewables are coming under scrutiny Jennifer Rankin in BrusselsTue 21 Sep 2021 10.02 EDTLast modified on Wed 22 Sep 2021 00.10 EDTThe UK is far from alone in its energy crisis. Across Europe, governments are acting to shield consumers from soaring bills, with nerves growing about the coming winter. EU energy ministers will meet this week at an Alpine castle in Slovenia, where they will discuss global gas shortages and the union’s energy policy.Since the start of the year, wholesale gas prices in Europe have risen by 250%, the result of a complex cocktail of economic, natural and political forces. Globally, demand for energy has shot up, as China and other major economies bounce back from the pandemic. In Europe, a cold winter and frigid spring depleted gas reserves, while a long spell of still days reduced wind power supply to the grid. Meanwhile, CO2 prices hit a record €62 this month and Russia, a big exporter, has declined to increase gas supplies. Now, across the continent, energy prices are only going in one direction: up.The first mover in Europe was Spain, whose government last week announced emergency measures to cap energy prices and profits. Responding to a tripling of electricity prices since last December, the socialist anti-austerity Unidas Podemos government said it had a moral duty to …

What caused the UK’s energy crisis?

Comments Off on What caused the UK’s energy crisis?
What caused the UK’s energy crisis?

Energy industryWhat caused the UK’s energy crisis?From moves by China and Russia to changes in UK regulation, these are the factors that created the perfect storm Jillian AmbroseTue 21 Sep 2021 01.00 EDTThe UK’s energy system has been plunged into chaos by a perfect storm of market forces which threatens to rip through the economy from home energy suppliers to heavy industry, and from factories to farmers.This has stoked fears that a wave of energy suppliers will collapse, and that households will be saddled with unaffordable bills. As the colder weather draws in, these are the factors shaping the energy crisis.China’s post-Covid bounce backChina’s appetite for energy is always a key driver of global market prices. In 2021 its post-Covid economic ramp-up has coincided with an uptick in demand across Asia and Europe too.As economies begin to recover from the fallout of the pandemic, countries across the northern hemisphere, which experienced a long, cold winter in 2020-21 that depleted gas storage levels, have been left scrabbling to secure supplies.Gas prices in the UK have more than quadrupled over the last year to highs of 180 pence per therm, from around 40p/th this time last year. In the last month alone, prices have climbed by 70%.Market experts at S&P Global Platts said earlier this year that China’s demand for gas was likely to rise ​​to 360 billion cubic metres (Bcm) this year, up 8.4% from an estimated 332 Bcm in 2020. To …

Continue reading …

Hitting global climate target could create 8m energy jobs, study says

Comments Off on Hitting global climate target could create 8m energy jobs, study says

Green jobsHitting global climate target could create 8m energy jobs, study saysResearchers suggest net increase would mostly occur in renewables sector, with decline in fossil fuels Natalie Grover@

Continue reading …