Energy Archives - Page 11 of 12

Oil & Gas News, November 2016

Royal Dutch Shell and BP warned investors not to expect a strong rebound in oil prices next year as they set out plans for further cuts in spending to contain rising debts. The UK-listed oil majors both said they were planning for prices per barrel in the low $50s in 2017 – only a little above current levels – in a sign of the industry adapting to “lower for longer” market conditions. Prices have stabilised recently after the sharp falls from $100 a ...

Power Generation News, November 2016

POWER GENERATION Carnegie Wave Energy, an Australian-based company, has been granted £9 million from the European Regional Development Fund to support the first phase of its planned 15MW commercial wave energy project at Wave Hub in Cornwall. Wave Hub is the world’s largest and most technologically advanced site for the testing and development of offshore renewable energy technology. The grant is part of the European Structural and Investment Funds Growth Programme 2014 - 2020, and forms 65% of the funding for stage one: a ...

Power Generation News, 2016

The Scottish Government outlawed underground coal gasification (UCG) after a new report said it posed “serious environmental risks”. Energy minister Paul Wheelhouse told MSPs the controversial technique would have “no place in Scotland’s energy mix at this time”. Energy firm Cluff Natural Resources planned to spend more than £250 million building the UK’s first deep offshore UCG plant at Kincardine in Fife, creating hundreds of jobs. It claimed the process could be worth £5.7 billion but shelved the proposals after the SNP ...

Oil & Gas News, September 2016

Production from UK oil and gas fields in 2015 increased for the first time in 15 years, but investment in exploration hit a record low as companies cut spending in response to low energy prices. The 10.4% rise in output compared with the previous year was the result of a spate of new North Sea developments and technological innovations to maximise extraction from existing fields. “As an industry we are producing at four times the rate we are discovering new reserves. This is ...

Power Generation News, September 2016

Coal generated a record low 6% of the UK’s electricity this spring, official figures show. The share of coal in the power mix fell from 20% in the same period last year, following the closures of Ferrybridge C, West Yorkshire, and Longannet coal-fired power station in Scotland. Another coal unit at Drax, North Yorkshire, has also switched from the fossil fuel to burning biomass. Renewable power also fell marginally in April to June 2016 compared to the previous spring, to just below ...

Power Generation & Energy News, August 2016

Tidal energy company Nova Innovation has deployed the world’s first fully-operational, commercial, grid-connected offshore tidal array in Shetland. The second in a series of three 100kW turbines was deployed alongside the first turbine in August 2016, making it the first offshore tidal array in the world to deliver electricity to the grid. The Scottish tidal energy specialist installed the first Nova M-100 turbine in the Bluemull Sound, Shetland in March 2016. The company said the device has been generating to full power ...

Wholesale gas prices have been volatile following news that the UK’s largest gas storage facility is being shut down for 42 days.

Wholesale gas prices have been volatile following news that the UK’s largest gas storage facility is being shut down for 42 days. Gas prices for the coming winter surged more than 8% last Wednesday after Centrica Storage said its Rough facility would close until 3 August. The plant accounts for 72% of the country’s gas storage capacity, but has been affected by safety issues. The move could push the UK’s gas stocks to record lows this winter. Gas market specialist Niall Trimble of ...

Offshore oil and gas firm Subsea 7 has announced it is to cut up to 430 UK jobs, most of them in Aberdeen.

Offshore oil and gas firm Subsea 7 has announced it is to cut up to 430 UK jobs, most of them in Aberdeen. The global subsea engineering company said the move was in response to “continued difficult business and economic conditions” in the oil and gas market. It plans to axe 1,200 roles worldwide, out of a total workforce of 9,200. The company said it was cutting more than £200m from its costs, and taking some ships out of its fleet. ...

The collapse in demand for heavy trucks in the United States and the moribund investment outlook in the oil and gas industry has prompted another profit alert from Senior.

The collapse in demand for heavy trucks in the United States and the moribund investment outlook in the oil and gas industry has prompted another profit alert from Senior. Shares in the British engineering group plunged close to 3 and half-year lows, down nearly 29p at 196p, after it warned that profits and after it warned that profits and margins were falling in its Flexonics division. The division makes the tubes, joints, turbo injectors, connectors and manifold systems of large diesel engines, ...

Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses.

Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses. The 87% state-owned atomic engineering and uranium mining company is hoping to raise €9bn (£7bn) from the government and from selling off assets after running up losses of €2bn last year. Areva, a 10% equity participant in the £18bn planned new Hinkley scheme, is also using the ...