Ophir Energy strikes contract with Myanmar government
Ophir Energy has signed a production sharing contract with the Myanmar Ministry of Energy. The move finalises the award of Block AD-03 offshore Myanmar, which the company has a 95% interest in.
energy
Legal challenge over power subsidy
A scheme to pay power companies to ensure there is enough back-up to meet peaks in electricity demand is facing a legal challenge over concerns it is an unlawful subsidy. The “capacity market” will see energy generators bidding for payments to bring power plants online to meet peak demand or to companies to reduce power use. But an independent company, Tempus Energy, is submitting a challenge to the European General Court on the grounds the scheme violates State Aid rules by prioritising fossil fuel energy generation over cheaper and cleaner efforts to reduce demand.
Aquamarine hopes downsizing will help it stay afloat
Wave energy company Aquamarine Power has announced plans to “significantly” downsize its business. It means an undisclosed number of jobs will be lost. According to CEO, John Malcolm, “this will involve retaining a core operational and management team to run the business and continue maintaining our Oyster 800 wave machine at the European Marine Energy Centre in Orkney”.
Opinion: Energy subsidies – who is subsidising who?
It is worthwhile taking a moment to marvel at the built environment around you – houses, shops, offices, factories, hospitals, roads, railways, airports, cars, aeroplanes and so forth – and to then realise that virtually ALL of this was built using energy from fossil fuels – oil, natural gas and coal. At the same time fossil fuels provide virtually ALL of the energy that flows through our society, enabling economic activity and the creation of wealth. Fossil fuels are heavily taxed at every stage of their production and use. The economic activity they enable is taxed as well creating vast revenue streams that pay for education, defence, healthcare, welfare and pensions.
Tide power project could get go-ahead
Hopes have been raised that an innovative renewable energy scheme harnessing the tides could get the go-ahead, after the Government announced it was starting in-depth discussions on the project. The Treasury has announced it will start closer discussions with Tidal Lagoon Power Ltd, the company which is aiming to build the world’s first tidal lagoon power plant in Swansea Bay, to see if it is affordable and value for money for consumers. The developers of the £750-850 million project have said their application is the first step to developing lagoon technology that could meet 10% of the UK’s electricity needs from the tides.
Unions warn of “radical” changes to the energy industry
Unions have warned of “radical” changes in the energy industry over the next few years, leading to job losses after German giant E.ON announced re-structuring of its business. The firm said it will focus on renewables, including wind and solar, along with distribution networks and its customer business. E.ON, one of the Big Six energy firms, said it wanted to respond to the “dramatically altered global energy markets”.
Oil price slide hits FTSE 100
A fresh slide in the price of oil to a five-year low triggered more pain for energy stocks today as the London market started the week on the back foot. The slump was accompanied by a rout across the commodities sector as the FTSE 100 Index dropped by 71.7 points to 6650.5. With Brent crude now firmly below the 70 US dollars a barrel mark, shares in exploration firm Tullow Oil topped the fallers board with a dive of 8%, off 34.3p to 391.7p.
Opinion: Danger and uncertainty – but more creativity than ever
We’re mostly aware of the saying “May you live in interesting times”. However, it was not uttered by Chinese philosopher Confucius (551-471 BC); rather it is a 20th Century faux Confucian saying attributed to Frederic R Coudert at the Proceedings of the Academy of Political Science in the US, 1939. Research reveals that what he actually said was, “May you live in an interesting age”. While the “interesting times” bit appears obscure as to origin, US President Kennedy used it in a speech in June 1966: “There is a Chinese curse which says ‘May he live in interesting times’.”
SSE’s network is jobs generator
Energy giant SSE’s electricity network supports almost 2,000 jobs across the north of Scotland and is expected to have contributed £287million to the economy by the end of this year, research has revealed. The Perth-based firm, which manages 77,000 miles of overhead lines and underground cables across the north of Scotland and through its network in the south of England, added that it has invested £126million this year in the Scottish network to increase its resilience. Through its subsidiary, Scottish Hydro Electric Power Distribution (SHEPD), SSE operates its electricity distribution network from John O’Groats through Perth and Dundee, as well as 89 Scottish islands, according to the report by Big Four accountancy firm, PwC.
Opinion: Smith Commission recommendations – a cheap Christmas cracker
The recommendations of the Smith Commission on the powers to be devolved to the Scottish parliament have emerged through negotiation by the five major political parties in Scotland. It could not be otherwise.
Renewable overtakes nuclear as main energy source
Renewable power has overtaken nuclear to become the main source of electricity in Scotland, figures have revealed. In the first half of last year sources such as wind and hydro power produced 10.3 terawatt-hours (TWh) of electricity, figures from the UK Department of Energy and Climate Change showed. Nuclear power stations, which had been Scotland’s main source of electricity, generated 7.8TWh over the same period, according to data from the National Grid.
Leyshon Energy chairman steps down
The chairman of Leyshon Energy has stepped down from his position with the board. John Manzoni is set to take up a new role as chief executive of the Civil Service with the UK government.
Ophir Energy reaches agreement with Salamander Energy
Ophir Energy said its board of directors has reached an agreement with Salamander Energy in its takeover bid. The transaction for the entire share capital of Salamander Energy means shareholders will be entitled to 0.5719 of new Ophir shares.
Total backs trio of climate change schemes
French oil giant Total is set to support a trio of initiatives which aim to tackle climate change. The company said it is consolidating its efforts by supporting three schemes backed by the Global Compact, the World Bank and the Climate and Clean Air Coalition (CCAC). Total backed the United Nation’s Global Compact’s call for companies “to factor” an internal carbon price into their investment decisions.
CorEnergy to acquire million-dollar pipeline
CorEnergy is to acquire ownership of a multi-million dollar pipeline central to natural gas in St Louis. The MoGas pipeline, worth $125million, is 263 miles long and maintains key connections on three natural gas transmission pipelines.
Ukrainian experts find way out of energy crisis
In search of a way out of the energy crisis, Ukrainian experts claim to have found the solution - hydropower. The auxiliary resource has been successfully compensating the increasing energy demand triggered by the lack of power capacity and fuel in the past months. High liquidity and sustainability were identified as some of the major advantages of hydroelectric energy. “Prior to the anti-terrorist operation (ATO) in the east of the country and before the problems with energy supply, hydroelectric power stations produced electricity primarily during peak demand,” said the director general of Ukraine’s largest hydropower company, Ukrhydroenergo, Ihor Syrota.
Snowtown II windfarm to power 180,000 homes
The second stage of South Australia's largest wind farm was officially launched yesterday, ahead of time and under budget.
Opinion: Pooling and Sharing – the myth of the National Grid
Charges are set on a geographical basis and everyone pays more in the Highlands and Islands.
Salamander in takeover talks
Salamander Energy could become involved in a bidding war after being approached by Ophir Energy and a consortium led by Compania Espanola de Petroleos (CEPSA) and Jynwel Capital. The company said it was currently in talked with both Ophir and the CEPSA Consortium regarding their respective proposals.
Australian energy firm boosts production by 9%
Australian energy firm Santos has seen its sales and production rise rise by 9% on its previous quarter. It follows the successful ramp-up of its LNG project in Papua New Guinea (PNGLNG) which reached full capacity earlier this year.
Scottish Enterprise backs ocean renewables
Scottish Enterprise will contribute a six-figure sum towards opportunities for ocean renewables innovation in Europe. Energy Minister Fergus Ewing will make the announcement at the Ocean Energy Conference in Paris today, as part of the first joint call by the Ocean Energy European Research Area Network (ERA-NET) to open up opportunities for ocean renewables innovation.
Brazil sets highest auction price for solar to promote wider use
Brazil’s energy regulator Aneel has set the highest price for wind and solar power at an energy auction this month. Regulators set a ceiling price and developers bid down the coast they’re willing to deliver electricity, with the lowest winning long-term contracts to sell power.
UK’s desirability for renewable investment falls significantly
The UK's appeal as a destination for renewable energy investment has fallen dramatically, according to a survey published today. Ernst and Young LLP's survey Renewable Energy Country Attractiveness found that the UK was 7th in the rundown of desirable renewable energy locations, its lowest level in almost five years