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Petronas to pay Malaysia government $13bn dividend this year

Malaysia’s Petronas is expected to contribute to government coffers as much as 59 billion ringgit ($13.25 billion) this year, a cabinet minister said in a statement to parliament published Friday. This would be higher than last year on the back of record-high oil prices and its best ever quarterly profit in at least a decade.

Other News

Green Investment Bank to be sold by government

The Green Investment Bank is to be sold off by the Government in a bid to drive more private money into green energy projects. The Government will fire the starting pistol on the sale on March 3 when it invites private investors to express an interest.

Other News

Government accused of wasting opportunity for alternative future for North Sea

Pulling the plug without warning on a £1 billion competition for technology to cut climate emissions from power stations has damaged investment in the UK, MPs have warned. Scrapping the scheme to develop “carbon capture and storage” technology, which captures and stores permanently underground up to 90% of carbon dioxide from fossil fuel plants, will also make it more expensive for the UK to tackle climate change.

Other News

MP resigns from committee over fracking funding concerns

An MP has resigned from his position on a government committee after it was revealed it had been given funding from companies involved with fracking. Kevin Hollinrake has stepped down as the vice-chairman of the All Party Parliamentary Commmittee on Unconventional Oil and Gas.

Renewables/Energy Transition

Government curbs on renewables subsidies branded ‘irrational’

The Government has been accused of “irrational” curbs to renewables subsidies after official projections revealed lower than expected energy bills by 2020. Ministers have said cuts to support for technology such as onshore wind and solar are necessary to prevent rising costs to consumers and to curb the projected overspend on the £7.6 billion budget by 2020 for a raft of green measures paid for on bills. But emails obtained by climate change analysis website Carbon Brief under Freedom of Information rules reveal Government projections which show that, while the overspend will add £12 to average household bills by 2020, overall bills would be £97 lower.

Other News

Call for national strategy to cut demand for electricity

Political parties in Scotland should commit to a national strategy to help businesses and consumers reduce and manage their demand for electricity, environmental and energy groups have said. WWF Scotland and Edinburgh-based company Flexitricity have stressed that implementing a concerted strategy regarding electricity consumption would mean Scotland could avoid the need to build expensive new fossil fuel power stations and more rapidly cut climate emissions. The groups also asserted that such a strategy must go beyond energy efficiency, and include measures to increasingly tap into the vast existing “invisible“ power network of industrial, commercial and public sector organisations.