Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Category: Latest News

Global Oil Continues to Decline

As COVID-19 continues to restrict global travel and economic activity, the demand for oil worldwide is on a steady decline. According to the International Energy Agency’s latest oil market forecast demand for oil in 2020 has dropped by around 90,000 barrels since 2019, its first decline since 2009. This...

COVID-19’s Impact on Our Energy Consumption

The Coronavirus pandemic is rapidly altering the way we work, travel, and consume energy. Last month, Great Britain broke its record for the longest period of electricity generation without coal. This occurred due to a reduction in workforce, meaning less generation fleet and a decreased demand. Great Britain has...

June Markets Update

Gas Gas stocks are nearing capacity earlier than usual this year, with warm weather reducing demand. The 1-year forward price for commercial gas closed at 30.08ppt by May 29th.     Power Power prices decreased towards the close of the month, with warm weather reducing the need for consumption...

TESLA OFGEM APPLICATION

Tesla has submitted an application to Ofgem to become a power generator in the UK. It is unclear what Tesla’s intentions are behind the application though the license requests permission to generate electricity to supply ‘any premises’ in Great Britain. The company built the world’s-largest lithium-ion battery in South...

CHANGES TO CCL RATES

The CCL is a UK wide tax on energy and fuels which are purchased by businesses and the public sector, introduced in 2001. The main rates are paid by suppliers to the government, who then pass on these costs to their non-domestic customers via their utility bills. Changes to...

MAY MARKETS UPDATE

Gas Gas prices decreased towards the end of April Longer contracts remained bearish, taking direction from weaker oil and coal. A drop in temperature lifted residential demand, however. The 1-year forward price was at 30.65ppt by April 29th.   Power Power prices eased downwards at the end of April....

Quarterly Energy Prices Report

The Government has published its Quarterly Energy Prices report for October – December 2019. The report is helpful for understanding trends in energy pricing.  You can read the full report here.  Highlights which are relevant for business energy users: Average industrial prices in Q4 2019 rose by 5.6% for...

Historic Deal to Reduce Global Oil Production

Members of Opec, which comprises the world’s largest oil producers, have agreed a historic deal to reduce global oil production by almost 10% starting in May. According to The Guardian, the deal marks a truce in the oil price war between Saudi Arabia and Russia which had crescendoed in...

April Markets Update

Renewables records have been broken once again, thanks to a windy start to 2020. According to EnAppSys, renewables generated 35.4TWh of power in the first quarter of 2020 which is 44% of total UK generation. This comes amid news that global carbon emissions from the fossil fuel industry could...

Coronavirus Set to Impact Global Oil Demand

The IEA (International Energy Agency) says that global oil demand will decline in 2020 as coronavirus constricts travel and broader economic activity. “The coronavirus crisis is affecting a wide range of energy markets – including coal, gas and renewables – but its impact on oil markets is particularly severe...