Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Category: Latest News

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...

Renewable Energy Cheaper to Develop than Coal

New renewable energy sources are now cheaper to develop than new coal plants, according to Carbon Tracker, an independent financial think-tank that carries out in-depth analysis on energy. In 10 years it will be cheaper to close down coal plants and build wind and solar plants instead, mainly because...

March Markets Update

During February the energy markets started to reflect the initial impacts of coronavirus. Low prices at the start of the month recovered only to fall again by the end of the month. We will have to wait and see how the pandemic pans out and how the market reacts...

BP Sets Net Zero Target

BP has said it will reduce its carbon footprint to net zero by 2050 or sooner. The company will need to remove more than 400m tonnes of carbon emissions a year from its oil and gas businesses through tree-planting and carbon capture technologies. Launching the initiative, BP stated: “These...

EU ETS and the impact of Brexit

The Government has stated that EU ETS will continue for the 2019 and 2020 compliance years during the Brexit transition period from 1 February 2020 to 1 January 2021. A new report by the Durham Energy Institute (DEI) is ‘making an urgent case for the UK Government to focus...

February Markets Update

Power update Wholesale power prices were bearish at the end of January due to strong supply and lower demand. Despite low wind generation, UK power contracts dropped 2.5% on average due to milder weather. Contracts dropped by 0.7% at £37.0/MWh while Summer contracts dropped by 1.5% (£35.84/MWh) and Winter...

Renewables Sector Gathers Pace

The UK’s renewables sector produced more than fossil fuel plants on a record 137 days last year according to a report by Carbon Brief and reported by The Guardian. Renewable energy (wind, solar, hydro and biomass) grew by 9% and was the largest electricity source in March, August, September,...

Middle East Tensions Lead to Rise in Oil Prices

Last week, oil prices jumped after the killing of the Iranian General by the US. Brent crude oil increased by more than 3%, hitting $69.50 per barrel, the highest it has been since September. Commentators have warned that the potential disruption to the global oil market from conflict in...

January Markets Update

Gas Gas prices dropped in December as a result of record levels of LNG cargoes and high levels of storage carried over from the previous month. Day-ahead closed before Christmas at 31.0p/th while month-ahead decreased by 8.2% to settle at 35.0p/th. At the start of January, gas prices rose,...

Business Energy News

What’s happening in the wider world of business energy?  Here are some key current headlines. The world’s biggest fossil fuel producer, Saudi Aramco, was named as the most valuable listed company in history with a market value of £1.4tn. The valuation makes Aramco more valuable than Apple and Facebook...