Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Category: Latest News

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...

Record fall in electricity production from coal

A new report published by Carbon Brief says this year will see the largest fall in electricity production from coal on record. It is projected to drop by 3% – which is a fall of 300 terawatt hours and raises the prospect of a slowing of global CO2 emissions...

December Markets Update

Gas Gas prices ended higher at the end of November. High levels of flows of LNG and hold-ups with Norwegian imports affected prices, as did above normal seasonal temperatures. Day-ahead closed the month at 42.25p/th which is higher than normal. Month-ahead increased to 42.55p/th. Electricity The electricity markets were...

Energy UK plan for carbon technologies

“While increased climate risks predominantly fall on the most vulnerable parts of society and the planet, it is mainly the developed countries that can make all the difference through the neutralisation of greenhouse gases.” This is according to a report by Energy UK. The organisation called on the government...