Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Category: Latest News

Extension to Climate Change Agreement Confirmed

The Government has confirmed that the Climate Change Agreement, initially set to end in March 2023, will be extended for a further two years. The Climate Change Agreement (CCA) was established by the Government to provide tax breaks to businesses that actively reduce their energy consumption. Since its set...

BP to Cut Oil and Gas Production by 40% by 2030

As oil and gas demand continues to decline, Bernard Looney, CEO of BP, said that the company aims to cut the amount of oil and gas it produces by 40% by the end of 2030. On Tuesday 4th August, the energy giant announced that it will be working on...

August Markets Update

Gas Gas prices nudged higher at the start of July though a rise in renewables production reduced gas-fired power demand for a short period. Market close data on 31st July revealed that the 1-year forward price for commercial gas decreased since last month, closing at 30.53ppt. Power Commercial electricity...

Oil Producers Hope to Bounce Back from COVID-19

As areas of the British economy reopen following the Coronavirus pandemic, oil producers continue to face depressed prices. The unprecedented impact of COVID-19 on the global economy, specifically oil and gas sectors, forced large producers such as BP and Shell to reduce the value of their assets by tens...

July Markets Update

Gas Market close data on 30th June revealed that the 1-year forward price for commercial gas closed at 32.75ppt, a rise from last month which saw it closing at 30.08ppt. LNG prices increased towards the end of June, as a major gas producer in the US filed for bankruptcy....

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...