The EU executive is unlikely to impose a price cap on Russian gas, according to a leaked document seen by the Guardian. However, the EU is currently seeking to introduce windfall taxes on energy company “surplus” profits. The Guardian published a report on the EU’s draft regulation on the “electricity emergency tool”, which contained no […]

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Liz Truss has promised to cap the average household energy bill at £2,500 per year until 2024 in her energy relief plan announced today. The proposal will see the average household save £1,000 compared to the previously scheduled price cap rise of 80% to £3,548 this October. Under the new plan, businesses will receive equivalent […]

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Energean shares surged 10.9% to 1,381p in early morning trading on Thursday following a 65% increase in revenues to $339 million in HY2 2022 against $205.5 million the year before. The energy company reported a 165% spike in adjusted EBITAX to $198.2 million compared to $74.7 million. Energean said its sparkling financial returns were underpinned […]

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SulNOx announced its new partnership with Rominserv on Wednesday, marking the company’s first large scale agreement with a major petroleum firm. Rominserv, which currently operates as part of the Romanian crude oil company Rompetrol Group, signed a Memorandum of Understanding (MoU) for SulNOx to initially review and advise on the use of its products within […]

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The price of oil suffered a dramatic fall on demand fears, with benchmark Brent crude dropping 3.2% to $92 per barrel. The move comes on the heels of the US Federal Reserve’s hawkish interest rates stance, with the latest positive jobs report adding fuel to the fire for Fed chair Jerome Powell to hike rates […]

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The energy crisis took a sharp turn over the weekend, after Russian energy giant Gazprom shut down the Nord Stream 1 pipeline after three days of maintenance works. The company cited oil leaks in the pipeline as its reason for closing the supply line, however European leaders have accused Moscow of using Nord Stream 1 […]

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Russian energy firm Gazprom shut down the Nord Stream 1 pipeline on Wednesday for unscheduled “maintenance work” on the Trent 60 gas compressor unit operating on the critical supply route to Germany. Gas supply to Europe is scheduled for suspension until 2 September, temporarily crippling the continent’s efforts to stockpile energy supplies in advance of […]

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i3 Energy shares fell 6.9% to 25.9p in late morning trading on Friday after the company announced a lowered FY 2022 net operating income forecast of $200 million compared to its previous expectation of $241 million. The energy group attributed its lowered projection to volatile near-term commodity pricing. i3 Energy reported a Q2 2022 average […]

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The latest Ofgem energy price cap has risen to a bone-chilling £3,549 for customers on a direct debt, representing a 178% spike since October 2021’s limit of £1,277. “After all the estimations, predictions and finger-in-the-air sums we finally know the extent of the energy price hike everyone is going to endure in October,” said AJ […]

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PetroTal shares soared 13.6% to 47.1p in late afternoon trading on Thursday, after the firm announced its seventh consecutive quarter of production growth. The company reported a record of almost $100 million generated in net operating income in Q2 2022, against $29.6 million in HY1 2021. PetroTal confirmed crude oil revenues of $118.4 million from […]

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Shell has come under fire for overcharging customers after overcharging 11,275 prepayment customer accounts on its default tariffs. The energy giant is set to refund £106,000 to UK consumers, which will be issued automatically to overcharged accounts. Shell will also pay £400,000 to Ofgem’s voluntary consumer redress fund and £30,970 in goodwill payments to households, […]

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Harbour Energy shares soared 10% to 473.6p in late morning trading on Thursday after the company announced a revenue and other income growth to $2.6 billion in HY1 2022 compared to $1.4 billion in HY1 2021. Harbour Energy linked its higher revenue to increased realised liquid and gas prices and rising production volumes associated with […]

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The UK reported no fuel imports from Russia for the first time on record, according to the National Office of Statistics (ONS). The historic announcement marked a fall of £499 million from the monthly average for the 12 months to February 2022, after the UK government said it would phase out all Russian oil imports […]

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Deltic Energy shares dropped 4% to 3.6p in early morning trading on Wednesday after the natural resources firm announced a widened loss to £1 million in HY1 2022 compared to a loss of £691,754 the year before. The company reported a cash outflow of £2.4 million in the financial term against £873,064 in HY1 2021. […]

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Half of UK households face fuel poverty this winter unless the government intervenes, according to EDF Energy UK senior executive Philippe Commaret. He warned families across the country would suffer a “catastrophic winter” as fuel bills soar to triple the level of last winter. The energy price cap has surged jaw-dropping amounts in recent months, […]

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Baron Oil shares increased 0.6% to 0.07p in early morning trading on Tuesday, after the energy firm announced a slightly narrowed operating loss to £420,000 in HY1 2022 compared to £448,000 in HY1 2021. The company reported a widened pre-tax loss to £420,000 against £118,000 the year before, rising on the back of Peru-related costs, […]

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The Euro took a hit as the energy crisis ravaged Europe, sending the currency down below parity with the dollar earlier today, with the Euro currently standing at 0.9974 against the US currency. The dollar strengthened on expectations that US Federal Reserve chairman Jerome Powell would be announcing higher interest rate hikes at the upcoming […]

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Energy bills are estimated to hit £5,038 per year in 2023, according to analysts at Auxilione. Experts said Ofgem would probably raise the price cap for the average UK household to the £5,000 mark from April next year. The news comes the same week that analysts at Cornwall Insight warned consumers to expect a price […]

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Petrofac shares dipped 0.3% to 114.8p in late afternoon trading on Thursday after the energy group reported a 23% HY1 2022 revenue fall to $1.2 billion against $1.6 billion the last year. The company highlighted 40% dive in its Engineering and Construction sector to $700 million compared to $1.1 billion in HY1 2021, linked to […]

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Energy bills are set to exceed £4,200 in January 2023, according to a report by Cornwall Insight. The institute said its forecasts for the January Default Tariff Cap had grown by over £650, representing a price tag of approximately £4,266 for the average UK household. The bone-chilling shift represents a large step from previous estimations […]

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Diversified Energy shares rose 0.7% to 125.7p in early morning trading on Monday after the group reported an adjusted EBITDA growth of 48% to $224 million in HY1 2022 compared to $151 million in HY1 2021. Diversified Energy also confirmed a cash margin of 48% across the HY1 financial period. The firm highlighted a net […]

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Inspired shares fell 1.3% to 12.1p in late afternoon trading on Friday, after the group confirmed its HY1 2022 results were set to come in line with market expectations in its trading update for the period. The technology service provider announced progress in its planned strategy, with strong trading and a continued growth in underlying […]

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OPEC+ has reportedly chosen to raise its oil output by 100,000 barrels per month in its latest meeting on Wednesday. The increase is set to cover a mere 86 seconds of international demand, and was described as “so little as to be meaningless,” according to Eurasia Group managing director for energy, climate and sustainability Raad […]

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BP shares gained 3.6% to 406.7p in early morning trading on Tuesday following a reported strong Q2 for the energy giant, including an 85% surge in revenue to $69.5 billion. The oil and gas company noted an underlying profit growth to $8.5 billion compared to $2.8 billion year-on-year, driven by strong realised refining margins, strong […]

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Shell shares rose 1.8% to 2,156.5p in early morning trading on Thursday after the oil giant announced a bumper $11.5 billion profit in Q2 2022, representing a 26% rise against its shattering $9.1 billion intake in Q1 2022. Shell reported an adjusted EBITDA of $23.1 billion, marking a 22% leap over its $19 billion figure […]

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SSE shares were down 0.8% to 1,748p in early morning trading on Thursday after the company announced a performance that “slightly exceeded” expectations in its Q1 2023 trading update. The energy group reiterated its guidance of an EPS of at least 120p per share for FY 2023, along with a projected adjusted capital expenditure and […]

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EQTEC shares gained 1.4% to 0.4p in late morning trading on Monday after the company announced its selection of Petrofac as its front-end engineering (FEED) design contractor for its waste-to-energy project at Haverton Hill, Billingham. EQTEC and Petrofac have worked together since 2021 on pre-FEED work, including a review by Petrofac of EQTEC’s technology, resulting […]

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United Utilities shares were up 1.2% to 1,046.5p in late morning trading on Tuesday following the group’s reported agreement to sell its non-appointed United Utilities Renewable Energy Limited business. The business will be sold to SDCL Energy Efficient Income Trust for approximately £100 million at enterprise value. United Utilities confirmed its portfolio consisted of solar, […]

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Block Energy shares were up 0.6% to 1.5p in early morning trading on Friday after the firm announced a revenue growth to $6.1 million from $1.2 million in FY 2021. The group reported a swing back to gross profit of $231,000 compared to a loss of $3.2 million in the previous financial year, alongside an […]

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Coro Energy shares were down 8.7% to 0.2p in early afternoon trading on Tuesday after the group announced a total loss of $7.5 million in FY 2021 against $11 million in FY 2020. Coro Energy highlighted a pre-tax loss from continuing operations of $6.5 million from $8 million the year before, and an overall pre-tax […]

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SSE Thermal and Equinor have reportedly agreed to acquire Triton Power from Energy Capital Partners for a consideration of £341 million. The transaction will see the companies execute the next step in their collaboration to decarbonise the UK’s power system, with SSE Thermal and Equinor set to jointly own and run Triton Power between themselves. […]

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Shell has seen its already impressive profits rise higher in 2022, with the oil giant reporting a tripled profit intake for Q1 and a higher dividend payout. The price of oil has surged to heights of almost $130 per barrel since the war in Ukraine kicked off in late February, and currently stands at $112 […]

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Greencoat Renewables shares were up 0.8% to 1.1p in late afternoon trading on Friday after the firm announced its scheduled acquisition of the 134.4MW Ersträsk North Wind Farm in Norrbotten County, Sweden. The company is set to acquire the wind farm from Enercon on a forward sale basis. The wind farm is currently under construction […]

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ADM Energy shares were down 10% to 0.6p in late afternoon trading on Thursday, after the company announced a loss of £2.5 million in FY 2021, narrowed from £6.9 million in FY 2020. The energy firm reported a revenue surge of 125% to £1.8 million against £800,000 on the back of the recovering oil price […]

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Union Jack Oil shares were up 1% to 27.8p in late afternoon trading on Monday following a reported $7 million in net revenues achieved from the Wressle hydrocarbon development located within licenses PEDL180 and PEDL182 in North Lincolnshire. Union Jack Oil holds a 40% economic interest in the development, which has a current constrained flow-rate of […]

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Energean shares dipped 2% to 1,186p in late morning trading on Monday after the company reported the extension of its 2022 growth drilling programme by exercising its option to drill two additional wells with Stena Drilling Limited. The first well is set to target the Hermes prospect at Block 31 and is scheduled to spud […]

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Yü Group shares were down 2.6% to 202p in late afternoon trading, despite a slate of positive results in its Q1 2022 trading update. The independent energy company announced a strong start to FY 2022, with its momentum from FY 2021 propelling its revenue growth and profit margins ahead of Q1 2021 levels. Yü Group […]

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Nostra Terra shares were up 11.5% to 0.7p in early morning trading on Monday, following an update that the company’s Fouke 2 well production rates had exceeded management expectations with a rate of 145 barrels of oil per day (bodp). The oil and gas firm said the production was 77% higher than its Fouke 1 […]

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Fulcrum Utility Services announced in its trading update in which it noted the adverse market conditions of the UK energy market and reported a severe impact on its profits, leading to Fulcrum Utility shares to crater 27% to 6.75p on Friday. Fulcrum Utility, the provider of essential utility services arranged a fundraise in December 2021 […]

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An estimated 1.5 million UK households are predicted to struggle with energy and food bills higher than their disposable income from 2022-2023, according to a report from the National Institute of Economic and Social Research (NIESR). The institute pointed out the pressure rising prices and higher taxes placed on consumer budgets, with the highest levels […]

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Centrica announced that it has delivered a “strong operational performance” in its Q1 trading update for 2022 and anticipates EPS for the full year to be around the top end of analyst expectations said the group on Tuesday. The range of 2022 adjusted profits per share from 8 sell-side analyst projections issued since Centrica’s 2021 preliminary […]

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Shell shares were up 3.1% to 2,294.5p in early morning trading on Thursday, as the energy giant’s profits tripled on the back of surging oil prices. The escalating conflict in Ukraine sent the price of Brent crude to $110 per barrel, boosting Shell to a quarterly profit of $9.1 billion, its highest on record and […]

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Edenville Energy to update shareholders when takeover agreed Edenville Energy (AIM:EDL) reported on Wednesday morning that the company is set to continue working alongside Infrastructure and Logistics Tanzania (ILTL) on the proposed handover of operations at Rukwa. The company announced it will inform its shareholders when the official handover date is agreed. In the meantime, […]

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The energy company will recommend dividend between 80p per share SSE, the multinational energy company, intends to recommend a full-year dividend of 80p per share plus RPI for the coming year.  According to the company’s trade statement, this is based on two assumptions. “Normal weather conditions prevailing”, causing renewables to be just over 5% below […]

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Profits fell by 96% in final quarter of 2020 BP slumped to an overall loss of $5.69bn in 2020 as the coronavirus pandemic took its toll on the energy market. The company’s underlying replacement cost profit, a barometer for net profit/less, was at $0.1bn over the final quarter of the year. This compared to a […]

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The government has announced plans to extend the energy price cap until the end of 2021. According to the Department for Business, Energy and Industrial Strategy (BEIS), the new cap will mean that 11 million households across the UK will save on energy over the next year. “The energy price cap has been vital in […]

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Shares at BP plc (LON:BP) have plunged to their lowest level since 1995, reaching a mere £2.10 on Wednesday and falling from its £5-a-share value at the start of 2020, just weeks after new CEO Bernard Looney warned of a major restructuring drive amid mounting fears about the role of the oil industry in the […]

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New Mexico has announced that it is set to launch a new ‘smart infrastructure’ and carbon neutral energy era alongside Agile Fractal Grid and Cityzenith, following the 2019 Energy Transition Act (ETA) granting the US state the position of global leader in the fight against climate change. The partnership between energy supplier The Agile Fractal […]

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Trying to manage money during a global pandemic is challenge enough, but trying to position yourself as an investor in an uncertain climate is an even greater cause for sleepless nights. The predominant issue here is uncertainty. Not necessarily over what the virus will do next, but the week-by-week adjustments in political policy that are […]

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A report by SWNS Digital has revealed that UK smart meter owners have managed to save a combined total of almost £270 million on energy consumption alone since 23 March. Across a study of 2,000 smart meter-owning Brits, each household estimated a £39.50 reduction in energy fees during the last three months of lockdown. This […]

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Ofgem has revealed a new £25bn green investment plan, which will see a drop in household energy bills. The energy regulator announced the five-year plan, which is pushing for “a greener, fairer energy system for consumers”. Under this new plan, the rate of return for network companies will be halved meaning that more income will […]

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British power company Drax Group (LON:DRX) today announced that it had successfully completed a three-year-long extension to its Environmental, Social and Governance facility, with the contractual final maturity now pushed back to 2025. Drax is known for championing ethical alternatives, having become the first coal-run power station company to invest in flue gas desulphurization technology […]

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Hurricane Energy (LON:HUR) have seen a general downward trajectory in the price of their shares over the last few months. In what seems to be an explained trend for Hurricane Energy, even the CEO cannot comprehend as to why shares have slipped into red over the recent few weeks of trading. A company, which was […]

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Kosmos Energy (LON:KOS) have agreed to sell liquefied natural gas to BP Gas Marketing Ltd, which is a subsidiary of BP PLC (LON:BP). The firm said that the liquefied natural gas will be sourced from phase one of the Greater Tortue Ahmeyim project, offshore Mauritania. The agreement will mean that BP takes 3.45 million tonnes […]

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Zenith Energy Ltd (LON:ZEN) have said that they are close to purchasing a new asset for production in West Africa. Zenith are yet to formally name the new asset, however the firm did say that it last produced over 1,000 barrels of oil per day. The firm added that negotiations are still ongoing with an […]

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Rockrose Energy (LON:RRE) have said that they will complete a 100% acquisition of the Cotton gas field in the UK. The Cotton Gas field forms part of the UK sector of the Southern North Sea, and the deal terms are yet be disclosed. Rockrose have signed a sale and purchase agreement to acquire Speedwell Energy […]

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Cairn Energy (LON:CNE) have seen their revenues surge in an impressive update to shareholders. The firm told the market that it had reached the upper end of production guidance in 2019, even after the guidance had been lifted mid year. Looking at individual operations for Cairn, the firm said that 2019 production in the Catcher […]

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Anglo African Oil & Gas (LON:AAOG) have told shareholders that they have added a new investor to their portfolio on Monday. Anglo African said that Forum Energy Services Ltd (NYSE:FET) had taken a stake in the company, as shares jumped. Riverfort Global Opportunities PCC (LON:RGO) and YA II PN Ltd will be selling 84.0 million […]

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Finnish multinational telecommunications, information technology, and consumer electronics company Nokia Corporation (HEL: NOKIA) today announced that it had been asked to build an IP/MPLS network to ‘support the transformation’ of the national electrical grid of Fingrid (Finland’s national transmission system operator). This, the Company said, would better enable Fingrid’s smart grid to support renewable energy. […]

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Energy-focused investment company Prospex Oil and Gas PLC (LON: PXOG) has seen its shares slide on Monday following a deepening of its first half losses. The Company booked first half net losses of £0.691 million, widening from £0.541 million year-on-year for the period. Prospex Oil and Gas did make some progress in its financial results, […]

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Energy and medical sector critical components engineering firm Avingtrans plc (LON: AVG) has seen progress across its fundamentals for the full-year ended 31 May 2019. Owing to its acquisition of Hayward Tyler Group during FY18 and 11% underlying organic growth, the Company’s revenues jumped 34% year-on-year to £105.5 million. This pushed up the Group’s gross […]

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Flexible energy generation and provider company Plutus PowerGen (LON:PPG) have reported a first half loss amid a period of stagnant revenue, which was compounded by operating cost. Losses with high costs and low revenue While the company’s earnings were offset by administrative, remuneration and financing expenses. revenue remained flat at £675,000. Consequently, the company’s pre-tax […]

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Drax (LON:DRAX) shares were being snapped up by investors this morning after confirming to the market the proposed acquisition of Opus Energy Group Limited (Opus Energy) for £340m and an agreement to purchase four Open Cycle Gas Turbine (OCGT) development projects. Drax outlined in their half year results this morning that the company has been […]

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