LONDON, Nov 6 (Reuters) – The recently completed retail
market review is the last chance to deal with concerns about the
poor functioning of gas and electricity markets without
fundamental institutional or structural reform, Britain’s
regulator, Ofgem, has warned.
There is a “very short window of opportunity to make the
market work well”, Ofgem’s interim chief executive told a
conference in London on Tuesday.
LONDON, Nov 4 (Reuters) – In the decade to 2013, shale gas
and oil transformed the U.S. and global energy markets. The next
revolutionary development over the decade to 2023 is likely to
be the widespread use of gas as a transport fuel, starting in
the United States.
Freight trucks powered by liquefied natural gas (LNG) rather
than diesel could become a common sight on the U.S. interstate
highway system under plans being developed and financed by Royal
LONDON, Nov 1 (Reuters) – Warren Buffett’s Burlington
Northern-Santa Fe (BNSF) railroad captured headlines earlier
this year when it announced it would start trialling trains
powered by liquefied natural gas (LNG).
But even a pilot programme is still some way off. BNSF must
still convince U.S. rail regulators trains powered by highly
combustible natural gas can be operated safely.
LONDON, Oct 30 (Reuters) – California’s lawmakers have
ensured the state will remain a major oil and gas producer by
approving new legislation allowing hydraulic fracturing and acid
treatments to rejuvenate its ageing wells in exchange for strict
controls and tougher enforcement.
Senate Bill No 4 (SB 4), which Governor Jerry Brown signed
into law on Sept. 20, directs the state Department of
Conservation and other agencies to adopt new rules and
regulations covering well construction, fracturing and other
well stimulation treatments by the start of 2015.
LONDON, Oct 29 (Reuters) – Britain’s gas and electricity
retailers will have to be much more transparent about how they
buy wholesale supplies on behalf of their customers if they are
to defuse the political storm that has erupted over energy bills
and restore trust among bill-payers.
In a thoughtful editorial published on Monday, the Financial
Times, which has fiercely criticised demands by the opposition
Labour Party for a temporary price freeze, made a strong call
for perestroika (reconstruction) in the energy market (“Reform
trading rules and re-evaluate green subsidies” Oct 27).
LONDON, Oct 28 (Reuters) – “Grangemouth now has a great
future,” its operator Ineos said on Friday, a remarkable
turnaround from a week earlier, when the company described
Scotland’s sole refinery as financially distressed.
But Grangemouth’s reprieve will still leave all seven of
Britain’s oil refineries under intense pressure in the coming
LONDON (Reuters) – There is probably no long-term commercial future for the oil refinery and associated petrochemicals plant at Grangemouth in Scotland even if the current owners, Ineos and PetroChina, can resolve their dispute with workers and the labor union.
Excess capacity in the refining industry, especially in Europe, and the shale revolution in North America will continue to pressurize Grangemouth and Britain’s other oil refineries.
LONDON, Oct 24 (Reuters) – There is probably no long-term
commercial future for the oil refinery and associated
petrochemicals plant at Grangemouth in Scotland even if the
current owners, Ineos and PetroChina, can resolve their dispute
with workers and the labour union.
Excess capacity in the refining industry, especially in
Europe, and the shale revolution in North America will continue
to pressurise Grangemouth and Britain’s other oil refineries.
LONDON, Oct 22 (Reuters) – Britain may be reaching the limit
of voters’ willingness to pay for policies needed to transform
its energy system and avert climate change.
Following the latest round of price rises announced by the
country’s Big Six energy utilities, the combined cost of gas and
electricity for an average household is set to hit 1,500 pounds
per year, nearly 5 percent of average household income.
LONDON, Oct 21 (Reuters) – “Bank holding companies ought to
confine their activities to the management and control of
banks,” the Senate Banking Committee wrote in 1955, reporting
favourably on legislation that eventually became the 1956 Bank
Holding Company Act.
“Bank holding companies ought not to manage or control
nonbanking assets having no close relationship to banking,” the
committee went on.