Weekly HEG Global Energy Digest
New regulations to cut transport emissions have been announced in the UK
New regulations to make road and air transport more ecologically-friendly have been announced in the UK.
The recent Renewable Transport Fuel Obligation (RTFO) came into force last night and it will require fuel firms to more than double the quantity of renewable fuel they provide by 2020.
The production of innovative fuels from waste, comprising hard-to-decarbonise sectors such as the aviation industry, will also be incentivised.
At present, the transport sector is the biggest contributor of greenhouse gases in the country.
The RTFO backs fuels counting bioethanol and biodiesel, as well as gases such as biomethane and renewable hydrogen.
According to Dr Nina Skorupska, CEO of the Renewable Energy Association, this is an exciting time for renewable transport. She added that these new regulations will fire the starting gun on the UK’s development of innovative fuels for aviation and other forms of transport which are hard to decarbonise and develop their leadership position in the production of renewable fuels for road transport.
Article Source: http://www.energymarketprice.com/energy-news/global-carbon-emissions-reached-a-record-level-in-2017
More investments in solar power than in fossil fuels in 2017 globally
Globally, solar power attracted the biggest investments in 2017, leaving oil, gas and coal far behind.
According to the latest report from Frankfurt School – UNEP Collaborating Centre and Bloomberg New Energy Finance, around 160.8 billion dollars have been invested in solar sector.
Solar power accounted for 57% of the total for all renewables except large hydro, or $279.8 billion, as indicated by data in the report. Meanwhile, coal and gas investment represented 103 billion dollars.
During 2017, a huge number of renewable projects were put into operation, totalling 157GW capacity – up from 143GW in 2016.
China, Brazil and India allocated 177 billion dollars for renewable energy sources last year, registering a 20% increase compared to 103 billion dollars for economically developed states.
The decreasing costs of solar and wind electricity, as well as investments in renewables, are likely to bring more people into economy, delivering more jobs. Clean energy signifies ecologically-friendly environment and healthier development.
Article Source: http://www.energymarketprice.com/energy-news/investments-in-solar-power-more-than-in-fossil-fuels-in-2017-globally
BP reinforces its Middle East gas portfolio with new project in Oman
Energy major BP has approved its first most important project this year, a natural gas field in Oman that will endorse the loss of other assets in the Middle East.
The British firm and Oman Oil Company Exploration & Production have agreed on the second stage of the onshore Khazzan project, which will launch production in 2021. The new investment will bolster total production the site by 50 per cent to 1.5 billion cubic feet a day (255,000 barrels of oil equivalent a day).
BP wishes gas to lead its output slate in the years ahead as worldwide transition includes lowering carbon fuels. Six of the seven projects it launched in 2017 were gas-producing. It plans to start five more this year, three of which are gas-oriented.
Khazzan is unique because it’s one of the few fields which are not located in the US that uses innovative technology. While the rocks BP is drilling into aren’t shale, it has applied hydraulic fracturing to sharply increase production at the site.
BP did not reveal which will be the cost for the new Oman development, called Ghazeer. The two stages will jointly produce an overall quantity of 10.5 trillion cubic feet of gas and 350 million barrels of condensate.
Article Source: http://www.energymarketprice.com/energy-news/bp-reinforces-its-middle-east-gas-portfolio-with-new-project-in-oman
British Gas will increase energy prices by 5.5%
British Gas will increase the price of its most extensively used standard tariff for clients obtaining electricity and gas by an average of 5.5 percent from May 29, as declared by parent Centrica on Tuesday.
Rises to electricity and gas charges will add 60 pounds ($85) to yearly bills for 4.1 million customers on the standard variable tariff (SVT), boosting them to an average of 1,161 pounds, according to the company.
On March 31, British Gas removed its SVT default tariff for new customers and is trying to move customers off SVTs and on to fixed tariffs. New customers will not be offered SVTs by the company.
Centrica stated that the hike in prices is mainly due to increasing wholesale and policy costs. Similar pressures were mentioned by Ofgem when they raised the prepayment meter limit by merely over 57 pounds on 1st April.
Centrica declared that the price rise was partly necessary because of government policy costs such as the smart meter roll-out and schemes to cut carbon dioxide emissions.
Article Source: http://www.energymarketprice.com/energy-news/british-gas-will-increase-energy-prices-by-5-5