UK offshore wind industry pain to last years, hedge fund says
The once-booming UK offshore wind industry faces years of pain, including project delays and possible cancellations, due to soaring costs and higher interest rates.
Inflation
Exclusive: Apache plans end to giant Forties oilfield with £200m spending cut
Apache has brought forward plans to end Forties, a foundation of North Sea production since the 70s, by 11 years.
Offshore wind inflation woes persist as mineral costs soar by 93% since 2020
Fresh analysis has laid out plainly the mammoth cost increases swamping the world’s offshore wind industry.
CAPEX for offshore wind developers could go up by $280bn due to inflation
A survey conducted by Westwood Global Energy Group has found that inflation could cost offshore wind developers $280 billion over the next decade.
OPEC+ makes shock million-barrel oil production cut causing new inflation risk
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
Middle East’s approach a “lesson” for the world, Wood CEO says
The Middle East’s investments in energy will see the region come to lead in the energy transition, Wood CEO Ken Gilmartin has said.
OPEC+ considers output-limit cut of as much as two million barrels a day
OPEC+ is considering its biggest production cut since 2020, a move Washington is trying to head off with furious diplomatic efforts.
Inflation a major ‘stumbling block’ to ramp up of renewables, says Bracewell
It is feared the ballooning cost of raw materials will “definitely be a stumbling block” to the deployment of green energy projects.
UK inflation hits double digits for the first time in 40 years
UK inflation rose more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England.
‘Make sure the intern who posted this registers for Econ 101’ – US oil and gas trade body bites back at Biden
Trade body the US Oil and Gas Association (USOGA) has jibed back at Joe Biden after he went after “the companies running gas stations”.
Soaring gasoline bad timing for Asian governments facing voters
Soaring gasoline prices are fanning inflation and causing a headache for governments and central banks worldwide. In countries with elections coming up, they’re an extra headwind for the incumbents.
Turbine manufacturer Vestas feels the bite of supply disruptions as profits slump
Vestas has blamed rising energy prices, supply chain disruptions and inflation for a reduction in profits last year.
‘Significant win’: Strikes averted as pay deal reached for Peterhead’s Dales Engineering
Strikes have been averted at Dales Engineering Services in Peterhead as a new pay deal has been reached for dozens of workers.
Vestas tips cost of wind turbines to increase further in 2022
Turbine manufacturer Vestas has set out the ongoing challenges in the business environment on its operations.
Global inflation ends era of ever-cheaper clean energy
The era of ever-cheaper clean power is over, giving a fresh jolt of uncertainty to global energy markets battered by one supply crisis after another.
Dozens of workers to strike at Peterhead’s Dales Engineering as inflation soars
More than 50 workers at Dales Engineering Services in Peterhead have voted to strike in a dispute over pay and concerns on the cost of living.
Workers threaten strikes at Dales Engineering Services
Dozens of workers at north-east machining and fabrication firm Dales Engineering Services have threatened strike action amid a pay dispute.
UK energy firms seek bailout as government talks run on
UK energy companies are seeking a massive government bailout as a surge in gas and electricity prices threatens to push suppliers out of business.
Vestas revises yearly outlook as it feels sting of rising commodity prices
Danish wind turbine giant Vestas Wind Systems has revised its outlook for the year as it feels the sting of rising commodity prices.
South Sudan fails to pay workers as oil plunge fuels crisis
South Sudan is running short of foreign-cash reserves and is struggling to pay public-servants’ wages as Africa’s newest country battles weak oil prices and violence that’s straining a peace agreement.
Inflation slows down on falling petrol prices
UK inflation slowed last month on the back of falling motor fuel and computer game prices, official statisticians have revealed.
Energy price cap hike expected to prompt inflation rise
Inflation is expected to have jumped higher in April as a hike in the energy price cap came into effect.
Inflation to come down thanks to low petrol prices
Inflation is expected to have fallen in November due to a drop in prices on motor fuel.
Consumers to get brief respite as January inflation lower
Inflation is expected to have eased at the start of the year, giving consumers a further reprieve from the Brexit-induced jump in the cost of living.
Inflation set to edge downwards when latest figures are revealed
Inflation is expected to have eased at the start of the year, giving consumers a further reprieve from the Brexit-induced jump in the cost of living.