The UK government on Tuesday authorised British oil companies to release up to 1.5 million barrels of oil from their strategic reserves to ease pressure on energy prices. The Prime Minister’s official spokesman said that it was part of a coordinated international move led by the United States, which is releasing 50 million barrels. “We…
UK Authorises Release of 1.5 Million Barrels of Oil From Strategic Reserves
November 23, 2021
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UK Energy Watchdog Eyes Changes to Price Cap Amid Energy Crisis
The British energy regulator might change the way it caps bills for households as a major spike in gas prices drives suppliers to failure. The Office of Gas and Electricity Markets (Ofgem) has given no details of what adjustments it might make to how the cap is calculated, but will set out its thinking as…
World Bank Sees ‘Significant’ Inflation Risk From High Energy Prices
October 21, 2021
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WASHINGTON—Energy prices are expected to inch up in 2022 after surging more than 80 percent in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday. The multilateral development bank said energy prices should start to decline in the second half…
German Regulator Cuts Power, Gas Grid Earnings to Protect Consumers
FRANKFURT—Germany’s federal network agency on Wednesday curbed the permitted return on new infrastructure for power and gas networks in the years to 2029 in a move aimed at protecting consumers from higher energy bills. In its equity interest rates for the networks published on Wednesday, the authority proposed a permitted return for new infrastructure of…
UK Electric Freight Trains Mothballed Due to Soaring Energy Prices
Rail freight operators have stopped using electric trains and switched to diesel locomotives due to soaring energy prices. Firms cannot absorb the three-fold increase in the cost of electricity, according to trade body Rail Freight Group (RFG). The decision to mothball electric freight trains, which result in lower CO2 emissions than diesel models, was made…
China’s Factory Gate Inflation Index Reaches Record High
China’s factory-gate inflation index, the PPI, rose 10.7 percent from a year earlier in September—the highest level on record—driven in part by soaring energy prices, and potentially adding to global inflation pressure. The National Bureau of Statistics (NBS) on Thursday released the figure that measures price fluctuations of goods at the factory gate. China’s producer price index…
UK Households Face ‘Significant Rise’ in Energy Bills: Regulator
British households will be facing a “significant rise” in energy prices as the price cap is set to be raised next spring, the head of the UK’s energy regulator said on Friday. Ofgem chief executive Jonathan Brearley said the price cap, set by the regulator to control the cost of gas and electricity, will be…
Soaring Energy Costs Push Eurozone Inflation to Highest Level in 13 Years
Inflation in the 19 European countries that share the euro hit a 13-year high, challenging the European Central Bank’s (ECB) view that price pressures are largely benign and will soon fade. Consumer price inflation in the eurozone accelerated to 3.4 percent over the year in September, up from 3 percent a month earlier and 2.2…
UK Government Rules out Bailout for ‘Badly Run’ Energy Firms
The British government has said it has no intention to bail out energy firms that are struggling amid rising wholesale gas prices. Wholesale gas prices have increased by 250 percent since January, with a 70 percent rise since August alone, leading to the demise of some smaller energy firms. Business Secretary Kwasi Kwarteng said on…
Europe: Non-Competitive Power Prices Derail Growth
Commentary Despite an endless chain of monetary and fiscal stimuli, the eurozone consistently disappoints in growth and job creation. One of the reasons is demographics. No monetary and public spending stimulus can offset the impact on consumption and economic growth of an aging population, as Japan can also confirm. However, there’s an especially important factor…
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