Indonesia granted $350m for geothermal plant

The Asian Development Bank (ADB) has approved a grant worth $350 million (£210m) to support the construction of a geothermal plant in Indonesia. The 320MW Sarulla Geothermal Power Development Project in North Sumatra – scheduled for completion in 2018 – is expected to cut 1.3 million tonnes of carbon emissions every year in the nation. […]

New £2.5m oil rig repair facility to be built in Scotland

A new oil rig repair and subsea fabrication facility is to be built at the Port of Dundee. Aberdeen-based firms PD&MS Energy and Harlen have committed £2.5 million for the project which will manage offshore asset service works “in excess of £8 million in its first financial year alone”. It will house 50 full time […]

UK gas and power prices ‘push lower’

Power and gas prices in the UK “pushed lower once again” this morning as a result of mild weather and “comfortable supply outlook”, according to the daily market report from npower. The gas system “opened in length” – largely attributed to significantly lower consumption this morning compared to last week – with the line pack […]

Doubling interconnector capacity ‘could save UK £1bn a year’

The UK could save up to £1 billion every year if it were to double its interconnector capacity by the end of the decade, according to a new report. It estimates each 1GW of new interconnector capacity could also reduce Britain’s wholesale power prices by up to 2% – and between 4GW-5GW of new links […]

Climate change report must act as ‘wake-up call’

The latest UN report warning about the catastrophic consequences of climate change must act as a “wake-up call” to take action. That’s the view of the head of The Climate Group, who believes the world needs a “clean industrial revolution”. Chief Executive Mark Kenber said : “The ‘head in the sand’ approach is a ticket […]

UN warns world is unprepared for climate change risks

The world is already seeing the devastating effects of climate change but is “ill-prepared” for the potential risks, a major UN report has said. The Intergovernmental Panel on Climate Change (IPCC) warns no one will be untouched by climate change, with droughts, floods and heat waves among the key risks of global warming. The effects […]

Forth Energy pulls out of £1.1bn biomass projects

An energy company confirmed it has shelved plans to develop three major biomass projects worth £1.1 billion in Scotland. Forth Energy said it won’t be continuing with the renewable energy projects in Grangemouth and Rosyth but is looking for new backers for the schemes. The plans for a plant in Dundee however have been withdrawn […]

UK ‘green’ bank buys wind farm stakes in £461m deal

Britain’s ‘green’ bank has bought stakes in two offshore wind farms for £461 million in total. The Green Investment Bank (GIB) is investing alongside Japan’s Marubeni Corporation to jointly buy a 50% stake in the Westermost Rough offshore wind farm from Denmark’s DONG Energy for £241 million. Once operational, the wind farm is expected to […]

The Daily Market Report – 31st March 2014

Find out what’s influencing gas supply, power prices and what you should watch out for in the new daily market report on the energy market from Gemma Bruce, Client Portfolio Manager on the Optimisation desk at npower.

EU bank issues first GBP ‘green’ bond worth £500m

The European Investment Bank (EIB) has launched its first climate awareness bond (CAB) in pounds sterling. The £500 million issue is the EIB’s largest CAB transaction – which raises funds from fixed income investors to support EIB lending for renewable energy and energy efficiency – this year. Projects will range from wind farms and geothermal […]