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New Oil Tax Impacts Gas Prices:

Felipe — Wed, 11 May 2011 07:30:43 +0000

Gas Prices To Go Up 25pc Due To Extra Oil Tax

Extra Oil Tax Cuts Down Profits of Oil and Gas Companies – During the 2011 Budget pronouncement, Chancellor George Osborne announced that the supplementary charge tax on UK oil and gas production was to be increased from 20pc to 32pc. Up until now oil and gas companies operating in the North Sea were rather quiet about the tax surge but have recently made public that their profits were slashed and energy and gas prices will rise.

The tax increase brought even more insecurity to the unstable UK energy industry. Big suppliers like British Gas owner Centrica, have already warned it may partially shut the UK’s biggest gas field as a result of the tax.

Last Wednesday, 4th of May, CEO’s of Britain’s largest oil and gas suppliers tried to persuade the Government to abandon a £10bn tax grab on North Sea energy companies, amid warnings the levy will “utterly destroy” the industry.

Speaking to the government’s cross-party Energy and Climate Change Select Committee industry representatives threatened that 30,000 jobs are at risk due to the uncertainty raised by the windfall tax.

The Energy Minister, Chris Hune and Justine Greening, Economic Secretary at the Treasury who were also at the hearing stated that the effect on jobs is pure speculation, because the impact on investment was not yet known

According to Greening, George Osborne used the independent Office of Budget Responsibility (OBR) analysis to calculate the tax and concluded that the effect in investment will be minor.

Writing for the Telegraph, Andrew Lilico, Economist with Europe Economics, and a member of the Shadow Monetary Policy Committee said that claims by oil and gas companies that it is going to shut down the North Sea are just silly.

First, let’s remember that Petroleum Revenue Taxation (PRT), including the “supplementary charge” on corporation tax that Osborne raised, isn’t like taxes on widgets or socks or ice cream. It isn’t, as with most taxes, a matter of the government confiscating a portion of someone’s property to use for government purposes (worthy or not). No – it’s the Queen’s oil, not the oil company’s. PRT is simply the way that the oil company pays the Crown for the right to take away and sell that oil. It’s an alternative to a royalty, and can be thought of in much the same way. – Andrew Lilico

It is widely known that tax increases reduces incentives to invest and cut down profit margins from companies affected by the scheme. One way or another, companies find a way to pass this to the end customer in order to minimise the effects on their profit margin.

Centrica has already stated that wholesale gas price for delivery next winter has gone up 25pc because of the jump in commodity prices but has not yet been passed on to customers.

What baffles me about all this is that over the past two year when Brent crude oil prices surged from $80 to $125 a barrel and the profit of these Oil and Gas companies nearly doubled, they kept quiet and even managed to increase oil and gas prices due to one reason or another.

Let’s not forget that the majority of the oil and gas being explored today in the North Sea is fruit of investment planning made a little over a decade ago when oil prices were around $10 per barrel. So to say that a 32pc supplementary charge will shut down the North Sea with Oil prices at $100 per barrel is frankly absurd.

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Energy Market Report May11:

Catalyst Commercial Services Ltd — Thu, 05 May 2011 07:05:41 +0000

Energy Market Report May 2011

Our monthly analysis of the UK gas and power markets is now available on line for the month of May 2011. The service is intended to keep you up to date with all the major news in Europe’s gas and power markets. It is also designed to keep power executives focused on market activity in an easy to digest format.

Your find our May 2011 report here and all historical energy reports can be located here.

If you would like more information on our services or would like to find out how this could benefit your business, simply call our energy team today on 0870 710 7560 or request a call back at time to suit.

Or you might want to subscribe for further updates direct from our site.

IEA and IMF Announcements:

Felipe — Wed, 13 Apr 2011 05:45:59 +0000

IEA and IMF Announcements Pulled Oil Prices Down

At the start of the session on Monday Brent crude oil was being traded above $127 per barrel and dipped below $125.50 later in the same session, after Saudi Arabia assured it can pump more oil if needed and hopes of a peace settlement in Libya. On Tuesday prices continued to drop after announcement of the IEA and the IMF that crude prices above the $100 are starting to hurt global economy.

The International Energy Agency report showed that high prices are already starting to dent oil demand while the IMF Economic Outlook predicted that US and Japan economies will expand at a slower pace than previously predicted. As both countries are the first and third largest oil consumers the report had a direct impact in oil prices that slid as much as $4 from Monday to Tuesday.

At the time of writing Brent Crude oil prices were being traded at $123.56 after falling as much as $2.01, or 1.6 %, to $121.97 a barrel on the ICE Futures Europe exchange in London.

Falling oil prices dragged UK gas prices with it and Winter 2011/12 gas eased trading at 73.50 pence per therm and despite a disruption in supply from Norway where a gas field was shut down due to a gas leak, spot gas prices also backed a little and where trade at 59.00 pence per therm thanks to strong LNG supply.

May gas contracts prices also registered a slightly reduction and were traded at 61.30 pence per therm down 0.10 pence while prices for the third quarter fell nearly half a penny to 64.30 pence.

Despite a secured line of LNG tankers already on its way to Britain gas brokers are concerned LNG terminals won’t be able to compensate further supply disruptions.

Backed by lower gas prices, OTC (over-the-counter) energy prices also fell with the MWh being sold at 50.90 pounds, 85p lower than previous sessions. The restart and reintegration to the grid of Hartlepool 1 nuclear reactor on Monday also influenced lower energy prices.

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Oil Prices Hit New Highs:

Felipe — Wed, 06 Apr 2011 06:12:41 +0000

Brent Crude Hits Highest Levels since Financial Crisis

Brent crude oil prices hit a 2 1/2 year high and firmed at $121.06 yesterday. Concerns of a disruption in supply due to the unrests in the Middle East and the lowest US unemployment rate in two years were the major factors for this surge in oil prices. Last time Brent crude oil prices traded above the $120 mark was back in September 2008, right in the middle of the financial crisis. According to some analysts we have reached a “danger point” and if oil prices continue to rise global economy could suffer an inflationary shock putting global growth to a halt.

Estimates from the International Monetary Fund suggest that every $10 increase on oil prices shaves 0.2pc off world growth. Before the turmoil started in the Middle East Brent crude oil was being traded at around $98 to $100 a barrel, so with prices now at the $120 mark we can conclude that global growth will retract 4pc, based on the IMF estimates.

Over the past few days’ oil prices surged from $115 to $120. Market analysts stated that such increase was a “cumulative impact” of weeks of unrests in the Middle East, especially with military action in Libya showing no signs of an easy resolution.

Speaking to The Telegraph Paul Horsnell, head of commodities research at Barclays Capital, said:

“Oil at $120 is a psychological level and it looks like it could be a trigger number, with markets suspecting something on the supply side from Saudi Arabia or OPEC. Spare capacity is becoming more limited and there is concern about the next supply outage.”

Paul Horsnell wasn’t the only analyst questioned by The Telegraph over the surge in oil prices. In the article “Oil rises above $120: what the analysts are saying” renowned market analysts explained why Brent crude oil prices peaked.

What affects will higher Brent crude Oil Prices have in the UK economy?

So it has already doubled the Monetary Policy Committee’s 2pc target at 4pc as climbing oil prices could accelerate inflation. The Office of Budget Responsibility has already estimated an increase of 0.5 percentage points in inflation this year due to the increase in oil prices since November 2010.

Not to mention other commodities that are directly and indirectly tied to crude like energy and gas. Higher oil prices means higher energy and gas prices.

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Energy Market Report Apr11:

Catalyst Commercial Services Ltd — Tue, 05 Apr 2011 05:45:44 +0000

Energy Market Report April 2011

Our monthly analysis of the UK gas and power markets is now available on line for the month of April 2011. The service is intended to keep you up to date with all the major news in Europe’s gas and power markets. It is also designed to keep power executives focused on market activity in an easy to digest format.

Your find our April 2011 report here and all historical energy reports can be located here.

Or you might want to subscribe for further updates direct from our site.

Time To Turn Back on Nuclear:

Felipe — Wed, 30 Mar 2011 03:21:31 +0000

Should Britain Turn its Back on Nuclear?

The catastrophic events in Japan that led to Fukushima’s nuclear crisis made the world review their concepts about nuclear energy generation. What once was seen as an effective way to generate carbon free electricity is now being questioned about its safety that will sure comprise its economical viability.

What happened at Fukushima’s nuclear power plant caused deep wounds on the nuclear industry, forcing governments in every corner of the globe to review their nuclear development policies.

As countries around the globe start to decarbonise their economies, nuclear power is seen universally as a vital and cost effective carbon free energy generating resource. But new safety policies and other costs for new and existing nuclear power plants could turn nuclear power less economic or even uneconomic.

The nuclear industry has a strong safety record and there is no reason to believe that this cannot be maintained into the future but events in Japan have changed these parameters. Although we don’t have a detailed report of what happened at Fukushima nuclear power plant further improvements on the current high safety levels will sure be implemented and required by new nuclear power plants.

This leads us to the question: “Is it safe for Britain to go on building new nuclear plants?”

Writing to the telegraph Lord Hutton of Furness former secretary of state for Business, Enterprise and Regulatory Reform, 2007-8, answered this question with an emphatic “YES” stating:

“Safety must, of course, always be at the heart of the case for nuclear energy, and regulators must make this their top priority. In 2008, when I had responsibility for energy policy, the safety case was fundamental to my decision to sanction a new generation of nuclear power stations for Britain. I have every confidence that this will be the same approach taken by ministers today. Modern nuclear technologies have multi-layered safety systems in place that offer a huge improvement on the older power plants.”

With ageing power plants due to close in coming years, time is running out for Britain and nuclear power seems like the most probable solution to not only to keep the “lights on” but also to cut down carbon emissions.

If Britain turns its back on nuclear the Government would be limited to very few energy generating resources. Renewables would be one of them, for the delight of the energy secretary Chris Hune. The second option would be gas as it is unlikely that the Government would sanction a new coal-fired power plant.

Meanwhile one thing is for sure the nuclear crisis in Japan will result in rising business gas prices and consequently higher business energy prices as LNG cargoes are diverted to the Far East to fill the gap left by the Fukushima nuclear power plant.

To sum things up I leave you with the question: “Should Britain Turn its Back on Nuclear?” – Share your thoughts and opinions in our comments section.

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Japan’s Disaster Impacts on UK:

Felipe — Tue, 22 Mar 2011 23:17:42 +0000

Japan’s Disaster Impacts on the UK Energy Market

As uncertain to the future of the UK energy market, Japan’s disaster has caused even more uncertainties. Should the government stick with the nuclear energy programme? Or was what happened at Fukushima’s nuclear plant a warning that as efficient as nuclear might be, safety comes first?

Once again energy market specialists are divided into two groups. Those that believe Japan’s nuclear crisis will change global energy markets for good and those that despite knowing the risks of nuclear power plants still think the Government must not divert from its nuclear energy programme.

The events at Fukushima nuclear power station are likely to change national energy policies in nuclear countries and that includes the UK. China has already suspended new nuclear plant approvals and those that are under construction that do not conform to safety standards must immediately cease construction.

New safety policies and other costs for new and existing nuclear power plants could turn nuclear power less economic or even uneconomic. Nuclear’s loss could be natural gas and renewable’s gain. Although it is very early to say how this will affect the British power sector potential changes should not be downplayed.

Speculative analysis shows that gas could significantly be impacted by long-term policy changes which could lead to higher gas prices.

“With gas-fired power stations normally the marginal source of generation capacity in the UK, this is likely to result in higher electricity prices.” – stated an Energy Broker.

Unfortunately the UK relies on nuclear power stations to replace coal-fired stations that will be switched off over the next decade. Even those who once described nuclear energy as a “tried, tested and failed technology”, are now advocating that Britain needs a more balanced energy strategy, in which nuclear will be crucial.

On Sunday, Chris Hune, the energy secretary, ordered the chief nuclear officer to conduct an immediate review of the safety of Britain’s nuclear power stations.

Mr Hune who once was totally against nuclear power has recently turned into a supporter for new nuclear stations. Right now there are plans for five nuclear plants to be built in the UK over the next decade. Shifting to nuclear is crucial if Britain is to reduce carbon emissions by 80% by 2050.

Despite agreeing that the UK will need to rely on nuclear to “keep the lights on”, Mr Hune still believes the UK can meet its climate change commitments without relying too much on nuclear.

“We can do the 80 per cent reduction in emissions by 2050 without new nuclear, but it will require a big effort on carbon capture and storage and renewables.”

On the other hand, the Conservatives are likely to oppose any move to scale back the nuclear programme. The prime minister said that nuclear should be par of the mix.

I leave you with the questions asked in the beginning of this article – Should the government stick with the nuclear energy programme? Or was what happened at Fukushima’s nuclear plant a warning that as efficient as nuclear might be, safety comes first?

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Middle East Unrests Continues:

Felipe — Wed, 09 Mar 2011 02:29:12 +0000

Middle East Unrests Continue to Influence Gas Prices

UK gas prices climbed to its highest levels in more than 21 months supported by conflicts in Middle East which are pushing Brent crude oil prices close to the $120 a barrel. On Monday Brent crude oil prices firmed at $117.40 a barrel, causing a rally in the UK gas market. Winter gas contract prices climbed to 68.50 pence per therm on Monday morning, the highest since May 2009.

Concerns about the turmoil in Libya, tensions in Saudi Arabia and rumours of the wave of anti-government protests spreading across the Middle East and North Africa, spooked the market early this week.

So far Libya has cut off only 2 percent of Europe’s gas supply but as unrests spread to countries like Oman, Yemen and Algeria, the uncertainties about future oil and gas production in these countries increase.

“The potential disruptions of gas production in countries currently under social unrest are significant,” – said an energy broker.

Higher oil costs push up some mainland European gas contracts and affect prices in the U.K. because of pipeline connections to Europe. Stronger oil also means that European gas suppliers may buy gas in the UK over the coming months as their oil hooked up prices rise in price.

Gas for summer 2011 contracts rose 1.75 pence to 59 pence and April’s climbed to 58.90 pence. Meanwhile spot gas prices were traded at 59.75 pence on Monday, up 2 pence from Friday. On Tuesday prices continued to surge hitting 60 pence per therm. At the time of writing.

Stronger gas prices means higher energy prices, baseload power for Tuesday was traded at 51 pounds per megawatt-hour. The biggest rise was seen on Winter 2011/12 contracts with increases of 2 pounds trading at 56.90 pounds per megawatt-hour. At the time of writing.

Updated

U.K. natural-gas and power contracts declined after two days of gains as crude fell and milder weather was forecast.

Gas for summer, the six months from April, lost as much as 1.55 pence, or 2.6 percent, to 58 pence a therm, according to broker prices compiled by Bloomberg. It was at 58.4 pence as of 9:25 a.m. in London. The winter contract dropped as much as 1.05 pence to 67.75 pence.

Gas for same-day delivery fell 0.9 pence to 58.9 pence.

Power for next month dropped for the first time in nine days, losing 90 pence, or 1.8 percent, to 50.10 pounds a megawatt-hour.

source: Bloomberg Businessweek

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Energy Market Report Mar11:

Catalyst Commercial Services Ltd — Mon, 07 Mar 2011 23:35:43 +0000

Energy Market Report March 2011

Our monthly analysis of the UK gas and power markets is now available on line for the month of March 2011. The service is intended to keep you up to date with all the major news in Europe’s gas and power markets. It is also designed to keep power executives focused on market activity in an easy to digest format.

Your find our March 2011 report here and all historical energy reports can be located here.

Or you might want to subscribe for further updates direct from our site.

How to Hire An Energy Broker:

Felipe — Tue, 01 Mar 2011 23:01:32 +0000

The Importance of Hiring an Energy Broker

Every week we bring you the latest UK energy and gas prices. These prices vary on a daily basis influenced by a series of factors that we talked about in our article: “Understanding the Fluctuation of UK Gas Prices“. As professional gas and energy brokers it is our job to stay on top of the news in order to find the best deals for our clients.

Now imagine you having to do all this for your business or allocating employees that have no experience in the UK energy market, to find your organisation the best business energy and business gas prices. First you would be wasting time that could be used on other projects that matter to your business, and second these professionals wouldn’t be able to find you the best deals because they don’t have the market knowledge to do so.

That is why it is extremely important to hire independent energy brokers if you want to not only find the best energy and gas contract, but also improve the energy efficiency of your business.

Energy brokers have the market intelligence to understand and predict market conditions, therefore, finding the best contracts that will reduce costs and improve efficiency. Leaving you with the calm and tranquillity to focus on what really matters to your business.

There is nothing like a fresh pair of eyes to uncover areas for significant improvement that may not have been previously identified. Energy consultants have the advantage of working with many different organisations in various niches which make them versatile professionals capable of finding energy management solutions for just about any business.

Another factor that highlights the importance of hiring independent energy brokers is supplier relation. Here at Catalyst for instance we work on behalf of thousands of UK companies which give us a bigger bargain power when purchasing energy or gas from suppliers.

Before you ask if we were not going to bring you the latest gas and energy prices, here they are:

Gas Prices

Gas for Tuesday delivery rose 0.20 pence to 56.00 pence per therm at 1005 GMT, and day-ahead contracts gained 0.25 pence to 55.95 pence. Gas for April rose to 54.90 pence and gas for delivery next summer went up 0.05 pence and traded at 54.80 while winter gas surprisingly fell 0.15 to 64.35 pence.

Energy Prices

Day-ahead power gained 0.25 pounds on the previous session to 48.45 pounds per megawatt-hour (MWh).

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Bill Gates Investing Millions:

Felipe — Sun, 20 Feb 2011 17:08:32 +0000

Bill Gates Investing Millions to Stop Global Warming

The man who revolutionised personal computing now wants to revolutionise the way we generate energy. After stepping down as the CEO of Microsoft, Bill Gates has been investing millions of dollars to fight global warming; his ultimate goal is to find an energy source completely free of CO2 emissions.

Will Bill Gates ever find a way to generate carbon-free energy? Have your say here.

For the past few years Gates has dedicated most of his time and money to projects that range from the development of high voltage batteries to machines capable of extracting CO2 from the air.

As one of the most successful business men in history his words carry enormous credibility which gives more visibility to projects that might not leave the drawing board. Above all Bill Gates is seen as a visionary and if he believes such projects could change our lives, a lot of people will sit and hear what he has to say.

According to Mr. Gates the world needs an “energy miracle”, an energy source that is reliable, cheap and carbon free. He says we shouldn’t put all our eggs in one basket and purse every available path to achieve this really big breakthrough.

Around the globe there are many countries generating energy from renewable energy resources that look very promising but not big enough to cause the impact needed to make a change. Tidal energy, geothermal and even wind are all good and clean energy generating resources but we need more than that.

The father of Windows is working on a new nuclear approach called travelling-wave reactor, which uses waste uranium for fuel. That dream is far from becoming a reality but if it does we could have cheaper energy with no CO2 emissions.

To sum things up Bill Gates points out two immediate solutions the American and other Governments around the globe should take note to make the transition towards a carbon free society quicker. Increase investment in research and development of new energy generating technology and a well structured energy plan that considers each option based on the likelihood of success.

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Energy Market Report Feb11:

Catalyst Commercial Services Ltd — Tue, 08 Feb 2011 04:53:43 +0000

Energy Market Report February 2011

Our monthly analysis of the UK gas and power markets is now available on line for the month of February 2011. The service is intended to keep you up to date with all the major news in Europe’s gas and power markets. It is also designed to keep power executives focused on market activity in an easy to digest format.

Your find our February 2011 report here and all historical energy reports can be located here.

Or you might want to subscribe for further updates direct from our site.

Energy Market Report Jan11:

Catalyst Commercial Services Ltd — Mon, 10 Jan 2011 10:18:36 +0000

Our monthly analysis of the UK gas and power markets is now available on line for the month of January 2011. The service is intended to keep you up to date with all the major news in Europe’s gas and power markets. It is also designed to keep power executives focused on market activity in an easy to digest format.

Your find our January 2011 report here and all historical energy reports can be located here.

Or you might want to subscribe for further updates direct from our site.

UK Business Energy Prices Drop:

Felipe — Wed, 05 Jan 2011 10:59:23 +0000

Energy Prices Drop Despite The Cold Weather

Despite going through one of the coldest winters in history, UK energy prices dropped. Strong gas supply from Norway, imported LNG and the restart of a nuclear reactor helped bring household and business energy prices down.

Normally when temperatures drop gas prices go up. This winter temperatures are several degrees below seasonal average which should have rocketed gas prices. Energy prices are highly influenced by gas prices, so every time gas prices go up energy prices soon follow.

“Everything has traded lower on gas,” said an energy broker.

Back in December we reported that UK Business Gas Prices Drop despite Forecasted Cold Spell, at the time a strong supply from Norway and Netherlands plus strong imports of LNG forced gas traders to lower their prices.

The same is happening again. National Grid data showed Norwegian gas via Langeled was flowing 69 mcm/day, while the Interconnector was adding 12mcm/day and Britain’s LNG terminals were supply around 90 mcm.

Gas prices for Wednesday dropped 60p for spot contracts compared to late December and were traded at 57.80 pence per therm. Gas for February and March was down 2 pence and was traded at 57.80 and 57.50, respectively.

In the power market energy prices followed and British baseload power prices for delivery on Wednesday was 49.85 pounds per megawatt-hour (MWh) and 55 pounds per MWh in peak, down GBP1.65 per MWh.

On the N2EX wholesale power exchange, the day-ahead power auction cleared GBP3.51 lower than the previous day at GBP48.65/MWh.

But gas wasn’t the only reason energy prices dropped. The restart of Oldbury 2 220 MW nuclear reactor and its reintegration to the grid also played an important role in plunging UK energy prices.

There are also energy brokers that believe floods in Australia might influence UK gas and energy prices if coal supply is interrupted. UK coal surplus is high which means it won’t affect prices just yet.

Further more, weekend base was heard at GBP48/MWh, down GBP3 from the previous weekend, and week 2 base was offered at GBP50.75/MWh.

If you would like more information on our range of energy broker services or would like to find out how this could benefit your business, simply call our energy team today on 0870 710 7560 or request a call back at time to suit.

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Internet’s Energy Consumption:

Felipe — Wed, 22 Dec 2010 04:04:01 +0000

The Internet’s Energy Consumption and Its Carbon Footprint

Over the past few years there has been an ongoing debate about the growing amount of energy needed to power the World Wide Web, a.k.a the Internet, and the impacts on our environment. Many have tried to pin down the exact amount of energy needed to power the internet and its carbon footprint. Recently The Guardian published an article saying that the Internet’s carbon footprint was around 300 million tonnes of CO2 per year, equivalent to every person in the UK flying to America and back twice over.

The article was published in August and with the number of internet users growing by the day worldwide I wouldn’t be surprised if these figures were higher nowadays. According to the UN by the end of the year there will be 2 billion world internet users, that is 1/6 of world population.

Hypothetically, if these growth rates remain the same, the entire world would be online by 2020.

To measure the Internet’s exact power consumption and then determine its carbon footprint we would need to know the precise number of computers, laptops and mobile phones that are online these days (which we don’t). Add that to the amount of energy consumed by all the Data Centres worldwide to then determine the internet power consumption and its carbon footprint.

Scary isn’t it? But we gathered some data just to give you a better understanding of roughly how much energy is needed to power the World Wide Web these days.

Back in 2006, data centres in America consumed a total of 61,000,000,000 kWh (yes you read it right 61 trillion kWh), which is enough to power the UK for 2 whole months.

A single Google search produces 0.2g of CO2. Not that much right? But now, 3,100,000 Google searches emit enough CO2 to power an average house for a whole month.

The monthly searches processed by Google produce 260 tons of CO2 which is equivalent to power an American fridge-freezer for 5,400 years. This consumes 3,900,000 kWh of energy, which is equal to washing 5.57 million loads of laundry.

But wait, it gets worse! A single spam message produces the equivalent of 0.3 grams of CO2. Multiply that by 62 trillion pieces of spam circling the World Wide Web each year and we have the emissions equivalent of driving around the Earth 1.6 million times.

Despite its huge energy consumption the internet is likely to play an important role as we move towards a low carbon economy. Thanks to advances in communication technologies an estimated 40% of the working population could work from home. If 40% of American workforce worked from home twice a week, carbon emission would be reduced by 53 million metric tons year, equivalent of taking 10 million cars on the road.

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The UK's Largest Energy Blog - Catalyst-Commercial.co.uk » Business Electricity

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