Energy news in general

markin

The shock decision by OPEC countries to cut oil production is proof that we must boost the energy security of the UK       

"Just as we were hoping that the worst of the energy price surge caused by Russia's war on Ukraine was coming to an end, a new axis of evil rears its head.

A shock decision by Saudi and other Opec+ countries to cut oil production by more than one million barrels a day has caused the global market price for crude oil to shoot up by five per cent.

It is a savage blow to businesses and consumers, with Goldman Sachs among others predicting the price will reach $110 a barrel by the end of the year from $85 now."

SAC2334

markin said:

The shock decision by OPEC countries to cut oil production is proof that we must boost the energy security of the UK       

"Just as we were hoping that the worst of the energy price surge caused by Russia's war on Ukraine was coming to an end, a new axis of evil rears its head.

A shock decision by Saudi and other Opec+ countries to cut oil production by more than one million barrels a day has caused the global market price for crude oil to shoot up by five per cent.

It is a savage blow to businesses and consumers, with Goldman Sachs among others predicting the price will reach $110 a barrel by the end of the year from $85 now."

Looks like its had an immediate effect on Octopus Tracker .Gas up into 6.5 p kwh from 5 .5 p a kwh last couple of weeks with electric up too 

MultiFuelBurner

Those premiership and other football clubs need funding. Looks like we are all going to pay for them in some way or another.

OhhLongJohnson

SAC2334 said:

Looks like its had an immediate effect on Octopus Tracker .Gas up into 6.5 p kwh from 5 .5 p a kwh last couple of weeks with electric up too 

Yes and from what I can see it will be back down to below 6p by tomorrow. Still, the OPEC move is typical for them..

Scot_39

If you look - they have just restored the price to somewhere before the Mar dip. Running $80-90 per barrell for Brent - $70-80 WTI.

Speculators acting (if not in fact driving speculation to win off of ) predictions of $115 by year end - arguably the bigger problem.

Essentials like food and energy - should not be left entirely at the whims of the market.

CfD cap renewables profiteering - we need the same for N Sea producers - if they want tax payers help in bad years - some have paid no tax on N Sea operations in recent years and claimed millions in reliefs - they need to accept non-world high US$ pricing in good.  A CfD style cap in £ - rather than windfall tax.

Still look on the bright side - it'll save the govt having to drop theNS oil and gas windfall tax in face of falling prices - as the UK body has been demanding for weeks.

spot1034

The oil price is pretty much where it has been for the past three months or so, except for a dip in the last couple of weeks. 

bristolleedsfan

SAC2334 said:

markin said:

The shock decision by OPEC countries to cut oil production is proof that we must boost the energy security of the UK       

"Just as we were hoping that the worst of the energy price surge caused by Russia's war on Ukraine was coming to an end, a new axis of evil rears its head.

A shock decision by Saudi and other Opec+ countries to cut oil production by more than one million barrels a day has caused the global market price for crude oil to shoot up by five per cent.

It is a savage blow to businesses and consumers, with Goldman Sachs among others predicting the price will reach $110 a barrel by the end of the year from $85 now."

Looks like its had an immediate effect on Octopus Tracker .Gas up into 6.5 p kwh from 5 .5 p a kwh last couple of weeks with electric up too 

I cannot  see any regions gas much above 6.1p today and tomorrow 5.5-5.62 from a cursory glance.

markin

Oil dropped from $85 in April to around $72 !   OPEC seem to be holding closer to $80
https://oilprice.com/oil-price-charts/


......................................................................................................

British households and firms cut enough peak-time energy use to power 10m homes

"About 1.6m households and businesses received payments to help reduce the pressure on the National Grid during the winter months as part of a demand flexibility scheme run by its electricity system operator (ESO).

The energy users were called on about 22 times to reschedule their energy use to avoid peak demand hours, for example, running dishwashers or tumble dryers at night.

The energy savings from peak time were equivalent to the electricity output of the Keadby gas power plant over 4.5 hours, or three hours of generation from the Sizewell B nuclear power plant." ....

https://www.theguardian.com/business/2023/may/10/british-households-and-firms-cut-winter-electricity-use-by-enough-to-power-10m-homes

doodling

Hi,

markin said:

Oil dropped from $85 in April to around $72 !   OPEC seem to be holding closer to $80
https://oilprice.com/oil-price-charts/


......................................................................................................

British households and firms cut enough peak-time energy use to power 10m homes

"About 1.6m households and businesses received payments to help reduce the pressure on the National Grid during the winter months as part of a demand flexibility scheme run by its electricity system operator (ESO).

The energy users were called on about 22 times to reschedule their energy use to avoid peak demand hours, for example, running dishwashers or tumble dryers at night.

The energy savings from peak time were equivalent to the electricity output of the Keadby gas power plant over 4.5 hours, or three hours of generation from the Sizewell B nuclear power plant." ....

https://www.theguardian.com/business/2023/may/10/british-households-and-firms-cut-winter-electricity-use-by-enough-to-power-10m-homes

So if we had another nuclear power station we wouldn't need to worry about having to rearrange our energy use to fit when the wind blows?

Sounds like a good deal to me!

michaels

doodling said:

Hi,

markin said:

Oil dropped from $85 in April to around $72 !   OPEC seem to be holding closer to $80
https://oilprice.com/oil-price-charts/


......................................................................................................

British households and firms cut enough peak-time energy use to power 10m homes

"About 1.6m households and businesses received payments to help reduce the pressure on the National Grid during the winter months as part of a demand flexibility scheme run by its electricity system operator (ESO).

The energy users were called on about 22 times to reschedule their energy use to avoid peak demand hours, for example, running dishwashers or tumble dryers at night.

The energy savings from peak time were equivalent to the electricity output of the Keadby gas power plant over 4.5 hours, or three hours of generation from the Sizewell B nuclear power plant." ....

https://www.theguardian.com/business/2023/may/10/british-households-and-firms-cut-winter-electricity-use-by-enough-to-power-10m-homes

So if we had another nuclear power station we wouldn't need to worry about having to rearrange our energy use to fit when the wind blows?

Sounds like a good deal to me!

I'd rather make the small effort to use less at certain times than pay the £1500 per household needed to build an extra reactor - each to their own.