Daily Archives: November 17, 2010

Kiran Stacey

Here at the CBI’s climate change summit, most of the anger towards government has centred on the changes to the carbon reduction commitment (CRC), which has seen money originally earmarked for businesses with good environmental performances going to the Treasury instead. The BBC’s Roger Harrabin summed up the feeling in the room when he described it as the government “nicking your CRC dividend”.

So business leaders are relieved to hear Chris Huhne, the energy secretary, make some concessions today. Here’s what he said:

Today we have published a UK-wide consultation on delaying the start of Phase II of CRC. This means that participants won’t need to register for Phase II until 2013.

Kiran Stacey

The director general of the CBI, the British business lobby group, has been outlining this morning his vision of where exactly the UK business sector is in terms of meeting its climate change commitments.

Speaking at the CBI’s climate change summit in London, Lambert made a fairly downbeat assessment of what has been achieved over the past three years. And he had two simple messages for UK policymakers: be consistent and stop hyping ‘green’ jobs.

The second of these messages comes as something of a surprise from a spokesman for British industry, which has been told to expect a major boom from the creation of jobs related to tackling climate change.

Sheila McNulty

Today is D-day. D standing for Dynegy. Yes, at long last the deal that has had the power sector at the edge of its seat for months will be settled one way or the other.

Blackstone increased its bid at the last minute – Tuesday evening – to $5 a share, from $4.50 a share. That is an 11.1 per cent increase over its initial bid and valued Dynegy’s equity at about $603m.

Not bad for a company that has been in a perpetual state of restructuring since the Enron era, when energy companies up and down Houston’s Louisiana Street found themselves in trouble.

Sylvia Pfeifer

With just over a fortnight to go before climate talks start again in Cancun, a new report warns that the renewables share in final energy consumption will be “very difficult to meet”.

Despite growth by renewable energies generation in 2009 (15 per cent for wind and 53 per cent in solar photovoltaics) the 20 per cent target is a “very challenging target”, according to a report published today by Capgemini, the consultancy.

FT Energy Source

- Nat Rothschild creates a mighty miner – The Times (£)

- Vallar deal plays to Rothschild family strengths – FT

- Blackstone increases offer for Dynegy – FT

- BP shuts North Sea field over Iran ban – The Telegraph

- BP ‘lacked operating discipline’ before Gulf blast – Bloomberg

- Spill commission defends its top lawyer – NY Times Green blog

- There will be fuel – NY Times Green blog

- GE invests in smart grid – Reuters

- Solar industry seeks US grant extension – Argus

- Reactor plans clear UK regulatory hurdle – FT

- Schwarzenegger demands action at final climate summit – The Guardian

- Next Congress ‘may slow green job growth’ – Reuters

- Kepco falls after Turkish talks fail – FT

- Polish power: Coal-fired source of a looming dark age – FT Special Reports

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