Daily Archives: February 7, 2011

Kiran Stacey

The UK government’s plan to review the scope of its feed-in tariff looks sensible. The scheme is there to stimulate small-scale solar energy production, the reasoning goes, so we should stop large corporations from soaking up subsidies meant for householders with panels on their roofs.

But the review is in danger of giving the renewables industry and its investors very mixed messages.

Ensco, the UK energy company, said on Monday that it would buy Pride International, in a $7.3bn cash and stock deal that would create the world’s second-largest offshore driller by number of customers.

Ensco will pay $41.60 a share for Pride. The deal represents a 21 per cent premium to Pride’s closing price on Friday and comes as the drilling industry has been under pressure in the wake of the BP oil spill in the Gulf of Mexico last year.

Shareholders in the Texas-based Pride will receive 0.4778 newly-issued shares of Ensco plus $15.60 in cash for each share of Pride common stock. Pride shareholders will receive a total of $2.8bn in cash.

Kiran Stacey

Many thanks for all your questions for Josh Fox, the Oscar-nominated director of Gasland. His answers will appear on this site on Friday, February 11th.

Next week, the person in the hotseat will be Alexander Medvedev, deputy chief executive of Gazprom and head of Gazprom’s exports.

This is your chance to ask one of the biggest names in the gas world anything: from how his company can counter the US shale gas boom; to how much pressure he is under to lower prices for foreign governments; to what are the chances and potential consequences of another gas dispute with Ukraine.

Email all your questions to energysource@ft.com by the end of Sunday, February 13th.

FT Energy Source

- BP accuses Russian partner of holding it to ransom – The Sunday Telegraph

- Ex-BP chief linked with Abu Dhabi venture – FT

- Texas power outages cause natural gas shortages – WSJ (£)

- Egyptian gas to Israel and Jordan may halt for two weeks – Bloomberg

- Toshiba upbeat on Toshiba nuclear deal – FT

- Constellation’s earnings plunge – WSJ (£)

- Regal Petroleum escapes oligarch’s grasp – The Times (£)

- India seeks talks over Cairn oilfield sale – FT

- Shipping chiefs split on oil products outlook – FT

- Mining chief tires of commute from Kazakhstan – The Times (£)

- Oil spill report lacks investor input – FT

- BP’s pursuit of cost-cutting led to oil spill, say lawyers – Bloomberg

- US energy secretary makes solar power push – NY Times Green blog

- Solar industry review to ban ‘hot money’ – The Telegraph

- Europe moves to stabilise its energy supplies – NY Times

- Green job creation risks backfiring: Lomborg – Reuters

- South Stream chief seeks EU level playing field – FT

- British Airways hikes fuel surcharge – Argus

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