Daily Archives: May 10, 2011

Kiran Stacey

The UK has decided to put forward 12 projects for consideration by the European Investment Bank for its New Entrants Reserve, the €4.5bn pot to spend on CCS and “innovative renewable projects”.

There are seven CCS projects and five renewable ones.

Kiran Stacey

The UK government has a big decision to make next week: whether to endorse the proposals by the Committee on Climate Change to set stringent emissions reductions targets for 2030.

The so-called “fourth carbon budget” (the other three have already been made policy) sets out that the UK should cut its greenhouse gas emissions by 60 per cent on 1990 levels by 2030.

Chris Huhne (pictured on the left), the energy secretary, is broadly in favour, having put tackling climate change at the heart of his department’s agenda. But he is facing resistance from an unexpected source: his Lib Dem cabinet colleague Vince Cable (on the right).

Sheila McNulty

The rise in US crude oil prices has been pushing petrol up toward $4 a gallon – a level analysts note has historically led to a drop in consumer demand. The current national average price of petrol is just under there, according to the Daily Fuel Gauge Report by AAA, America’s largest motoring and leisure travel membership organization.

John Felmy, economist at the American Petroleum Institute, the national industry trade association, said the last time crude oil prices were hitting these levels – in 2008 – consumer demand for petrol began dropping around the $2.80 per gallon level. The bigger declines were when gasoline rose above $3.75 a gallon, he said.

FT Energy Source

- World faces $15,000bn renewable energy bill – FT

- Crude tumbles as CME margin hike spooks investors – WSJ

- Methane contamination of water rises close to shale gas sites – The Guardian

- Gulf domestic oil usage to vie with exports – FT

- Arctic nations eye future of world’s last frontier – Reuters

- Explorer OGX in London listing – FT

- Exxon in talks on Angola sale – WSJ

- Fukushima boosts green case for nuclear – Breakthrough Institute, FT

- Toshiba to bid for Swiss smart-meter maker Landis+Gyr – Reuters

- Japan’s Chubu agrees to shut nuclear firm – WSJ

- Japan’s nuclear future in the balance – NY Times

- ‘Investment hiatus’ for green enterprise – The Times

- Huhne pressed to drop climate targets – FT

- Friends of the Earth boss demands climate target becomes policy – The Guardian

- Co-Op launches new energy company – The Telegraph

- Lack of clarity turns off energy investors – The Telegraph

- Centrica feels the heat over tax rise – FT

- Rescue deal revives clean coal plans – FT

- Former BP boss to advise New York’s super-rich – The Times

- Petroleum professionals enjoy pay surge as oil prices rise – WSJ

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