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The deal reached at last week’s European summit on climate change will satisfy no one. The non-binding Europe-wide targets place no responsibility on national governments and provide none of the confidence necessary for the essential investments in supply and infrastructure that are yet to be made. Poland may be the short-term winner – reflecting a clear shift in European decision-making to the east – but the summit failed to address the hard reality that current policies are not working. A new approach is needed.

The fractious debate which led up to the summit should be understood as marking the end of the “consensus” on energy policy established in 2008. Anyone wanting to understand the details of the debate should read the excellent summary produced by Carbon Brief which spells out the positions of the key states on major issues. Read more

Older UK readers will remember the Green Goddesses – fire engines held in reserve for moments of national emergency. At the height of a crisis army drivers would maintain an essential service. Well, lo and behold, some new Green Goddesses are to be created as the government launches its “emergency electricity reserve”. Read more

It is impossible to understand the outlook for energy prices – internationally or at the domestic level – without looking carefully at what is happening in the gas market. The simplistic assumption is that because demand is rising, prices must also increase inexorably. This assumption underpins a lot of official forecasts and the business plans of some optimistic producers. The reality is much more complicated. The emergence of a spot market suggests that there is a strong chance of prices falling over the next decade. Read more

The details of the deal to build Britain’s new nuclear reactors at Hinkley Point are becoming clearer: a basic cost of £16bn, a quiet increase of £2bn since the last parliamentary statement on the issue less than six months ago. It guarantees a unit price of £92.50 per megawatt hour for the electricity produced, stretching four decades into the future, and the UK government in effect underwrites the investment. Read more

Do renewables represent the future of the energy business or a minor contributor in a sector which will continue to be dominated by hydrocarbons? That will the underlying question at the FT Renewables conference this week. The answer looks to be the latter but financial engineering or a major technical breakthrough could yet change things. Read more