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17 June 2023 – The Rising Cost of Energy and What Consumers and Businesses Can Do to Protect Themselves
The cost of energy has been rising sharply in recent months, and this is likely to continue in the coming winter months. This is due to a number of factors, including the war in Ukraine, which has disrupted energy supplies.
The rising cost of energy is putting a strain on household budgets, and it is also having a negative impact on businesses. Consumers and businesses need to take steps to protect themselves from the rising cost of energy.
What Consumers Can Do
There are a number of things that consumers can do to protect themselves from the rising cost of energy. These include:
- Switch energy suppliers. This can save you money, especially if you are currently on a standard variable tariff.
- Consider switching to a green energy supplier. This can help to reduce your carbon footprint, and it may also save you money.
- Reduce your energy consumption. This can be done by making small changes to your lifestyle, such as turning off lights when you leave a room and unplugging appliances when they are not in use.
- Invest in energy-efficient appliances. This can help you to save money on your energy bills in the long run.
- Take advantage of government schemes. The government offers a number of schemes to help people with the cost of energy, such as the Warm Home Discount and the Winter Fuel Payment.
What Businesses Can Do
There are also a number of things that businesses can do to protect themselves from the rising cost of energy. These include:
- Review their energy contracts.Businesses should make sure that they are on the best possible energy contract.
- Invest in energy efficiency measures. This can help businesses to reduce their energy consumption and save money on their energy bills.
- Switch to renewable energy sources. This can help businesses to reduce their carbon footprint and save money on their energy bills.
- Take advantage of government schemes. The government offers a number of schemes to help businesses with the cost of energy, such as the Energy Intensive Users Obligation and the Renewable Heat Incentive.
The rising cost of energy is a major challenge for both consumers and businesses. However, there are a number of things that can be done to protect yourself from the rising cost of energy. By taking these steps, you can help to reduce your energy bills and save money.
Additional Tips for Consumers
- Check your energy bills regularly.Make sure that you are not being overcharged.
- Get a smart meter. This can help you to track your energy usage and identify areas where you can save money.
- Consider a community energy scheme. This is a way to pool your energy resources with other households or businesses in your area.
- Get involved in energy efficiency projects. There are a number of projects that are working to make homes and businesses more energy efficient. You can get involved in these projects to help reduce your energy consumption.
Additional Tips for Businesses
- Set energy targets. This will help you to track your progress and make sure that you are on track to reduce your energy consumption.
- Train your staff on energy efficiency. This will help them to make informed decisions about energy use.
- Create an energy action plan.This will help you to identify areas where you can save energy and make a plan to implement these changes.
By following these tips, you can help to protect yourself from the rising cost of energy and save money.
12th October 2022 – Another pipeline stopped from exporting from Russia to Europe.
Polish oil pipe suffers “accident” which stops more energy reaching Europe. A pipe has sprung a mysterious leak exasperating energy security for Europe. Poland says a leak in one of the Druzhba pipelines on the main route for oil to Germany was caused by an accident. The Druzhba pipeline is one of the largest supplying Russian oil to much of central Europe.
EU energy ministers are meeting today to try to agree new risk control measures to tackle the energy crisis. Energy analysts said Europe had a 15 percent shortfall of energy supplies needed to get through this winter. However, this risk analysis was before several gas and oil pipelines have been hit by sabotage and alleged accident.
3 October 2022 – Britain at ‘significant risk’ of gas shortages this winter says UK regulator.
UK is facing emergency energy measures this winter according to energy regulator. Although Russia only supplies around 4 percent of Britain’s gas needs, the disruption of gas supply to Europe has pushed up prices and made it more difficult to find alternative gas suppliers at manageable price.
Britain is facing a gas supply emergency IF gas-fired power stations cannot access appropriate levels of gas. In the event of UK gas supply issues the UK gas regulator and UK National Grid would be forced to curb supply of gas to gas-red power stations to ensure households would receive enough energy.
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Gas is used to heat around 80 percent of UK homes. It has been reported that there were periods lats winter where the UK nearly did not have enough energy to meet demand. This winter will be harder to supply energy needs particularly if the weather is colder than average.
3 October 2022 – Energy Supply Threat To Businesses At Its Highest Level Since Russia Invaded In Spring 2022
Not only has supply of gas via Nord Stream pipelines 1 and 2 been shut down for at least this winter, but other pipelines have differing reasons for limited gas supply from Russia. It is impossible to be certain if this a coordinated action to stop weakening support for the war in the Ukraine in Europe national governments. Whatever is happening in Russian energy supply arena, it is clear that the biggest threat to Europe and UK businesses is lack of energy supply.
Working together to mitigate energy supply threat this winter will help business leaders be more aware of the real threats to their business and take energy supply risk management action to mitigate impact on business survival.
6 September 2022 – Russia’s biggest natural gas pipeline to Europe will not resume pumping until Siemens Energy repairs faulty equipment, Gazprom’s Deputy Chief Executive Vitaly Markelov told Reuters today.
Gazprom is reported as stating that the Nord Stream 1 pipeline, Europe’s major supply route, would remain shut as a turbine at a compressor station had an engine oil leak, sending wholesale gas prices soaring.
Siemens Energy said it was not currently commissioned by Gazprom to do maintenance work on the turbine with the suspected engine oil leak, but was on standby.
The company, headquartered in Munich, Germany, said on Tuesday that it did not comprehend Gazprom’s presentation of the situation.
It said an engine oil leak at the last remaining turbine in operation at the Portovaya compressor station did not constitute a reason to keep the pipeline closed.
Nord Stream 1, which runs under the Baltic Sea to Germany, is by far the biggest Russian gas pipeline to Europe, carrying up to 59.2 billion cubic metres of gas per year.
The Kremlin also warned that Russia would retaliate over a G7 proposal to impose a price cap on Russian oil, a step that is unlikely to hurt Russia unless China and India were to follow suit.
Russian Energy Minister Nikolai Shulginov said on Tuesday in Vladivostok that Russia will respond to the price cap by shipping more oil to Asia. He said Russia and its partners were considering setting up an insurer to facilitate the oil trade.
3 September 2022 – Russia will not open Nord Stream 1 as planned to restart gas supply to Europe via Germany.
Nord Stream 1, which runs under the Baltic Sea, had been due to resume operating at 0100 GMT today after a three-day halt for maintenance.
Gazprom, the state-controlled firm with a monopoly on Russian gas exports via pipeline, said on Friday it could not safely restart deliveries until it had fixed an oil leak found in a vital turbine. It did not give a new time frame.
However, Siemens Energy, which normally services Nord Stream 1 turbines, said such a leak should not stop the pipeline from operating. It also said the Portovaya compressor station, where the leak was discovered, has other turbines for Nord Stream to keep operating.
The failure to reopen the pipeline is clearly a political risk event impacting on global economy rather than a mechanical engineering risk event. Perhaps it is Putin’s response to the G7 intention to bring in new measures to restrict oil exports from Russia. This week’s maintenance was announced by Russians at short notice.
The EU has exceeded its 80 percent target for storage to be full by 1st Oct 2022, ready for when heating usage picks up, but that may not sustain Europe through the winter if Russia keeps the taps closed.
Group of Seven finance ministers agreed on Friday to put a price cap on Russian oil exports. Moscow said it would halt oil sales to countries imposing the cap.
Some energy-intensive European companies, such as fertiliser, have already cut output due to sky-high power prices. This will push up food inflation even faster this winter and in 2023.
28 August 2022 – Wien Energie, Austria’s largest energy supplier, is insolvent — requires 1.7 billion euros to remain liquid, according to local media.
4 August 2022 – European countries are on track to reach a gas storage filling target by the start of this winter, but the cost of replenishing stocks will be over 50 billion euros, 10 times more than the historical average of filling up tanks for winter.
European governments have managed to build up gas storage steadily by curbing demand, switching from gas to coal for some power plants and increasing imports of liquefied natural gas.
European gas storage levels were 70.54% full on Tuesday, surpassing the 5-year average of 70.32%, according to data from Gas Infrastructure Europe (GIE) released on Thursday. The levels were also not far from a 10-year average of around 71.40%.
In June, for the first time in history, U.S. liquified natural gas contributed more gas supply to Europe than pipeline gas from Russia.
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The European Union aims to refill storage to 80% of capacity by Nov. 1 to provide a buffer for peak demand winter months. The EU has also set interim targets for each country for each month.
Germany, hardest-hit by Russia’s reduced gas flows, has set a higher goal for itself and aims to be 95% full by November.
Europe remains dependent on two things: how cold the winter will be and how Russian flows will evolve into spring. Uncertainty on both will likely keep prices supported even if inventories keep rising over the coming months.
The price of the front-month Dutch TTF gas contract, the benchmark for Europe, has almost tripled since the start of the year due to the slowdown of Russian gas deliveries through Nord Stream 1 and a tight global market.
The cost of filling up the storage could be passed to consumers by ever higher energy bills or through taxation.
The European Commission, the EU executive, proposed last month a target for all member states to cut gas use by 15% from Aug. 1 to allow storage to fill more quickly.
25 July 2022 – Russia to Cut Europe’s Gas Flow via Nord Stream to 20 Percent Of Normal Flow Capacity
Russian state-owned energy producer Gazprom said natural-gas exports through Nord Stream pipeline to Germany would drop to about a fifth of the pipe’s capacity.
The reduction in the pipeline’s capacity—from 40 percent currently to 20 percent—is expected to take effect Wednesday, Gazprom said.
18 May 2022 – Russia could cut off gas supplies to Finland this week, Finland’s state-owned energy provider Gasum said today, in a row over Russia’s demand for countries to pay for gas in roubles and as Helsinki seeks NATO membership.
18 May 2022 – Germany, Belgium, the Netherlands and Denmark have pledged to build at least 150 gigawatts (GW) of offshore wind capacity in the North Sea by 2050 to create a “green power plant” for Europe.
In a statement, Gasum said it had not received any information about the matter from Russia’s Gazprom Export or from the Russian transmission operator, but that it was preparing for a scenario where Moscow cuts off gas late on Friday or on Saturday.
150 GW would be enough to power 230 million European homes but the ambition is also to use the green power to make hydrogen and green fuels for heavy industries and transportation which cannot easily be directly electrified
18 May 2022 – The European Commission has provided details of 210 billion euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.
The Commission targets 300 GW of wind at sea by 2050 up from the roughly 16 GW currently installed.
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12 May 2022 – Wholesale gas prices for next-day delivery in Britain have tumbled to pre-energy crisis lows that are a fifth of the price in Europe because of an unprecedented glut of liquefied natural gas.
8 October 2021 Fire In Russia Worsens Global Energy Crisis
Gas supplies and prices are facing even more pressure after a fire in a major plant in Russia.
Gazprom’s Amur gas processing plant stopped production after a fire.
The plant plays a key role in Russian gas exports to China, which has been hit by electricity shortages that have led to power rationing across the country.
The fire will reduce gas supply to Europe at a time when shortages have sent prices to unprecedented highs.
21 September 2019 UK Government Says New Wind Power Generation To Be Produced Without Need For Government Subsidy
New wind power projects will be completed by 2025 without need for UK government subsidy it is so economical.
New wind power projects in UK will power more than seven million homes at a lower than expected cost and without need of government subsidy. Wind power renewable energy will only cost 40 pounds per megawatt compared to 92.50 pounds per megawatt produced by new Hinkley Point C nuclear power generation in 2025.
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The cost of offshore wind power generation in UK has fallen 30 percent in the last two years.
UK Energy Production Rebalancing Continues To Impress
12 February 2019 New UK Wind Energy Generation Record
Wind energy in the UK set another record last week. 15.32 GW of renewable energy was generated by wind technologies on the 8th February 2019. This was around a third of all electricity needed in the UK on that day.
8 February 2019 Drax Power Station At Cutting Edge Of Energy Production
Drax power station has become the worlds first biomass plant to capture carbon. It has started capturing arbon dioxide at its wood burning power plant. It will be used to explore how to use carbon dioxide to make it more economically feasible.
14 January 2019 Hitachi Considering Pulling Out Of Building New Nuclear Power Plant
The UKs ability to use nuclear energy as part of its energy production plans is in doubt. Hitachi had previously committed to building a new nuclear reactor in Wales. Japanese media reports say Hitachi will suspend work this week.
If the project is stopped it will leave the Hinkley Point power station in Somerset as the only new UK reactor still being built.
6 September 2018 Ofgem Imposes Energy Cap in UK
UK energy bills could be cut for more than 10 million households in the UK. However energy companies share prices rose on the announcement suggesting energy companies got away with one.
UK Prime Minister Theresa May suggested the energy saving per UK household should be bigger prior to OfGems decision so maybe the energy companies have protected their profits from even bigger hit.
UK governments energy price cap is less than the one promised by UK Prime Minister.
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The new cap is being imposed on default energy tariffs. People who are too loyal or too lazy to shift energy supplier will be better protected but not as protected as was envisaged.
10 July 2018 UK Should Not Over Expand Nuclear Power Generation As Its Not Likely To Be Cost Effective
An independent advisory group has told the UK government that Britain should only build the Hinkley Point C power station. More power plants would not provide a balanced cost effective energy generation plan for the UK.
Nuclear power generation is more reliable but very expensive in comparison renewable energy.
Britain plans to build many new nuclear power generation plants to replace existing nuclear plants and coal power stations and cut carbon emissions. After Hinkley Point C could come one built by Japans Hitachi.
The National Infrastructure Commission NIC advised the British government that renewable energy sources could be the safest bet for the UK in the long term and be the lowest cost outcome for consumers.
The National Infrastructure Commission was established in 2015 an is an independent body responsible for advising the UK government of the day on how best to meet the UKs long term infrastructure needs.
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NIC has recommended the UK takes steps to ensure renewable energy accounts for half of electricity generation by 2030. Currently around 30 percent of electricity generation comes from renewable energy. Low cost renewable energy is likely to be cheaper than future nuclear power generation by more newer nuclear power plants according to NIC.
Costs of renewable energy energy will fall faster than nuclear power generation costs according to NIC
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The UK government must respond to NICs recommendations within 12 months.
28th December 2017 Green Energy Production In UK Seeing New Highs
June 2017 saw the first time that wind nuclear and solar power generated more energy than gas and coal combined. The UK now provides the 7th cleanest power system in the world. British wind farms produced more electricity than coal energy plants on more than 75 percent of days in 2017.
22nd September 2017 Wave Power Update
MeyGen tidal energy station off the coast of Scotland has broken the record for the amount of electricity generated. In August it produced enough energy to power 2,000 homes.
Tidal power stations work like underwater wind turbines powered by the power of the currents in the ocean.
A study has previously reported that Scotland could produce almost of half of Scotland’s electricity demands from tidal power stations if there was enough tidal power stations around the coats of Scotland.
16th December 2016 EDF To Increase Fuel Bills For First Time In 3 Years
EDF will increase standard duel fuel bills from 1st March 2017 by 1.2%. Its cutting its standard gas tariff by 5.2% from 1st January 2017 but increasing electricity prices by 8.4% from 1st March 2017. March April is the time when the biggest energy providers tend to make changes to tariffs after the winter demand spike falls away.
Uses 80 percent of Ethiopia’s capital city, Addis Ababa, waste to produce 35 percent of its energy needs.
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