Latest News

Energy Prices (early October 2013)

Electricity: OfGEM has granted generation licenses to the proposed Moray Firth wind farm, with a capacity of 1500 MW it is due to be online by 2018. Meanwhile a UK & Norwegian consortium has lodged a planning application for an even bigger wind farm project at Dogger Bank the first stage will have a capacity of 2400 MW of an eventual 9000 MW.

The Labour Party’s proposal to freeze utility bills for 20 months if elected is likely to undermine investment in energy infrastructure. The suppliers and producers association, Energy UK has been highly critical of the announcement.

Gas: The UK government is trying to negotiate for the Rhum field in the North Sea to be exempt from Iranian trade sanctions, allowing it to restart production. The field has been shut down since 2010 after the EU and US sanctions relating the Iran’s nuclear programme were tightened.

Maintenance of Norway’s Njord field has been extended until summer 2014. The field had been expected to resume production in November 2013. Norway’s new government has agreed to impose a four year moratorium on oil and gas exploration in vulnerable areas of Northern Norway. 

Summary position:

Oil $107.08/barrel

Coal $82.8/MT

EUA 14 €5.29/TCO2

Gas 65.45p/th Apr 14

Gas 64.50p/th Oct 14

Electricity £51.44/MWh Apr 14

Electricity £52.78/MWh Oct 14