BP has detailed in a strategy update that the oil and gas giant will invest up to £54 billion ($65 billion) in its transition growth engines (TGEs) but has reduced its emissions reduction target by 2030 due to continued investment in oil and gas.
Octopus Energy has released a new tariff that allows multi-site businesses to share green energy with other locations should renewable energy be generated on-site.
Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
RenewableUK has confirmed that across the entirety of 2022, only two small onshore wind turbines had been developed across England despite “record-breaking” year for offshore wind.
The Energy Networks Association (ENA) has called on the UK government to update the British Energy Security Strategy to include the deliverance of an energy storage strategy by the end of 2023 in the upcoming Spring Budget.
Customers based in the UK overpaid on energy bills in 2021 to 2022 by around £7 billion which could have been avoided via a “split market” marginal pricing scheme, a report by Carbon Tracker has said.
“If we are going to decarbonise, we need solutions that tackle problems for both the developer and the consumer,” said Dan Nicholls, managing director at SNRG.
According to analysis conducted by Octopus Energy, UK energy customers are being charged up to £254 extra annually for not using direct debit when paying energy bills. This is more than three times the cost of what it was in April 2021 when the figure stood at £84.
As part of Ofgem’s fourth “deep dive” into energy supplier standards, the energy regulator found all 17 of the UK’s largest energy suppliers to have weaknesses in consumer practices.
