The Inflation Reduction Act took a significant step forward over the weekend as US vice-president Kamala Harris cast a decisive vote to break a 50:50 tie of Senators to pass the legislation. Emerging late last month the deal, negotiated largely in the background by Senate Majority Leader Chuck Schumer and long-time holdout on Build Back Better, West
Some businesses will face energy bills five times higher than they’re currently paying from October, according to new analysis from Cornwall Insight. Energy bills for businesses have surged over the last 15 months and particular through the first half of 2022 as wholesale prices have spiked due to concerns over Russian gas supply, tight electricity markets in
Wind farms paying back through the Contracts for Difference (CfD) scheme due to high power prices could now pay back £25 to each household from this October. According to new analysis from the Energy and Climate Intelligence Unit (ECIU), the process for these payments reaching bills was previously unclear and the benefits delayed. But a
The Default Tariff Cap is now predicted to stay above £3,000 a year for the next 15 months, according to the most recent forecast from Cornwall Insight. Continued market volatility amid concerns over the security of gas going into winter, in particular following the Russian invasion of Ukraine, have led to further jumps in price cap
Ofgem has announced today (26 August) it will increase the energy price cap to £3,549 per year for dual fuel for an average household once in effect from 1 October 2022. The increase reflects growing concerns around the global wholesale gas market with prices expected to surge in the winter months. High wholesale prices
No single crisis, no matter how existential, will be enough to shut this machine down naturally. We must break it or it will break us It is useful to think of capitalism as a robotic savant, spectacularly gifted at doing one thing and cripplingly blind to everything else. Global capitalism is an incredible machine for
Scientists say there are ample reasons to suspect global heating could lead to catastrophe The risk of global societal collapse or human extinction has been “dangerously underexplored”, climate scientists have warned in an analysis. They call such a catastrophe the “climate endgame”. Though it had a small chance of occurring, given the uncertainties in future
With a dramatic timing worthy of The West Wing, Senator Joe Manchin has delivered an 11th hour deal that comes as a much-needed shot in the arm for the global climate fight. Mr Manchin, a centrist Democrat from coal-heavy West Virginia, announced the pointedly-titled “Inflation Reduction Act” with Senate Majority Leader Chuck Schumer on Wednesday.
THE MET OFFICE has issued a warning over the impact of extreme weather events on the UK, claiming 500,000 homes are at direct risk of the effects of climate change. A new report by the national weather service shows higher temperatures are the new normal and sea levels are rising much faster than a century ago. This,
The economic impacts of Russia’s invasion of Ukraine are being felt around the world. This is especially true in the energy and food markets whose supply chains depend on both countries. The crisis has reinvigorated a long-running debate about land use for solar farms, increasingly polarised around energy versus food security. Gas provides 40%