UK oil and gas major BP has announced it will cut 10,000 jobs in a response to COVID-19 and the subsequent economic downturn. The company is reducing expenditure across the business, with additional measures such as senior staff not receiving a pay rise this year and cash bonuses under question. In February, BP’s new
There have been some memorable scorelines over the years. The two most important of all time are, of course, Nottingham Forest 1 : Malmö 0 and Nottingham Forest 1 : Hamburg 0, to win the 1979 and 1980 European Cup finals. And, yes, I’d really like East Fife 4 : Forfar 5 to actually
Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies. A study has found that the value of the world’s fossil fuel reserves could
Industry voices in the UK have said that electricity market activity during the COVID-19 pandemic shows that the network will become prohibitively expensive and possibly unmanageable without the further rapid deployment of energy storage. In article published last week by our UK-based energy transition site, Current±, Aaron Lally, head of trading at aggregator and
In the three years after countries signed the landmark Paris Agreement, the UK nearly doubled its public finance support for fossil fuel projects. A new report shows the UK spent an average of £1.3 billion annually on the projects since countires agreed the climate deal. In contrast, in the same period to the end
FRANKFURT (Reuters) - The use of batteries for energy storage is expected to grow faster than that of other flexible assets in the period to 2030 and beyond, as renewable energy generation expands, consultancy Wood Mackenzie said in research published on Wednesday. Battery storage will increase to 26 gigawatts (GW) by 2030 from 3
The shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the coronavirus pandemic, Suncor Energy Inc’s chief executive said on Monday. The comments are a stark prediction in an industry that frequently downplays the impact of electrification and points to forecasts of rising global oil
Decarbonisation should be the focus of the COVID-19 recovery, a letter signed by over 200 business leaders has said. The letter, sent to Prime Minister Boris Johnson, calls for a clear vision for recovery efforts that align with the UK’s wider social, environmental and climate goals. Government recovery efforts should drive investment in low
Renewable power shares are outperforming fossil fuels in the stock market, but obstacles are still standing in their way. A new report produced by Imperial College London and the International Energy Agency (IEA) found that renewables offered investors higher total returns than fossil fuels, and had a lower annualised volatility, making them lower risk
McDermott continues its dialogue with renewable industry leaders to provide the latest market updates on the disruption, challenges and opportunities COVID-19 presents to the industry. This week, we focused on the energy storage market and hosted Chris McKissack, CEO at GlidePath Power Solutions. Glidepath was an early mover in energy storage. GlidePath is now