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Gazprombank freezes PDVSA accounts

Gazprombank freezes PDVSA accounts

Russian lender Gazprombank has said it has frozen the accounts of Venezuelan state-owned energy giant PDVSA and ceased transactions with the firm, in a bid to avoid falling under US sanctions. Foreign companies have been reducing their exposure to PDVSA ever since the US first imposed restrictions, however the shift […]

Nuclear deals concluded on trade after Brexit

Nuclear deals concluded on trade after Brexit

Britain has finalised all replacement international agreements needed for continuity of nuclear trade post-Brexit, according the business secretary Greg Clark. Greg Clark said deals had been made with Australia, Canada and the US which also safeguarded agreements with the International Atomic Energy Agency (IAEA). The UK has an existing agreement […]

Eni almost double operating profit on record production

Eni almost double operating profit on record production

Italian energy firm Eni has almost doubled its operating profits following record oil production and higher crude prices that led to a surge in cash flow. Full year operating profits rose by 94% on the year to €11.24 billion as a result of increased exploration and production division. Claudio Descalzi, […]

UK to face rising energy prices amid coal phase out

UK to face rising energy prices amid coal phase out

The decision from French energy firm EDF to close a 2GW coal-fired power station in the Midlands is expected to result in an increase to UK energy bills. EDF announced earlier this month that it would close its 2GW Cottam power plant and it is expected to be followed by […]

US warns of buying Venezuelan oil

US warns of buying Venezuelan oil

US National Security Advisor John Bolton has warned countries and companies around the world not to buy Venezuelan oil after its announced it wanted to sell more oil to India. During a surprise visit to India, Venezuela’s oil minister Mauel Quevedo announced he wanted to sell a great volume of […]

EDF SVT customers face 10% hike in energy bills

EDF SVT customers face 10% hike in energy bills

EDF customers on standard variable tariffs (SVTs) face a 10% increase to energy bills from the 1st April after Ofgem increased its energy price cap, according to comparison website uSwitch.com. Gas and electricity bills are set to rise for 1.3 million EDF customers to £1,254, up £118, to the level […]

Renewables facing the ‘perfect storm’ of threats

Renewables facing the ‘perfect storm’ of threats

The Scottish renewable energy industry is facing a wave of obstacles that threaten the sector, including the end of subsidies, rising fees and a lack of new viable technologies. UK tariffs that support small-scale and household generators, including solar panels and wind turbines, will cease to exist at the end […]

Coal still king in Japan

Coal still king in Japan

Following the Fukushima disaster, Japan has continued its commitment to use coal to provide reliable and resilient electricity as nuclear’s reputation remain unpalatable. Despite Japan’s Paris Climate Accord pledge that no effort would be spared in combating climate change, the 2011 disaster has made restarting the country’s nuclear plants a […]