1) E.On first energy giant in UK to respond to drop in wholesale prices
E.On is the first Big Six energy supplier to announce a price cut – around £24 off annual gas bills – following falling wholesale costs and pressure from ministers, reports The Telegraph and others.
Meanwhile, an industry association analysis shows energy efficiency measures are worth more than £37bn to the British economy each year, according to Business Green.
2) Oil prices continue to plummet, hitting stocks and unsettling some UK oil companies
Just about everywhere is covering the massive drop in oil prices. Reuters reportedUAE had dug its heels in about not remedying the glut of oil on the market, as oil prices continued their rout on Tuesday with Brentcrude and US WTI both falling to their lowest in almost six years.
The New York Times reported several international banks predicted even lower prices later this year because of an oversupplied global crude market.
In the UK, the FTSE 100 was down “wobbling around the 6,500 mark yesterday” according to The Telegraph – The list of fallers dominated by firms with ties to the energy market as the continued collapse in the oil price coincided with fresh threats from the Labour party to force firms to pass on the benefits of cheaper fuel to customers.
Meanwhile, three London-listed oil companies – Cairn Energy, Premier Oil and Tullow Oil – are set to come under intense scrutiny from investors this week as they set out plans to cope with a collapse in prices that — if sustained — could halve the value of current and future production, the FT reports.
Chancellor George Osborne has hints at emergency fossil fuel tax breaks for the North Sea oil and gas industry, reports Business Green, while green groups say this could run counter to efforts to tackle climate change.
3) Anticipation on climate progress builds ahead of Obama’s India visit
In a couple of weeks, Obama is visiting India – and there could be progress on solar, nuclear and climate change cooperation, reports the Guardian.
Yesterday, a Greenpeace India campaigner prevented from travelling to the UK to brief MPs on the impact of coal mining on the village of Mahan, India.
Meanwhile, SunEdison plans to build a $4bn mega solar factory in India, according to Forbes.
In other news
Coal imports to China fell 10.9% in 2014 compared with 2013, the first annual decline in at least a decade, accordin to the Business Recorder.
The US can increase the use of renewable energy in its energy mix from 7.5% in 2010 to 27% by 2030, and 50% in 2050 – making it the world’s second largest renewable energy user after China – says an analysis by International Renewable Energy Agency (IRENA).
Mexico expects some $14 billion of investment in wind farms between 2015 and 2018, which will more than triple installed capacity in the country, reports Reuters.
Poland’s shale gas revolution evaporates in face of environmental protests, the Guardian’s Arthur Neslen reports.
The FT’s Nick Butler writes that 2105 critical year for nuclear.
The i100 writes: These are the countries most at risk from a climate change ‘apocalypse’
South Korea now has the world’s second largest cap-and-trade market, according to Grist