Energy security: UK grid to pay firms to use power
The Times reports that businesses will be paid to use more electricity for the first time next month, as National Grid launches a scheme designed to boost the flexibility of the nation’s power system.
Under the terms of a trial contract, dubbed Demand Turn Up, companies will be offered cash payments to absorb excess electricity generation, mainly from wind or solar power, at times of low demand.
The scheme comes as demand on the grid this summer is expected to fall – largely because of the impact of distributed solar generation, reports Utility Week.
The Grid also reported that with low gas prices continuing gas was likely to be the “favored fuel” over the period.
Brazil: Insider claims Rousseff coalition took funds from Belo Monte mega-dam
The Guardian reports that indigenous communities and the Amazon rain forest have joined the growing list of potential victims of Brazil’s huge corruption scandal, according to a senior construction executive who testified that the Belo Monte dam was used to generate 150m reais ($41.4m) in donations to the ruling coalition.
The news comes with Brazil on the verge of a new giant dam project in Tapajos.
BP: Firm to face flak at AGM over bonuses
The Daily Mail, and others, report that BP faces further opposition to its pay at its annual meeting on Thursday after British shareholder advisory group ShareSoc recommended its members vote against the oil major’s remuneration report.
And pay isn’t the beleaguered oil giant’s only problem at the annual gathering.Responsible investment group Shareaction says the firm has failed to follow through on it’s commitments to to greater openness about its impacts on the climate – again questioning bonuses which appear linked to ever greater exploitation of fossil fuels.
Oil price: US banks braced for hit on shale
The FT reports that investors in big US banks are braced for a fresh round of disclosures on energy portfolios as regulators turn up the heat on lenders to take a more critical look at likely losses. The news comes as the Mail suggests frackers are struggling to get loans from big lenders.
In other happenings:
Coal: Dutch plant to close