GLEG
The UK Government has extended the deadline for businesses to comply with the Energy Savings Opportunity Scheme (ESOS) Phase 3 Action Plans to March 2025. This extension provides additional time for large organisations to meet their energy audit obligations and implement energy-saving measures.
Currently, Europe has 208 MW of floating offshore wind capacity, but by 2030, this figure is expected to rise significantly to 2,000 MW, with 1,471 MW located in the UK alone.
A major development in this sector is the UK government’s recent Contract for Difference (CFD) auction, which awarded 400 MW of capacity to the 560 MW Green Volt floating wind project. Set to be Europe’s largest commercial-scale floating offshore wind farm, Green Volt is expected to become operational in 2029. The wind farm will provide power to offshore oil and gas platforms as well as the UK grid, with the remaining 160 MW potentially being allocated to power purchase agreements (PPAs).
National Grid has agreed to sell the Electricity System Operator to the UK government for £630 million, with the transaction expected to be finalised by 1st October 2024.
The final payment will be subject to adjustments for standard closing factors, such as timing differences.
This sale marks an important milestone in the creation of the National Energy System Operator (NESO), a new independent public body.
Gas and power markets settle to the lowest price within over six weeks, influenced by the recent crash of the oil markets.
Energy costs have become a major expense for businesses over the past four years. Some consumers are locked into long-term contracts at much higher rates due to unpredictable market changes, especially with Europe’s shift from Russian gas to LNG. This volatility isn’t likely to ease anytime soon.
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
OPEC+ is moving forward with its plan to boost oil output by 180,000 barrels per day in October, despite concerns over a slowdown in global demand, particularly from China. This increase is part of a broader strategy to gradually unwind a layer of the group’s recent output cuts, which totalled 2.2 million barrels per day, while keeping other production restrictions in place until the end of 2025.
Water Quality Month is an annual observance held in August to raise awareness about the importance of water quality and the need to protect water resources. This month-long campaign emphasises the significance of clean water for human health, wildlife, and the environment. It encourages individuals, communities, and organisations to reflect on their water usage, recognise the impact of pollution, and take action to improve and maintain water quality.
Reducing water consumption has a direct and positive impact on business profitability. By consuming less water, businesses not only lower their water bills but also contribute to a more sustainable environment. Freshwater is a precious resource, and using less of it is beneficial for the planet. Additionally, cutting down on water usage helps to decrease the greenhouse gases emitted during the processes of collecting, treating, and supplying clean water. These efforts collectively support both financial and environmental goals.
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