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Andriy Kobolyev calls for more weapons after Russia destroys one of Ukraine’s largest power plantsA dramatic rise in European energy prices is inevitable if the Russian destruction of Ukrainian energy infrastructure continues unabated, the former chief executive of Ukraine’s state-owned oil company has warned.Andriy Kobolyev, a former head of Naftogaz, said in an interview with the Guardian: “Russia is trying to wage a global...

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firmsAbu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP in a sign that depressed share values in London are making even the biggest British businesses takeover targets.Abu Dhabi National Oil Company (Adnoc) considered options including purchasing BP or acquiring a large stake before...

States including Texas, Louisiana and Florida say federal government lacks authority to broadly deny permitsSixteen US states, including Texas, Louisiana and Florida, have filed a lawsuit to challenge the US federal government’s ban on approving applications to export liquefied natural gas, the office of Texas attorney general Ken Paxton said on Thursday.The lawsuit argues the federal government lacks the authority to broadly deny those...

China’s Longi looks to slash costs as renewable energy sector faces tough headwinds from inflationThe world’s largest solar manufacturer has slashed nearly a third of its workforce after a cost-cutting drive that included telling staff to only print in black and white fell short and as a chill ripples through the renewable energy sector.China’s Longi is to cut as much as 30% of its...

Installations must speed up 11-fold as advisers say latest changes to scheme likely to make 2028 target even harderThe public spending watchdog has criticised the slow pace of the government’s heat pump rollout just days after ministers postponed an important scheme designed to increase the rate of installations.A report by the National Audit Office (NAO) has found that heat pump installations would need to...

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructureThe oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.Shell plc is preparing to divest from the delta but a report warns that...

Tory government has ‘ducked’ difficult decisions, leading to higher bills, says shadow energy secretaryBusiness live – latest updatesLabour has claimed a “culture of inertia and stasis” has blocked renewable energy projects under the Conservatives and says the party will overturn a de facto onshore wind ban “at the stroke of a pen” if it wins the general election.The shadow energy secretary, Ed Miliband, told...

Future of Wylfa site had been uncertain since Japanese firm pulled construction plans in 2020The UK government has said it is working to push forward a new nuclear power station at Wylfa in north Wales amid reported talks with the site’s owner.Hitachi owns the site on the island of Anglesey (Ynys Môn) but its future has been uncertain since 2020, when the Japanese company...

Oil and gas company criticised by campaigners as it plans more share buybacks to return cash to investorsBusiness live – latest coverageProfits at the energy company BP halved last year to nearly $14bn (£11bn), but were better than expected after weaker oil and gas market prices caused revenues to slump across the industry.BP said it would return more cash to investors with $3.5bn of...

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas pricesShell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.The oil company handed its shareholders $23bn in payouts last year, and plans to...

Former finance chief to replace Bernard Looney, who departed unexpectedly last yearBusiness live – latest updatesThe oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds...

Industry data shows almost 190,000 installed last year as well as record number of heat pump installationsThe number of households and businesses installing rooftop solar panels has reached its highest level in 12 years, while heat pump installations climbed to record highs in 2023, according to the industry’s official standards body.The figures showed almost 190,000 rooftop solar installations were carried out last year, the...

French energy company to invest a further £1.3bn in its British nuclear fleet up to 2026EDF Energy is planning to extend the life of four nuclear power stations in the UK and step up investment in its British nuclear fleet.The French energy company said it would make a decision on whether to extend the life of the four UK plants with advanced gas-cooled reactors...

Climate thinktank says Britain could be left trailing in global race to develop low-carbon energyLabour’s independent energy advisers have warned the party against watering down its £28bn green spending plans in advance of its promise to create a zero carbon electricity system by 2030.Experts at the climate thinktank Ember, which provided the independent analysis underpinning Labour’s green targets, said growing international competition for low-carbon...

Brent crude is up 1.7% to $78.32 a barrel as hopes of strong demand in China also push up pricesBusiness live – latest updatesOil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the vital trading route.In the first trading session of the new year, Brent...

Stanlow operator Essar stopped all imports of Russian fuel in 2022 but has arrangement with LitascoThe owner of one of Britain’s biggest oil refineries has extended a loan facility with an arm of an oil company founded and part-owned by a Russian billionaire who is under sanctions.Essar Oil (UK), which owns and operates the Stanlow oil refinery on Merseyside, stopped all imports of Russian...