Business News

A council in Wales has approved a plan to reduce its carbon footprint. Wrexham will put in place energy-efficient bulbs instead of all its residential street lights. The Welsh Assembly Government has pledged £280,000 towards the scheme, which will cost £336,000.

Rachel Eden, councillor for Whitley, said installing solar panels would be a good investment for residents and businesses. Ms Eden said the technology would enable those in the Reading area to benefit from renewable energy sources.

A group of leading British businesses has called on the government to protect the UK economy against a new threat of rising oil prices. The industry taskforce, which includes retailers Kingfisher, warns a new ‘peak oil’ threat is likely to be felt in the UK within the next five years. Peak oil is the point when the maximum rate of global petroleum extraction is reached, after which the rate of production enters a terminal decline. The consortium is asking for improved government support for energy efficiency measures.

Company bosses were warned not to take the issue of global warming lightly. This year’s CBI Climate Change Summit highlighted a US survey where consumers ranked climate change bottom of a list of 21 problem issues facing their country. Irwin Lee, vice president and general manager of Procter & Gamble’s UK and Ireland operations, has committed that 30% of the power used to run its factories comes from renewable energy sources by 2020.

A global warming activist group has praised US President Barack Obama’s plans to put up solar panels on the White House roof in order to heat water and provide some electric power. Previous incumbents Jimmy Carter and George W Bush also installed panels. “Solar panels on one house, even this house, won’t save the climate, of course,” said the group 350.org on their website. “But they’re a powerful symbol to the whole nation about where the future lies.”

Energy firms increased their profits from customers by 50 per cent in the space of four months, while Britain shivered through the coldest winter for decades. In the autumn the firms were making £65 annual profit per customer but that figure is now £97 on a typical household energy bill of £1,200.

Now all the big six providers have raised tariffs, a meaningful comparison can be made on how energy bills compared to last year – and it is not good reading for customers. The average annual household joint electricity and gas bill has gone up £65, from £1,069 last year. EDF became the final one of the big six energy suppliers to announce it was increasing bills, and takes effect on March 2.

Soaring oil prices have put pressure on Britain to find alternative sources of energy, and buildings are set to be fitted with green energy meters measuring how much heat they produce from sustainable fuels. Under plans to be confirmed by ministers, householders, businesses and public buildings are to be offered cash incentives to install environmentally friendly technology. In return they will receive a grant based on the amount of heat which is produced from the alternative source.

Oil prices have shot up again as markets have reacted to Japan’s energy needs. Prices peaked today (Thursday, March 17) at more than $115 per barrel. Since much of Japan’s nuclear power sector has been shut down, the country is set to increase energy imports. Analysts have concluded that with its electricity generating capacity severely limited, Japan will need to step up its energy imports, meaning fossil fuels.

A well-known commodities investor says oil prices could eventually break $200 a barrel. Jim Rogers said people will be surprised just how high the price of oil stays and how high it will goes. He added: “Unless somebody discovers a lot of oil very quickly, prices are going to go much higher over the next decade. It will go over $150 a barrel. It will probably go over $200 a barrel.”

Councillors have been asked to start the procurement process so that solar panels can be installed for a cheap form of energy as soon as possible for tenants of Corby Borough Council (CBC). Energy companies would install the panels which will be used as part of a government renewable energy scheme. CBC was urged to leave the way open for energy firms to bid to supply and install the solar modules.

Energy Minister Charles Hendry says more heavy snow over Christmas could lead to “very serious” shortages of domestic heating oil. Already for this weekend (Saturday, December 18 and Sunday, December 19) the Met Office has issued severe weather warnings for the whole of the UK, added to the sub-zero temperatures experienced over the past month.