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    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    Britain faces another large increase of the energy price cap of 42%

    Hidrostank deploys innovative solutions at Saudi wind farm

    As Global Energy Problem Persists, CEOs Search For Solutions

    Imports of Coal For The Power Industry Goes Down By 40%

    Imports of Coal For The Power Industry Goes Down By 40%

    US DoE announces $65m in new nuclear technology funding

    Ukraine signs deal with Westinghouse to end Russian nuclear fuel needs

    Enel plans to expand power distribution business into US

    6 Million UK Homes May Lose Power Following Energy Shortage

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    India offers support to Maldives efforts to develop green energy

    Pandemic And Ukraine War Hasten Europe Towards Green Energy

    bp to invest up to £18 billion in UK energy system by 2030

    Giant offshore wind energy projects to be built in Irelands seas

    Kier to deliver onshore converter station for offshore wind project in the north east

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

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    GE’s digital power transformers selected for multiple projects across the globe

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Britain faces another large increase of the energy price cap of 42%

in News
Statkraft seeks planning nod for 49.9-MW Scottish wind farm

In October 2021, the price cap rose from £1,138 to £1,277 for those on default tariffs and in April 2022, this rose to £1,922 per year. These increase were then driven by a rise of over 50% in energy costs with gas prices hitting a record high as the world was emerging from the lockdown and contributed to a general rise in the cost of living in the UK. These economic pressures have led to frequent calls on the UK Government to act.

CEO of Ofgem, UK energy regulator told lawmakers that it’s energy price cap will rise again by approximately 42% in October 2022. At an approximately £1,971 per month current price cap to around £2,800 in October, by far it is the largest increase since the price cap establishment in 2014. The steep change reflects the continues disruption from Russia invasion of Ukraine and as the price changes twice every year, this new price will be there for six months.

Ofgem CEO Jonathan Brearley told a committee of lawmakers his estimates of the upcoming price cap rise on Tuesday. He said “Later today I will be writing to the chancellor to give him our latest estimates of the price cap uplift. This is uncertain, we are only part way through the price cap window, but we are expecting a price cap in October in the region of £2,800”.

The opposition has proposed a “windfall tax” on the profits of large oil and gas companies, creating public money to relieve the hardest-hit households. This remains unpopular with the industry, and while initially unpopular with the government, the UK chancellor has refused to rule out the move.

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