pi3141 Posted January 30 Share Posted January 30 The North Sea Transition Authority has ordered Cuadrilla to destroy the UK’s only viable shale gas wells, forcing the company to fill them with concrete and decommission the site by June 2025. Cuadrilla confirmed the process will begin next month. A reminder that Britain was on the verge of blackouts just this month… National Gas data shows UK gas stockpiles have collapsed by 36.7% compared to last year, and by 2030, Britain will be importing 70% of its gas. Centrica has warned storage levels are “dangerously low”, while last week the IEA dropped a bombshell report predicting global gas demand will hit record highs by 2025 and warning that supplies remain “fragile”. Richard Tice slammed the madness as “more insanity from Red Ed”, while Cuadrilla’s CEO warned of the serious energy security risks: “Keeping these wells open doesn’t cost taxpayers a penny, but once they are concreted over then we lose easy access to supplies of shale gas that could be used for decades to come. As President Zelensky pointed out earlier this month, European nations are still far too exposed to Russian gas supply. Britain should do what it does best and look to help extricate the continent from Moscow’s orbit.” Just last week Reeves touted how she told watchdog bosses to “tear down regulatory barriers” blocking economic growth and Starmer today vowed to “clear out the regulatory weeds” to boost investment. Labour’s Net Zero vs Growth war rolls on… Link - https://order-order.com/2025/01/29/uks-last-shale-gas-wells-ordered-to-shut-down-despite-energy-shortages/ It's madness, absolute madness. Quote Link to comment Share on other sites More sharing options...
pi3141 Posted January 30 Author Share Posted January 30 95% Tax rate. Is it worth energy companies being in business in UK? Harbour Energy plc Full-year results for the year to 31 December 2023 7 March 2024 Harbour Energy plc (“Harbour” or the “Company” or the “Group”) today announces its results for the year ended 31 December 2023. Harbour operational highlights Production of 186 kboepd (2022: 208 kboepd), split 52% natural gas/48% liquids and within guidance Operating costs of $16/boe (2022: $14/boe), in line with guidance Total recordable injury rate reduced to 0.7 per million hours worked (2022: 0.8) Total 2P reserves and 2C resources increased to 880 mmboe (2022: 865 mmboe) reflecting reserve additions at our operated UK hubs and international exploration success, partially offset by production Continued momentum on Harbour’s UK CCS projects, Viking and Acorn, with both projects awarded Track 2 status; estimated independently verified net CO2 storage capacity in excess of 200 million tonnes Announced transformational acquisition of the Wintershall Dea asset portfolio (the “Acquisition”) Harbour financial highlights1 Realised, post hedging oil and UK gas prices of $78/bbl and 54p/therm (2022: $78/bbl and 86p/therm) Revenue of $3.7 billion (2022: $5.4 billion), reflecting lower natural gas prices and production Profit before tax of $0.6 billion (2022: $2.5 billion); profit after tax of $32 million (2022: $8 million) reflecting an effective tax rate of 95% (2022: 100%) Free cash flow (post-tax, pre-distributions) of $1.0 billion (2022: $2.1 billion) Returned $2492million through share buybacks in addition to the $200 million annual dividend, resulting in $1 billion of shareholder distributions since becoming a public company in April 2021 Net debt reduced to $0.2 billion (2022: $0.8 billion) with $2.7 billion of net debt reduction since April 2021; leverage reduced to 0.1x (2022: 0.2x) Proposed final dividend of $100 million, in line with $200 million annual dividend policy and equating to 13 cents per share (2022: 12 cents), reflecting dividend per share growth for the full year 2023 of c.9% Link - https://www.harbourenergy.com/news-and-media/latest-news/2024/harbour-energy-2023-full-year-results/ Quote Link to comment Share on other sites More sharing options...
Campion Posted January 30 Share Posted January 30 And anything which increases the gas price also increases the electricity price too. "Under the ‘marginal cost pricing system’, the wholesale price of electricity is set by the most expensive method needed to meet demand (usually burning gas)." https://commonslibrary.parliament.uk/why-is-cheap-renewable-electricity-so-expensive/ Quote Link to comment Share on other sites More sharing options...
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