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UK energy crisis

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Old 10-13-2009, 07:23 PM
irahat irahat is offline
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Default UK energy crisis

British consumers could see their energy bills rise by up to 60 percent over the next decade.

The energy regulator, Ofgem said more than 320 billion dollars of investment was needed to secure supplies and meet climate change targets.

The regulator issued its dire warning after conducting a major review of Britain's energy supplies.

Energy consultant, Andrew Horstead says the study is a wakeup call that should have been sounded at least 10 years ago.

Energy consultant, Andrew Horstead, Utilyx, saying:

"It's really sort of now down to the scale of the costs and the tasks involved, and, again, it contradicts some of the messages which the government put out three months ago, when they said there is no energy crisis."

The German government says its rescue deal for Opel won't collapse despite a lack of support from other European countries hosting the carmaker's plants.

Britain, Spain, Poland and Belgium fear the planned takeover of General Motors' Opel will favour German factories and jobs after the government stepped in to sweeten the deal with more than 6 billion dollars worth of state aid.

Canadian car-parts maker Magna and its Russian partner, state-owned lender Sberbank, struck a preliminary deal last month to buy a 55-percent stake in Opel from US parent company General Motors.

They plan to cut about 10,000 European jobs - about a quarter are expected to go in Germany.

But a commitment to keep all the German plants running has left the other countries fuming, with Britain and Spain calling the agreement unacceptable.

EU regulators are now scrutinising the deal.

France's slow recovery continues as official data showed industrial output rose more than expected in August.

Output at factories and utilities rose 1.8 percent from July, fuelled by a surge in car production.

But a fall in German exports has dampened third quarter growth hopes in Europe's largest economy.

Germany's trade surplus narrowed unexpectedly in August as exports were down nearly two percent - dropping for the first time in four months.

Checking the markets now:

The FTSEurofirst 300 index of top European shares was around half-a-percent lower after rising 1.3 percent in the previous session.

But the index of top European shares is up 3.8 percent this week, on track for its best performance since July.
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