Opposition Leader Peter Dutton has urged the Labor government to add more gas to Australia’s power grid to reduce energy bills for households and businesses. This comes after The Australian Energy Regulator (AER) released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in New…
Opposition Leader Calls on Australian Government to Put More Gas on the Grid
May 26, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policieseconomyenergyenergy pricesPeter DuttonRichard MarlesWorld
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Energy Bills to Fall From July After Cut to Ofgem’s Price Cap
Household energy bills in the UK will fall from July after the energy regulator lowers its price cap from the current £3,280 per year to £2,074. Ofgem said the £1,206 reduction to the cap—which will come into effect on July 1—reflects recent falls in wholesale energy prices. The price cap has rocketed from £1,162 a…
Economic Self-Sabotage Continues With Crazed Net-Zero Pursuit
Commentary The burgeoning cost of Australia’s pursuit of net-zero CO2 emissions by 2050 has just increased even further with the announcement of yet another bureaucracy. To be known as the “Net Zero Authority,” it will be lavished with taxpayer funds to pursue a hugely questionable policy and seek to mitigate its devastating impact. Officially, the…
Labor Energy Plans Will Hurt Australia: Dutton
Opposition leader Peter Dutton is warning Australian families could be in for soaring power bills if the federal government continues with its proposal to limit gas supply in the Australian energy market. “One of the most important debates in our country, as I say, is energy policy,” Dutton said in Melbourne on April 4. “We’ve supported…
Energy Support Schemes Drive UK Government Borrowing to February Record
March 21, 2023
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Business & Marketseconomic policieseconomyenergyenergy pricesgovernment borrowinginflationJeremy HuntRussian Invasion of UkraineUKWorld
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The cost of the UK government’s energy support scheme caused public sector borrowing to soar to a record £16.7 billion last month, official figures show. According to the Office for National Statistics (ONS), public sector net borrowing in February was £16.7 billion, £9.7 billion more than the same month a year ago and the highest…
Household Energy Bill Cap Extended for Further 3 Months, UK Government Says
The UK government will extend the cap on household energy bills for three more months, the chancellor has announced ahead of the Spring Budget. To protect British households against high energy prices exacerbated by the Russian invasion of Ukraine, the government launched the Energy Price Guarantee last year, which has capped annual energy costs to…
Inflation Has Returned
Commentary After some encouraging news last summer and fall, many began anticipating a quick end to the economy’s inflation problem. Federal Reserve (Fed) Chair Jerome Powell even suggested that he might not have been so wrong in 2021 when he declared the inflationary pressure “transitory.” The news from January contradicts this optimism. The Labor Department…
German Chemical Giant BASF to Close Factories Without Cheap Russian Gas
February 24, 2023
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BASFBusiness & MarketsCompanieseconomic policieseconomyenergyenergy pricesEuropeinflationInvestmentlayoffsMarketsRussia-Ukraine WarWorld
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The world’s largest chemical company is closing a number of its factories, as the era of cheap Russian gas grinds to a halt amid a deterioration in the global economy. BASF SE will cut 2,600 positions, about 2 percent of its global workforce, to save on operational costs, as the European Union’s biggest chemical firm is forced…
UK Tomato Shortage Should Be Resolved in a Month: Minister
Shortages of tomatoes and other vegetables in UK supermarkets will be a temporary issue that should be resolved in two to four weeks, Environment Secretary Therese Coffey has said. Major supermarkets such as Tesco, Aldi, Asda, and Morrisons have introduced customer limits on tomatoes and some other fresh produce, after a combination of bad weather…
British Gas Owner Centrica Sees Profits Triple in 2022 Amid Soaring Energy Prices
February 16, 2023
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British GasBusiness & MarketsCentricaenergyenergy pricesJeremy HuntRishi SunakRussian Invasion of UkraineUKwindfall taxWorld
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Energy firm Centrica, which owns British Gas, has seen its profits more than treble in 2022 amid soaring energy prices following the Russian invasion of Ukraine. The energy giant reported underlying operating profits of £3.3 billion ($4 billion), more than triple its £948 million profits for 2021. Stripping out its Spirit Energy businesses that were…
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