Posts tagged affordable energy

Energy Partnership between Norway and the UK to Create New Jobs

Prime Minister David Cameron and Norwegian Prime Minister Jens Stoltenberg agreed last week a major partnership between the UK and Norway that will boost energy activities between the two countries and bring investment of millions of pounds that will create thousands of new jobs, the Department of Energy and Climate Change revealed.

The partnership between Norway and the UK is designed to secure sustainable long-term energy supplies, improve a wide range of energy activities between the two countries and encourage economic growth.

 
Prime Minister Cameron, who attended a breakfast meeting with ten leading energy companies from Norway and the UK, highlighted the importance of this partnership for closer collaboration between the two countries that will improve energy security and help economic growth.

Mr Cameron said: “The jobs and investments announced today highlight how vital the strong relationship between Norway and the United Kingdom is for our energy security and economic growth. We look forward to strengthening our partnership further, driving investment into a diverse, sustainable energy mix that delivers affordable long term supplies for consumers.”

 
Charles Hendry, UK Minister of State for Energy, said: “For many decades Norway has been one of our most trusted and valuable partners, working with us to develop North Sea resources that underpin our energy security. Mr Hendry added: “The investments and jobs announced today by British and Norwegian companies are a clear signal of the benefits of this partnership.”

Some of the commercial announcements include:
  • “Norwegian global oil services firm Aker Solutions will create 1,300 new highly skilled jobs by 2015 at its engineering hub in Chiswick. This comes on top of 1,000 new jobs it has already created in the UK over the past two years.
  • Statoil intends to invest a further £12 billion over the lifetime of the UK’s Mariner-Bressay North Sea oil fields in addition to the £6 billion they have already announced. This will lead to the creation of up to 300 new jobs in the UK in the next few years, including at a new operations base in Aberdeen, in addition to 700 UK jobs from this investment that have already been announced.
  • A new Memorandum of Understanding has been agreed between Statoil and Centrica to continue cooperation on gas supply and exploration. This builds on the £13 billion, ten year gas supply deal agreed between the two companies last November and follows the recent completion of a £1billion asset deal between the two companies that will increase Centrica’s oil and gas reserves by 29 percent.
  • The Forewind Consortium, which includes Norwegian companies Statoil and Statkraft, has confirmed its intention to develop the 9GW Dogger Bank offshore wind project off the East coast of Yorkshire, which could require up to £30 billion of investment. This project could provide more than 10% of the UK’s electricity needs. In addition to this project Statoil and Statkraft are investing around £1billion in developing the Sheringham Shoal offshore wind farm off the coast of Norfolk, which is already generating power and will be completed later this year. It will provide power to more than 200,000 UK homes when fully operational. The project employs 500 workers in the field and provides significant secondary employment.
  • Good progress is being made in two projects to build one of the world’s longest subsea electricity interconnectors between the UK and Norway, which will enable the UK and Norway to share renewable energy resources, with each project worth over £1 billion: NSN (National Grid and Statnett) and NorthConnect (SSE, Vattenfall, Agder Energei, E-CO and Lyse).
  • A deal between Shell and Gassco to strengthen UK energy security by providing British customers with more gas from Norway. By making better use of spare capacity in the UK gas transport system, Norwegian gas owners and transporters, including Shell, will be able to transport more gas from Norwegian fields via the Tampen Link to the FLAGS pipeline into St Fergus.”
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The Queen Announces Support for the Renewable Industry

As part of her speech to Parliament yesterday, Her Majesty the Queen introduced Electricity Market Reform to encourage more investment in low carbon generation and clean energy.

The Queen said: “My Government will propose reform of the electricity market to deliver secure, clean and affordable electricity and ensure prices are fair”.

The Electricity Market Reform will put more restrictions on the emissions of new coal plants and create a new independent regulator, the Office for Nuclear Regulation, which will be funded by the industry, the BBC reported.

The Renewable Energy Association welcomed proposals for new energy bill. It said said that the industry will need to know its details as soon as possible in order to adjust and protect developers in the renewable sector.

Chief Executive of the REA, Gaynor Hartnell, said: “The new arrangements aim to deliver a stable price for renewable electricity generators, irrespective of what happens to electricity prices. If all works as intended, it should make project development less risky and means that the public pays no more than it needs to for green power.”

What is your reaction to the Queen’s speech? How do you think the proposed reform will help you or your business? Share your thoughts by leaving a comment below: 

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