UK inflation jumps again as fuel costs bite
Consumer prices rose by 3.3% year on year in March, from 3% in February. The Office for National Statistics said this was the first significant impact of the Iran war on inflation. Petrol prices meanwhile rose by 8.6 pence per litre and diesel by 17.6 pence, pushing inflation higher. The Bank of England is weighing whether higher […]
Druzhba pipeline restarts Russian crude flows to Europe, unblocks €90bn loan for Kyiv
Oil flows resume after months‑long halt: Ukraine repaired its section of the Druzhba pipeline, allowing shipments to Hungary and Slovakia to restart. This unblocks a €90 billion EU loan for Kyiv. Hungary had vetoed the loan until flows resumed; the restart prompted ambassadors to approve the funding. Druzhba can carry up to 1.4 million barrels per […]
Brussels readies measures to ease Europe’s energy shock following Iran conflict
The European Commission is drafting measures to reduce electricity taxes and refill gas storage ahead of winter. A revised document warns that premature retirement of nuclear facilities could undermine supply and raise prices. European leaders are re‑evaluating anti‑nuclear stances and embracing a mix of renewables, efficiency and legacy baseload. Other proposed measures include vouchers for […]
Miliband recasts net zero as energy security in landmark speech
UK energy secretary Ed Miliband told industry that the UK must treat clean energy as a defence priority, arguing the Iran crisis proves “the era of fossil fuel security is over”. The government will push ahead with plans to delink electricity prices from volatile gas markets, alongside long-term contracts for legacy renewables. Measures include opening […]
Ofgem gets new teeth to protect consumers
The UK government will give the energy regulator authority to enforce consumer protection law and fine companies that mistreat customers. Executives of energy firms that flout rules risk losing their bonuses. Ofgem’s remit will extend to heating oil and other fuels. Ministers say the reforms respond to the cost‑of‑living crisis and aim to restore trust […]