World steel demand forecast slashed amid Middle East turmoil
The World Steel Association (worldsteel) lowered its forecast for global steel demand growth in 2026 from 1.3% to just 0.3%, citing the Iran war’s impact on construction and industrial activity in the Middle East. While demand in China is projected to decline as the property sector stagnates, India remains a bright spot, with strong infrastructure […]
BP’s trading windfall shows how volatility benefits oil majors
BP told investors that its Q1 trading and refining performance will be “exceptional” thanks to the extreme oil price swings caused by the Iran war. Analysts at Citi raised earnings forecasts by about 20 %, expecting higher refining margins and profits from BP’s commodities desk. New chief executive Meg O’Neill has been redirecting spending away from […]
Europe’s ageing wind fleet faces a repowering dilemma
A report warns that nearly 30% of Europe’s wind‑turbine capacity – around 86 GW – will hit its 20‑year mark by 2030. This approaching cliff will force owners to decide whether to repower, extend life or decommission older assets. Repowering – replacing old turbines with modern, more powerful machines – is considered the most attractive […]
Small Modular Reactors: UK inks landmark deal with Rolls‑Royce
Great British Energy – Nuclear has signed a contract with Rolls‑Royce SMR to begin detailed design, planning and regulatory work on the UK’s first Small Modular Reactor (SMR) programme. The contract unlocks the next phase… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Public demand for lower bills fuels an EV tipping point
Affordability trumps speed of net zero – a recent poll found that 77% of Britons want energy bills cut, with 78% saying affordability should take priority even if it slows progress toward net zero. Octopus Electric Vehicles reported an 89% jump in new and used EV leasing orders in March compared with February. Used‑car platforms […]
UK prepares targeted energy‑cost support as bills rise
British finance minister Rachel Reeves announced she will set out her approach this week to help businesses grappling with high energy prices. The package is expected to focus on energy‑intensive firms and boost competitiveness. Reeves criticised the lack of an international plan to reopen the Strait of Hormuz and said she would raise the issue […]
Europe rolls out relief and rethinks its energy strategy
In response to soaring fuel costs, Germany’s ruling coalition unveiled a €1.6 billion relief package that cuts energy taxes on petrol and diesel by about €0.17 per litre for two months. The plan also allows employers to pay a €1,000 tax‑free bonus to help workers cope with the price shock. The package promises anti‑trust action to […]
Oil shock: Hormuz blockade exposes fragility of energy security
The US has announced a naval blockade of Iranian ports, a move that could remove up to two million barrels per day of Iranian crude from world markets. Shipping data suggest the Strait of Hormuz – conduit for around a fifth of global oil and LNG flows – is all but closed, forcing tankers to reroute […]
Blair Institute backs Rosebank and Jackdaw in warning over UK ‘energy crisis’
Tony Blair’s think tank has called for government approval of the Rosebank oil field and Jackdaw gas project, arguing Britain needs new domestic supply to ease a “systemic energy crisis” brought on by the Iran war. The Tony Blair Institute for Global Change frames approval as a short‑term measure within a broader reset focused on […]
UK electricity increasingly supplied by domestic sources
Only 46% of the energy used to supply UK electricity was imported in 2025, down from 48% in 2024 and the lowest share since 2004. Without renewables, imports would have reached 73% of the primary energy needed. Fuel‑free renewables provided 36.6% of UK electricity supply, up from 34.1% in 2024. Large wind farms reduce wholesale […]