OpenAI pauses UK data centre project amid energy and regulatory hurdles
OpenAI halts its main UK data‑centre project due to high energy costs and an unfavourable regulatory environment. Stargate UK was announced last September in partnership with Nvidia and Nscale during a US presidential visit. The project aimed to bolster sovereign compute capacity and make Britain a global AI hub. UK government says it continues to […]
US loans 30 million barrels from the Strategic Petroleum Reserve
DOE will loan up to 30 million barrels of crude from the West Hackberry SPR site, marking the third solicitation since fuel prices spiked. Part of a coordinated IEA release of 400 million barrels involving 32 countries to ease supply pressures from the Iran war. The US aims to lend 172 million barrels in total through 2026‑27, with […]
EU‑US near a critical minerals pact to counter China
The EU and US are closing in on a critical minerals deal that would coordinate the production and supply of key metals, according to Bloomberg. The deal could include minimum price guarantees favouring non‑Chinese suppliers. Cooperation would span standards, investment and joint projects and cover the entire value chain from exploration and extraction to recycling. EU […]
Middle East producers plan exports but blockade continues
Producers ask customers to nominate cargoes – Saudi Aramco, Kuwait Petroleum Corp (KPC) and Iraq’s SOMO have asked Asian refiners to submit crude loading programmes for April and May. Tehran still blocks the waterway; there is no sign of Iran lifting the blockade despite the ceasefire. Saudi output and pipeline capacity already reduced by the […]
ITM Power secures £86.5m in government funding for major Yorkshire hydrogen project
The UK government and its new publicly owned utility, Great British Energy, announced a combined £86.5 million funding package for ITM Power to expand its electrolyser factory in Sheffield. The package comprises £40 million in equity from Great British Energy and an in‑principle £46.5 million grant from the Department for Energy Security and Net Zero (DESNZ). The funds will help build a 1 GW […]
UK government boosting rooftop solar and plug‑in kits
As part of its clean‑power mission, the UK government is making plug‑in solar panels available in stores and will require all new homes to be built with solar panels. Ministers view rooftop solar as a way to shield households from volatile gas markets and cut bills. Widespread adoption of rooftop solar could reshape the distribution […]
Goldman Sachs trims oil price forecasts but cautions supply risks remain
Goldman Sachs lowered its Q2 2026 Brent and WTI forecasts to $90 and $87 per barrel respectively, from $99/$91. The bank notes that prices could rebound if the ceasefire collapses or 1-2 million barrels per day of capacity is permanently lost. The forecasts highlight how sensitive prices are to the still‑closed Strait of Hormuz and emphasise significant downside […]
Israeli gas restart lifts supply prospects amid uncertainty
Israel’s energy ministry has instructed Energean to restart the Karish offshore gas platform, closed since 28 February. The resumption follows a US-Iran ceasefire; the nearby Leviathan field restarted last week. Energean’s London‑listed shares rose 2.4% on the news, signalling investor optimism. When the US-Israeli conflict with Iran escalated in late February, Israel halted operations at its […]
Britain’s solar surge: Record generation and approval of the Springwell project
Great Britain set a new solar generation record: 14,414 MW between 12:30 and 13:00 on 7 April, enough to power 11 million homes. The record came just a day after the previous high, highlighting rapid growth of the UK solar fleet. The UK government approved the Springwell Solar Farm, an 800 MW project with battery storage that will […]
UK to insist Hormuz remains toll‑free and call for Lebanon’s inclusion in ceasefire
In a major speech, foreign secretary Yvette Cooper will argue that no tolls should be levied on ships transiting the Strait of Hormuz. Cooper will stress that about one fifth of global oil and gas passes through the Strait and that freedom of navigation cannot be sold to individual bidders. She is expected to urge […]