About 3m households affected because of government missing home energy efficiency targets, study finds
Graham Watson's insight:
It seems as though the future looks bleak for some of the poorest in society, with a study by National Energy Action suggesting that even by 2030, there will be 3 million people in fuel poverty, and spending more than 10% of their income on energy.
Interestingly, they argue that it's not just energy prices that will drive this but inaction in improving energy efficiency.
Government admits its policies will achieve only 92% of cuts and experts think that is a ‘generous reading’
Graham Watson's insight:
The Guardian with an unsurprisingly critical view of the government's new energy strategy arguing that not only is it not very imaginative, but its also going to miss the UK's 2030 carbon emissions targets, by 8%, although it appears that many people think that this is unduly generous.
And then as an added bonus you've got a little look at the distributional effects of the strategy which highlights those sectors that are likely to gain - notably electric vehicles, hydrogen and carbon capture and storage - and those likely to lose.
Decision goes against advice of Planning Inspectorate, which rejected project owing to impact
Graham Watson's insight:
The government has overriden the advice of the independent Planning Inspectorate and decided to give the go-ahead to Sizewell C, another nuclear power station. This is despite the environmental and cost implications of a new nuclear power station.
It seems as though energy security trumps the environment in this case.
Centrica's boss tells the BBC that the UK should be open to the idea of bringing back fracking.
Graham Watson's insight:
Because of its environmental implications this could be in the Microeconomic section of the board; however, in this case, it's more to do with the supply-side implications of fracking.
Could the controversial method of energy extraction be back on the agenda in the wake of the ongoing crisis in the Ukraine.
Chancellor Rishi Sunak will deliver his second Budget for 2021 next week. How will it affect you?
Graham Watson's insight:
I suspect that I'll spend a lot of my weekend looking at Budget articles - this one details a number of potential changes, to VAT on energy bills, to alcohol duties, to capital gains tax, to student loans repayments, to the minimum wage, to tax relief on pensions.
It's a week for thinking about the implications of fiscal policy, not least in distributional terms.
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Another 800,000 households fall victim to energy crisis as Avro Energy and Green collapse
Graham Watson's insight:
A survey of the energy industry and what the current energy crisis means for both consumers and the wider macroeconomy. Worth a read to keep abreast of the many sectors that could be affected should the present conditions persist.
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Overreliance on gas as ‘transition’ source of energy and system’s lack of resilience is being exposed
Graham Watson's insight:
The first of these little gobbets is fascinating: Nils Pratley argues that we might be on the brink of an energy crisis with the UK already relying on coal-fired power at this stage in the year, rather than in the coldest months, and the possibility of yet another shortage. Surely not?
Of course, the implications of this go well beyond the electricity market. If we run short of power it will have a significant adverse effect upon the UK's productive capacity.
Scottish Power, National Grid and SSE project will support ‘hundreds of green jobs’
Graham Watson's insight:
Again, micro- or macroeconomics? To my mind, it's the latter, because although it's renewable energy, it's more of an infrastructure project designed to 'green' the UK's electricity network.
Critics say EDF's plans would take money from projects that could transform the UK energy landscape.
Graham Watson's insight:
Britain's own energy supply is in the spotlight with the news that EDF have applied for permission to build a third nuclear power station in Suffolk - Sizewell C.
Whilst it could generate sufficient power for 6 million households and create a sizeable number of jobs, critics argue that it would adversely affect investment in other sectors of the UK energy sector - presumably renewables.
It's an interesting dilemma, with many of the view that, in the short-term, nuclear energy is the best way of reducing carbon emissions and generating greater amounts of electricity.
John McDonnell will also set out plans for "democratic control" of nationalised water and energy.
Graham Watson's insight:
The Labour Party have set out their plan for their first 100 days in office, which given the current state of the polls might well look like the triumph of hope over reasonable expectation.
However, in the event of a miracle we're likely to see the end of austerity, the start of renationalisation of water and energy and far higher levels of public spending.
Despite assurances on supply, National Grid warns of steep price hikes in UK electricity
Graham Watson's insight:
At least we'll have energy if we crash out of the European Union. However, it may come at a cost with likely price rises a consequence of leaving the EU.
I'm not entirely sure that pensioners voted for a rise in fuel poverty as a consequence of Brexit. It certainly doesn't sound like the sort of slogan that would fit on the side of a bus. And £350m for the NHS can only go so far in combatting pneumonia and hypothermia.
The government says highway safety issues at Roseacre Wood "have not been satisfactorily addressed".
Graham Watson's insight:
A blow for Cuadrilla, the fracking firm, after an application for a second fracking site in Lancashire has been turned down.
Fracking is a lovely economic issue - lots of excellent microeconomics - negative externalities and so on - but also lots of supply-side angles to use, in relation to energy generation, self-sufficiency and potential growth.
Labour's plan to end North Sea exploration and the government's tax policy both come under fire.
Graham Watson's insight:
The Labour Party's energy policy has committed the party to halting the exploration and exploitation of new North Sea fossil fuels - something that has been hailed by environmentalists but which others have argued isn't rooted in economic sense.
This BBC article looks at the risks of relying on existing fossil fuel reserves, and the risks associated with this in the current energy environment.
Ministers say the UK should have Europe's cheapest electricity by 2050, but critics call plans a "rehash".
Graham Watson's insight:
I'm putting this here, because today's announcement is really about energy security, as well as meeting our Net Zero Carbon target, but today the government announces its plans for energy.
The fact is that this report has only emerged because the High Court ruled that the previous plan lacked sufficient detail, a remarkable claim about the Johnson government, and today's 1,000 page report is an attempt to flesh out some of finer detail.
The government is going to claim that Britain should be looking to enhance clean energy sources, to the extent that we will have the cheapest energy in Europe by 2035 and achieve net zero by 2050. Another lovely example of the folly of policymaking: the people responsible for making these pledges are in no way ever going to be held accountable for them.
On top of targeting net zero and high energy bills, UK aims to reduce exposure to Russian oil and gas
Graham Watson's insight:
It could be Microeconomic, it could be Macroeconomic, but either way, this week sees the announcement of the government's energy strategy, and Rob Davies speculates in today's Guardian about what it's likely to contain - the mix of investment in renewables, nuclear and more traditional power will determine the economy's energy security going forward and, by definition, have massive supply-side implications.
Millions of people may have to spend less on food and clothing to afford higher bills, an energy boss says.
Graham Watson's insight:
The cost of living crisis laid bare in a familiar form: trade-offs. Food or energy, that's the choice for the most vulnerable.
And looking at the data you can see why. Those people on pre-payment meters can expect to pay £700 more for their energy this year. And in return the government has given them a £150 Council Tax rebate and £200 towards their energy costs, that's not a rebate because it will be offset against future price rises. Bearing in mind the number of households with no savings, it strikes me that many more people are going to be experiencing poverty this year.
The owner of Scottish Power says capping domestic energy prices has caused long-term harm to the market.
Graham Watson's insight:
The boss of Iberdrola, who own Scottish Power, has spoken out against the domestic energy price cap - strangely, turkeys rarely vote for Christmas - arguing that its short-term effect has had significant adverse consequences on the market, leading to the situation today where firms are going out of business.
And, of course, Iberdrola's earning smaller profit...
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Steelmakers warn of unprofitability and an extra half a million homes face falling into fuel poverty
Graham Watson's insight:
Are we on the brink of an energy crisis? It would seem that way with the high cost of gas seeing US fertiliser maker, CF Industries halt production at its two UK plants. and the steel industry warning that current energy prices are threatening its viability too.
Worrying signs for the UK's productive capacity: a considerable supply-side bottleneck. And it's only September. Heaven knows what December/January/February are going to be like.
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Estimated 3 million households already unable to pay energy bills, and number could grow by 392,000 in winter as prices rise by up to 10%
Graham Watson's insight:
It seems that fuel poverty is going to rise in the wake of the pandemic, with 3 million homes already being unable to afford their energy bills. That number is expected to grow by another 400,000 and each percentage point rise in energy bills adding another 40,000 homes.
This highlights the extent to which there's significant inequality of this sort in the world's sixth largest economy.
The energy giant said it would strip out layers of management to "arrest our decline".
Graham Watson's insight:
More job losses - 5,000 of them - this time at Centrica, with the energy giant looking to strip out layers of management to arrest its decline. Even pre-coronavirus, the company was struggling with higher levels of competition, the energy price cap and falling gas prices.
I wonder whether the company might also have been experiencing diseconomies of scale?
Britain’s energy system has fallen victim to a cyber-attack targeting the IT infrastructure used to run the electricity market.
The electricity system’s administrator, Elexon, confirmed that it was affected by a cyber-attack on Thursday afternoon but that the key systems used to govern the electricity market were not affected.
Graham Watson's insight:
Wow! This would have been the icing on the cake, had a cyber-attack on the UK's electricity network succeeded. Just when one or two people have gone back to work and the rest of us are working remotely, this would have had a dramatic effect.
You might think about the AD-AS implications of such a shock in the short-term, and also perhaps in the longer-term. What effect would such an incident have had on confidence? And how might this have fed into the current economic environment?
The energy firm sets out plans to make itself more profitable but unions call the cuts a "body blow".
Graham Watson's insight:
Significant job losses have been announced by Npower: a sizeable reduction in the workforce and perhaps indicative of what's to come in the rest of the energy sector.
Energy bills could rise by £6 a year under EDF plans to build a new nuclear power station at Sizewell.
Graham Watson's insight:
It seems that EDF are preparing to build another nuclear power station at Sizewell in Suffolk. Hmmm. It might ensure that Britain is able to generate the requisite power, but at what cost?
Critics would argue that the new Hinkley Point power station is only viable because of an overly-generous strike price, although the company have argued that the new power station will be £4bn cheaper. I would suggest that it's quite a lot for the government to pay for a firm to benefit from the advantages of learning by doing.
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