Queensland and the Northern Territory have rejected the federal government's plans to mandate renewable power use in AI datacentres, calling them 'underdeveloped ideas' that centralize power in Canberra, as S&P Global warns of potential five-fold increase in datacentre power use by 2035.
Prime Minister Andy Burnham announced an immediate VAT cut on energy bills for six months, aiming to provide household "breathing space." The policy, costing £850m, is reportedly funded by cancelling a digital ID program, but critics question its targeting and the funding mechanism. Burnham also faces challenges in financing increased defence spending and potential infrastructure investment amidst high UK borrowing and fiscal rules.
Research suggests millions of UK households could save hundreds annually on energy bills through low-cost solar panel loans backed by the Bank of England. The proposed scheme aims to enable installation on 8m homes without direct government cost, potentially freeing up funds from the Warm Homes Plan.
Labour faces a race against time to meet its 2030 target of a virtually zero-carbon electricity system. Despite approving renewables at double the Conservative rate, hurdles in planning and grid connections mean the goal may be pushed to 2035. Experts warn of 'real world' risks impacting complex infrastructure delivery.
Energy bills in Great Britain are set to increase by over £220 annually under the new price cap, pushing millions more households into fuel poverty. The End Fuel Poverty Coalition warns that 5.5 million homes will spend 20% of their income on energy.
King Charles's property management company, the Crown Estate, reported £1.2bn in profit for the last financial year, with two-thirds coming from offshore windfarms. This marks the third consecutive year of over £1bn in profit, significantly boosting funding for the monarchy and the UK Treasury.
Michigan adopts a goal to limit utility bills for low-income households to 6% of income, but implementation is pending, leaving many struggling households uncertain about relief.
While the US stock market has doubled since 2020, many American families face economic hardship. Rising costs for cooling homes, credit card debt, and utility bills strain household budgets, contrasting with the perceived success of the wealthy.
Wes Streeting is preparing a Labour leadership bid focused on attracting global talent through a "global talent programme" and using North Sea oil and gas tax revenues to cut energy bills. He criticizes the US for deterring scientists and AI experts, vowing to welcome them to Britain.
Watching late-night football matches could help UK households save on energy bills by shifting appliance use to cheaper electricity rates. E.ON Next research suggests significant savings are possible by running appliances like washing machines during off-peak hours, especially during the World Cup. Experts advise considering time-of-use tariffs if you have smart meters and can adapt usage patterns.
Spanish households will see an increase in their electricity and gas bills starting June 1st as tax reductions expire. The VAT on energy products will revert to 21% from 10%, and the special electricity tax will return to 5% from 0.5%.
UK energy prices set to rise in July, driven by increased gas costs, with bills likely to remain high through winter. Experts recommend taking immediate action to save money, such as switching to fixed tariffs, optimizing payment methods, and improving energy efficiency.
Energy bills in parts of Australia will decrease by up to 10% for households and 20% for small businesses from July, driven by record renewable energy and battery storage. Despite this, investment in new wind and solar projects has declined.
Energy bills in South Australia, New South Wales, and southeast Queensland will decrease by up to 10.7% for households and 20.9% for small businesses from July. This follows a record increase in renewables and battery storage in the national grid.
UK government announces cost of living measures like VAT cuts & free bus rides, but they fail to address energy import shocks. Rising energy bills and global crises threaten household finances, highlighting the need for faster transition to clean power and greater state-led resilience.
HK Electric will increase its fuel clause charge to 31.3 HK cents per unit in June, a 20.4% rise from May. The company cited the Middle East conflict's impact on international fuel prices, warning that charges are expected to continue increasing in the coming months due to a deferred effect.
UK inflation fell to 2.8% in April, primarily due to lower energy bills. However, analysts predict a rise to 4% by year-end, citing the Iran war's impact on global oil prices and fuel costs.
Household energy bills in Great Britain are forecast to rise by over £200 annually from July, reaching nearly £1,900, due to increased wholesale energy prices linked to the Iran war disrupting Gulf supplies. Experts warn of continued high costs and urge a shift to renewables.
UK households face an estimated £200 annual increase in energy bills, reaching nearly £1,900 from July, due to rising wholesale prices linked to geopolitical events. Experts suggest targeted support and a shift to renewables for long-term stability.
British Gas will pay up to £112m in compensation and debt write-offs after Ofgem found it forced prepayment meters on vulnerable customers during the Russian gas crisis.
Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warDanny Gross, climate campaigner at Friends of the Earth, says Shell’s profits are ‘indefensible’, after the company doubled its quarterly earnings to $6.9bn this morning.Gross says:“Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.“Our fossil fuel-reliant energy system siphons money away from ordinary people to the rich and powerful.“In the twenty-first century we have cheaper, cleaner alternatives that we can use to power Britain without anybody being bombed. We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution.The cost of living crisis, the climate crisis, the middle-east crisis, these are all oil industry operating costs. We need to stop subsidising them, introduce new taxes to make them pay and start taxing their obscene profits properly.”Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship.“Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy. Continue reading...
The Bank of England's latest report reveals some interesting details on how our finances will be affected due to the Iran war.
Octopus Energy CEO Greg Jackson has suggested some households would accept occasional electricity blackouts in exchange for 25% lower energy bills, sparking controversy on the anniversary of Europe's largest power outage in Spain and Portugal. The comments come as UK dual fuel bills are expected to rise to almost £2,000 from July, with grid upgrade costs climbing from £254 to £457 annually. Jackson, 54, clarified he was not advocating for blackouts but said Spanish consumers would accept occasional outages for cheaper electricity. At least six people died in last year's Iberian blackout, including two who died after being unable to run breathing equipment.
Octopus Energy CEO Greg Jackson has suggested some households might accept occasional electricity blackouts in exchange for significantly lower energy bills, citing Spain's 25% cheaper electricity as a model. Speaking at an industry conference on the anniversary of Europe's largest power outage that affected tens of millions in Spain and Portugal, Jackson clarified he is not advocating for blackouts but argued consumers would trade reliability for lower costs. The comments come as Octopus Energy campaigns against tens of billions of pounds in UK grid investment that it says drives up household bills.
