The new windfall tax on profits of oil and gas companies in the UK is expected to cost the medium-sized North Sea-focused companies a total of $3.3 billion through 2025, according to investment bank Jefferies.
Following months of rumors and indecision, the UK government announced last week a 25 % Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills.
The move has long been opposed by the industry, which argued that a windfall tax would add uncertainty to the UK tax regime and hit new investments in the UK North Sea at a time when the UK grapples with reducing reliance on foreign imports of oil and gas.
Harbour Energy, Serica Energy, and EnQuest—all listed UK oil and gas producers—will see $3.3 billion going to the energy profit levy by 2025, when the tax is set to expire, analysts at Jefferies say, as carried by Bloomberg.
However, the analysts kept their “buy” ratings on the companies, expecting the high oil and gas prices to still help them generate higher profits this year.
The windfall tax legislation also contains a so-called investment allowance, under which operators developing new fields or improving existing facilities could claim huge additional reliefs against the new tax, Wood Mackenzie said.
“The move is unlikely to render new or existing projects uneconomic and it could even accelerate ‘ready to go’ developments, such as Rosebank and Cambo. Moving those forward to a final investment decision has been incentivized,” Neivan Boroujerdi, Research Director, North Sea upstream, at WoodMac said.
The high profits from the high prices and the diversification of most operators will limit the impact of the windfall tax, Fitch Ratings said earlier this week. Ithaca Energy will be the most affected as all its operations are in the North Sea, Harbour Energy is most affected among the medium-sized companies, while the “impact of the levy on oil and gas majors will be minimal due to their highly diversified operations, income streams coming from various sectors other than oil and gas extraction and strong credit metrics,” Fitch said.
The majors have already voiced concerns over the new tax.
BP said it would review plans for $22.7 billion (18 billion pounds) investments in the UK energy system—investments that include low-carbon projects as well.
Shell said, “in its current form the levy creates uncertainty about the investment climate for North Sea oil and gas for the coming years.”
Source: Oilprice.com
The Vice President of the Republic of Ghana, His Excellency Dr. Mahamudu Bawumia has commissioned the West African nation’s second-largest Bulk Supply Point (BSP) in Kasoa (BSP) in the East Awutu-Senya Municipality of the Central Region.
The Kasoa BSP is the second-largest Bulk Supply Point after the Pokuase Bulk Supply Point in the Greater Accra Region.
It was funded by the Millennium Challenge Corporation (MCC), a United States Agency, at the cost of US$50 million.
The project was executed by the Millennium Development Authority (MiDA), the entity implementing the Ghana Power Compact II with Siemens Energy SAS as a contractor.
It will ensure improved and reliable power supply to residents and businesses in Kasoa, as well as Winneba and nearby communities.
Speaking at the commissioning of the 435 Mega Volts Amps (MVA) Gas Insulated Switchgear (GIS) substation, Vice President Dr. Bawumia said the project, which started two and a half years ago, would significantly improve power supply in the fast-growing and rapidly industrialising Kasoa community and beyond.
“This strategic investment will also contribute to the reduction in technical losses, improve power quality and also resolve issues related to the quantum of unserved energy, thereby, improving the operational efficiency and finances of ECG and GRIDCo,” Dr. Bawumia added.
The Vice President noted that the Kasoa Bulk Supply Point, which is the second of two programmes under the US Government’s Millennium Challenge Account agreement with Ghana, has, together with the other programme, added to the wealth of Ghana.
“From the Agricultural Transformation Compact in 2007-2012 and to the Power Compact, from 2017 to date, Ghana’s Compact Programmes have benefited from some US$863 million grant funds that have supported investments in vital projects and aided players in our local supply chains,” Dr. Bawumia said.
“These interventions, funded by the Government and People of the United States of America, have resolved some binding constraints in two vital sectors of our economy, and have left excellent benchmarks in Development Programme Management that are worthy of emulation; in particular the use of donor funds to complete projects on time and within budget.”
The Vice President conveyed Ghana’s sincerest appreciation to the Government of the United States of America for its support and cooperation.
On the state of power supply in the country, Dr. Bawumia said the government of the NPP has invested significantly to improve the erratic power supply the government inherited.
“As we inaugurate a significant piece of power infrastructure like this substation today, it is worth noting that lots of resources have also gone into Ghana’s Energy sector since our government came into Office in 2017. This is evidenced by the fact that the phenomenon of erratic power supply has eased, and the availability of good quality power has improved, enabling businesses to gradually increase production and enhance productivity.”
The inauguration of the Kasoa Bulk Power Supply brings to an end Ghana’s second programme under the Millennium Challenge Account agreements.
Ghana remains one of the only a few countries to complete two programmes under the MCA, and Dr Bawumia, who was involved in both agreements, made a call to the United States for a third Compact Agreement.
“As the Compact draws to a close, let me emphasise that the bond between Ghana and the United States of America will continue to strengthen, enabling the realisation of our shared values, which focus on sustainable economic growth, job creation and poverty reduction.
“We eagerly look forward to Ghana’s nomination for yet another Millennium Challenge Compact Programme.
“I was intimately involved in the first Compact, I was intimately involved in the 2nd Compact and I hope to be intimately involved in the 3rd Compact.”
The Board Chairperson of MiDA, Prof Ntiamoa-Baidu, who commended all the stakeholders for contributing to the successful completion and handling of the project, was hopeful that the project would support the development of the power sector, boost private sector investments, improve productivity and raise the earning potential from self-employment, for men and women in the coverage area.
Board Chairman of Ghana Grid Company (GRIDCo), Ambassador Kabral Blay-Amihere, said despite some challenges faced in the energy sector, GRIDCo has worked to improve power transmission to ECG.
On his part, the Managing Director of ECG, Samuel Dubik Masubir Mahama, praised the USA Government and MiDA for the project, noting that it would improve power reliability to ECG customers.
Source: https://energynewsafrica.com
The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has been honoured with the ‘Outstanding Public Sector Leader’ Award for the year 2021 at the Ghana CEO Excellence Awards held at the plush Kempinski Hotel in Accra.
He was awarded for his Sterling Leadership, Achievement, Business Excellence and Professionalism over the last decade in the public sector of Ghana’s economy.
The citation in conferring the award said: “He has demonstrated being a model of business excellence leadership, vision, demonstrates a high standard of ethical practices, professionalism, investment, job creation in Ghana and positive impact to the business community over a year.”
Other award winners were Kwame Osei Prempeh, CEO of GOIL, who won the CEO of the Year in the petroleum downstream sector; Selorm Adadevoh; CEO of MTN, who was rewarded the CEO of the Year in the telecommunication category; John Kofi Adomakoh, Managing Director of GCB Bank, who won the CEO of the Year, banking; Emmanuel Antwi-Darkwa, CEO of Volta River Authority, who received the CEO of the Year award in the energy and power sector; Stefano Gallini, MD of GHACEM, who won the CEO of the Year in the manufacturing cement category; and Saiid Masri, CEO of Compu Ghana, who received the CEO of the Year award in the electronics and retail category.
Norkor Duah, CEO of Mullenlowe; Ishmael Yamson, Chairman of Ishmael Yamson and Associates; Dr. K.K Sarpong, former CEO of GNPC and Esther Cobbah, CEO of Stractcom Africa received the Hall of Fame award.
Others were Ernestina Abeh, CEO of Enterprise Insurance, who won the CEO of the Year in the general insurance category; Dr David Ofosu Dorte, Chairman of AB & David Africa, who won the CEO of the Year award in the law practice sector; Daniel Kojo Owusu, Country Manager of Deloitte Ghana, who received the CEO of the Year award in the consulting sector; Dr Daniel McKorley; CEO of McDan, who received the CEO of the Year award in the shipping sector and Amar Dee S. Hari, CEO of IMPC, who won the CEO of the year in the technology/ICT space.
The 6th Ghana CEO Summit theme was: ‘Digital leadership for the digital economy: leading digital business and government transformation. A private-public sector CEO dialogue and learning’.Source: https://energynewsafrica.com
The Institute for Energy Policy (IES) in the Republic of Ghana is predicting that petrol price could go up by between five per cent and nine per cent in the first pricing window in June 2022.
Currently, a litre of petrol is sold between GHc9.55 and GHc9.85 per litre.
Per the prediction of IES, a litre of petrol could be sold for more than GHc10.00.
“On the back of the cedi’s depreciation and the 11.05 per cent jump in the price of gasoline on the international fuel market, gasoline in Ghana is set to sell above Gh¢10.00 per litre, which translates into Gh¢45 per gallon,” it said in a statement.
The energy think tank, however, noted that prices of gasoil (diesel) and LPG will somehow witness some form of stability.
“The 5.49 and 4.13 percentage drops in the prices of fossil and LPG respectively on the international market may not necessarily lead to a reduction at the local retail outlets as most marketers will look to maintain their prices to offset the losses from the depreciation of the cedi,” IES noted.
Meanwhile, the price of gasoil may cross the Gh¢12.00 per litre mark (Gh¢54.00 per gallon) across most OMCs despite the drop in price on the world market, owing to the decline in the value of the cedi against the greenback.
Source: https://energynewsafrica.com
Russian gas giant Gazprom has announced that it will stop gas supplies to the Netherlands by Wednesday, in a reaction to the refusal by Dutch energy trader GasTerra to pay in rubles.
Gazprom’s move was widely expected following Russian President Vladimir Putin’s announcement that all European gas deliveries should be paid in rubles.
In a reaction, Dutch GasTerra stated that it already secured supply from elsewhere. The cancellation of the current contract is slated to be for the period May 31 – October 1 2022, entailing around 2 billion cubic meters of natural gas, or around 5% of Dutch yearly consumption.
No specifics have been given by GasTerra where it has bought other volumes, but it seems to be either gas from Norway or LNG.
Dutch Minister of Energy and Climate Rob Jetten said that the effects of the Russian move are almost nihil, as there is no threat to any crucial physical gas deliveries.
This means that Dutch consumers will be still able to use natural gas as usual. Still, it seems as if the Dutch minister is now again dismissing growing fears of not only increased shortages on the market, but also another inflationary push as wholesale gas prices will increase substantially. Dutch consumers will see their bills rise as a result. Based on Dutch law, in times of energy shortages, such as the current natural gas crisis, volume reductions will occur first in several energy-intensive industries, lifting prices in a market that is already grappling with supply chain issues.
The Dutch government and GasTerra’s views that Gazprom’s move to cut supply doesn’t have a major impact on the Dutch economy may be short-sighted. Russia’s move will make European gas markets even tighter as Dutch importers will now be looking for alternative supplies in an already crowded European gas market. At the same time, Gazprom has now shown that it is willing to also target large-scale gas clients in NW-Europe.
The GasTerra move is a major one, as Dutch-Russian gas links are deep and historically strategically very good. A full confrontation with major gas importers seems imminent, and other Western European countries should brace for a possible supply cut.
The Dutch are now being made a prime example of Russia’s weaponization of energy. Gazprom’s move is based on Putin’s strategic considerations, as the Netherlands is a crossroads for European gas storage and infrastructure.
The Dutch position shows that not all importers are as flexible as German or Austrian importers. GasTerra’s refusal to pay in rubles, even via a possible financial construction at Gazprombank in Luxemburg, is showing the commitment of the Dutch government not to bow to Putin’s pressure. Moscow is upping the ante, after already blocking gas deliveries to Poland, Finland and Bulgaria.
As Putin implements his gas-for-rubles scheme, consumers and industry will have to prepare for much harsher realities. Gas markets are already overheated, and available LNG volumes on the spot market are shrinking. EU importers don’t really have an alternative if Moscow decides to halt supply.
Source: Oilprice.com
Russian oil and gas super major, LUKOIL, has signed the final agreement on acquisition of Shell’s Russian retail and lubricants assets in Moscow.
The assets include the chain of filling stations primarily located in the Central and Northwestern federal districts of Russia, and lubricants blending plant located in Tver region. The sale was approved by Russia’s Federal Antimonopoly Service.
“Our priority is the well-being of our employees,” Huibert Vigeveno, Shell’s Downstream Director said in a statement issued by Lukoil.
“Under this deal, all the people currently working for Shell Neft, more than 350 in total will remain employed by the company, which is now owned by LUKOIL.”
“We appreciate the fact that Shell chose our Company. I am certain that Shell’s facilities will become a great addition to LUKOIL’s other downstream assets,” Maxim Donde, Vice President for Refined Products Sales of LUKOIL noted.
Source: https://energynewsafrica.com
Ghana’s state’s largest power generation company, Volta River Authority (VRA), has incurred GHS1, 407,235 million (US$175,904.38) in foreign exchange losses in three years due to the depreciation of the Ghanaian cedi.
The figure comprises GHS844, 352 losses on transactions with fuel suppliers and partners from 2019 to 2021 and GHS562, 883 on loan repayment over the same period.
This is contained in the 2022-2027 Multi-Year Tariff proposal submitted to the Public Utilities Regulatory Commission (PURC) for consideration.
The VRA has contractual agreements between its fuel suppliers and power plant partners, and it is required to honour its obligations, particularly payment for natural gas and operational spares in foreign currency while the receivables from the regulated market are paid in local currency (Ghana Cedis).
The average actual exchange rate for 2020 was pegged at GHS 5.596/USD while the PURC FX rate was GHS 5.3767/USD.
Unfortunately, Ghana’s trading currency witnessed consistent depreciation against the major currencies.
The exchange rate for the 1st Quarter of 2022 was GHS6.4892 to one USD.
Currently, a dollar is exchanged for GHS7.98.
Source: https://energynewsafrica.com
Ethiopian Electric Power (EEP), the country’s state-owned power company, has signed an agreement to sell 100 megawatts of power to South Sudan for the next three years.
The MoU is critical to satisfying electricity demand in South Sudan while also raising revenue for Ethiopia, with plans to expand imports to 400MW gradually.
After meeting with the South Sudanese team, Ethiopian Electric Power Corporate Planning Executive Officer Andualem Sia stated that his country aims to offer electric power to its neighbours to generate foreign money while also addressing their energy needs.
During an official visit by a delegation from South Sudan to Ethiopia, the arrangement was announced on the margins of signing a Memorandum of Understanding between officials from the two nations for an electrical interconnection project.
The first step of the power purchase plan, according to the agreement, will be a feasibility study done by both countries in the coming year.
Ethiopia and South Sudan will build a 357km, 230kv transmission line connecting Ethiopia’s Gambella region to South Sudan’s Malakal region two years after the research.
In addition, a 700-kilometre line will be built from Ethiopia’s Tepi distribution centre to Juba, South Sudan’s capital.
According to the MoU, the study is to be completed within a year; construction is also to be completed in the next two years, paving the path for power purchase agreements.
In addition, the two countries have agreed to form a joint technical committee to begin work on future projects.
During a South Sudanese official visit to Ethiopia’s capital Addis Ababa in the first week of May, Peter Marcello, Minister of Energy and Dams in the Republic of South Sudan, and representatives from Ethiopia’s Ministry of Finance finalized the MoU.
Source: https://energynewsafrica.com
Ghana’s southern power distribution company, ECG, has witnessed a major shakeup in various portfolios within the organisation, with 14 managers being reshuffled.
This was done by the new Managing Director, Samuel Dubik Mahama, who assumed the post barely three weeks ago.
According to a report filed by myjoyonline.com, which was confirmed by the new Managing Director, General Manager for the Eastern Region, Michael Baah, has been moved to the Managing Director’s Secretariat and replaced by the current Metering and Technical Services General Manager, Sariel Adobe Hotwire.
The General Manager for Protection and Control, Chinese Apau, will be heading to the Metering and Technical Services Department while Head of Regulatory Management, Sylvia Noshie, is switching roles with the current General Manager for Management Information System (MIS), Belinda Yebuah Dwamena.
Rural Projects boss, Edmund Quarshie, is also exchanging roles with his counterpart in the Materials Department, Henry Frank Lutterodt.
The changes have also affected the Research and Development, Design and Systems Planning Units as Bernard Bansah of the Research Unit will move to Systems Planning as the occupant of that role.
Godfred Mensah takes over the Design Sector from the former boss, Yaw Osei, who moves to the Research and Development unit.
Other departments affected include Governance and Projects, whose head is now going to lead the management of the application for the General Manager at applications to move to Network and Security.
The current General Manager of Network and Security will then head the Governance and Projects Department.
The last movement is that of the Manager of Protection and Control (P&C), Solomon Wooley, who appears to have been elevated to Acting General Manager of P&C.
This is the first time in decades that such an activity, expected to start on July 1, 2022, has been carried out.
Source: https://energynewsafrica.com
Members of Joy Chapel International and the New Patriotic Party (NPP) fraternity in Ashaiman in the Greater Accra Region in the Republic of Ghana, are weeping over the death of Rev. Mawukuonye Vidzah, a die-hard supporter of the governing NPP.
The information available to this portal suggests that the pastor died, Friday night, after he was electrocuted.
When energynewsafrica.com, got to the residence of the deceased near the Ashaiman traffic light, family members and loved ones clad in mourning clothes, were met wailing.
Narrating to energynewsafrica.com, the wife of the deceased said the deceased received a telephone call from one Alfred Agbawu at about 5 pm on Friday, May 27, 2022, to reach his home at Lebanon, a suburb of Ashaiman, to fix a problem.
She continued, “My husband said Alfred told him he was going to have a wedding tomorrow (Saturday) so he needed him to come and fix an electrical problem for him.”
According to her, she did not hear from the husband until about 7 pm, Friday, when someone called and told her that the husband was electrocuted in the process of fixing an electrical problem and had been rushed to the Trinity Hospital.
The body of the deceased has been deposited at the morgue.
The wife confirmed that her late husband knew Alfred.
According to sources, Alfred has been arrested by the police for interrogation.
On December 26, 2021, late Pastor Mawukuonye Vidzah celebrated his friend on Facebook and this is what he wrote:
Humility is so important that it’s worth searching the length and the breath of the scriptures until we know for sure what it is.The man of God you see standing is a true product of humility.Humility is a virtue defined and describe by God himself. He is a character of humility that I’ve never seen in my entire life in ministry, He has always been there since the very day God brought him to my life.All proud people have a king and that is Satan, because Satan is the king of all the children of pride. But humility can only be found in Christ. ”God resist the proud ,but gives grace to the humble.The humility I’ve found in you Evangelist ALFRED AGBAWU will continue to increase in your life and generations to come.In respective of all the challenges in ministry since we met, others left and some say many funny things about us but you stood by me in all my endeavors,May the good Lord continue to bless you.I celebrate you MOG,l appreciate all the efforts you brought in to my life you are indeed a friend.I PERSONALLY WISH YOU A MERRY CHRISTMAS AND PROSPEROUS NEW YEAR.YOUR LABOUR IN THE LORD NEVER BE IN VAIN AS WRITTEN IN THE SCRIPTURES.GOD BLESS YOU.Evangelist Alfred Agbawu. He is currently in the custody of Ashaiman Police
Source: https://energynewsafrica.com
The Nuclear Power Ghana (NPG) has started a unique stakeholder engagement with Management and staff of Volta River Authority (VRA) and Bui Power Authority (BPA) to sensitise them on Ghana’s Nuclear Power Project.
The NPG team led by the Executive Director, Dr Stephen Yamoah, has met with key staff of the Technical Services and the Environment and Sustainable Development Departments in Akosombo.
The team also met the Management and some staff of the BPA in Accra, whilst Directors and staff of BPA at the Bui Generating Station in the Savannah Region also participated through their online facility.
The Director of Nuclear Power Institute (NPI) of the Ghana Atomic Energy Commission (GAEC), Dr Seth Debrah, in a presentation, explained the benefits of the Nuclear Power technology to the groups and job opportunities for the staff during the construction and operation of the Power Plant.
He highlighted the safety and security issues inherent in the operation of a Nuclear Power facility.
Dr. Debrah said, for a 1000MWe Nuclear Power Plant, as many as between 3000 and 4000 skilled workforces would be required, while a small modular one would require between 700 and 1000 professional workforce.
The engagement provided an opportunity for NPG to address issues regarding safety, disposal of the nuclear waste, the technology type, and selection process of a suitable site for the project.
The Executive Director of NPG, Dr Stephen Yamoah, provided information on recent developments and milestones achieved on the country’s Nuclear Power Project.
He said Ghana is at the 2nd Phase of the Nuclear Power Programme as per the requirements of the International Atomic Energy Agency (IAEA).
According to him, NPG has completed the ranking assessment of the four candidate sites and would in due course settle on the preferred site based on seismicity and environmental condition of the location.
He, however, did not disclose which region the site is situated but said due to the large volume of water required for the cooling of the Plant activities, areas along the coast of the country are most preferred.
Dr. Yamoah also disclosed that, NPG, through the Ministry of Energy issued ‘Request for Information’ (RFI) to about seven vendor countries through their respective Embassies.
Dr. Seth Debrah, Director of Nuclear Power Institute at the Ghana Atomic Energy Commission
He said, the 15 responses received, 6 on large Reactors and 9 on Small Reactors were successfully evaluated and the report has been submitted to the Ministry of Energy for onward submission to Cabinet.
During the engagement at the BPA, the Director in charge of Renewable Energy, Mr. Wisdom Ahiataku-Togobo, made a presentation on Government’s policy direction for Nuclear Power and BPA’s role and involvement.
He stated Ghana’s commitment to the Paris Agreement and BPA’s presence as the main vehicle to propel energy transition to Net Zero emission.
The Director, Legal Services at BPA, who is also the Legal Advisor & Board Secretary for the NPG, Mr. Franklin Addai, explained some operational obligations including portions of the amended Act, 2007 which gives BPA the mandate to develop renewable and clean power to other off takers besides the Electricity Company of Ghana, (ECG).
Ing. Samuel Kow Ansah, Deputy CEO of BPA in charge of Engineering Services, who represented the CEO, Hon. Samuel Kofi Dzamesi, pledged the support of the Authority to the Nuclear Power Ghana.
He urged staff to seek knowledge on Nuclear Power technology describing it as the best alternative Baseload for Ghana’s industrialisation.
He urged staff to share their skills and knowledge acquired in areas needed to build NPG.
Speaking to energynewsafrica.com, the Public Affairs Manager of NPG, Ms. Bellona-Gerard Vittor-Quao, explained that VRA and BPA are shareholders and sponsoring institutions of NPG, and the initiative is to provide and share information on Government’s efforts, milestones achieved, and recent developments on the Nuclear Power Project.
“We believe that the engagements would improve knowledge sharing as well as enable our colleagues explore the opportunities for professional diversity the project is creating for a skilled workforce. VRA, has a story of 60 years in the energy field, with a lot of experiences to share especially when it comes to energy infrastructure development. Recently, VRA revised its strategic theme to “Inculcating Private Sector Mindset in Public sector Service Delivery” and this Sustainability Plan has Improving Staff Competencies and Effectiveness and Increase Strategic Alliance and Relationships among others as deliverables. It is important to note that, the days of VRA monopoly is history, therefore staff is expected to read and know the current trends in the Energy business brace themselves for the competition if they are to remain resilient and valuable. Adding value to activities including the sharing of knowledge, skills, and expertise with the willing younger generation, establish institutional collaborations to renew benchmarks, and strengthen best system practices and policies”, she stressed.
According to Madam Bellona-Gerard, NPG is also collaborating with some identified technical and tertiary institutions for the development of appropriate training and nurturing of expected human resources to support the nuclear project.
Ing. Kow Ansah, Deputy CEO in charge of Engineering Services at the Bui Power AuthorityThe Director in charge of Renewable Energy, Mr. Wisdom Ahiataku-Togobo
Source: https://energynewsafrica.com
Britain announced a 25% windfall tax on oil and gas producers’ profits on Thursday, alongside a 15 billion pound ($18.9 billion) package of support for households struggling to meet soaring energy bills.
The move, which will give each UK household a 400 pound discount on their energy bill and more for lowest-income households, marks a change of heart for Prime Minister Boris Johnson’s government, which had previously resisted windfall taxes, calling them a deterrent to investment.
It is the second emergency policy intervention to help with rising bills this year.
Facing intense political pressure to provide more support for people coping with what political opponents and campaigners have called a cost-of-living crisis, finance minister Rishi Sunak said energy firms were making extraordinary profits while Britons struggled.
“We will introduce a temporary and targeted energy profits levy but we have built into the new levy a new investment allowance that means companies will have a new and significant incentive to reinvest their profits,” Sunak told parliament.
“The more a company invests, the less tax they will pay.”
Sunak did not refer to it as a windfall tax. He said it would raise 5 billion pounds ($6.30 billion) in the next 12 months and be phased out as oil and gas prices return to normal. He did not set out how the rest of the package would be funded.
He also said there would be a new Investment Allowance that would nearly double the tax relief available for firms on their investments.
On Tuesday the UK energy regulator said that a cap on gas and electricity bills was set to rise by another 40% in October, cause by a surge in global energy prices.
Other European governments have also ploughed tens of billions of euros into measures to help mitigate energy prices.
Shares in oil majors BP (BP.L) and Shell, which are global companies and so less affected by UK policy, touched session lows after the announcement, but recovered and were up more than 1%.
“We have consistently emphasized the importance of a stable environment for long-term investment,” a Shell spokesperson said, calling the investment-linked tax relief measure a “critical principle” of the levy.
The package of support was worth 15 billion pounds, Sunak said. A similar support package in February was worth 9 billion pounds and Sunak said the government was overall providing 37 billion pounds to help consumers.
On top of the 400 pound energy bill credit for all households – which replaces an earlier repayable 200 pound grant – the government will provide more targeted support for poorer households than before.
More than 8 million low-income households will receive an extra 650 pound cost-of-living grant, with smaller additional sums for all pensioners and the disabled.
The announcement also comes at a time when Johnson is keen to move the conversation away from a damning report detailing a series of illegal lockdown parties at his Downing Street office.
Labour, which had been campaigning hard for a windfall tax, said the U-turn showed the Conservative government was motivated by politics rather than a desire to help people.
“Labour called for a windfall tax because it is the right thing to do, the Conservatives are doing it because they needed a new headline,” said Labour’s economic policy chief Rachel Reeves.
Inflation reached a 40-year peak of 9% in April and is projected to rise further, while government forecasts last month showed living standards were set to see their biggest fall since records began in the late 1950s.
“The high inflation we are experiencing now is causing acute distress for people in this country. I know they are worried, I know people are struggling,” Sunak said, backing the Bank of England to use interest rates to bring the situation under control.
British government bond futures touched a day’s low as Sunak spoke, and underperformed modestly against German and U.S. government debt.
“The extra fiscal support for households revealed by the Chancellor today falls short of fully offsetting the reduction to households’ real incomes from higher utility prices, but it will cushion the blow and support economic activity,” said Paul Dales, chief UK economist at consultancy Capital Economics.
“Overall, this support is much, much needed for millions of households. But it won’t relieve all the pain and may mean the Bank of England has to pull the interest rate lever harder to get on top of inflation,” he added.
Source: Reuters
The Board of Energy Commission (EC) led by its Chairman, Professor Ebenezer Oduro Owusu, has embarked on a study tour of the Akosombo Hydro-Electric Power Station in the Eastern Region of Ghana.
The purpose of the visit was to interact with the managers of the Akosombo Hydro-Electric Power Plant, the first hydropower plant in the West African nation, to acquaint themselves with their operations.
It provided the Board with the opportunity to tour the facility which has long served as the backbone of the country’s energy supply.
Source: https://energynewsafrica.com
The Government of Ghana has signed an agreement with the African Development Bank (AfDB), the Climate Investment Fund (CIF) and the Swiss Government Federation for a US$69.88 million grants to implement the Scaling-Up Renewable Energy Programme (SREP).
Ghana’s Minister for Finance, Ken Ofori-Atta, signed on behalf of the West African nation while the President of the AfDB Group, Dr Akinwumi Adesina, and the Governor of Switzerland AfDB Group, Ambassador Dominique Paravicini, signed on behalf of the financing partners.
The agreement was signed in Accra, the capital of Ghana, on the sidelines of the Annual Meetings of the AfDB Group in Ghana.
It was witnessed by Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh.
The project has three main components: Mini-grid and stand-alone solar home systems for rural off-grid communities to be implemented by the Ministry of Energy, and the Net-metered solar PV systems for urban and peri-urban electricity consumers to be implemented by the Energy Commission.
Under the Agreement, about 6,890 households, 6,001 Small and Medium-sized Enterprises (SMEs) and 6,890 public buildings will benefit from net-metered solar PV systems.
About 1,350 schools and 500 health centres in rural off-grid areas would also benefit from the project while seventy communities across nine island districts will also be electrified using renewable energy-based mini-grids systems.
The SREP is intended to contribute to the 10 per cent renewable energy penetration target by 2030, the carbon emission reduction target as well as the universal electricity access target which currently stands at 87.1 per cent.
The project is in line with the Government of Ghana’s energy policy targets set in the Renewable Energy Master Plan and climate obligation under the Paris Agreement.
Source: https://energynewsafrica.com
The Vice President conveyed Ghana’s sincerest appreciation to the Government of the United States of America for its support and cooperation.
On the state of power supply in the country, Dr. Bawumia said the government of the NPP has invested significantly to improve the erratic power supply the government inherited.
“As we inaugurate a significant piece of power infrastructure like this substation today, it is worth noting that lots of resources have also gone into Ghana’s Energy sector since our government came into Office in 2017. This is evidenced by the fact that the phenomenon of erratic power supply has eased, and the availability of good quality power has improved, enabling businesses to gradually increase production and enhance productivity.”
The inauguration of the Kasoa Bulk Power Supply brings to an end Ghana’s second programme under the Millennium Challenge Account agreements.
Ghana remains one of the only a few countries to complete two programmes under the MCA, and Dr Bawumia, who was involved in both agreements, made a call to the United States for a third Compact Agreement.
“As the Compact draws to a close, let me emphasise that the bond between Ghana and the United States of America will continue to strengthen, enabling the realisation of our shared values, which focus on sustainable economic growth, job creation and poverty reduction.
“We eagerly look forward to Ghana’s nomination for yet another Millennium Challenge Compact Programme.
“I was intimately involved in the first Compact, I was intimately involved in the 2nd Compact and I hope to be intimately involved in the 3rd Compact.”
The Board Chairperson of MiDA, Prof Ntiamoa-Baidu, who commended all the stakeholders for contributing to the successful completion and handling of the project, was hopeful that the project would support the development of the power sector, boost private sector investments, improve productivity and raise the earning potential from self-employment, for men and women in the coverage area.
Board Chairman of Ghana Grid Company (GRIDCo), Ambassador Kabral Blay-Amihere, said despite some challenges faced in the energy sector, GRIDCo has worked to improve power transmission to ECG.
On his part, the Managing Director of ECG, Samuel Dubik Masubir Mahama, praised the USA Government and MiDA for the project, noting that it would improve power reliability to ECG customers.
Source: https://energynewsafrica.com 
The citation in conferring the award said: “He has demonstrated being a model of business excellence leadership, vision, demonstrates a high standard of ethical practices, professionalism, investment, job creation in Ghana and positive impact to the business community over a year.”
Other award winners were Kwame Osei Prempeh, CEO of GOIL, who won the CEO of the Year in the petroleum downstream sector; Selorm Adadevoh; CEO of MTN, who was rewarded the CEO of the Year in the telecommunication category; John Kofi Adomakoh, Managing Director of GCB Bank, who won the CEO of the Year, banking; Emmanuel Antwi-Darkwa, CEO of Volta River Authority, who received the CEO of the Year award in the energy and power sector; Stefano Gallini, MD of GHACEM, who won the CEO of the Year in the manufacturing cement category; and Saiid Masri, CEO of Compu Ghana, who received the CEO of the Year award in the electronics and retail category.
Norkor Duah, CEO of Mullenlowe; Ishmael Yamson, Chairman of Ishmael Yamson and Associates; Dr. K.K Sarpong, former CEO of GNPC and Esther Cobbah, CEO of Stractcom Africa received the Hall of Fame award.
Others were Ernestina Abeh, CEO of Enterprise Insurance, who won the CEO of the Year in the general insurance category; Dr David Ofosu Dorte, Chairman of AB & David Africa, who won the CEO of the Year award in the law practice sector; Daniel Kojo Owusu, Country Manager of Deloitte Ghana, who received the CEO of the Year award in the consulting sector; Dr Daniel McKorley; CEO of McDan, who received the CEO of the Year award in the shipping sector and Amar Dee S. Hari, CEO of IMPC, who won the CEO of the year in the technology/ICT space.
The 6th Ghana CEO Summit theme was: ‘Digital leadership for the digital economy: leading digital business and government transformation. A private-public sector CEO dialogue and learning’.
Source: https://energynewsafrica.com 
She continued, “My husband said Alfred told him he was going to have a wedding tomorrow (Saturday) so he needed him to come and fix an electrical problem for him.”
According to her, she did not hear from the husband until about 7 pm, Friday, when someone called and told her that the husband was electrocuted in the process of fixing an electrical problem and had been rushed to the Trinity Hospital.
The body of the deceased has been deposited at the morgue.
The wife confirmed that her late husband knew Alfred.
According to sources, Alfred has been arrested by the police for interrogation.
On December 26, 2021, late Pastor Mawukuonye Vidzah celebrated his friend on Facebook and this is what he wrote:
Humility is so important that it’s worth searching the length and the breath of the scriptures until we know for sure what it is.
The man of God you see standing is a true product of humility.
Humility is a virtue defined and describe by God himself. He is a character of humility that I’ve never seen in my entire life in ministry, He has always been there since the very day God brought him to my life.
All proud people have a king and that is Satan, because Satan is the king of all the children of pride. But humility can only be found in Christ. ”God resist the proud ,but gives grace to the humble.
The humility I’ve found in you Evangelist ALFRED AGBAWU will continue to increase in your life and generations to come.
In respective of all the challenges in ministry since we met, others left and some say many funny things about us but you stood by me in all my endeavors,May the good Lord continue to bless you.
I celebrate you MOG,l appreciate all the efforts you brought in to my life you are indeed a friend.
I PERSONALLY WISH YOU A MERRY CHRISTMAS AND PROSPEROUS NEW YEAR.
YOUR LABOUR IN THE LORD NEVER BE IN VAIN AS WRITTEN IN THE SCRIPTURES.
GOD BLESS YOU.
He urged staff to seek knowledge on Nuclear Power technology describing it as the best alternative Baseload for Ghana’s industrialisation.
He urged staff to share their skills and knowledge acquired in areas needed to build NPG.
Speaking to energynewsafrica.com, the Public Affairs Manager of NPG, Ms. Bellona-Gerard Vittor-Quao, explained that VRA and BPA are shareholders and sponsoring institutions of NPG, and the initiative is to provide and share information on Government’s efforts, milestones achieved, and recent developments on the Nuclear Power Project.
“We believe that the engagements would improve knowledge sharing as well as enable our colleagues explore the opportunities for professional diversity the project is creating for a skilled workforce. VRA, has a story of 60 years in the energy field, with a lot of experiences to share especially when it comes to energy infrastructure development. Recently, VRA revised its strategic theme to “Inculcating Private Sector Mindset in Public sector Service Delivery” and this Sustainability Plan has Improving Staff Competencies and Effectiveness and Increase Strategic Alliance and Relationships among others as deliverables. It is important to note that, the days of VRA monopoly is history, therefore staff is expected to read and know the current trends in the Energy business brace themselves for the competition if they are to remain resilient and valuable. Adding value to activities including the sharing of knowledge, skills, and expertise with the willing younger generation, establish institutional collaborations to renew benchmarks, and strengthen best system practices and policies”, she stressed.
According to Madam Bellona-Gerard, NPG is also collaborating with some identified technical and tertiary institutions for the development of appropriate training and nurturing of expected human resources to support the nuclear project.
