Energy industry

Most recent

BP appoints Lund as chairman

Helge Lund
Getty Images

BP is appointing energy industry veteran Helge Lund as its new chairman to replace Carl-Henric Svanberg.

Mr Lund will stand down as director of oilfield services company Schlumberger to take up the new role.

Before Schlumberger, the Norwegian businessman was boss of Statoil and then the UK's BG Group before it was taken over by Shell.

Mr Lund will remain as chairman of Danish pharma firm, Novo Nordisk, when he takes up the BP role next January.

Shell sees profits surge

Shell sign
Getty Images

Royal Dutch Shell has reported a 42% rise in profits (measured as net income attributable to shareholders based on current cost of supplies).

The $5.3bn reported profit was higher than analysts had predicted.

Chief Executive Ben van Beurden put the good numbers down at least in part to the oil price, which is at a three year peak of $75 a barrel.

"Shell's strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business."

Brent crude breaks $75 per barrel

Oil prices

North Sea Brent Crude prices are above $75 a barrel. The last time it closed at that level was in March 2015.

Oil prices have been on a six-day winning run and prices are up more than 20% since the lows of this year.

Oil prices have been recovering since Opec and other oil producing nations agreed to curb their output in 2017.

The potential of US sanctions against Iran has also been boosting prices.

ScottishPower price rise part of a 'domino effect'

Commenting on ScottishPower's decision to lift gas and electricity prices, Stephen Murray, energy expert at MoneySuperMarket, says: "Unsurprisingly, we’re into the domino effect with energy price rises and the only surprise here is that’s it’s been over a week since the last price rise, from EDF."

He adds: “It’s probably the last thing people are thinking about during this mini heatwave we’re enjoying, but we’d encourage you to take action today to stop yourself paying some of the highest prices in the UK energy market."

ScottishPower raises energy prices by 5.5%

Gas cooker
Getty Images

ScottishPower is raising its electricity and gas prices by 5.5%.

Following a similar move by British Gas, ScottishPower said it will increase its standard variable domestic gas and electricity prices from 1 June.

The majority of customers affected, who pay by monthly Direct Debit, will see an average increase of £63 on a typical annual dual fuel bill.