BP Plc is in talks with Azerbaijan to extend a 30-year contract to operate the country’s largest oil deposit after the company worked to appease criticism over falling output at the project by bringing in new managers.
A plan for an undersea power cable to connect the British and Icelandic grids is attracting “strong” investor interest, Charles Hendry, a U.K. lawmaker and former energy minister who promoted the project, said today in London.
The U.K. will offer the best incentives for building nuclear power stations to companies that pledge their capital first, adding to pressure on utilities such as Electricite de France SA to agree on terms.
The U.K. government is almost ready to open a contest for 1 billion pounds ($1.6 billion) in funds that would back carbon capture and storage technology, Energy Minister Charles Hendry said at a conference in London today.
The European Union should tighten climate change targets to reduce emissions by 30 percent from 1990 levels by 2020, from its current 20 percent reduction goal, U.K. Minister of State for Energy Charles Hendry said.