Americans Willing to Pay More to Curb Climate Change
According to the Bloomberg National Poll, Americans are willing to bear the cost of fighting climate change, and most are more likely to elect a candidate seeking to address the issue. By a margin of almost two-to-one, 62 percent to 33 percent, Americans say they would pay more for energy if it would translate to reduction in pollution. It has been calculated that utilities and their customers will spend as much as 48.8 billion to comply with the new rules stated by President Obama’s plan. Barclays Plc forecasts that the rules will add 10 percent to electric bills by 2030.
China’s Oil Hoarding Seen Keeping Crude Above $100 a Barrel
China imported a record volume of crude in April to create a strategic petroleum reserve which is seen by experts is keeping the price of the fuel above $100 a barrel. The Asian powerhouse is building stockpiles as it clashes with Vietnam over resources in the South China Sea and faces potential risks to oil sales overseas because of sanctions and violence. China’s purchases are helping drive oil prices higher, according to Barclays Plc, Citigroup Inc. and Nomura Holdings Inc. China has bought a record of more than 600,000 barrels a day of surplus crude from January to April.
Labour Plans Energy Board to Reduce U.K. Power Bills
The U.K.’s opposition Labour Party said that it will create an energy board if it wins next year’s election, giving government officials the power to force utilities to reduce their bills when wholesale costs decline. The plan would mean combining into one entity the functions of Ofgem, the Department of Energy and Climate Change and National Grid Plc in regulating the power industry. The Labour Party also wants to split utilities into separate businesses that supply and generate power.
Alsons to Double its Capacity to Alleviate Mindanao Blackouts
Alsons Consolidated Resources Inc., the oldest electricity generator on the Philippine island of Mindanao, will more than double its capacity within five years as the province suffers from blackouts of as long as eight hours per day. The company is building three coal-fired plants to boost capacity to 573 MW by 2019 from the current capacity of 258 MW. The added capacity will allow the company to account for about a fourth of Mindanao’s supply from 10 percent now. The cost the projects are expected to reach $886 million.
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