Centrica executives have met with energy secretary Ed Miliband to discuss the future of the Rough gas storage facility in the North Sea. The UK energy company’s group chief executive Christopher O’Shea and the managing director of Centrica Energy Storage Martin Scargill recently attended a meeting with Miliband and others at the Hull Chamber of Commerce. “We’re in discussions with [government] at a high level to find a way to keep Rough open as a key strategic asset for the UK,” O’Shea said. “I can’t go into any details of the discussions but I am hopeful that HMG (Her Majesty’s Government) will be able to move quickly enough to enable this crucial asset to remain open.” He indicated in February that Centrica was yet to decide on a direction for the Rough gas storage site, after the company revealed an anticipated loss at Centrica Energy Storage, stating that “as it currently stands, we wouldn’t be refilling it”. The owner of the country’s largest gas storage facility is seeking to refit the asset as part of a £2 billion refurbishment so that it can function as a hydrogen storage facility. Centrica has said that it is seeking to secure a cap-and-floor mechanism to operate the asset. At the height of the energy crisis, the licence to operate the Rough gas storage facility was renewed, but it is now due to expire in 2030. A spokesperson for the Department for Energy Security and Net Zero (DESNZ) said that the discussions did not go “into detail”, but that the government’s position “remains what it was before”. “We’re not providing updates on what that will look like but we’re having discussions with Centrica about it. Everything’s on the table on what the future would be just as long as it provides value for money,” the

With 2024 going down in the history books as the first year to surpass 1.5°C above pre-industrial levels, the spotlight is firmly on accelerating the global net zero agenda and delivering the solutions necessary to mitigate the worst impacts of climate change. The transition from fossil sources to lower-carbon technologies has significantly increased the demand for essential minerals and rare earth elements, such as copper, lithium, and cobalt, and has consequently emerged as a key part of resolving the conflict between Russia and Ukraine. Minerals and rare earths are used extensively in devices such as smartphones, computers, and TVs, but are also critical components in the clean energy and defence industries. Although rare earth elements are abundant in the earth’s crust, they are typically mixed with other minerals, making them difficult and costly to extract and process. © BloombergNeodymium at the Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. factory in Baotou, Inner Mongolia. Photographer:Nelson Ching/Bloomberg The global production of rare earth has surged over the last 30 years, increasing from around 75 kilotonnes in 1995 to over 350 kilotonnes in 2023. The increasing demand has in turn highlighted that achieving the global net zero agenda is intrinsically linked to accessing mineral and rare earth elements. Providing context, a typical electric car requires around 200 kg of minerals and rare earths, including batteries and motors, which is up to six times greater than that of a comparable combustion engine car, according to the International Energy Agency (IEA). The IEA also highlights that offshore wind requires approximately 15 tonnes of critical minerals per megawatt (t/MW) capacity, with onshore wind and solar photovoltaics requiring up to ten t/MW and 7 t/MW, respectively. The production of rare earths will need to increase sevenfold by 2040 to meet the needs of the clean energy sector

Demand-side flexibility, which is the ability to shift or shed electricity consumption during peak times, is an underestimated but critical part of expanding clean power systems. As future power systems will largely rely on variable generation from wind and solar, demand flexibility across growing electricity users can reduce strain on the grid by smoothing peaks, offsetting more expensive and often higher-emitting generation, and therefore reduce costs and speed up decarbonisation. Demand flexibility is already here today, as consumers can dynamically adjust some consumption and save money in response to price signals; however, the opportunity is even greater as the scale of automated responses grows. For example in 2023, Octopus energy customers on an “Agile” tariff saved hundreds of pounds (versus being on a standard tariff), through shifting energy use. Examples of demand flexibility include: charging electric vehicles (EVs) during off-peak hours, heating or cooling rooms a few hours ahead of need in insulated buildings (“pre-heating” or “pre-cooling”), and thermal energy solutions that store and discharge heat for industrial processes (“industrial heat batteries”), lessening peak loads and reducing electricity bills. Data centres also have some potential to perform non-critical data processes at low electricity demand periods – and companies with international operations could choose to shift loads across geographies, taking advantage of regional fluctuations in supply and demand. Demand flexibility offers an affordable, secure route to planning future energy systems, helping to lower upfront investment needs, system running costs and consumer bills. While the expansion of grid capacity and energy storage remain critical for future systems, thanks to the growth of electrification and automated flexibility solutions, demand is now poised to play a larger role in helping to actively balance power systems. Demand flexibility could also help to offset immediate needs for grid upgrades, reducing uptake barriers as electrification expands. Recent analysis from

Precision engineering group Hunting has added three fresh contracts worth around $38 million to its subsea technologies sales order book. This has increased the value of its book from $72.5m recorded on 31 December 2024, to approximately $85m as of 31 March 2025. The group’s Enpro business secured decommissioning contracts with two clients in the North Sea, totalling roughly $23m. The clients will utilise Hunting’s proprietary solutions for the attic oil recovery phase of these decommissioning projects. These awards are part of multi-year decommissioning programmes in the North Sea, with the possibility of further orders being awarded in 2026. The awards demonstrate Enpro’s ability to provide subsea solutions from first-production to decommissioning, utilising the company’s modular product solutions. In addition, Hunting secured a new order for its titanium stress joints for a project in the Gulf of Mexico, with a major oil and gas company. The order totals around $15m and represents a new client for the group for this product line. Hunting chief executive Jim Johnson said: “The progress delivered by our subsea businesses during Q1 2025 demonstrates that our widening product offering accesses the whole lifecycle of an oil and gas field, from first-production to abandonment. “Further, with the securing of new titanium stress joint orders with a new client in the Gulf of Mexico, Hunting has demonstrated that our leading riser solution is increasingly being adopted by the majors and large Independents operating in deepwater regions.” Hunting recently undertook a $17.5m buyout for organic oil recovery (OOR) technology. The company has also been looking to restore profitability to its Europe, Middle East and Africa (EMEA) business. This restructuring has led to concerns for 200 jobs across the UK, including at its base in Altens, known as Badentoy, as well as the Scottish village of Fordoun and its

Spanish energy company Repsol S.A. is partnering with Schroders Greencoat in a 400-megawatt (MW) wind and solar portfolio, valued at EUR 580 million ($626.4 million). Repsol said in a media release that Schroders Greencoat has acquired a 49 percent share in a portfolio of eight wind farms, with a total capacity of 300 MW, located in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also encompasses two solar facilities, amounting to 100 MW, in the province of Palencia. All of these assets are anticipated to become operational in the first half of 2025, Repsol said. Repsol said it will maintain control of the assets. In December 2024, Repsol arranged a long-term syndicated loan financing of EUR348 million ($375.8 million) with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO). “The alliance with a partner like Schroders Greencoat, one of the world’s leading renewable infrastructure managers, at a time when there is a wide offer of renewable assets for sale, highlights the quality and attractiveness of our portfolio in the market”, João Costeira, Repsol’s Executive Managing Director of Low Carbon Generation, said. This is the first investment by Schroders Greencoat Europe SCSp Fund, which secured over EUR 220 million ($237.6 million) in its initial November 2024 funding. The fund, aimed at a diverse European energy transition portfolio, will prioritize renewable energy infrastructure while also investing in grid upgrades, storage, hydrogen, efficiency, mobility, and renewable heat. “We are delighted to have made the Fund’s first acquisition following the first close. Our partnership with Repsol signifies a first step in our investment strategy and we look forward to working together to deliver long-term value for our clients with high quality of assets all supported by long-term offtake agreements”, Adam Basnett, Portfolio Manager for Schroders Greencoat, said.

Shell Plc’s sprawling in-house trading operation — which includes oil, natural gas and electricity — hasn’t lost money during a single quarter over the last decade, said Chief Executive Officer Wael Sawan. The London-based energy giant keeps a tight lid on information about its trading business for competition reasons, but Sawan provided a peek during the company’s investor day presentation on Tuesday.  Over the last decade, Shell traders have delivered an average uplift on return on average capital employed of 2%, Sawan said at the New York Stock Exchange. They are expected to contribute 2% to 4% going forward, he said. Trading is core to Shell and will remain at the heart of the company’s future. Sawan outlined plans on Tuesday to boost investor returns for the rest of this decade by reinforcing the company’s position as the world’s top marketer of liquefied natural gas. The head of trading was recently elevated to the executive committee, giving trading a seat at the firm’s decision-making table.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR Bloomberg