British energy firms fear collapse as Europe’s gas crisis sees prices surge 250%

Published

3 years ago

September 20, 2021

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Aman Sharma | Getty Images

LONDON — Britain’s energy industry could be headed for a significant shakeup, industry insiders have warned, as countries all over Europe grapple with an unprecedented crisis in the power sector.

Wholesale gas prices have spiked across the region, with the U.K. being hit particularly hard.

The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, gained on Monday to trade at 73.150 euros ($85.69) per megawatt-hour, hovering close to the record high seen last week.

Since January, the contract has risen more than 250%.

In the U.K., day-ahead energy prices for Monday reached an average of 291.18 euros per megawatt-hour, according to energy analysis firm LCP Enact. However, the maximum price for the U.K. on Monday could be as high as 1,083.78 euros per megawatt-hour, LCP Enact’s analysis showed.

Impact for energy firms

Robert Buckley, head of relationships and development at Cornwall Insight, told CNBC that the crisis was being caused by a “cocktail of pretty potent things” that were outside of suppliers’ control.

These included strong competition for natural gas deliveries between Europe and Asia, some outages at U.S. production facilities and a tightening of EU carbon market rules, as well as various other factors.

“All suppliers will be finding it very tough at the moment,” Buckley said. “Some of them are bigger and more resilient than others. But scale doesn’t equal automatically resilience.”

He added that “it looks like it’s going to get worse before it gets better” in terms of suppliers leaving the British electricity and gas market.

“[Suppliers are] caught between this rapture of the rising energy price wholesale market and the default tariff cap, and depending on who you who you believe, this is anywhere up to £200, £250 below what a market related cost would be at the moment, so that’s 20% of the total bill,” he said, referring to a cap on consumer energy prices in Britain. “That’s -20% of gross margins. Very few [companies] can sustain that for any length of time.”

Meanwhile, Bill Bullen, founder of U.K. supplier Utilita Energy, warned that surging wholesale prices would inevitably lead to more insolvencies in the energy sector.

“We’re heading back to an oligopoly at this rate and going backwards,” he said in an email Monday.

According to a report from Cornwall Insight, in the fourth quarter of 2010, the six largest energy firms supplied 99.5% of the domestic energy market in the U.K. By the second quarter of 2021, that figure had fallen to 69.1%.

“I wonder how it will look at the end of Q3 2021,” Bullen said.

Start-up Bulb, the country’s sixth-largest supplier, is seeking a bailout, while four smaller competitors recently ceased trading, the BBC reported.

According to industry body OGUK, wholesale energy prices have surged with a 70% rise since August alone. “OGUK predicts that UK North Sea output will roughly halve by 2027 unless new fields are opened, making the U.K. even more reliant on imports,” Will Webster, the organization’s energy policy manager, told CNBC via email.

A spokesperson for British energy regulator Ofgem told CNBC in an emailed statement. “This is a global issue … Ofgem is working closely with government to manage the wider implications of the global gas price increase.”

Political fallout

Governments are keen to take action to stop the crisis hitting consumers too hard.

The British government is considering bailout loans for energy suppliers, according to local media reports. Business Minister Kwasi Kwarteng met with British energy companies on Monday, in what he said was an effort to “ensure that any energy supplier failures cause the least amount of disruption for consumers.”

Seeking to reassure the public on Sunday, Prime Minister Boris Johnson described the pricing crisis as “temporary,” Bloomberg reported.

The U.K. has limits on how much suppliers are able to charge consumers for energy, with price caps reviewed by the government every six months.

In a note on Monday, Eurasia Group warned the continent’s soaring energy prices were also beginning to have political ramifications across the wider region.

Spain’s government released a decree this week to cap retail energy prices. Eurasia analysts speculated that if more EU member states imitate Spain, prioritizing cheap energy above the green transition, the EU’s credibility as a climate leader could be damaged.

“If Madrid’s actions find imitators across the EU this winter, the bloc’s efforts to push for more ambitious climate action at the upcoming global talks in November may suffer,” they said in Monday’s note.

Environment

Dive into spring with Beatbot’s marvelous AquaSense 2 robotic pool cleaners

Published

2 hours ago

March 17, 2025

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Dive into spring with Beatbot's marvelous AquaSense 2 robotic pool cleaners

Spring is here, and that means it’s pool season prep time! There’s no better way to kickstart your spring cleaning than with the Beatbot AquaSense 2 Series—the ultimate robotic cleaner designed to effortlessly prepare your pool for sunny days ahead.

Beatbot is inviting pool owners everywhere to “Spring Forward, Clean to Perfection” with up to 20% off the AquaSense 2 Series – Ultra, Pro, and Standard. The limited-time offer is available from March 17 through March 31 on Beatbot’s official website and Amazon store. Read on to find out how Beatbot can keep your pool in prime condition, and don’t miss out on this fantastic discount.

Beatbot AquaSense 2 Ultra

Headlining Beatbot AquaSense 2 Series is the premium AquaSense 2 Ultra, a pool-cleaning powerhouse that sets a new standard in smart cleaning technology. It’s packed with cutting-edge features designed to make your pool maintenance not only easier but smarter and more thorough than ever before.

At the heart of the AquaSense 2 Ultra is the revolutionary HybridSense AI Pool Mapping technology. This isn’t your average robotic cleaner – it uses an AI camera alongside ultrasonic and infrared sensors to create a precise map of your pool. No matter your pool’s shape or layout, the Ultra intelligently plots the most efficient cleaning path, ensuring every inch – from floor to walls, waterline, and even the water’s surface – is spotless. Plus, with the Beatbot app, you can easily track cleaning progress and view detailed cleaning maps in real time.

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Say goodbye to juggling multiple pool-cleaning devices—the AquaSense 2 Ultra delivers unmatched convenience with its unique 5-in-1 cleaning system. This robotic marvel tackles everything: water surface, waterline, floor, walls, and even a ClearWater Clarification System. Powered by an industry-first 11-motor submarine propulsion system, it transitions effortlessly between floating and diving, guaranteeing complete and comprehensive coverage every time.

Never worry about overlooked debris again. The Ultra’s Advanced AI Cruise Debris Detection system scans your pool after the initial clean, intelligently identifying and removing any stragglers like leaves. Its AI-driven camera and sensors continually learn and improve, recognizing different leaf types such as oak, maple, palm, and more. The result is an impressively thorough clean that traditional robots simply can’t match.

And when it comes to effortless pool management, the AquaSense 2 Ultra truly shines. With dual side brushes designed to sweep debris directly into the cleaner’s path, even pool corners and edges get pristine cleaning. Plus, the Beatbot app’s advanced navigation control lets you manually steer the AquaSense 2 Ultra across the water’s surface, making spot cleaning both precise and fun.

Finally, retrieval is easier than ever with Beatbot’s exclusive Smart Water Surface Parking technology. When cleaning finishes, or battery life falls below 15%, the AquaSense 2 Ultra autonomously returns to the pool edge, floats to the surface, and automatically releases water to make retrieval lighter and effortless. If it drifts, simply use the app’s one-touch retrieval button to bring it back to you.

The Beatbot AquaSense 2 Ultra is normally priced at $3,450 and is 15% off until March 31.

The AquaSense 2 Pro

The Beatbot AquaSense 2 Pro takes pool cleaning convenience to the next level with the 5-in-1 cleaning system. Featuring Beatbot’s exclusive ClearWater Clarification System and Smart Water Surface Parking, the AquaSense 2 Pro ensures every inch of your pool stays spotless with minimal effort on your part. Powered by nine precision-engineered motors, including dual floating chamber motors and surface propeller motors, it delivers exceptional maneuverability and efficiency.

Plus, the AquaSense 2 Pro offers smart app-based control for targeted surface cleaning, backed by a robust 13,400 mAh battery capable of up to 11 hours of surface cleaning or five hours of cleaning floors, walls, and waterlines. With AquaSense 2 Pro, maintaining a pristine pool has never been simpler.

The Beatbot AquaSense 2 Pro is usually priced at $2,499 and is 15% off until March 31.

Beatbot AquaSense 2

The Beatbot AquaSense 2 delivers powerful, reliable cleaning performance, combining advanced technology with user-friendly convenience. Equipped with a robust 200W brushless main pump motor, this 3-in-1 robotic cleaner effortlessly tackles floors, walls, and waterlines, providing full coverage with optimized path navigation and impressive 5500 GPH suction power.

Its innovative double-pass waterline scrubbing system thoroughly removes grime, leaving your pool spotless after every cycle. Ideal for pools of all sizes, including larger ones, the AquaSense 2 features a high-capacity battery that powers up to four hours of continuous floor cleaning.

Plus, its intuitive navigation and powerful suction provides stable, efficient cleaning on vertical surfaces and hard-to-reach areas. With AquaSense 2, a pristine pool is easy to achieve, so you can spend more time swimming and less time maintaining it.

The Beatbot AquaSense 2 is typically priced at $1,499 and is 20% off until March 31.

Spring forward into sparkling perfection – grab the AquaSense 2 model that best fits your needs today for up to 20% off and experience the ultimate pool-cleaning upgrade.

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Environment

Toyota the EV battery supplier? Honda will use them to power up its 400,000 hybrids in the US

Published

4 hours ago

March 17, 2025

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Toyota the EV battery supplier? Honda will use them to power up its 400,000 hybrids in the US

Toyota is now a battery supplier? That’s the plan. Honda will use Toyota’s batteries to power up its around 400,000 hybrids sold in the US.

Toyota will supply batteries for Honda hybrids in the US

Toyota’s $14 billion battery plant in North Carolina is ready for business. The facility will begin shipping out batteries next month, and it looks like Toyota already has its first customer.

According to a new Nikkei report, starting in fiscal 2025, Toyota will supply batteries for the roughly 400,000 Honda hybrids sold in the US.

Honda currently uses batteries from China and Japan for vehicles sold in the US, but the company is (like most) preparing for changes under Trump.

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Honda’s electrified vehicles, including EVs and hybrids, accounted for over a quarter of US sales last year. The company sold over 308,500 hybrids and 40,400 electric vehicles in the US in 2024. The batteries will likely be used in the CR-V and other Honda hybrid vehicles.

Honda-Toyota-EV-batteries — Honda Prologue Elite (Source: Honda)

Earlier this month, an extra 10% tariff on imports from China took effect. And that’s on top of the 10% imposed in February.

With more expected, including a 25% increase in vehicles imported from Japan, automakers are tightening up their supply chains.

Toyota-new-bZ4X — Toyota’s new bZ4X AWD model introduced in Europe (Source: Toyota)

A 25% tariff on Japanese vehicles, up from 2.5% currently, is estimated to cost the six major Japanese automakers about $20 billion in the US.

Tariffs on imports from Mexico and Canada could cost Honda roughly $4.7 billion alone. Teaming up with Toyota to use its batteries for its hybrids is part of Japan’s broader global plans to ween off dependence on China and others for batteries and other emerging tech.

Toyota-Honda-EV-batteries — (Source: Toyota)

The new US plant, Toyota Battery Manufacturing North Carolina (TBMC), is over seven million square feet, or about the size of 121 football fields.

As Toyota’s first in-house battery factory outside of Japan, the plant could be a game changer as Trump’s tariffs take effect. Securing Honda as a buyer will already help Toyota cut costs as it ramps up output.

Toyota plans to ramp up electrified vehicle (EV, PHEV, and hybrid) sales in North America from around 40% last year to 80% by 2030.

Electrek’s Take

Trump’s tariffs are already causing havoc, with nearly every automaker warning that they put the US further behind. Overseas automakers are not the only ones feeling the heat, either.

The “Big Three,” GM, Ford, and Jeep maker Stellantis all build vehicles in Canada and Mexico. GM cut output at its plant in Mexico in January, where the electric Chevy Equinox, Blazer, and Honda Prologue are made. Stellantis halted operations at its Brampton Assembly Plant in Canada last month, where it was expected to launch the Jeep Compass EV production. What’s next?

For Toyota, it looks like its $14 billion bet to build batteries in the US is already paying off. Now, we just need it to introduce more EVs.

After unveiling three new electric SUVs in Europe last week, including the updated bZ4X, Toyota hinted more is on the way for the US. Check back soon for updates.

What do you think? Do you want to see more Toyota EVs in the US, like the new C-HR+? Let us know your thoughts in the comments.

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Environment

Oil rises as Trump says Iran will be held responsible for any future Houthi attacks

Published

6 hours ago

March 17, 2025

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Oil rises as Trump says Iran will be held responsible for any future Houthi attacks

U.S. President Donald Trump looks on as military strikes are launched against Yemen’s Iran-aligned Houthis over the group’s attacks against Red Sea shipping, at an unspecified location in this handout image released March 15, 2025.

White House | Via Reuters

Oil prices rose on Monday after President Donald Trump said the U.S. would hold Iran responsible for any future attack by the Houthis, a militant group in Yemen that has launched missile strikes on commercial shipping in the Red Sea and on Israel.

U.S. crude oil futures rose 40 cents, or 0.6%, to $67.58 per barrel. Global benchmark Brent traded higher by 44 cents, or 0.62%, at $71.02 per barrel.

“Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of IRAN,” Trump said in a post on social media platform Truth Social. “IRAN will be held responsible, and suffer the consequences, and those consequences will be dire!”

Trump’s threat comes after the U.S. launched a new wave of airstrikes against the Houthis over the weekend. Defense Secretary Pete Hegseth said Sunday the U.S. campaign will continue until the militant group halts its attacks.

“This campaign is about freedom of navigation and restoring deterrence,” Hegseth told Fox News’ “Sunday Morning Futures.” “The minute the Houthis say we’ll stop shooting at your ships, we’ll stop shooting at your drones, this campaign will end. But until then, it will be unrelenting.”

The Houthis began targeting commercial shipping traversing the Red Sea in late 2023 in support of Hamas, after the Palestinian militant group launched a surprise attack on southern Israel and Israel responded with a ground and air campaign in Gaza. The Houthis and Hamas are both allied with Iran.

The Houthi missile strikes have forced international shipping companies to reroute container ships that would normally pass through the Red Sea and the Suez Canal.

Trump has reimposed a “maximum pressure” campaign against Iran with the goal of driving down the Islamic Republic’s oil exports. Treasury Secretary Scott Bessent recently said the Trump administration’s goal is to collapse Iran’s economy.

The White House believes Iran is pursuing a nuclear weapon, an allegation the Islamic Republic denies. Trump’s national security advisor, Mike Waltz, said Sunday that “all options are on the table” to ensure Iran does not acquire a nuclear bomb.

“We cannot have a situation that would result in an arms race across the Middle East in terms of nuclear proliferation,” Waltz said on ABC’s “This Week.”

Trump has said he wants to negotiate a nuclear deal with Iran. In 2018, the president withdrew the U.S. from the nuclear deal negotiated by President Barack Obama, an agreement called the Joint Comprehensive Plan of Action.