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

Published

4 years ago

September 20, 2021

admin

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

This $15,000 Toyota EV is selling faster than expected

Published

3 hours ago

July 8, 2025

admin

This ,000 Toyota EV is selling faster than expected

Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.

The $15,000 Toyota bZ3X is the top-selling foreign EV

After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.

In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.

According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”

Advertisement – scroll for more content

GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.

The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.

The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.

Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.

Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.

The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).

Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.

Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.

It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.

Electrek’s Take

Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.

Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.

During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.

Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.

Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.

Source: Sohu, GAC-Toyota

FTC: We use income earning auto affiliate links. More.

Environment

BLUETTI’s Prime Day deals are up to 65% off with the launch of the Elite 100 V2

Published

4 hours ago

July 8, 2025

admin

BLUETTI's Prime Day deals are up to 65% off with the launch of the Elite 100 V2

If you’re planning a summer camping trip or backyard cookout, or just want to be prepared for future blackouts, BLUETTI has you covered this Prime Day with up to 65% off portable power stations. And two standout models are turning heads: the all-new Elite 100 V2 and the powerhouse Elite 200 V2.

Electrek readers get an exclusive extra 5% off sitewide with the promo code ELECTREK5OFF, but act fast! These fantastic Prime Day deals only run until July 11.

Compact powerhouse: Elite 100 V2 (now in pre-order!)

Meet the newly launched Elite 100 V2 – BLUETTI’s latest iteration of the AC180 portable power station that packs serious performance in a smaller frame. It’s about 30% smaller than the AC180 yet still delivers a mighty 1,800W output and 3,600W surge capacity. That’s more than enough to handle your coffee maker, induction cooktop, and even a portable AC unit.

With 11 versatile outlets and 1,000W solar input, this little powerhouse is perfect for camping trips, picnics, tailgates, or short-term home backup. It recharges in as little as 70 minutes, making it ideal for quick outdoor stops or unexpected power cuts.

Advertisement – scroll for more content

The Elite 100 V2 is available now for pre-order at the early-bird price of $399 plus an extra 5% off on Amazon and at Bluetti’s official store.

The backyard hero: Elite 200 V2 for just $699 (52% off!)

This one’s a total game-changer. With a massive 2,048Wh capacity and 2,400W output (3,900W surge), the BLUETTI Elite 200 V2 powers everything from electric grills and coffee makers to portable fridges and full camping kitchens. It’s great for family cookouts, rooftop movie nights, or camping with serious gear.

The best part? It runs at just 16dB, which is whisper quiet. And inside is a true EV-grade battery with a whopping 17-year lifespan. That’s power you can count on for the long haul.

The Elite 200 V2 is down to just $699 for Prime Day – that’s 59% off and the lowest price ever(!) on Amazon and at BLUETTI’s official store.

More Prime Day BLUETTI power deals until July 11

BLUETTI is going big this year with deep discounts across the board. Here are some more hot picks:

AC70: Ultra-portable 768Wh station ideal for weekend outings, charging phones, laptops, and drones. $299 (50% off) on Amazon and on BLUETTI’s official store
AC2A: Lightweight 204.8Wh unit under 8 lbs, perfect for on-the-go charging essentials. $139 (37% off) on Amazon and on BLUETTI’s official store
AC200L: 2,048Wh unit built for rooftop movie nights or long backyard parties, expandable to 7.6kWh. $899 (44% off) on Amazon and on BLUETTI’s official store
AC300 + B300K: Modular home battery backup with 3,000W output and expandable capacity up to 22kWh $1,299 (48% off) on Amazon and on BLUETTI’s official store
AC500 + B300K: High-capacity 5,000W home backup system designed for larger families and serious outage prep. $1,699 (43% off) on Amazon and on BLUETTI’s official store

Whether you need portable power for camping (Elite 100 V2) or a versatile 2kWh powerhouse for multiple uses (Elite 200 V2), or serious home battery backup (AC300 or AC500), there’s a perfect BLUETTI deal for you.

Price protection and bonus savings

Worried about buying early? Don’t be. BLUETTI is offering price protection through Prime Day. If prices drop further, they’ll refund the difference. And don’t forget to use promo code ELECTREK5OFF for an extra 5% off sitewide.

Summer adventures, blackouts, or weekend tailgates – whatever power solution you need, BLUETTI has a product to match. But act fast: these Prime Day deals end July 11.

About BLUETTI

BLUETTI is a committed advocate for sustainability, embedding ESG principles into product design and corporate initiatives. Through programs like LAAF (Light An African Family), it delivers affordable, sustainable energy to African communities. Partnering with Leave No Trace and the Footprint Project (a 501(c)(3) nonprofit), BLUETTI supports responsible outdoor recreation and disaster relief with clean energy solutions that minimize environmental impact. This blend of quality, reliability, and practical focus has earned trust in over 110 countries and regions.

Follow BLUETTI on Twitter/X here and on Facebook here.

FTC: We use income earning auto affiliate links. More.

Environment

Elon Musk tells Tesla’s biggest cheerleader on Wall Street to ‘shut up’ , here’s why

Published

4 hours ago

July 8, 2025

admin

Elon Musk tells Tesla's biggest cheerleader on Wall Street to 'shut up' , here's why

Elon Musk told Tesla’s biggest cheerleader on Wall Street, Wedbush analyst Dan Ives, to ‘shut up’ and the reason why is absolutely ridiculous.

Dan Ives is one of the biggest pushers of Tesla’s stock on Wall Street. The Wedbush analyst can often bee seen on CNBC praising Tesla and its CEO, Elon Musk.

He has one of the highest price targets on Tesla on Wall Street with $500 price per share.

After Tesla’s deliveries came way under his expectations and down 13% year-over-year in the first quarter, he reiterated his price target, which would value Tesla at over $1.5 trillion.

Advertisement – scroll for more content

That’s even though Tesla’s net earnings have steadily declined over the last 2 years, and it is on track to start losing money within the next year.

Ives’ faith in Tesla stock is solely based on Musk and his promises of self-driving vehicles and robots. Just last month, he said that “Musk is the best asset of Tesla. We see him as CEO until 2030.”

You would think that Musk would like this guy, but no.

Ives took to X today to suggest that Tesla’s board should give Musk a new pay package giving him 25% control over the company.

If that were to be given through more stock options, it would virtually double his stake in Tesla and represent a $200 billion payday for Musk. In exchange, Ives is only suggesting that Musk, who runs several other companies and projects, should commit to spending a certain amount of time at Tesla and that the board has oversight on his involvement in politics.

In response to the analyst, who is one of Musk’s biggest fans and is suggesting Tesla gives him $200 billion, Musk told him to “shut up”:

Musk is seen as having complete control over Tesla’s board, which led to the rescinding of his 2018 CEO compensation package. One of the points that the judge brought up was that Tesla never even negotiated with Musk about committing his time at Tesla as part of the compensation package despite knowing the CEO already had roles at several other companies.

Now, Musk is also launching his own political party, in addition to his roles at SpaceX, X, xAI, The Boring Company, and Neuralink.

Electrek’s Take

Even Dan, who is a complete Musk sycophant, is not a big enough sycophant for Musk.

How do you tell a guy suggesting Tesla give you $200 billion to “shut up” just because he added some very mild conditions? What’s his thinking here? How dare he ask the board to do its job and supervise me? Doesn’t he know that I own the board?

The remarkable thing is that you know Musk could easily circumvent any conditions imposed by the board, and the mere fact that those conditions would have been in the contract could have helped it avoid being rescinded in the first place.

Musk’s behavior makes no sense. Honestly, he appears to be increasingly disconnected from reality.

FTC: We use income earning auto affiliate links. More.