EVOL: Bad news comes in threes
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EVOL: Bad news comes in threes
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This week, there has been a whole lot of doom and gloom in the UK energy market. Harbour Energy announced 250 job cuts in Aberdeen, Ørsted discontinued its Hornsea 4 offshore wind project, and Drax opted not to bid for its Cruachan II in the Cap and Floor mechanism.
Up first, news reporter Mat Perry discusses the UK's largest oil and gas operator slashing 25% of its UK onshore headcount as it downgrades spending in the country. Aberdeen Features Lead Ryan Duff gives his two cents on the state of job losses in the north-east of Scotland and the wider North Sea, brace yourself for explicit language.
Next up, Mat and renewables reporter Michael Behr discuss why Ørsted has pulled the hand brake on a major offshore wind project. Pumped storage hydro was also mentioned, as Cruachan II gives the cap and floor scheme a swerve after battery firms argued that the mechanism was biased towards such projects.
And finally, Michael chats with Guy Newey, chief executive officer at the Energy Systems Catapult about the ever-divisive zonal pricing debate and how it could help drive innovation in the energy sector.