Energy Policy

Albert Manifold's eight-month tenure as BP chair ended after clashing with company secretary Ben Mathews over private jets, limousines and board travel costs. The former CRH CEO pushed for tighter expense controls while facing board concerns about aggressive behaviour toward staff, which he denies. Reports suggest Mathews has taken time off following the upheaval as BP grapples with what media describe as a 'culture of excess'. Manifold frames his removal as resistance to cost-cutting reforms, while the board cited serious governance concerns beyond policy disagreements.

British households face their biggest quarterly bill increase since winter 2022, with the energy price cap forecast to rise from £1,641 to around £1,850 for typical users from July. The 13% jump reverses April's £117 reduction and removes temporary government support worth about £150, as End Fuel Poverty Coalition analysis shows. Rising wholesale prices driven by geopolitical tensions are colliding with the unwinding of bill support just as summer arrives. The cost-of-living crisis isn't over, it just went seasonal.

Chinese companies proposed a record 161 GW of new coal power in 2025, even as Beijing committed to peak emissions before 2030 and phase down coal after 2025. Global Energy Monitor data shows 291 GW still in the pipeline despite clean energy meeting all net power demand growth as coal generation actually fell. The disconnect reflects local economic stimulus priorities, with coal mining companies moving downstream into power generation to lock in demand before potential restrictions. China accounted for 93% of global coal construction starts in 2024, adding 78 GW in 2025 alone while the rest of the world added just 19 GW.

Beach Energy CEO Brett Woods is positioning the company as both buyer and takeover target after Australia's domestic gas reservation push increased strategic value for gas-focused producers. Woods cut 30% of headcount in March and plans to slash production guidance by about 20% at a June 18 strategy day, resetting expectations before pursuing growth through M&A. Beach's gas-weighted portfolio across Cooper, Perth, and Otway basins aligns with policy preferences for reliable domestic supply over LNG exports. Seven Group Holdings' 30%+ stake and activist reputation makes Beach a logical consolidation platform for Australian gas assets.

The largest energy IPO ever just validated geothermal as AI infrastructure. Fervo priced at $27 per share, raising $1.89 billion in an oversubscribed offering that values the company at $7.7 billion. The Houston startup applies fracking techniques to hot rock formations, creating enhanced geothermal systems that generate 24/7 clean power exactly when AI data centers need it most. Hyperscalers like Google and Microsoft are desperate for baseload renewables as AI workloads surge, making Fervo's 3GW pipeline suddenly precious. The company's Cape Station project targets $70 per kilowatt initially, dropping to under $30/kW as production scales. With 42GW of additional potential capacity, Fervo is betting AI's insatiable appetite for always-on clean energy justifies premium valuations in a sector notorious for broken promises.

Beijing's financial regulator quietly ordered state banks to halt new loans to five refineries blacklisted by Washington for Iranian oil ties, including Hengli Petrochemical, one of China's largest private refiners. The same week, China's commerce ministry invoked blocking statutes instructing firms to ignore US sanctions. This dual approach protects systemically important banks from secondary sanctions while publicly defying Washington, classic Beijing hedging ahead of the Trump-Xi summit.

Toyota plans 15 new battery-electric models by 2027, targeting one million EV units annually as BYD and Tesla each sold 1.76 million last year while Toyota managed under 100,000. The shift abandons the automaker's cautious hybrid-first strategy as European regulations demand 100% CO2 reduction by 2035 and Chinese competitors dominate global EV sales. Production expands to US plants in Kentucky and Indiana from 2026, with solid-state batteries targeting 50% cost reduction per vehicle by the late 2020s. Toyota's multi-pathway hedge is crumbling under regulatory pressure and market reality.

Amsterdam becomes the first world capital to ban both meat and fossil fuel advertising in public spaces starting May 1, following a 27-18 council vote. The prohibition covers billboards and bus stops but exempts private premises and general brand promotions. GroenLinks and the Party for the Animals drove the measure targeting large corporations that drive climate crisis. The ban aligns with Amsterdam's goal of increasing plant-based protein consumption from 40% to 60% by 2030. Legal challenges from advertisers over existing contracts remain possible, while other Dutch cities watch for replication potential.

The UAE just shattered OPEC's coordination model with 48 hours' notice. After nearly six decades of membership, the Emirates announced its exit effective May 1, citing production flexibility and national interests as Brent trades at $111 per barrel. The timing exposes the cartel's weakness: with Iran war disruptions closing Hormuz and straining UAE-Saudi relations, Abu Dhabi chose revenue maximization over quota discipline. OPEC's spare capacity now concentrates in fewer hands, while the UAE gains freedom to flood markets or court strategic buyers.

Australia is finally admitting its gas export boom was a domestic disaster. From 2027, east coast LNG producers must reserve 15 to 25 percent of output for local use, covering three Queensland plants that serve 27 million people. The policy responds to domestic prices tripling since exports began in 2015, while unlimited overseas sales gifted $149 billion in LNG value over four years. Prime Minister Albanese promises existing contracts stay untouched, but the precedent signals resource nationalism is back as energy security trumps export revenues.

Ed Miliband controls the biggest spending department, the most politically sensitive policies, and increasingly the government's entire economic strategy. His energy and climate brief now touches everything from industrial policy to housing costs, making him more influential than most chancellors. The question hanging over Starmer's cabinet is whether Miliband's technocratic approach can survive contact with voter bills. His carbon pricing plans will determine whether Labour's green transition becomes an economic asset or electoral liability.