Natural gas

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Faroe shares up 25% on hostile bid

Faroe Petroleum sign
Faroe Petroleum

Shares in Aberdeen-based oil and gas firm Faroe Petroleum have soared today on news of the takeover bid by Norwegian rival DNO.

Faroe shares are up 25% at 157.69p.

DNO, which snapped up 28.22% of the North Sea operator’s shares in April, has offered 152p a share.

Cumbrian fuel poverty above national average, and rising

Neil Smith

South Cumbria journalist, BBC Cumbria

The arrival of colder weather this week is putting greater pressure on the 28,000 Cumbrian homes deemed to be in fuel poverty.

The proportion affected is above the national average in all districts of the county. Overall rates are rising, although Barrow is the only district seeing a fall in the latest figures.

A home is in fuel poverty if its energy costs are above the national average, and paying these costs would leave the home below the official poverty line. Its caused by a number of factors, particularly income, the efficiency of heating and insulation, and the price of fuel.

hand adjusting a TRV
Science Photo Library

In Cumbria it's worst in Eden, because of the lack of cheaper gas heating in rural areas, while on Barrow Island, one in four homes is in fuel poverty because of high levels of unemployment and low incomes.

Either way, being in fuel poverty can lead to people having to choose whether to "eat or heat".

Energy price cap to come in on 1 January

Energy saving meter
Getty Images

Britain's energy price cap to protect 11 million households on poor-value default gas and electricity tariffs will come into force on 1 January, regulator Ofgem has confirmed.

The cap will save customers who use a typical amount of gas and electricity around £76 per year on average, with a typical customer on the most expensive tariffs saving £120.

In total, the price cap will save British consumers around £1bn.

The cap will be updated in April and October every year.

Nigerian firms gear up to develop its gas reserves
Nigeria is a major oil producer but also has huge gas reserves that local firms are now developing.