Latest news with #PhilipHunt
E&E News
4 days ago
- Business
- E&E News
Britain prepares to go all-in on nuclear power — after years of dither
LONDON — Philip Hunt, the unassuming Labour peer put in charge of rejuvenating U.K. nuclear energy, has a favorite joke about how slowly the industry moves. Hunt — who was first an energy minister from 2008-2010 and retired from his second stint in government just last month — liked to roll out the gag at Westminster receptions, according to one industry figure who saw him in action. 'I came back after 14 years,' the minister would say, 'and everything was exactly as I left it.' Advertisement It was a way to bash the Conservatives' decade-and-a-half in power, but also an admission of the glacial pace of the nuclear world.
Yahoo
21-03-2025
- Business
- Yahoo
UK Carbon Futures Jump on Talk About Link With EU Market
(Bloomberg) -- UK carbon jumped to the highest level since June after a minister said that the UK is discussing linking its carbon market to the larger trading system in the European Union. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Amtrak CEO Departs Amid Threats of a Transit Funding Pullback NYC Plans for Flood Protection Without Federal Funds The comments are the latest by the government to suggest a potential linkup, while giving little detail about the likelihood or timeframe. Yet the possibility has spurred a recent rally in UK carbon permits, which trade at a discount to the EU equivalent. 'Ahead of the UK-EU summit on May 19, the UK government is actively considering the case for linking,' Philip Hunt, minister for energy security and net zero, said in a written response to a question in the House of Lords published late Thursday. 'This does not prejudge the outcome of any potential discussions with the EU' on the matter. UK carbon futures rose as much as 5.3% in early Friday trading to £49 per metric ton, the highest level since June 20. Spencer Livermore, financial secretary to the Treasury, said last week that the government was exploring all options to improve trade with the EU, including potentially linking up emissions systems. Earlier this week, a body that includes members of the UK and European parliaments renewed a call to consider connecting the markets. UK carbon futures for December have gained more than 20% since Livermore's comments last week, narrowing the spread with EU permits to near the lowest level since last October. Those statements mostly echoed the language of the post-Brexit trading agreement between Britain and the EU, which called for 'serious consideration' of a link. While Hunt's comments Thursday also referenced that agreement, they appeared to go further, highlighting that those discussions are active ahead of the May summit. Britain launched its own carbon market after the UK exited the European Union. A link between the systems would make a permit issued in either market redeemable in the other. A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
