The 10 big events in 2016 that impacted the energy markets
2016 has been a year of many surprises and a year of change. The world has fundamentally changed over the last 12 months and nobody saw it coming. It has been a year of the underdog and a year that has reminded us not to take anything for granted.
It has been a big year for the UK energy industry too, with policy changes and geo-political events changing the landscape. Let’s step through our top ten list highlighting some of the biggest and most influential energy events over the past 12 months.
- January – Iran met nuclear-related commitments, triggering the lifting of sanctions. More oil floods into the market further exacerbating the global oil over-supply crisis.
- February – Great news for green advocates as the world’s largest offshore windfarm announced – Hornsea Project One. Expected to be fully operational by 2020.
- March – Npower announces cuts 2,500 people – a fifth of it’s workforce – due largely to the state of the oil & gas industry and resultant hit on commodity prices.
- May – Fracking get’s go ahead in the UK after a successful bid by Third Energy in Yorkshire – for the first time since 2011.
- June – Britain shocks itself by voting to leave the European Union, pushing UK energy prices up.
- July – Theresa May the new UK Prime Minister, announcement of scrapping of DECC.
- September – Hinkley Point finally gets the UK government green light after rounds of debate.
- November – Donald Trump voted US President – concerns rise on US renewable policy and a push in hydrocarbon focus from a pro-oil administration.
- November – Independent energy supplier GB Energy collapses.
- December – OPEC agrees to cut production, boosting oil prices – but for how long and to what extent?
The UK Energy Sector is changing quicker than ever. Expect 2017 to be just as eventful as we continue our move towards a new energy world.
Have a great new year and thank you to all our readers in 2016!