Nov 10, 2017

Total acquires ENGIE’s LNG assets for $1.5bn

Sophie Chapman
2 min
Total and ENGIE enter $1.5bn LNG deal
Total, the French oil and gas company, and ENGIE, the energy group, have reached an agreement over US$1.5bn liquefied natural gas (LNG) deal...

Total, the French oil and gas company, and ENGIE, the energy group, have reached an agreement over US$1.5bn liquefied natural gas (LNG) deal.

Announced on 8 November, Total will be purchasing ENGIE’s LNG assets, including trading and liquefaction assets.

This move will make Total the second largest market share owner, following Shell, having increased its 6% to 10%.

Total may make additional payment of up to $550mn if the oil markets improve over the next few years.

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“We see this as a sensible deal for Total, enhancing its overall LNG portfolio and, importantly, rebalancing its geographical positioning towards the US, where gas supply likely remains cheap over the next few years,” reported Biraj Borkhataria, analyst with RBC Capital Markets, according to the Financial Times.

“The key attraction of the deal [is] exposure to Cameron LNG, a project in construction and due to start up soon.”

“This deal makes sense for everybody… Total saw this as an opportunity to grow in the LNG market, to become a more integrated player and in one go they could make a major move,” said a Senior Banker in Paris.

The deal is expected to close by mid-2018.

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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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