May 17, 2020

Oil & Gas Global Security Market on Rise

Admin
2 min
Oil fields
The globaloil and gas security marketis estimated to be$23.23 billionin 2013 and is expected to grow to$29.98 billionin 2018, according to a recent rep...

The global oil and gas security market is estimated to be $23.23 billion in 2013 and is expected to grow to $29.98 billion in 2018, according to a recent report. This represents an estimated Compound Annual Growth Rate of 5.2 percent from 2013 to 2018.

In the current scenario, the exploration and drilling application security continues to be the largest segment, in terms of spending and adoption, for oil and gas security solutions. This is followed by refineries and storage security.

In terms of regions, North America is expected to be the biggest market on the basis spending and adoption for oil and gas security solutions. Global market research and consulting company MarketsandMarkets further expects that the increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.

The report titled “Oil and Gas Security Market [by Applications (Exploration and Drilling, Refining and Storage, Pipeline, Transportation and Distribution), by Technologies (Physical Security, Network Security)] - Global Advancements, Forecasts & Analysis (2013 - 2018)” segments the global oil and gas security market into various sub-segments with in-depth analysis and forecasting of revenues.

It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges. MarketsandMarkets has segmented the global oil and gas security market by type of applications: exploration and drilling, refining and storage and transportation, pipeline and distribution networks; by type of solutions: physical security solutions, network security solutions; by regions: North America, Asia Pacific, Europe, Middle East and Africa and Latin America.

Increasing terrorist attacks, rise in the sophisticated cyber and network security threats and increasing government pressure for regulatory policies and security compliances are playing a major role in shaping the future of the oil and gas security market.

Even though there are security measures being implemented to protect the rig platforms and pipelines, but there is no single integrated solution for providing physical as well as network security solutions. The solutions which are currently implemented are in silos. Major Tier 1 companies are now providing integrated security solutions and are getting into this escalating market for oil and gas security.

The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber attacks, lack in comprehensive solution for oil and gas security and physical attacks and insider threats.

Companies providing physical security solution and cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the rig platforms and refineries.

Source: www.marketsandmarkets.com

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Jul 26, 2021

Ofwat allows retailers to raise prices from April

Ofwat
Utilities
water
prices
Dominic Ellis
3 min
Ofwat confirms levels of bad debt costs across the business retail market are exceeding 2% of non-household revenue

Retailers can recover a portion of excess bad debt by temporarily increasing prices from April 2022, according to an Ofwat statement.

The regulator confirmed its view that levels of bad debt costs across the business retail market are exceeding 2% of non-household revenue, thereby allowing "a temporary increase" in the maximum prices. Adjustments to price caps will apply for a minimum of two years to reduce the step changes in price that customers might experience.

Measures introduced since March 2020 to contain the spread of Covid-19 could lead to retailers facing higher levels of customer bad debt. Retailers’ abilities to respond to this are expected to be constrained by Ofwat strengthening protections for non-household customers during Covid-19 and the presence of price caps.  

In April last year, Ofwat committed to provide additional regulatory protection if bad debt costs across the market exceeded 2% of non-household revenue. 

Georgina Mills, Business Retail Market Director at Ofwat said: “These decisions aim to protect the interests of non-household customers in the short and longer term, including from the risk of systemic Retailer failure as the business retail market continues to feel the impacts of COVID-19. By implementing market-wide adjustments to price caps, we aim to minimise any additional costs for customers in the shorter term by promoting efficiency and supporting competition.”  

There are also three areas where Ofwat has not reached definitive conclusions and is seeking further evidence and views from stakeholders:   

  1. Pooling excess bad debt costs – Ofwat proposes that the recovery of excess bad debt costs is pooled across all non-household customers, via a uniform uplift to price caps. 
  2. Keeping open the option of not pursuing a true up – For example if outturn bad debt costs are not materially higher than the 2% threshold. 
  3. Undertaking the true up – If a 'true up' is required, Ofwat has set out how it expects this to work in practice. 

Further consultation on the proposed adjustments to REC price caps can be expected by December.

Anita Dougall, CEO and Founding Partner at Sagacity, said Ofwat’s decision comes hot on the heels of Ofgem’s price cap rise in April.

"While it’s great that regulators are helping the industry deal with bad debt in the wake of the pandemic, raising prices only treats the symptoms. Instead, water companies should head upstream, using customer data to identify and rectify the causes of bad debt, stop it at source and help prevent it from occurring in the first place," she said.

"While recouping costs is a must, water companies shouldn’t just rely on the regulator. Data can help companies segment customers, identify and assist customers that are struggling financially, avoiding penalising the entire customer in tackling the cause of the issue."

United Utilities picks up pipeline award

A race-against-time plumbing job to connect four huge water pipes into the large Haweswater Aqueduct in Cumbria saw United Utilities awarded Utility Project of the Year by Pipeline Industries Guild.

The Hallbank project, near Kendal, was completed within a tight eight-day deadline, in a storm and during the second COVID lockdown last November – and with three hours to spare. Principal construction manager John Dawson said the project helped boost the resilience of water supplies across the North West.

“I think what made us stand out was the scale, the use of future technology and the fact that we were really just one team, working collaboratively for a common goal," he said.

Camus Energy secures $16m funding

Camus Energy, which provides advanced grid management technology, has secured $16 million in a Series A round, led by Park West Asset Management and joined by Congruent VenturesWave Capital and other investors, including an investor-owned utility. Camus will leverage the operating capital to expand its grid management software platform to meet growing demand from utilities across North America.

As local utilities look to save money and increase their use of clean energy by tapping into low-cost and low-carbon local resources, Camus' grid management platform provides connectivity between the utility's operations team, its grid-connected equipment and customer devices.

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