Iberdrola sets out spending plans

Spanish energy giant Iberdrola plans to spend nearly one-fifth of its capital expenditure budget in the UK between 2018 and 2022.

The utility, which owns Scottish Power, has earmarked €32 billion (£28bn) of investment for the energy sector across all markets, with €15.5bn for grids, €11.5bn for renewables and €2.8bn for generation and retail.

Its renewables capacity will expand by 24% to 36.2GW.

> Read Iberdrola's announcement


AD expert Tamar in acquisition deal

Biogen, the renewables arm of infrastructure investment manager Ancala Partners, has bought Tamar Energy, one of the largest anaerobic digestion (AD) owners and operators in the UK, for an undisclosed sum.

Biogen said the deal would expand its food waste recycling network.

The combined group will operate 13 AD plants and six composting sites located across England, Scotland and Wales.=

> View Biogen's announcement


Subsea 7 in Xodus deal

Underwater engineering firm Subsea 7 has bought a 60% stake in energy consultancy Xodus Group from Japanese parent Chiyoda for an undisclosed sum.

Subsea 7, which is listed on the Norwegian stock market but which has a major presence in Aberdeen, said Chiyoda will retain the remaining shares.

Jean Cahuzac, Chief Executive at Subsea 7, said: “This joint venture further enhances our early engineering engagement in both oil and gas and offshore renewables.

> See Subsea 7's statement


Centrica to cut 4,000 jobs

British Gas-owner Centrica has stepped up its cost-cutting programme, with plans to axe 4,000 jobs.

The utility aims to save £1.25 billion a year between 2018 and 2020.

British Gas lost 750,000 domestic customers during 2017, while the company also reported a “weak” year for its North American operations.

> See Centrica's statement


Oil & gas majors back carbon utilisation firm

Econic Technologies, which is developing catalysts that will turn carbon dioxide into a raw material for the chemicals industry, has secured £7 million of funding.

The cash has been provided by existing shareholders IP Group and Woodford Investment Management, along with OGCI Climate Investments, a fund backed by ten major oil and gas companies.

Rowena Sellens, Chief Executive of Econic Technologies, said: “As the catalysts move from our labs to our customer’s factory floor, the funding will be vital to ensure that manufacturers around the world are able to benefit from our pioneering technologies.”

> View Econic's announcement