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Energy Blast – Aug 5, 2011

Villagers in Peno, in the Russian region of Tver, have been waiting for gas to run through their local pipeline for over four years.  What effect will extensive privatization plans have on the Russian oil industry?  Petroneft Resources has announced a significant’ new oil discovery in Siberia, boosting its share price by 20%.  Environmental groups including Greenpeace are calling on Gazprom to delay production on its Prirazlomnoye oil field due to concerns over particularly low insurance coverage against environmental damage.  Texas has declared its fifth ‘energy emergency’ this year as wholesale prices reach their legal cap. U.S. private equity group Blackstone have announced their largest-ever deal in renewable energy, with a combined €2.5 billion investment into wind farms in offshore Germany. E.On is the latest energy giant to raise its prices.