Dong to sell oil and gas business

Denmark’s Dong Energy has put its oil and gas business up for sale.

Chief Executive Henrik Poulsen said: “This should be seen in the context of Dong’s strategic transformation towards becoming a global leader in renewables and a wish to ensure the best possible long-term development opportunities for our oil and gas business.

“There can be no assurance as to the outcome or the timing of the completion of the process.”

> Read Dong's announcement

First power from MeyGen tidal project

First power has been produced from the MeyGen tidal energy project site in the Pentland Firth, Scotland.

The turbine, supplied by Andritz Hydro Hammerfest, was successfully installed last week and plugged into the pre-laid cable which connects back to the onshore control centre and grid export point, which has already been commissioned and energised.

The turbine installation followed a successful offshore campaign in October during which GeoSea NV installed all four foundation structures using its jack-up vessel, the Neptune.

Power produced by the project is being purchased by SmartestEnergy.

> Read more here

SSE’s profits dip

Pre-tax profits at energy giant SSE fell by 13.3% year-on-year during the six months to 30 September to £475.8 million.

The Perth-based company blamed the fall on lower profits in its wholesale and retail businesses due to “weather, lower customer numbers in very competitive markets and essential energy infrastructure upgrades such as smart meter roll-out costs”.

Electricity output from renewable sources fell by 20.5%.

> See the results in full here

£9m available for energy innovation

The UK Government’s Energy Entrepreneurs’ Fund is making £9 million available in its fifth phase.

The cash is up for grabs to “support the development and demonstration of state of the art technologies, products and processes in the areas of energy efficiency, power generation, and heat and electricity storage”.

Bids will be accepted from the public and private sectors, with incubator cash available for start-ups.

> Find out more

National Grid profits hold steady

Operating profits at National Grid nudged 1% higher year-on-year to £1.9 billion during the six months to 30 September.

The company hailed a “solid operational performance in the UK, generating savings for customers”.

It said that it was on course to sell its UK gas distribution business during the first half of 2017.

> See National Grid's statement