Damian's energy dispatch

A summary of today's news...

Coming up today:

- More details on the British Geological Survey (BGS) figures for shale
- Strike prices for renewable technologies announced - and an update on nuclear
- A package of shale measures including tax breaks and community benefits 
- Government measures to 'keep the lights on'

ENEGYDESK

The figures are out, there is 1300 trn cubic feet of shale trapped in the rocks beneath Blackpool - though oddly we've only heard that from the Treasury, DECC dont' speak til 11.30 We've been taking a long (cough overnight) look at today's shale gas figures and have smorgasbord of intelligent analysis and information for you:

1. Jamie Speirs, an academic at Imperial who studies shale gas estimates writes for us on what today's figures do and don't mean (the EIA said about 4% of the resource can be extracted and that is if it is economic to do so).

2. Hype check: Six reasons to go easy on the fracking kool-aid. Taking into account Nick Butler's warning that shale gas naysayers may find themselves on the wrong side of history - I've put together a six point list to make sure you don't get too sucked in to the hype. For every US boom, there is a Polish bust.

And that's not all. We've got a (quick) infographic on what a boom might look like, a list of all the Lancashire MP's who might be affected and a map of all the liscenses for drilling issued - searchable by postcode.

UK

Shale figures incentives and tax breaks to be unveiled
Chancellor George Osborne announced the £83 million cut to the department's resource budget, which comes into force for 2015/16. He told a packed House of Commons: "We will provide the energy of the future at a price we can afford."

Govt. to announce renewable subsidies in infrastructure push
The price for renewable power from 2017 will be set today as part of the governments £50bn push to stimulate the economy through infrastructure spending

Wave power to need very high price
Wave power will need an initial payment of £300 per Mwh of energy produced, six times the wholesale cost of power - according to an analysis by a government advisor. 

WORLD
 
Renewables to overtake gas by 2016
A report by the International Energy Agency (IEA) says the world will get more power from renewables than gas by 2016, with the rise in installations led by developing economies such as China. It will make renewable energy the second largest power source in the world - after coal.

Tougher EU penalties for oil and gas rigging
Britain and other member states have agreed with the European commission on new regulations that would see lifetime bans for traders and fines of up to 15% of their annual turnover for companies if they are caught rigging markets.

US coal to fight Obama plan
The US coal industry is to launch a lobbying effort designed to show that Obama's measures to limit coal burning will push up bills and hurt the economy - reports the Wall Street Journal.