A record number of oil and gas companies became insolvent in the United Kingdom 2016, according to a new study highlighting the need for the nation to move to a low-carbon economy. The study by accounting firm Moore Stephens documented 16 oil and gas companies that went banktrupt, compared to none at all in 2012, as oil prices fell from about $120 a barrel to under $50 for most of 2016. The market conditions have led other energy industry leaders, such as Engie, the world’s largest private power production company, to increasingly invest in renewables and sell off coal-fired power stations and fossil fuel exploration rights.

– via The Independent / Ian Johnston

 

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