Almost half of the FTSE 350 businesses surveyed regard cyber attacks as the biggest threat to their business when compared with other key risks. This statistic, taken from the government’s latest FTSE 350 Cyber Governance Health Check report published this May, suggests that the message that cyber and data issues are a business, rather than technology, risk is starting to get through. However, the report – together with the latest Cyber Security Breaches Report – highlights that while some progress is being made, corporate Britain must do more. Continue reading “Cyber security: a matter for the board”

Following a sustained period of low oil prices, stakeholders in the oil and gas sector are under increasing pressure to extract value from the contracts that they are party to. This can put strain on longstanding relationships and can lead to disputes that, in a better price environment, would not necessarily have seen the light of day. Continue reading “How investment treaties can provide leverage in disputes with governments under production-sharing contracts”

Does your business produce waste? The answer is very likely to be ‘yes’. Waste can be any number of things; including any material or item which you have no further use for and want to remove. If you are discarding it, it’s still waste, even if you can repair or reuse it. It includes kitchen waste, construction waste, electrical waste, office waste, hazardous waste and production waste.

Most businesses will be considered a ‘waste producer’ by virtue of their everyday activities as categories of waste are widely defined (including household waste). As such, the waste duty of care requirements under the Environmental Protection Act 1990 (the Regulations) should be of interest to everyone that produces waste – not just the waste industry. Continue reading “Keeping your business clean and green”

Unsurprisingly, one of the hot topics of the moment is energy storage. As anyone connected with the energy industry is aware, the prospects for decarbonising our electricity system at the same time as ensuring secure and affordable energy seem to be reaching further into the future.

Addressing the so-called ‘trilemma’ of decarbonisation, security of supply and affordability has been at the heart of government policy for years. Meeting two of the objectives is easy enough but achieving all three is proving more of a challenge. Continue reading “Energy storage – the answer to the UK’s power trilemma?”

The capacity market, which was introduced as part of the government’s electricity market reform, was established to ensure security of supply in light of the increasing diversity of generation technologies in the UK market.

Previous articles from the Burges Salmon team have set out the details of the capacity market and tracked recent updates and consultations. This article provides a high-level overview of the opportunities presented by the market and looks at some of the potential issues prospective investors might encounter. Continue reading “Capacity for debt? Funding issues and the capacity market”

The CRC Energy Efficiency Scheme is to be abolished. Although that will be popular among the organisations affected (CRC organisations) there is – and how could there not be? – a sting in the tail.

On the plus side, after March 2019 CRC organisations will no longer have to forecast their energy use and buy and surrender allowances. Also on the plus side, the emissions reporting obligations they now have will be simplified. Continue reading “The end of the CRC scheme – the inevitable sting in the tail”

Low oil prices have been causing negative headlines for some time. However, they present opportunities to cash-rich investors looking to acquire assets at discounted prices. Conversely, owners looking to monetise their interests will want to ensure they have their affairs in order in this buyers’ market. Continue reading “Key considerations when acquiring or disposing of oil and gas assets”

Nestled between the economic powerhouses of India and China, with a 51 million-strong population and rich in mineral deposits, Myanmar has been heralded as the world’s best up-and-coming mining spot. But how feasible is it to get involved with mining in Myanmar? Continue reading “Mining in Myanmar: how to succeed in a frontier economy”

More than four years after its inception, the EU’s Regulation on Energy Market Integrity and Transparency No 1227/2011 (REMIT) is finally getting onto the radar of compliance departments. The first fines for non-compliance have recently been handed out by regulators, and on 7 April 2016 the second phase of REMIT’s data collection and reporting requirements came into force, extending the scope of information that needs to be reported to the regulators by those engaged in wholesale energy trading and by owners and operators of certain energy facilities. Continue reading “REMIT – tough enforcement hits energy disclosure regime”

It seems that lower oil prices are here to stay, at least in the short to medium term. While some in the sector built cash reserves during the boom years or have already renegotiated with their creditors, several are looking at some form of restructuring. This can range from opex/capex reductions to balance sheet restructurings. Here are seven questions that oil and gas sector management (particularly the general counsel and chief financial officer) should consider when considering a restructuring: Continue reading “Seven questions oil and gas management should ask when approaching restructuring”

Currently there is about 210 MW of operating onshore wind capacity that is older than 15 years, but by 2020 this figure will grow to nearly 1,000 MW. As onshore wind farms reach the end of their design life, there are a range of options which will be available to the operator. These range from seeking to extend the life of the existing turbines – ‘life extension’ – or alternatively redevelopment on the existing site, but with new generating assets usually described as ‘repowering’. The extent to which there will be opportunities within the UK for either will depend on the development of a regulatory framework which allows a route to market for onshore wind beyond the currently announced levels of support. Continue reading “Making the most of onshore wind assets”

With BHS going into administration with an estimated £571m pension deficit and various parties connected to BHS facing questions from the Work and Pensions Select Committee (the Committee) about their role in the sale of the business and the escalation of the pension deficit, the business and political spotlight is firmly on pension deficits and who should be held accountable. It has also been announced that the government is considering a radical plan for a restructuring of the British Steel pension scheme. Continue reading “Pension deficits and refinancing negotiations”