Two of the U.K.’s biggest energy companies are axing some 12,500 jobs as low oil prices continue to wreak havoc across the industry. Some 6,500 of those will be worldwide staff and contractor positions at Shell, the other 6,000 in Centrica’s U.K. operations. As other European majors made clear in the second quarter results released this week, oil prices of around $50-60 per barrel (roughly half of what they were last year) are taking their toll, and they’re not expected to bounce back in the near-term.
Meanwhile
Plaid Cymru leader Leanne Wood has reaffirmed her party's commitment to establish an arms-length, publicly-owned, energy company as news emerged of British Gas doubling its profits and announcing 6,000 job losses. Wales continues to have the highest domestic energy prices of any UK nation or region.
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