Tuesday, 1 September 2026

The United Kingdom government is proceeding with its smart-contingent contracts policy package, restricting the scope initially to small and medium non-domestic sites, according to the Department for Energy Security and Net Zero (DESNZ).

Those sites are defined in the policy as "designated premises". DESNZ set out the decision in its response on the non-domestic smart meter rollout post-2025.

A universal communication requirement takes effect from 1 January 2027, DESNZ said. From that date, suppliers must start telling non-domestic consumers what the upcoming policy changes involve, why they are being made and when they apply.

The consultation behind the decision ran from 23 October 2025 to 16 January 2026 and covers England, Scotland and Wales. DESNZ received 46 responses from a wide range of stakeholders.

Small businesses and public sector sites in Great Britain that want a new fixed term energy contract will have to agree to a smart meter upgrade if they do not already have one, from 1 September 2027, according to the UK Department for Energy Security and Net Zero (DESNZ).

The requirement applies to customers entering a new fixed term deal with an energy supplier, and only where a smart meter is not already installed.

DESNZ set out the measure alongside research findings on how the rollout of these smart-contingent contracts should be communicated to non-domestic customers. The department published the findings on 1 September 2026, and they apply to England, Scotland and Wales.

The work was carried out under the Smart Metering Implementation Programme, which led the project.

The policy shifts the meter upgrade decision from a voluntary offer to a condition of contracting for the non-domestic customers covered, with roughly a year between publication of the research and the September 2027 start date.

Two oil supertankers were struck by projectiles late Monday as they attempted to exit the Strait of Hormuz, maritime security consultant Marisks said.

Brent crude traded about 1.7% higher on Tuesday, at more than USD 92 per barrel, amid concern that renewed fighting could derail the recovery in oil shipments, according to World Oil.

Both vessels had deactivated the automatic identification system (AIS) transponders that reveal their locations, Marisks said.

Oil shipments through Hormuz had recovered to roughly half of pre-war levels during the lull in hostilities, World Oil reported.

Venezuelan interim authorities have handed North American Blue Energy Partners (NABEP) 100-year concessions covering 17 oil fields, according to World Oil. The arrangement was disclosed in a White House fact sheet released Aug. 31.

NABEP plans to invest up to USD 100 billion in Venezuelan oil infrastructure to lift production from the assets, World Oil reported. The company is privately held.

The structure carries a direct government stake. NABEP granted the U.S. Department of War's Office of Strategic Capital a 35% equity stake in its corporate parent, per World Oil.

On the fiscal side, the White House said NABEP could pay an estimated USD 200 billion in royalties and taxes to Venezuela over the first 25 years as production increases. That figure is presented as an estimate tied to rising output rather than a committed payment schedule.

The concession term is the unusual feature. A 100-year grant extends far beyond the multi-decade production-sharing terms typical of upstream licensing, and it covers the full set of 17 fields named in the agreement.