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In the papers today - 19 July

Russia is wasting so much gas that its reputation as a reliable energy supplier to Europe could be wrecked, world energy watchdog the International Energy Agency has warned. Russia squanders 30bn cubic metres of gas every year, equivalent to a fifth of its annual exports, which could lead to it struggling to meet demand in the future The Telegraph
Higher energy bills is leading to a rise in inflation, putting the likelihood of an interest rate rise back on the agenda. This could put a dampener on house prices that until now have been performing well The TimesEurotunnel Chief Executive Jack Gounon has attacked creditors for refusing to agree a restructuring deal as he revealed half year results that show increased operating margins. Eurotunnel signed a binding restructuring agreement with institutions representing the majority of the £3.95bn debt from the middle of its £6.18bn debt pile in May. But the deal has been rejected by holders of the lowest ranked £1.9bn of debt The Financial TimesAn offshore windfarm project off Moray in north-east Scotland could act as a 'light house project' for Europe's renewable energy industry according to EU energy commissioner Andris Piebalgs. Two test turbines currently being installed will be the largest in the world, 85m above sea levelThe Financial TimesA retired couple who complained about their rising water bills found out they had been paying for their neighbours water for three years. Ted and Doreen Howarth regularly queried the bills with Severn Trent Water but accepted that they were simply down to rising costs. An investigation revealed they were not only paying their own bill but also that of three - and possibly five - of their neighbours. - The TelegraphHousehold energy bills have soared by almost a third in the past year, the Government said yesterday, raising the likelihood that the Bank of England may increase interest rates next month. The increase in gas and electricity bill has pushed the inflation rate to the highest level since the consumer price index was introduced in 1997. - The TelegraphChina plans to invest £95bn) in environmental protection in the next five years, state media said yesterday. The money - equivalent to about 1.5% Gross Domestic Product - is to be spent on measures including water pollution, improving air quality in cities and halting soil erosion. - The Guardian

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