Following worries over the European debt crisis, shares of oil fell strikingly low to 1.7%. As the world economy is already crying over financial crisis, many countries have reduced their consumption of oil with the hope of reducing the expenditure.

Babcock & Wilcox (B&W) Company has won the bid for the construction and maintenance of biomass power plant in Berlin, New Hampshire. On Tuesday, the shares of the B&W mounted by 3.6% to $19.98 a share after the announcement of the news.

Fukushima disaster majorly hit Japan following which members of the International Atomic Energy Agency in efforts to boost international nuclear safety standards passed a watered-down plan but Germany didn't find the plan effective and expressed disappointment over same.

There is a bad news for companies enjoying solar incentives, as it has been confirmed by the German Government that a 15% cut in incentives has been decided upon in January and that could reach to as much as 24% if condition persists.

Europe's power giant, Eon was saved from the German government's nuclear power egress plans. However, it has been planning to reduce its jobs which will ensure the peril that the energy sector has been going through.

All the power giants like Eon, RWE, EnBW, and a few more have been endangered by the present scenario.

On Friday, the European energy companies, E. ON, RWE and WindMW, made a revelation of constructing three wind farms in the German North and Baltic seas. It has been reported that the Heligoland will be the first Island in Germany to be benefited with large-scale development of offshore wind power.

The US private equity group, Blackstone would invest its EUR 2.5bn (US$3.5bn) into the construction of Germany’s biggest ever offshore wind farms.

It was revealed by the new CEO of Cameco, Mr. Tim Gitzel that a lot about the future is going to depend upon today’s decision of Germany about the nuclear power in Japan. He also said that the uncertainty in the matter has led to a negative impact on the nuclear fuel.