The EU has triggered dispute procedures under World Trade Association (WTO) rules with the UK, saying that the ‘supply chain plans’ required by the UK from companies who bid for Contracts for Difference (CfDs) breach WTO rules. The EU has…
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Ørsted sells £3B stake in Hornsea 2
by New Power •
Ørsted is to sell 50% of the 1.3GW Hornsea 2 offshore wind farm to Crédit Agricole Assurances and clients of AXA IM Alts. The transaction, which is expected to close subject to regulatory approvals in the second half of 2022,…
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National Grid sells majority stake in gas transmission and metering business, with option to sell remainder
by New Power •
National Grid has agreed to sell a 60% equity interest in its UK gas transmission and metering business to a consortium of Macquarie Asset Management and British Columbia Investment Management Corporation. The plan to divest was first announced in March…
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Bulb Energy bailout will cost £2.2B over two years, says OBR
by New Power •
The government’s bailout of Bulb Energy is set to cost £2.2 billion, this year and next and the risk is ‘potentially unlimited’, according to the Office for Budget Responsibility (OBR). In its Economic and Fiscal Outlook, published this week, the…
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Spring statement: responses
by New Power •
Jess Ralston, analyst, Energy and Climate Intelligence Unit (ECIU): “Removing VAT on energy efficiency products such as insulation is an immediate boost for families facing soaring gas bills. But there are lots more tools within the Chancellor’s grasp for getting…
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Scottish Power to exit industrial and commercial market
by New Power •
Scottish Power plans to exit the business supply market, Bloomberg reports. It said the exit would be gradual, but uncertainty in the industry was growing with the potential failure of a large Russia-backed supplier. Other reports say the future Gazprom…
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Greenlink interconnector set to link GB and Irish grids in 2024
by New Power •
A new interconnector will link the Irish and GB markets at the end of 2024, after Greenlink Interconnector Limited (GIL) announced financial close on the €500 million project. Partners Group, which owns Greenlink on behalf of its clients, said it…
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Energy efficiency tops NIC’s list of ‘Urgent action needed’
by New Power •
“Gaps are opening up between aspiration and execution” of the UK’s National Infrastructure Strategy, the National Infrastructure Commission (NIC) has warned in its annual report on progress. It says, “Urgent action is needed” because “another year of slow progress would…
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Select Committee presses for action to address fuel crisis
by New Power •
MPs on the Select Committee on Business, Energy and Industrial Strategy have written to BEIS Secretary of State Kwasi Kwarteng with concerns over whether the upcoming Spring Statement will address the energy crisis and give some relief to business and…