RIYADH: While instability and resistance in the energy sector in countries such as Germany still prevail, some micro initiatives by startups and nations like Scotland foreshadow a promising future for the industry.
Looking at the Bigger Picture:
- UK based energy businesses propose embedding the cost of the latest surges in wholesale energy prices — ones that consumers can endure — across a few years to ease current distress resulting from high living costs, the Financial Times reported. However, this mechanism is expected to face backlash from members of parliament opposed to government intervention in free markets.
- Germany declines the EU’s proposal to recognize nuclear power projects as renewable investments, Reuters reported. This comes as the country fails to disregard the low greenhouse gas emissions produced by nuclear plants.On the other hand, the Western European country accepted natural gas projects under the “green” label.
Through a Micro Lens:
- UK energy supply and tech startup Octopus’s valuation reached nearly $5 billion upon securing $900 million from Canadian pension fund CPP Investments and a sustainable investment group run by former US vice-president Al Gore, the Financial Times reported. This comes as the firm strives for expansion in spite of the global energy crisis that forced over 24 rivals to shut down.
- Scotland is to pull the plug this week on its oldest nuclear power station, Hunterston B to reduce emissions, according to The Times. Following this, the country will have to depend on imported gas from neighbouring nations and wind power for energy generation.
