RIYADH: While rallying energy prices remain a prominent issue on a macro and micro level, the future of the energy sector seems to be promising as reflected by green initiatives such as those in the UK and surging profits like those in India.
Looking at the bigger picture:
·UK based wind farms generated a record amount of energy on Saturday to reach 14,822 megawatts, Bloomberg reported, citing statistics from the national grid.
This comes as a much needed boost to the European country as it grapples with an energy supply crisis amid spiralling costs and provides an alternative source of energy than costly fossil fuels, according to Bloomberg.
Through a micro lens:
·British multinational consumer goods firm Unilever Plc began to assess converting one of its UK based plants to use hydrogen amid the global drift away from fossil fuels, Bloomberg reported.
This comes as part of a bigger innovative low carbon and hydrogen energy project, better known as HyNet North West, which aims to provide hydrogen to households and businesses residing in Northern England as of 2026.
·Indian statutory corporation NTPC saw a 25 percent surge in profits during the fourth quarter of 2021 to reach 41.3 billion rupees ($551 million), Bloomberg reported.
The rise in profits is mainly attributed to the increase in demand for electricity in the South Asian country as plants and other commercial establishments boosted production.
·British renewable energy group, Octopus Energy Ltd cautioned that rallying energy costs will account for a 100 million pound ($134 million) hit to the bottom line of power suppliers in the country during this financial year, Bloomberg reported, citing a Financial Times report.
