All posts tagged: 10bn

UK’s green power industry receives surprise £10bn pledge | Energy industry

UK’s green power industry receives surprise £10bn pledge | Energy industry

Britain’s under-pressure green power industry has received a surprise fillip after a renewables developer pledged to plough £10bn into what would become the largest portfolio of battery storage projects in the country. NatPower, a UK startup that is part of a larger European energy group, is poised to submit planning applications for three “gigaparks”, with a further 10 to follow next year. Battery storage projects are seen as a key part of the jigsaw to decarbonise Britain’s power grid, allowing electricity generated by wind turbines and solar panels to be stored for use when weather conditions are still or not sunny. The NatPower investment would lead to the construction of 60 gigawatt hours of battery storage, with solar and wind projects also in the pipeline. The two gigaparks would be located in the north of England, with a further site in the west of the country planned later this year. The projects would be built on industrial land, and also through leasing deals with farmers. The potential investment would mark a bright spot in a …

Jeremy Hunt, instead of blowing £10bn on tax cuts, why not spend it on boosting growth? | Will Hutton

Jeremy Hunt, instead of blowing £10bn on tax cuts, why not spend it on boosting growth? | Will Hutton

Britain is unravelling in front of our eyes. No week passes without another dial on the economic, social and security dashboard flashing either amber or red. Thus last Friday we learned that after the closure of our last remaining steel blast furnaces in Port Talbot, Britain will become the only G20 country without the capacity to make virgin steel. Meanwhile our Nato allies are increasingly concerned that Britain’s army is shrinking so fast that our military capacity is doubted. Fresh analysis from the Financial Times revealed that outrageously expensive housing means that most young adults now live at home until 34 – with all that means for family formation and the ability to adopt the full mantle of adulthood. Yet we are told by the prime minister and chancellor not to worry. Tax cuts, the universal Tory panacea, are on the way. The “plan” is working so well that there will be not one but two fiscal events before the next election – the budget and the autumn statement – both aimed at delivering “tax …

Birkenstock set to float on stock market with valuation of nearly $10bn | Germany

Birkenstock, the resurgent German sandal maker once beloved by healthcare workers, is set to be valued at up to €9.2bn ($9.7bn) when it floats on the stock market this month. Around 32.2 million ordinary shares will be put on the New York Stock Exchange in an initial public offering. On Monday, the company priced its shares at $44 to $49 each, which could see the company raise up to $1.58bn. The German brand has seen somewhat of a resurgence over the past two years, and are now a favourite among celebrities and influencers, with fans including Kendall Jenner, Gigi Hadid and Sienna Miller. One of its brands was featured in the Barbie movie, with Margot Robbie seen donning a pair of pink Birkenstock. Last year they were one of the UK’s most purchased fashion items. The stock flotation – due to take place on 11 October, according to industry reports – marks a milestone for the company founded in 1774 to make orthopaedic shoes. By 1897, Konrad Birkenstock had made the first flexible sole fitting …

Thames Water in crisis talks over potential £10bn black hole | Utilities

The government has “no true grasp on the costs” involved in preventing a collapse of Thames Water, with estimates presented to ministers and regulators suggesting the company could be facing a hole of £10bn in its finances, the Guardian can reveal. The water company, which serves 15 million customers, is in emergency talks with the water regulator Ofwat, ministers and government departments after the departure of its chief executive and concerns over its ability to continue operating without a multibillion cash injection. A map of Thames Water’s customer base Measures under discussion include placing Thames into temporary national ownership, in order to secure a refinancing package. That could mean public funds and higher bills for customers may be needed. Other options involve an onward sale of the company. The existing shareholders are large Canadian and UK pension funds, and investment vehicles for state money from China and Abu Dhabi, which could now be at risk of losing at least some of their investment. Those involved in the discussions, which began in recent weeks, have been …

Asda confirms £10bn petrol station merger; shop price growth hits record high – business live | Business

Key events Asda’s tie-up with EG Group will accelerate the supermarket’s shift into the convenience store market. In the announcement released this morning, Asda said was a “natural next step” for both businesses, and would “open up significant growth opportunities in the growing convenience and foodservice markets”, which are estimated by Euromonitor to be worth around £40bn and £62bn, respectively. Asda has a nascent foothold in the market, having bought up 119 convenience stores with attached petrol forecourts from the Co-op Group in October. It has also already converted 166 EG sites into “Asda on the Move” stores, and plans to do the same for the 1,000 food-to-go sites acquired through today’s merger. Overall, Asda said it would invest more than £150m over the next three years to fund the integration of the two businesses, which are expected to serve around 21 million customers per week. Asda’s chair, the former M&S boss Stuart Rose, has (as expected) cheered the deal: Asda’s acquisition of EG UK and Ireland will create a consumer champion like the UK …