RIYADH: On a macro level, countries including Lebanon, Denmark, and Germany are pursuing initiatives to help ease the problem of energy shortages and cost inflation. On the other hand, investments in the sector continue to flow in on a micro level
Looking at the bigger picture:
- Lebanon sealed deals on Wednesday to secure electricity from Jordan through Syria to alleviate the pain of the energy crunch the Middle Eastern country is going through. Thanks to the deals, Lebanon is set to reach 250 megawatts of electricity per day within the span of two months. However, industry experts have told Arab News the deal still has numerous hurdles to clear.
- Danish manufacturer, seller, installer, and servicer of wind turbines, Vestas, anticipates the wind energy sector to be heavily influenced by cost inflation in 2022, CNBC reported. The corporation will, accordingly, have to raise prices of its wind turbines to combat the volatile business environment, according to Reuters.
- Germany is considering the establishment of government owned natural gas storage sites to curb future shortages of the fuel in the winter to follow, Bloomberg reported, citing economy minister, Robert Habeck. The Western European country is also contemplating another option of having local gas storage plants commit to a specific volume of the fuel to be available at all times.
Through a micro lens:
- British manufacturer and maker of luxury cars and SUVs Bentley Motors will allocate £2.5 billion ($3.4 billion) to fully shift its lineup to electric vehicles, or EVs, by 2030. The carmaker’s first EV is set to launch in 2025.
- The UK government invested £100 million ($135 million) to propel the advancement of French multinational electric utility firm Electricite de France SA’s Sizewell C nuclear project residing in the UK, Bloomberg reported. The funds aim to bring the project to a final funding decision soon regarding how much the government along with private investors will inject into the plant.