RIYADH: Instability in the energy sector as a result of skyrocketing prices was exacerbated by Russia’s invasion of Ukraine.
Not only is the UK planning to revamp the way it generates electricity, but also it is looking to construct new nuclear power stations to secure independence from Russia and ease the pain on consumers.
China is considering buying shunned Russian fuel to take advantage of affordable prices. Through a micro lens, car makers are taking steps and measures in line with the global electric vehicle push.
Looking at the bigger picture:
- The UK is planning to broaden its energy sources with a special focus on nuclear as well as wind power, Bloomberg reported. This comes as the soaring energy prices, the war in Ukraine, and the sanctions on Russia are forcing European countries to revamp electricity generation.
- Downing Street is contemplating building up to seven new nuclear power stations by 2050 amid efforts to expand domestic energy upon Moscow’s invasion of Ukraine, Reuters reported, citing Business Secretary Kwasi Kwarteng. Ministers have agreed to set up a development vehicle referred to as the “Great British Nuclear” to identify sites and bring together private firms to run the sites in an attempt to propel the planning process, according to The Sunday Telegraph.
- Chinese liquefied natural gas importers are contemplating purchasing Russian fuel avoided by the world to take advantage of cheap prices, according to Bloomberg. State-owned firms including oil and gas enterprise Sinopec, as well as gas company PetroChina are already in talks with suppliers to purchase spot cargoes from Russia at a steep discount.
Through a micro lens:
- Chinese conglomerate manufacturing company BYD Co Ltd has halted producing combustion engines and has fully switched to making full electric and plug-in hybrid vehicles only, Reuters reported. Nevertheless, the car maker will not completely stop making gasoline engines since some plug-in hybrid models will require the use of smaller highly efficient gasoline engines.
- Japanese multinational automotive manufacturer Toyota has reasserted its commitment to the UK amid new targets for the auto industry to propel the adoption of electric vehicles, Bloomberg reported. The automotive manufacturer shares the UK’s vision toward zero emissions and believes that hybrids have a significant role to play in the transition by 2035, according to a statement.