News in brief: India, power, energy, market volatility

News in brief
News in brief

UK-India tidal lagoon power industry receives boost

An eight-figure investment in the development of tidal lagoon power plants in the UK and India has been committed by the Gupta family, which invests heavily in UK energy and industrial assets.

The move is part of a wider strategy by Gupta’s company, SIMEC, to create multi-billion pound renewable energy capacity worldwide and apply innovative technologies to provide low-cost power for energy-intensive industries, particularly steel.

Proposed schemes at Cardiff and Newport, for which planning applications are expected in 2017 and 2018 respectively, represent some 4,000MW of lagoon power and £10 billion of capital investment.

Gupta family representative, Sanjeev Gupta said: “We are very pleased to invest in this ambitious and innovative enterprise that promises to provide low-carbon, baseload energy and drive economic renewal through the development of a high-value supply chain that will create thousands of new jobs. As a group we are expanding internationally on several fronts and renewable energy is right at the heart of that expansion.”

Ongoing global market volatility

The global market has continued to be volatile, and last week $1 trillion was wiped off the value of global stocks.

The star-performer last week was Gold, which reached a one-year high.

Wealth management firm Sun Global Investments chief investment officer Sajniv Shah summarised the news, saying: “In Europe, declines yesterday seem to have been triggered by the surprise move of Sweden’s central bank to cut interest rates, pushing them further into negative territory.

“Asian markets have been badly hit with falls in Japan and India. Europe has opened stronger and in the US, markets will probably open higher later today after Yellen’s comments that the Fed had not ruled out negative interest rates.”