KKR-backed ContourGlobal acquires energy storage projects in Italy
The battery projects, once fully developed, will position ContourGlobal for the first Italian auction, scheduled for September, in which the country will buy storage capacity to enhance use of renewable energy.
Europe's battery storage capacity is expected to grow around five-fold by 2030, bringing with it increasing returns for energy majors, project developers and traders, as the cost of new projects falls.
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The Independent
an hour ago
- The Independent
I want to retire but I'm in loads of debt – what do I do?
As retirement approaches, many people look forward to a slower pace of life and the freedom that comes with no longer working full-time. But for those carrying debt into their later years, the prospect of retiring can bring just as much anxiety as it does anticipation. With income often dropping and expenses sometimes shifting in unpredictable ways, it's important to take stock of your financial situation beforehand. Dennis Hussey, team manager at National Debtline who has also been a money advisor for 20 years, explains that when retiring it is 'often going to mean that income streams narrow'. 'For most people, it means that they are giving up a regular waged income and have a pension income that's possibly going to be more modest,' he explains. What are the first steps someone should take if they want to retire but are in debt? 'Seeking debt advice is a really good start but also creating a budget,' says director of external affairs at Money Wellness, Sebrina McCullough. 'Work out what money you'll have coming in post-retirement and then think about how spending might change once you're retired. 'Money Wellness has a budgeting tool on its website which can help work out what your income and outgoings will be post-retirement, which can give people a greater sense of whether or not they will struggle to maintain debt payments. Hussey adds: ' One of the first steps we'd cover with someone in this position going through a very thorough assessment of their current income and household expenditure, so we can help them assess how stretched they are. We would also discuss what their projected income in the event of retirement would be, so we can measure the relative impact. 'From a money advice perspective, we would draw a distinction between them meeting what we call our priorities – paying for things that keep a roof over our heads, utilities, food, etc – and then non-priority debts, which may be commitments on unsecured loans or credit card repayments. These are commitments where if you don't meet them as required, you're going to incur charges and have marks put on your credit report, but they won't directly put you or anything you own at risk.' Is it advisable to retire while still in debt, or should you pay it off first? 'We always advocate that someone puts their health and wellbeing at the front and centre of their considerations,' Hussey says. 'What we will do is just point out any knock-on material impact that the decision will have. If we think, for example, that someone's retiring leaves them in a position where they can meet their essential obligations but they may not be able to maintain a pristine payment history or credit report, then we will point that out to them and they'll be in a position to make an informed choice. 'Without over-generalising, we find that the importance of preserving a credit file and maintaining a high level of credit is often going to be less important for a person retiring, in comparison to someone in their early working life who has aspirations to get on the property ladder – the dynamics are different.' McCullough adds: 'It's less about whether or not you're in debt or not in debt, and more about whether or not your budget is manageable. ' People have to be proactive prior to retirement to understand what their income would look like in retirement. Therefore it's always a good idea to make sure that you've done some sort of budget in the years prior.' What strategies can help someone reduce debt in the years leading up to retirement? 'If people can afford to make overpayments towards debt this can help,' McCullough says. 'For example, if you've got a credit card that you've been making minimum payments on and you can afford to pay a little bit more off that each month, that will help your debt balance reduce much quicker. 'If you're struggling in the years pre-retirement and perhaps don't have an additional income to try and pay your debts quicker, again seeking debt advice can be really beneficial for people in severe financial difficulty. There are also options that we support customers with, for example, debt-relief orders which are a way for debt forgiveness to be provided to those who have got no propensity to be able to repay debts short or long-term.' Hussey says: 'We will also make people aware, where relevant, of any pension freedoms that they may be able to benefit from. We're obviously now talking about the scope to release funds from a defined contribution pension after the age of 55. The rules now allow someone in that position to release up to 25% of such a fund tax-free after this age and, in some cases, that can be something for someone in this position to consider – whether it's to raise a lump sum to pay off debts, or simply to supplement their existing income. 'At the same time, we will always point out doing that doesn't come without its downsides, as your retirement income will be lower when that time comes later down the line.'
The Independent
an hour ago
- The Independent
‘I understand what Trump cares about,' says Sir Keir Starmer
Sir Keir Starmer said he understands what Donald Trump cares about, insisting the pair have built a relationship on shared family values. The prime minister admitted that while they may have 'different political backgrounds", he and Mr Trump have built a 'good personal relationship' which he said helped land the trade deal with the US. Sir Keir revealed that the US president reached out to offer his condolences after the death of his younger brother, Nick Starmer, on Boxing Day last year. "We talked about my brother, and he was asking about him', the prime minister said. "For both of us, we really care about family and there's a point of connection there.' Speaking to BBC Radio 4's Political Thinking, Sir Keir said he first spoke to Mr Trump in his role as prime minister after he was shot at a rally in July, before he was elected as president. He said. 'I think I do understand what anchors the president, what he really cares about. But also, we have a good personal relationship. 'The first time I ever spoke to him was when I picked up the phone to him after he had been shot when he was at rally before he became president. 'And that was a phone call, really, to ask him how it was, and in particular, I wanted to know how it impacted his family.' The prime minister also denied that this week's humiliating climbdown on welfare came because he had been overly focused on foreign affairs. He said he cannot 'pretend… that wasn't a tough day', and stressed the welfare system 'isn't working for the people that matter to me'. But the PM also insisted the government would "come through this stronger". Sir Keir was forced to abandon a key plank of his controversial benefit cuts on Tuesday in order to get them through parliament in the face of a mass rebellion of Labour MPs. While his welfare reform bill passed its second reading by 335 votes to 260 – a majority of 75 – the prime minister still suffered the largest rebellion of his premiership so far, with 49 Labour MPs voting to reject the legislation. It came after a last-ditch announcement that plans to restrict eligibility for personal independence payments (PIP) – which had been the central pillar of the government's reforms – were being dropped in a humiliating climb down for the prime minister. The rebellion was a sign of growing disaffection among Labour MPs, with mounting concern over Sir Keir's leadership and the direction of the government. The prime minister said he will always 'carry the can' as leader, adding he would 'always take responsibility' when asked questions. 'When things go well… the leader gets the plaudits, but when things don't go well, it is really important that the leader carries the can – and that's what I will always do,' he said.
The Independent
an hour ago
- The Independent
Competition watchdog to probe takeover of NHS landlord Assura
The UK competition watchdog has launched an investigation into the proposed takeover of NHS landlord Assura. Last month, rival healthcare property firm PHP (Primary Health Properties) put forward a fourth takeover offer for Assura worth £1.79 billion following a lengthy bidding war. PHP had previously laid down a £1.68 billion bid in May but was outbid by a rival suitor, with a consortium led by US private equity firm KKR valuing the business at £1.7 billion. Bosses at Assura backed the £1.79 billion deal, suggesting the increased scale of the combined business would benefit shareholders of both companies. On Friday, the Competition and Markets Authority (CMA) said it has now launched a 'phase one' investigation into the deal. It said the companies and others potentially impacted by the deal have two weeks to provide submissions regarding the move. The regulator said it is looking at whether the takeover 'may be expected to result in a substantial lessening of competition' in the healthcare sector. Following submissions, the regulator will then decide whether the deal needs to go to a more thorough phase two probe. PHP's rival bidder KKR had cautioned that the deal, which is combining the two largest UK healthcare real estate firms, could attract scrutiny from the CMA. Assura owns more than 600 buildings, including doctors' surgeries, with a portfolio valued at around £3.1 billion. It has about 80 members of staff.
