Latest news with #EGL
STV News
08-05-2025
- Business
- STV News
Scottish Power given £1.35bn to build cables carrying wind power to England
Scottish Power is being handed a £1.35bn loan to upgrade the power grid between Scotland and England. The cash from the UK's National Wealth Fund and several banks will help pay for work on several major offshore cabling projects carrying electricity from wind farms in Scotland into England, via the North Sea. The UK taxpayer fund is contributing £600m to the Glasgow-based, Spanish-owned utility company. The Eastern Green Link (EGL) project will carry electricity from Torness in south-east Scotland to Hawthorn Pit substation in County Durham. Another line, the EGL four, will carry power from Fife to Lincolnshire. Chancellor Rachel Reeves said the project would help 'bring down bills, put more money in working people's pockets and enable businesses to expand'. 'That is why I am so pleased to see the National Wealth Fund securing deals such as this,' she added. Currently, large amounts of power generated by Scottish wind turbines are wasted every year because the grid does not have the capacity to carry it south of the border. When bottlenecks happen, wind farms are paid to stop operating and gas power stations are paid extra to supply the energy needed. The system is known as curtailment, and cost about £1.23bn last year, according to analysis published by energy firm Drax in March, and the money is added on to energy bills. Energy secretary Ed Miliband added that the cash would 'help to deliver clean power by 2030 by speeding up grid upgrades – bringing cheaper, homegrown renewable power into homes and businesses, while supporting skilled jobs across the country'. About £600m of the funding is coming from the National Wealth Fund, a publicly-owned investment vehicle set up by the Labour government last year. The rest is coming from a series of banks, led by Bank of America and including BNP Paribas, Lloyds and NatWest. Keith Anderson, chief of Scottish Power, said working together with the financing organisations is 'an important catalyst for economic growth, as we make progress in bringing more renewables onto the system'. The financing will also help pay for grid upgrades including new substations and overhead lines in Scotland. The UK's National Energy System Operator has estimated that up to £60bn of investment is needed over the next five years to meet its clean power goals. John Flint, CEO of the National Wealth Fund, said the projects will 'have a major impact on the transition to a renewables-based electricity system and help address the grid constraints that make electricity more expensive'. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
STV News
08-05-2025
- Business
- STV News
Scottish Power given £600m to build offshore cables carrying wind power to England
The UK's National Wealth Fund and several banks are handing energy firm ScottishPower a £1.35bn loan to upgrade the power grid between Scotland and England. The financing package will help pay for work on several major offshore cabling projects carrying electricity from wind farms in Scotland into England, via the North Sea. The Eastern Green Link (EGL) project one will carry electricity from Torness in south-east Scotland to Hawthorn Pit substation in County Durham. Another line, the EGL four, will carry power from Fife to Lincolnshire. Chancellor Rachel Reeves said the project would help 'bring down bills, put more money in working people's pockets and enable businesses to expand'. 'That is why I am so pleased to see the National Wealth Fund securing deals such as this,' she added. Currently, large amounts of power generated by Scottish wind turbines are wasted every year because the grid does not have the capacity to carry it south of the border. When bottlenecks happen, wind farms are paid to stop operating and gas power stations are paid extra to supply the energy needed. The system is known as curtailment, and cost about £1.23bn last year, according to analysis published by energy firm Drax in March, and the money is added on to energy bills. Energy Secretary Ed Miliband added that the cash would 'help to deliver clean power by 2030 by speeding up grid upgrades – bringing cheaper, homegrown renewable power into homes and businesses, while supporting skilled jobs across the country'. About £600m of the funding is coming from the National Wealth Fund, a publicly-owned investment vehicle set up by the Labour government last year. The rest is coming from a series of banks, led by Bank of America and including BNP Paribas, Lloyds and NatWest. Keith Anderson, chief of ScottishPower, said working together with the financing organisations is 'an important catalyst for economic growth, as we make progress in bringing more renewables onto the system'. The financing will also help pay for grid upgrades including new substations and overhead lines in Scotland. The UK's National Energy System Operator has estimated that up to £60bn of investment is needed over the next five years to meet its clean power goals. John Flint, CEO of the National Wealth Fund, said the projects will 'have a major impact on the transition to a renewables-based electricity system and help address the grid constraints that make electricity more expensive'. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Powys County Times
08-05-2025
- Business
- Powys County Times
UK's National Wealth Fund seals £1.35bn loan to build North Sea power cables
The UK's National Wealth Fund and several banks are handing energy firm ScottishPower a £1.35 billion loan to upgrade the power grid between Scotland and England. The financing package will help pay for work on several major offshore cabling projects carrying electricity from wind farms in Scotland into England, via the North Sea. The Eastern Green Link (EGL) project one will carry electricity from Torness in south-east Scotland to Hawthorn Pit substation in County Durham. Another line, the EGL four, will carry power from Fife to Lincolnshire. Chancellor Rachel Reeves said the project would help 'bring down bills, put more money in working people's pockets and enable businesses to expand'. 'That is why I am so pleased to see the National Wealth Fund securing deals such as this,' she added. Currently, large amounts of power generated by Scottish wind turbines are wasted every year because the grid does not have the capacity to carry it south of the border. When bottlenecks happen, wind farms are paid to stop operating and gas power stations are paid extra to supply the energy needed. The system is known as curtailment, and cost about £1.23 billion last year, according to analysis published by energy firm Drax in March, and the money is added on to energy bills. Energy Secretary Ed Miliband added that the cash would 'help to deliver clean power by 2030 by speeding up grid upgrades – bringing cheaper, homegrown renewable power into homes and businesses, while supporting skilled jobs across the country'. About £600 million of the funding is coming from the National Wealth Fund, a publicly-owned investment vehicle set up by the Labour government last year. The rest is coming from a series of banks, led by Bank of America and including BNP Paribas, Lloyds and NatWest. Keith Anderson, chief of ScottishPower, said working together with the financing organisations is 'an important catalyst for economic growth, as we make progress in bringing more renewables onto the system'. The financing will also help pay for grid upgrades including new substations and overhead lines in Scotland. The UK's National Energy System Operator has estimated that up to £60 billion of investment is needed over the next five years to meet its clean power goals. John Flint, CEO of the National Wealth Fund, said the projects will 'have a major impact on the transition to a renewables-based electricity system and help address the grid constraints that make electricity more expensive'.
Khaleej Times
06-02-2025
- Business
- Khaleej Times
Emirates Esports Federation announces worldwide tender for premier EGL franchises
The Emirates Esports Federation (EEF), in collaboration with ITW Universe, has announced the launch of an Invitation to Tender (ITT) for the acquisition and operation of elite franchises in the upcoming E Gaming League (EGL). This initiative presents a significant opportunity for global investors, esports teams, sports franchise businesses, and high-net-worth individuals to become part of the rapidly growing esports ecosystem, reinforcing the UAE's position as a hub for digital entertainment and economic advancement. The E Gaming League is set to redefine esports with a sustainable, inclusive, and competitive platform that spans multiple gaming genres. Designed to engage diverse demographics, the league will serve as a stable framework for fostering global collaboration and long-term investment opportunities. Highlighting the significance of this initiative, Sheikh Sultan Bin Khalifa Bin Shakbout Al Nahyan, president, Emirates Esports Federation, stated: "The EGL franchise model represents a groundbreaking evolution in the esports industry. It is not just a framework but a transformative platform that ensures stability, fosters global collaboration, and unlocks unparalleled opportunities for long-term investment. Esports has grown beyond virtual entertainment to become a mass sport that transcends borders, cultures, and generations. With EGL, we are not just hosting games—we are shaping the future of the digital economy." Echoing this sentiment, Saeed Ali Al-Tahir, general secretary — Emirates Esports Federation, added: "The launch of the EGL franchise model marks a defining moment in the evolution of esports. It stands as a beacon of innovation, providing stability through equitable revenue-sharing, strategic brand partnerships, and pathways for talent development. Our vision is to position the UAE as the world's premier hub for competitive gaming and to lead the charge in driving economic growth, cultural exchange, and limitless opportunities for the next generation." Vivek Chandra, director of ITW Universe, emphasised, "We are happy to announce the EGL Franchise Ownership Tender along with Emirates Esports Federation. This initiative is designed to attract forward-thinking partners eager to engage in a dynamic and profitable esports ecosystem. We look forward to creating a League that add values to the publishers, players and whole e-sports ecosystem and our franchise partners would be centre of all the initiatives." Key details of the ITT:
