Saudi retailer Jarir Bookstore reports slight drop in profit due to supply shortages

UK wind farms hit record energy generated; India’s NTPC sees quarterly profit rise 25%: NRG counts

RIYADH: While rising energy prices remain a major issue at macro and micro levels, the future of the energy sector looks bright, as evidenced by green initiatives such as those in the UK and the rising benefits like those of India.

Looking at the big picture:

UK-based wind farms generated a record amount of power on Saturday to reach 14,822 megawatts, Bloomberg reported, citing national grid statistics.

According to Bloomberg, this is a much-needed boost for the European country as it grapples with an energy supply crisis amid soaring costs and provides an alternative energy source to expensive fossil fuels.

Through a micro lens:

British multinational consumer goods company Unilever Plc has begun evaluating converting one of its UK-based factories to use hydrogen amid the global fossil fuel drift, Bloomberg reported.

This is part of a larger innovative low carbon and hydrogen energy project, better known as HyNet North West, which aims to provide hydrogen to households and businesses residing in the north of England from 2026.

Indian statutory company NTPC saw its profits rise 25% in the fourth quarter of 2021 to 41.3 billion rupees ($551 million), Bloomberg reported.

The surge in profits is mainly attributed to increased demand for electricity in the South Asian country, as factories and other business establishments boosted production.

UK renewable energy group Octopus Energy Ltd has warned that rising energy costs will represent a £100m ($134m) impact on the bottom line of the country’s electricity providers in this fiscal year, Bloomberg reported, citing a Financial Times report.

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