Scotland’s SSE looking to join ranks of world’s largest wind power developers

first_imgScotland’s SSE looking to join ranks of world’s largest wind power developers FacebookTwitterLinkedInEmailPrint分享Bloomberg:Scottish utility SSE Plc is planning an expansion of its renewable power business to compete globally for the growing market for massive wind farms. “I’d like to see us become a global supermajor,” Jim Smith, managing director of SSE Renewables, said by phone. “Who wouldn’t if they were running our business?”While it’s become one of the biggest developers in the U.K., the largest market for offshore wind farms, SSE has been slow to branch out of its home territory. With construction set to begin on a number of developments, the company is eyeing growth in a space where seasoned competitors like Denmark’s Orsted A/S and Spain’s Iberdrola SA are already duking it out for market share.SSE plans to expand its wind business into two more markets within the next five years, Smith said. It’s looking at opportunities in northern Europe, the U.S. and Japan, he said. With a record-low bid last year to build a giant wind farm off the coast of England, the company has shown that it knows how to win competitive government auctions to build the green power plants at sea.For offshore wind, SSE would look to partner with a local developer in whatever market they move into to work on a project at an early stage. For wind farms onshore, the company is looking to acquire a developer with a pipeline of projects at various stages of progress and about 1 to 2 gigawatts of capacity, Smith said.For now, the company is focused on delivering on a huge pipeline of projects. Last year, SSE and Norwegian energy company Equinor ASA won a joint bid to build the world’s biggest wind farm at sea, the 3.6-gigawatt Dogger Bank. The company also recently made final investment decisions on two other massive wind projects: a 443-megawatt wind farm on the Shetland Islands in Scotland and the 1.1-gigawatt Seagreen installation off the Scottish coast.All told, SSE plans to invest 7.5 billion pounds ($9.4 billion) by 2025 in projects that will cut greenhouse gas emissions. The utility has said that its balance sheet and divestments can support this growth, and that capital and investment spending on less strategic or less advanced projects will be deprioritized or deferred.[Will Mathis]More: Scottish utility seeks to become a green `supermajor’last_img

Treasury outlines the crucial components of an OFAC compliance program

first_img continue reading » Recently the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced the publication of A Framework for OFAC Compliance Commitments. The underlying intent of the framework is to help institutions better understand and comply with sanctions requirements.According to OFAC, a successful OFAC compliance program should utilize a risk-based approach to sanctions compliance by developing, implementing and routinely updating a sanctions compliance program (SCP).  Every risk-based SCP will vary depending on an institution’s size and sophistication, products and services, customers and counterparties, and geographic location.  However, each program should incorporate at least five essential compliance components: 1) management commitment; 2) risk assessment; 3) internal controls; 4) testing and auditing; and 5) training.  The framework further breaks down the specific features to each component in creating a strong OFAC compliance program.As an example, the framework indicates that senior management’s commitment and support of the SCP is one of the most important and critical factors in determining its success.  Support is key in ensuring the SCP obtains adequate resources and is fully-integrated into an institution’s daily operations.  This helps legitimize the program, empower personnel and foster a culture of compliance. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

ESMA predicts cost, speed benefits from increased use of ledgers

first_imgIt said it understood the use of DLT could bring benefits to the market but that it wished to understand fully any detriment that could arise through reliance on such ledgers.The supervisor predicted the clearing and settlements markets could see significant benefits, as the use of DLT could cut back on the number of intermediaries needed in any transaction.“Certain proponents of the DLT believe the clearing and settlement of transactions could effectively combine into a single step, which would be (almost) instantaneous,” the discussion paper adds.“This could create a number of additional benefits, including reduced counterparty risk and less need to post collateral.”ESMA also predicted the use of DLT could reduce costs for providers, as certain back-office functions – including reporting and monitoring of transactions – could be automated.“Also, the use of distributed ledgers could reduce or even eliminate maintenance costs of individual ledgers at company level and reduce the need for costly business continuity plans,” the paper states.“In addition, by reducing the need for multiple intermediaries, the DLT could also reduce transactions costs.”ESMA has asked for feedback from the industry by 2 September.,WebsitesWe are not responsible for the content of external sitesLink to ESMA discussion paper The European securities supervisor has launched a consultation on the use of ledgers to verify clearinghouse and other transactions, predicting its use could reduce the need for collateral.According to the discussion paper by the European Securities and Markets Authority (ESMA), the use of distributed ledger technology (DLT) – one example of which is blockchain, used to validate transactions of virtual currency Bitcoin – could see significant benefits for the clearing and settlement markets and reduce counterparty risk.Saying it was “mindful” of issues raised by the use of Bitcoin, ESMA nevertheless stressed its research on DLT would be limited to how the technology could be used within the securities markets.It noted that any regulation of payments of virtual currencies would be for the European Central Bank or the European Banking Authority to consider.last_img read more

Cricket News Feroz Shah Kotla in Delhi to be renamed Arun Jaitley stadium

first_imghighlights “I am writing this letter to propose to your good self to rename Yamuna Sports Complex situated in my Lok Sabha constituency of East Delhi in the name of eminent lawyer, our great leader and former finance minister, later Arun Jaitley ji,” Gambhir wrote in the letter to the Lt Governor. He said it will be a “humble gesture” and tribute to the Jaitley’s contribution and “incredible” legacy. New Delhi: The Delhi and District Cricket Association (DDCA) on Tuesday decided to rechristen Feroz Shah Kotla Stadium as Arun Jaitley Stadium in the memory of its former president who died on Saturday. The renaming will take place on September 12 at a function where a stand at the Kotla will be named after India captain Virat Kohli as announced earlier. Speaking on this initiative, DDCA president Rajat Sharma said: “It was Arun Jaitley’s support and encouragement that players like Virat Kohli, Virender Sehwag, Gautam Gambhir, Ashish Nehra, Rishabh Pant and many others could make India proud.”  Jaitley, during his tenure at DDCA, is credited with renovating the stadium into a modern facility, increasing its capacity to accommodate more fans besides constructing world class dressing rooms.  The function, to be held at the Jawaharlal Nehru Stadium, will be graced by the presence of Home Minister Amit Shah and Sports Minister Kiren Rijiju.Former India cricketer and East Delhi MP Gautam Gambhir has urged Lt Governor Anil Baijal to rename the Yamuna Sports Complex after former finance minister Arun Jaitley. On August 24, the day Jaitley passed away at AIIMS after prolonged illness, Gambhir wrote to Baijal, proposing to rename the complex in his constituency after the BJP stalwart in recognition of his contribution towards sports.   Jaitley, during his tenure at DDCA, is credited with renovating the stadium into a modern facility.Gautam Gambhir has asked to rename the Yamuna Sports Complex after Jaitley.The renaming will take place on September 12 at a function  For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more