The UK's Energy Secretary has issued a warning to energy suppliers, saying they “must be ready” to pass on cuts in wholesale prices to consumers.
During a speech at Chatham House in London, Grant Shapps is expected to put suppliers on notice as he sets out his aim of ensuring the UK has “amongst the cheapest wholesale electricity prices in Europe”.
The warning from Mr Shapps comes as Downing Street indicated measures that could lead to households paying 20 per cent more in energy bills were being kept under review, with the energy price guarantee cap set to rise from £2,500 (£3,000) a year for the typical property to £3,000 in April.
The creation of the new Department for Energy Security and Net Zero at the start of February came amid fresh commitments from the government for a drive towards greater energy independence amid the war in Ukraine.
In his speech, Mr Shapps will link the need to achieve net zero to overall energy security, calling them “two sides of the same coin”.
He will stress the importance of “making the most of our position as a world leaders in renewables and nuclear technology”, pointing out that “home-grown sources” of energy will “shield households from the worst excesses of the volatile global fossil fuel markets”.
“Families have seen the impact on the pounds in their pockets of [Russian President Vladimir] Putin’s illegal march on Ukraine a year ago — and it has opened the world’s eyes to just how vulnerable we are to tyrants like him,” he is expected to say.
“Working towards this overarching goal of cheaper wholesale electricity will mean we will be powering Britain from Britain, increasing our energy security and independence — the kind of independence that comes from having the four biggest wind farms off our shores.”
Mr Shapps, taking aim at Extinction Rebellion and other climate activists, will say: “Energy security and tackling climate change are ultimately two sides of the same coin.
“And it will be this — not the eco-extremists like Extinction Rebellion causing disruption and dismay — that will have people voting with their feet as they see the benefits of achieving net zero.”
The speech comes after Mr Shapps met US Energy Secretary Jennifer Granholm for the first time this week.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Aquaman%20and%20the%20Lost%20Kingdom
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MATCH INFO
Manchester City 1 Chelsea 0
De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
UAE currency: the story behind the money in your pockets
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
Mohammed bin Zayed Majlis
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
