UK targets surge in offshore wind power

Offshore wind currently provides about seven percent of British electricity. (AFP)
Updated 07 March 2019
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UK targets surge in offshore wind power

  • Offshore wind currently provides about seven percent of British electricity
  • Britain has put nuclear power also at the heart of its low-carbon energy policy

LONDON: Britain wants offshore wind farms to provide one third of the country’s electricity by 2030, the government announced Thursday, at a time when its nuclear energy ambitions are stumbling.
Working with the private sector to take advantage of the island nation’s surrounding waters to power homes and businesses with increasing amounts of renewable energy, the government said the Offshore Wind Sector Deal will slash the UK’s reliance on fossil fuels.
Offshore wind currently provides about seven percent of British electricity.
The new initiative “will drive a surge in the clean, green offshore wind revolution ... bringing investment into coastal communities and ensuring we maintain our position as global leaders in this growing sector,” Claire Perry, Britain’s energy and clean growth minister, said in a statement.
“By 2030 a third of our electricity will come from offshore wind, generating thousands of high-quality jobs across the UK,” she added.
The government said that the deal “will mean for the first time in UK history there will be more electricity from renewables than fossil fuels, with 70 percent of British electricity predicted to be from low carbon sources by 2030.”
Additionally, it “will look to seize on the opportunities presented by the UK’s 7,000 miles of coastline, as the industry continues to be a coastal catalyst for many of the UK’s former fishing villages and ports,” the government statement said.
Thursday’s announcement came after Japanese giant Hitachi in January froze construction of a nuclear power station in Wales owing to financing difficulties, dealing a major blow to Britain’s low-carbon energy strategy.
Britain has put nuclear power also at the heart of its low-carbon energy policy, in contrast to Europe’s biggest economy Germany, which is phasing it out in the wake of Japan’s 2011 Fukushima nuclear disaster.


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.