U.K. in Talks With Ex-Tesco Boss About Morocco Power Imports
(Bloomberg) -- Xlinks, a power company co-founded by former Tesco Plc boss Dave Lewis, says it's in talks with the British government over a project to import electricity from solar and wind farms in Morocco.
If realized, the power cable would be able to supply 8% of the nation's electricity demand directly from the north African nation. By using a variety of sources, including the link, the U.K. would be able to reach its net zero emissions target earlier, Lewis said in a statement on Friday.
The project would deliver renewable power to 7 million homes at 48 pounds ($60) per megawatt-hour. That compares with a price of 92.50 pounds for the nation's new nuclear reactor at Hinkley Point.
Ex-Tesco CEO Wants $22 Billion Power Link From Morocco to U.K.
“We are not looking for government funding to assist with the cost of the project which presents an enormous opportunity, consistent with U.K. net zero commitments and with minimal risk,” said Xlinks Chief Executive Officer Simon Morrish.
While it is aware of the proposal, no “formal discussions” have taken place, the U.K.'s Department for Business, Energy and Industrial Strategy told Bloomberg News in a statement.
If it goes ahead, the project would cost 16 billion pounds, with work on the cable starting in 2025 with the aim of completing it in 2029.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
