Baltic
Dry Index. 2066 +36 Brent Crude 109.24
Spot Gold 4702 Spot Silver 73.17
US 2 Year Yield 3.79 -0.02
US Federal Debt. 39.069 trillion
US GDP 31.292 trillion.
The Bank's [of
England] latest financial stability report stated that Britain's economic
prospects have "deteriorated", placing growing strain on both
households and businesses throughout the country.
The surge in
borrowing costs has been dubbed "Trumpflation" after the US
president, with lenders scrambling to adjust their offerings amid market
turbulence.
8.00 AM Update.
Brent oil spot price for actual
cargo soars to $141, highest level since 2008 financial crisis
Published Thu, Apr 2 2026 4:33 PM
EDT
The spot price for current physical
cargoes of Brent crude oil soared Thursday to $141.36, the highest level since
the 2008 financial crisis, according to S&P Global, which tracks the data.
The spot price reflects the demand
for Brent oil that will be delivered in the next 10 to 30 days. The high price
for more immediate oil deliveries points to the tightness of physical supply
right now due to the huge disruption trigged by the Iran’s
closure of the Strait of Hormuz.
The price was $32.33 higher than
the Brent crude futures contract
for June delivery, which closed
at $109.03 on Thursday.
The futures price is “almost giving
a false sense of security that things are not that stressed,” said Amrita Sen,
founder of Energy Aspects, in an
interview with CNBC’s “The
Exchange.”
“You are seeing it but the financial
market is almost masking the true tightness that everywhere else is showing
up,” Sen said. The price for a barrel of diesel in Europe is almost $200 per
barrel right now, she said.
Chevron CEO Mike Wirth warned last
week that the futures price is not reflecting the scale of the oil supply
disruption to the closure of the Strait. Wirth said the market is trading on
“scant information” and “perception.”
“There are very real, physical
manifestations of the closure of the Strait of Hormuz that are working their
way around the world and through the system that I don’t think are fully priced
into the futures curves on oil,” Wirth said at the CERAWeek by S&P Global
energy conference in Houston on March 23.
Brent oil price for actual cargo soars to $141, highest level since 2008
One year and a bit into Trump 2.0, welcome to the Great Trump International Turmoil.
Sadly, we likely haven’t seen anything yet, as the international order resting on the dollar reserve standard starts to collapse.
Dow closes lower as Trump comments
dampen traders’ hopes for Iran war ending: Live updates
Updated Thu, Apr 2 2026 4:47 PM EDT
The Dow Jones Industrial Average slipped
Thursday in volatile trading as oil prices surged following President Donald Trump’s remarks that the
Iran war would continue for weeks.
The blue-chip Dow declined 61.07
points, or 0.13%, closing at 46,504.67. The S&P 500 advanced 0.11% to
end at 6,582.69, and the Nasdaq
Composite gained 0.18% to settle at 21,879.18.
The three major indexes ripped
higher from their steep losses earlier in the day to briefly turn positive
after Iranian state media said that the Middle Eastern country is working
with Oman on a protocol to “monitor” ships passing through the Strait
of Hormuz. At their lows, the Dow was down more than 600 points, or 1.4%, while
the S&P 500 and Nasdaq were down 1.5% and 2.2%, respectively.
“It’s pivotal for the United States
that the Strait is reopened, not so much because of oil but because of helium,”
said Todd Schoenberger, chief investment officer at CrossCheck Management,
noting that helium is “more valuable than foreign oil” given its usage in
semiconductor processing and that “there is no substitute for it.”
“Expect more volatility going into
the long weekend,” he added.
The indexes oscillated between gains
and losses throughout the session following the developments. The CBOE Volatility Index, otherwise
known as Wall Street’s fear gauge, touched a session high of more than 27.
More
Stock
market news for April 2, 2026
Asia-Pacific markets mostly rise in
Easter trade on hopes for Hormuz reopening
Published Thu, Apr 2 2026 7:49 PM
EDT
Asia-Pacific markets traded mostly
higher Friday, after Iran and Oman were reportedly drafting
a protocol to “monitor transit” through the Strait
of Hormuz, raising hopes that the crucial waterway could partially reopen.
Tanker traffic through the key
oil-shipping route “should be supervised and coordinated” with the two
countries, said Kazem Gharibabadi, Iran’s deputy foreign minister of legal and
international affairs, according to Iranian state
news agency IRNA.
Oil prices surged Thursday before
markets closed for the Good Friday holiday. U.S. crude futures jumped
almost 12% to trade at $112.06 per barrel, while global benchmark Brent was
up around 8% at $109.24.
The
spot price for current physical cargoes of Brent crude oil soared
Thursday to $141.36, the highest level since the 2008 financial crisis,
according to S&P Global.
South Korea’s Kospi led gains in the
region, rising 1.75%, while the small-cap Kosdaq reversed gains and fell 0.16%.
South Korean President Lee Jae Myung will meet French President Emmanuel Macron
for a summit meeting Friday.
The Blue House said in a statement that the two
countries are expected to upgrade their relationship to a ‘Global Strategic
Partnership,’ marking the first upgrade in 22 years.
The Korea Times reported that the two sides are
expected to discuss expanding cooperation in trade and investment, as well as
in sectors such as artificial intelligence, nuclear energy and space.
Japan’s Nikkei 225 was up 0.91%,
driven by consumer non-cyclical stocks, and the broad-based Topix was 0.65%
higher, powered by energy stocks.
On Friday, Finance Minister Satsuki
Katayama reportedly said that the impact of U.S. President
Donald Trump’s nationwide address on Wednesday was “quite significant,” adding
that speculative activity was seen in both crude oil futures and currency
markets.
Yields on Japanese government bonds
had also hit records, with the 2-year JGB yield reaching 1.391%, its highest
level since 1995. The benchmark 10-year JGB bond yield was at 2.399%, its
highest since 1999.
The CSI 300 index in mainland
China reversed gains, falling 0.47%.
The Australian and Hong Kong markets
were closed for the Easter weekend.
U.S. futures were little changed,
with S&P 500 futures flat, and the Nasdaq-100 futures down 0.07%. Futures
tied to the Dow Jones
Industrial Average rose 9 points, or 0.02%.
Overnight in the U.S., markets saw a
volatile session amid rising oil prices, but the major indexes ended little
changed, with the blue-chip Dow declining 61.07 points, or 0.13%.
The S&P 500 advanced 0.11%,
and the Nasdaq Composite gained
0.18%.
Asia-Pacific
markets mostly rise in Easter trade on hopes for Hormuz reopening
Macron hits out at Trump for
Brigitte insult
French leader also claims US
president’s calls for European intervention in Hormuz are unrealistic
Published 02 April 2026 12:53pm
BST
Emmanuel Macron has criticised
Donald Trump after the US president mocked him for being shoved
by his wife.
In a speech in which he attacked
Nato allies for not joining the
Iran war, Mr Trump said Brigitte Macron had treated the French president
“extremely badly” and that Mr Macron was “still recovering from the right to
the jaw”.
Mr Macron said Mr Trump’s reference
to a 2025 video that showed Mrs
Macron shoving her husband in the face was “not elegant, nor up to
standard”.
He said the White House’s call for
allies to take military action in the Strait
of Hormuz, which has been closed by Iran, were “unrealistic”, adding: “It
is not our operation.”
Emmanuel Macron has criticised
Donald Trump after the US president mocked him for being shoved
by his wife.
In a speech in which he attacked
Nato allies for not joining the
Iran war, Mr Trump said Brigitte Macron had treated the French president
“extremely badly” and that Mr Macron was “still recovering from the right to
the jaw”.
Mr Macron said Mr Trump’s reference
to a 2025 video that showed Mrs
Macron shoving her husband in the face was “not elegant, nor up to
standard”.
He said the White House’s call for
allies to take military action in the Strait
of Hormuz, which has been closed by Iran, were “unrealistic”, adding: “It
is not our operation.”
Advertisement
The US and Israel started the war on
Feb 28 without consulting allies, he said, adding: “They then complain that
they are not being helped in an operation they decided on alone.”
He said Mr Trump could not keep
“contradicting” himself every day on
Iran.
More
Macron
hits out at Trump for Brigitte insult
Austria blocks US warplanes from
using its airspace during Iran war
Published April 2, 2026 1:42pm Updated April 2,
2026 2:25pm
American fighter jets will not be
allowed to use the Austrian airspace for missions against Iran.
The Alpine nation has reportedly
blocked the US from
using its airspace after an announcement by its Ministry of Defence today.
Austria said the US
will not have permission for military operations against Iran.
This is due to the country’s
neutrality law, which bans Austria from joining any military alliances
like Nato or
allowing foreign military bases on its territory.
While the ministry didn’t reveal the
number of inquiries from the US, it said there has been ‘several,’ according to
the Austrian publication ORF.
However, individual cases would be
reviewed together with the Austrian foreign ministry.
Sven Hergovich, the head of the
Social Democratic
Party (SPÖ), which is part of the coalition, said the defence
minister should ‘not approve a single further US military flight to the Gulf.’
He said: ‘Nor should she approve any
transport flights or other logistical support. Just as Spain, France, Italy, and Switzerland are
doing. This war is damaging Austrian economic interests, Europe as a whole, and
world peace.’
It comes after Spain
decided to block US warplanes from its airpaces involved in
Operation Epic Fury in the Middle
East.
Spain blocked US fighter jets
stationed in third countries like the UK and France from using its airspace.
More
Austria blocks US war planes from using its airspace during Iran war | News World | Metro News
In private credit news, more
trouble. If it wasn’t for bad news, comes to mind.
Blue Owl caps private credit funds
redemptions at 5% after steep request levels
Published Thu, Apr 2 2026 8:31 AM
EDT
Blue Owl is
experiencing elevated redemption requests for two of its private credit funds,
according to letters to shareholders issued Thursday.
The firm’s flagship OCIC, with about
$36 billion in assets under management, received redemption requests of about
21.9% of shares outstanding during the first quarter, the firm said. Blue Owl’s
smaller, tech-oriented fund, OTIC, received redemption requests of 40.7% during
the same period, it said.
In both of the funds, Blue Owl opted
to cap requests at 5%. Blue Owl attributed the higher-than-usual requests to
“heightened market concerns around AI-related disruption to software
companies.”
“We continue to observe a meaningful
disconnect between the public dialogue on private credit and the underlying
trends in our portfolio,” Blue Owl said in the shareholder letters.
“As public market dislocations and
AI-related uncertainty reshape sentiment, dispersion is increasing across the
sector, creating opportunities for experienced lenders to deploy capital
selectively at improved terms,” the technology-focused letter reads.
Shares of Blue Owl fell roughly 9%
in premarket trading Thursday.
Blue Owl, which is unique in having
two of these non-traded private credit funds, is also among the last to report
redemptions. The firm’s percentage of redemptions is multiples higher than its
peers.
Most firms have opted to use the 5%
cap, but some, including Cliffwater and Blackstone allowed slightly more redemptions.
Blue Owl’s OTIC technology fund saw
redemption requests of 17% in the fourth quarter, which it fulfilled. OCIC’s
requests were 5% in the fourth quarter.
The two funds previously drew
interest from hedge funds Saba and Cox, which extended tender offers to
locked-up holders at a steep discount.
Blue Owl said in the most-recent
quarter, its tech fund’s redemption requests were amplified by a more
concentrated shareholder base, particularly within certain wealth channels and
regions. For its flagship fund, the firm said the activity was driven by a
“small minority of the investor base,” with 90% of shareholders electing not to
tender.
Both funds saw gross inflows, which
combined with the 5% gates resulted in modest net outflows.
Blue Owl private credit funds redemptions capped at 5% after
steep requests
In other news, “Trumpflation” hits around
the world.
Iraq’s oil hub slows to a crawl as
Strait of Hormuz shutdown strangles exports
2 April 2026
Iraqi oil fields once alive with the
buzz of workers are nearly deserted. Ports that pulsed with the churn of cargo
have fallen still, the din of commerce replaced by the soft rhythm of waves.
A month after the war in Iran
started, workers at ports and oil fields in the province of Basra, where
almost all of Iraq's crude is produced and exported, have grown accustomed to
rockets streaking across the sky, aimed at U.S. air bases and other strategic
facilities.
The war, which began with
U.S.-Israeli strikes, is dealing a heavy blow to Iraq's economy. Iraq relies on
oil revenues for roughly 90% of its budget, and most of its oil is exported
through the Strait of Hormuz,
the narrow mouth of the Persian Gulf where
Iran has effectively stopped cargo traffic during the conflict. The war also
has led to a sharp reduction in the volume of imported goods reaching southern
Iraq's ports, while attacks have halted traffic at the border it shares with
Iran.
Unlike other countries in the Middle
East touched by the war, Iraq hosts both entrenched Iran-aligned forces and
significant U.S. interests, leaving it exposed to attacks from both sides.
Since the war started, oil production in southern Iraq, where Basra is located,
has fallen by more than 70% and the volume of imported goods reaching the
country's ports has been cut in half. Drone and missile attacks have targeted
American companies and military bases. Iran's allied Iraqi militias also have
struck oil fields and energy infrastructure. Many foreign workers have left.
The Iraqi government should have
enough funds to get through mid-May without new oil sales, according to
experts, but then it will have to borrow money.
“After that, the government would
resort to issuing bonds,” said Ahmed Tabaqchali, an expert in Iraq’s economy.
“But not without consequences.”
Oil production suspended
Across southern Iraq, the closure of
the Strait of Hormuz has prompted oil fields to scale back production and focus
on domestic needs, while oil prices around the globe have risen. Basra’s Zubair
oil field, once producing around 400,000 barrels per day, has seen output drop
to roughly 250,000, officials said.
Iran has offered assurances that
Iraqi crude can safely transit the strait, said Bassem Abdul Karim, the head of
the state-run Basra Oil Company, which oversees production in the province.
However, because Iraq lacks its own tanker fleet and depends on chartered
vessels, shipments ultimately hinge on whether tanker owners are willing to
accept the heightened risks of making the journey. Most are not.
More
Iraq’s oil hub slows to a crawl as Strait of Hormuz shutdown
strangles exports
Last known shipment of jet fuel from
Middle East heading towards Europe now destined for Britain
1 April 2026
The last known shipment of jet fuel
from the Middle East heading towards Europe has switched its destination to
Britain amid the war in Iran, GB News can reveal.
Yasa Hawk is now on course towards
the United Kingdom, shipping analysts Vortexa have told the People's Channel,
which will dampen fears over the Islamic Republic's ongoing blockade of the
Strait of Hormuz.
The Marshall Islands-flagged vessel
was fully loaded with jet fuel on March 17 at the Saudi Arabian port of Yanbu
in the Red Sea.
It is currently located in the
Mediterranean and is expected to dock in the UK early next week.
Yasa Hawk was not destined for any
specific country yesterday, which is often a sign the owners were waiting to
get the best deal for their load.
Until now, the last known shipment
of jet fuel from the Middle East was expected to arrive tomorrow, leading to
fears of a fuel shortage at airports across the country.
There are currently no other tankers
containing Middle Eastern jet fuel heading towards the UK or mainland Europe.
Earlier today the boss of Ryanair,
Michael O’Leary, warned: ‘We don't expect any disruption until early May, but
if the war continues, we do run the risk of supply disruptions in Europe in May
and June."
Speaking to Sky News, the Irish
businessman said his airline is facing a 10 to 25 per cent risk of fuel
disruption this summer if the war in Iran continues.
Darragh O’Brien, Ireland’s Transport
Minister, stated Mr O’Leary has his “finger on the pulse”, adding the issue was
discussed at a meeting of European Union energy ministers.
Since Donald Trump's declared war on
the Iranian regime in February, airlines have been cancelling thousands of
flights, causing jet fuel prices to more than double.
Jet fuel cost $742 a metric tonne
last year but has recently topped $1,710.
More
Last known shipment of jet fuel from Middle East heading
towards Europe now destined for Britain
The country that could be the first
to run out of fuel due to Iran war
1 April 2026
Majid Ali, who commutes 22km every
day for work, has to stand in a queue for two hours to get the fuel he needs
for his bike. He is one of millions of people in Bangladesh who have been
lining up outside petrol stations day and night amid concerns over the country’s declining fuel
reserves triggered by Donald Trump's month-long war on Iran.
“This motorcycle is the only
convenient way for me to commute, but without the octane, how will I continue,”
the 33-year-old private sector employee tells The Independent.
"I was lucky, I got the fuel.
Dozens of motorists behind me were forced to return as the station ran out of
fuel," he adds. These days there are fewer vehicles spotted on the
capital Dhaka’s otherwise overcrowded streets.
Oil prices have surged amid growing anxiety about whether Iran will
reopen the Strait of Hormuz,
which has been shut for most vessels since the US and Iran launched their war
in late February. Almost 90 per cent of Asia’s
purchases of crude oil pass through
the strait that links the Persian Gulf to the Indian Ocean.
The country of 175 million people,
which relies on imports for roughly 95 per cent of its energy needs, has imposed fuel rationing for
vehicles, restrictions on diesel sales, and
closed universities as the war causes severe disruption to Middle East oil
exports.
Motorcyclists and drivers of various
modes of transport waited for hours, in some cases throughout the night, to
receive limited amounts of fuel. Several filling stations shut their gates
using bamboo barricades after running out of fuel, while fuel dispensers are
wrapped in blue plastic and tied off, reflecting the severity of the supply
disruption, according to Reuters. In areas outside the capital, the shortage
appears more acute, with fuel being sold informally in plastic bottles in small
quantities ranging from one to two litres at higher prices, the report said.
The newly elected Bangladesh
Nationalist Party (BNP) government led by Tarique Rahman is scrambling to
formulate a response, as Bangladesh grapples with rising energy costs,
mounting pressure on foreign exchange reserves, and the prospect of being the first
country to run out of fuel supplies amid the energy crisis.
According to reports, late last
month, Bangladesh had around 80,000 tonnes of crude stored at its Eastern
Refinery, enough to sustain the country for just over two weeks, with diesel
reserves similarly stretched. Authorities in Dhaka are now scrambling to
diversify their fuel imports by reaching out to Singapore, Malaysia, Nigeria,
Azerbaijan, Kazakhstan, Angola and Australia, according to reports.
Bangladesh has sought a temporary US
sanctions waiver similar to the exemption granted to India to import up to
600,000 metric tonnes of Russian diesel.
"The situation is dire. The
spot buying is drying up our coffers, but the government can't help it. We have
reserves for less than 10 days," an official in the Rahman government, who
requested that they not be named, tells The Independent.
More
The country that could be the first to run out of fuel due
to Iran war
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians.
A
year on: Four ways Trump's tariffs have changed the global economy
2
April 2026, 05:43 BST
When
US President Donald Trump launched his trade war last April, he promised a new
era for America - vowing to restore manufacturing, raise money for the
government and open up new markets.
One
year later, tariff rates in the US stand at the highest level in decades, with
the average effective rate at roughly 10% up from about 2.5% at the start of
last year.
Here
are four ways they have changed global trade.
More
A year on: Four
ways Trump's tariffs have changed the global economy - BBC News
Bank of England issues warning as 1.3 million households face higher
mortgages due to Iran war
1 April 2026
The Bank of England has
cautioned that an extra 1.3 million households across the UK now face mounting
mortgage expenses as a direct consequence of the ongoing Middle East conflict.
According to the central
bank's financial policy committee, approximately 5.2 million borrowers could
see their monthly payments rise by the close of 2028.
This represents roughly
58 per cent of mortgage holders nationwide.
Prior to the outbreak of
hostilities between US-Israeli forces and Iran, that figure stood at 3.9
million.
The Bank's latest
financial stability report stated that Britain's economic prospects have
"deteriorated", placing growing strain on both households and
businesses throughout the country.
The surge in borrowing
costs has been dubbed "Trumpflation" after the US president, with
lenders scrambling to adjust their offerings amid market turbulence.
Data from Moneyfacts
revealed on Wednesday that typical two-year fixed residential mortgage rates
have climbed to 5.84%, a sharp increase from 4.83 per cent at the beginning of
March.
Caitlyn Eastell, a
personal finance analyst at Moneyfacts, said: "It has been just over a
month since the start of the Middle East conflict, and the impact on borrowers
has been almost immediate as borrowing costs sharply rose."
Financial institutions
have withdrawn around 1,500 mortgage products from the market, leaving
approximately 7,000 home loan options available to consumers.
The conflict between
US-Israeli forces and Iran, which commenced at the end of February, has
delivered what the Bank described as "a substantial negative supply
shock" to the global economy.
Oil and gas prices have
risen sharply since hostilities began, while equity markets have experienced
considerable volatility.
The financial policy
committee warned that the shock would suppress growth, push inflation higher,
and tighten financial conditions.
Despite these pressures,
the committee noted that Britain's financial system has remained
"resilient so far".
More
Bank of England issues warning as 1.3 million households face higher
mortgages due to Iran war
Foreign central banks sell US
Treasuries in wake of Iran war
International official holdings at
New York Federal Reserve fall to lowest level since 2012
Published Mar 31 202
Foreign central banks have slashed their holdings of Treasuries at the New York Federal Reserve to the lowest level since 2012, as countries sell the US government bonds to prop up their economies and currencies in the wake of the Iran war.
The value of Treasuries held in custody at the New York Fed by
official institutions — a group that is largely made up of central banks but
also includes governments and international institutions — has dropped by $82bn
since February 25 to $2.7tn, according to Fed data.
The decline in these holdings since
the war began a month ago highlights how the surge in
energy prices triggered by Iran’s closure of the Strait of Hormuz, a vital
waterway, has upended the finances of countries that rely on oil imports, as
well as boosting the dollar across the board.
It also comes at a time when
some central banks have intervened in foreign exchange
markets to prop up their currencies, a move that typically involves selling US
dollars.
“The foreign official sector is
selling Treasuries,” said Meghan Swiber, a US rates strategist at Bank of
America.
Brad Setser, a senior fellow at the
Council on Foreign Relations, who studies foreign holdings of Treasuries, said
oil importers such as Turkey, India and Thailand are probably among those
selling Treasuries as they pay higher prices for oil, which is denominated in
dollars.
Turkey’s central bank has sold $22bn
of foreign government securities from its foreign currency reserves since
February 27, the day before the attacks on Iran were launched, according to
official data. Setser said a significant portion of these securities were
likely to be Treasuries.
Separate data from Thai and Indian
central banks show that foreign exchange reserves have been sold since the
start of the war in Iran, though whether that represents sales of Treasuries or
of dollar deposits is unclear.
“A number of countries . . . don’t
want their currencies to weaken further because it pushes up the local currency
price of oil — and either means more fiscal subsidies or more pain for
households. Hence the widespread decision to intervene in the currency market
to try to limit depreciation and higher local currency oil prices,” Setser
said.
More
Foreign central banks
sell US Treasuries in wake of Iran war
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section Updates as they get reported.
Canadian Solar
wraps up Q1 with three UK developments
Canadian
Solar’s energy storage solutions subsidiary, e-STORAGE, will deliver 420MWh AC
of battery energy storage systems (BESS) across two projects for Drax Group.
April 1, 2026
Canadian Solar closed March with the
announcement of two projects and a sale, as the renewable energy provider
expands its UK footprint.
Expansion
into England and Scotland
Canadian Solar’s energy storage solutions subsidiary, e-STORAGE, will deliver 420MWh AC
of battery energy storage systems (BESS) across two projects for Drax Group.
The projects will join the renewables company’s FlexGen portfolio.
The two installations include a 60MW /
120MWh AC installation in Marfleet, England, and a 150MW / 300MWh AC
installation in Neilston, Scotland. The installations are expected to begin in
Q3 of 2026 and early 2027, respectively.
Lee Dawes, chief operations officer of
Drax Group, said: “This is our first investment in short-duration storage, and
these assets will complement our existing generation portfolio.”
“As the UK network increases its
reliance on intermittent renewables, these batteries will provide secure power
and help keep the lights on when the wind isn't blowing and the sun isn't
shining."
A fully integrated and commissioned BESS
will be provided by e-STORAGE – including its SolBank 3.0 batteries – and it
will also oversee operations under a long-term service agreement (LTSA). This
will include monitoring, performance analytics, and preventative maintenance.
According to Canadian Solar’s
announcement, the goal of the arrangement with e-STORAGE is to provide
“consistent operational availability” throughout the lifecycle of the projects.
The company explained that this will improve grid flexibility in their respective
regions and contribute to the UK’s adoption of renewable energy sources.
Apatura, a UK-based energy
infrastructure company, is developing both projects, as the company specialises
in digital infrastructure and large-scale BESS. Giles Hanglin, CEO of Apatura,
added: “By combining our development expertise with e-STORAGE's technology and
Drax's operational capability, we are delivering assets that strengthen grid
security and enable more renewable power to flow onto the system."
“This collaboration with Drax and
Apatura reflects our shared commitment to advancing a more flexible and
resilient energy system in the UK,” Colin Parkin, president of both Canadian
Solar and e-STORAGE, commented.
“Leveraging the strong foundation and
operational expertise we have established in this market, we are dedicated to
delivering reliable system performance and service excellence to customers
across Europe."
Recurrent
sells Cornwall solar PV plant
The projects in Marfleet and Neilston
are not Canadian Solar’s only recent UK developments.
The company additionally closed March
with movement on Project Higher Witheven – a 42.5MWp solar project in Cornwall,
England – through its subsidiary Recurrent Energy. Earlier in the month, the
ready-to-build site was sold to investment manager Downing. By the end of
March, Higher Witheven had additionally secured a Contract for Difference (CfD)
in the UK government’s Allocation Round 7 (AR7) auction.
In the company’s official announcement,
Ismael Guerrero, CEO of Recurrent Energy, said: “The transaction of Higher
Witheven highlights our ability to originate, develop, and successfully bring
high-quality renewable energy assets to market.
“Securing a CfD in AR7 further
reinforces the competitiveness of our UK pipeline.”
Recurrent Energy’s announcement stated
that the site was designed with considerations for long-term environmental
impact and management. As such, the project was developed with biodiversity and
landscaping in mind.
Higher Witheven is predicted to generate
over 46,000MWh of renewable energy per year, and has an anticipated completion
date of Q4 2027.
Canadian Solar wraps up Q1 with three UK developments
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
The State is a gang of thieves writ large - the most immoral,
grasping and unscrupulous individuals in any society.
Murray Rothbard
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