UK to make nuclear 25% of power mix by 2050; Volkswagen AG invests $7.1 in North America amid EV push: NRG matters

  • 3/22/2022
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RIYADH: On a macro level, the industry is still suffering from the rippling effects of the military conflict between Russia and Ukraine. Countries like Greece, Bulgaria, and the UK are scurrying to secure alternative energy supplies. Meanwhile, firms such as First Quantum Minerals Ltd. and Volkswagen AG continue injecting significant amounts into clean energy, signaling a green future ahead. Looking at the bigger picture: The long-delayed pipeline between Greece and Bulgaria is set to start commercial operations in September, Reuters reported, citing Bulgaria’s Prime Minister Keril Petkov. The gas pipeline linking the two countries aims to aid Sofia"s dependency on Russia post its invasion of Ukraine. UK Prime Minister Boris Johnson has announced schemes to make nuclear power 25 percent of the country’s electricity mix by the year 2050, Bloomberg reported. The move would help boost the renewable industry as well as divert dependency from Russian fossil fuels. Through a micro lens: Canadian-based mining and metals company First Quantum Minerals Ltd. is planning to power its copper mines in Zambia through $500 million worth of solar and wind energy installation, Bloomberg reported. The installation is funded by transitional energy projects-focused Chariot Ltd. which, in itself, is backed by French multinational integrated oil and gas company TotalEnergies SE. German multinational automotive manufacturer Volkswagen AG has announced an investment of $7.1 billion over the next five years in North America amid its electric vehicle push. Founded in 1937, the car maker plans to add as much as 25 new models in the region by 2030, including its classic Microbus.

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