Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Eastern Europe, Russia and the Caspian to add 16 GW of wind by 2027

Eastern Europe, Russia and the Caspian to add 16 GW of wind by 2027

The onshore wind market in the three regions is expected to deploy 16GW of onshore wind power capacity

This will mark a cumulative growth at an annual rate of 9% from 2018 to 2027, according to a new report by Wood Mackenzie Power & Renewables.

The market expansion in the particular regions will be driven mostly by the implementation of auction schemes in Russia, Kazakhstan—and tenders in Poland and Ukraine. This was according to Sohaib Malik, market analyst and lead author of the Eastern European Onshore Wind Market Outlook 2018.

Poland is also expected to become a leading market in the region after making certain amendments to its renewable energy act this summer.

This will enable already permitted but halted projects to take part in wind power auctions. Meanwhile, Russia is expected to “experience immense growth” between 2021 and 2024 as developers will then face a deadline for connecting most of the 3.2 GW of awarded projects in past auctions. Ukraine is also seen to gain speed as it will have completed the transition of the feed-in tariff (FIT) scheme to competitive auctions by end-2019, thus enhancing competition and cutting costs.

Wind power auctions are becoming more popular in Eastern Europe. The market there is also seen to grow by over twofold over the next 10 years from the 142 MW at end-2017.

Malik stressed on the fact that local governments need to streamline the permitting and grid integration regulations to provide certainty and support the market expansion.

Wood Mackenzie stated that there were several small wind markets that were expected to emerge– mentioning Armenia, Azerbaijan, Georgia and Slovakia as examples.

 

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