UK to Build Undersea Cable to Tap Moroccan Renewable Power

An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
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UK to Build Undersea Cable to Tap Moroccan Renewable Power

An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)

The United Kingdom is planning to extend a subsea cable for the transmission of renewable energy from Morocco in a project declared a project of "national significance."

Reuters reported that Xlinks, a company chaired by former Tesco chief executive Dave Lewis, wants to build 3,800 kilometers of subsea cables to supply solar and wind power from the Sahara to seven million British homes by 2030.

While Xlinks called the government's recognition of its project "a major milestone," many challenges remain.

As well as building the world's most extended high-voltage direct current subsea cable, Xlinks needs to secure more funding, agree on long-term pricing contracts, and be granted permission to run through Spanish and French waters.

Lewis disclosed to the Financial Times that the estimated cost is between £20 billion and £22 billion.

Xlinks also noted that the initiative would generate approximately 10,000 jobs in Morocco, with 2,000 becoming permanent positions, aligning with the country's energy export strategy.

New UK energy security and net zero minister Claire Coutinho said the project was nationally significant because of its potential to help Britain ditch fossil fuels.

"The proposed project could play an important role in enabling an energy system that meets the UK's commitment to reduce carbon emissions and the government's objectives to create a secure, reliable, and affordable energy supply for consumers," the statement said.



Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
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Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)

Russia's economy is on the verge of sliding into recession, Economy Minister Maxim Reshetnikov said at the St Petersburg International Economic Forum on Thursday.

Russia this month cut interest rates for the first time since 2022, easing borrowing costs to 20% from 21%. But for months, businesses have complained of high rates stifling investment and economic growth has started to ease.

"According to the figures, there is a cooling, but all our figures are in the rear-view mirror," Reshetnikov said.

"According to the current feelings of businesses and business indicators, we are already, it seems to me, on the verge of going into recession. On the verge."

At the same session, Central Bank Governor Elvira Nabiullina said the current slowdown in GDP growth was "a way out of overheating".

Alexander Vedyakhin, First Deputy CEO of Russia's largest lender Sberbank said in an interview with Reuters this week that tight monetary policy was creating overcooling risks and said much lower interest rates of 12-14% would be acceptable to restart investment lending.

"There is a danger of the economy overcooling and that we will not be able to get out of this dip, and that further growth may be subdued," Vedyakhin said.