A notice of a ‘tight electricity margin’ was sent out warning of a potential shortage from 7pm. Bloomberg
A notice of a ‘tight electricity margin’ was sent out warning of a potential shortage from 7pm. Bloomberg
A notice of a ‘tight electricity margin’ was sent out warning of a potential shortage from 7pm. Bloomberg
A notice of a ‘tight electricity margin’ was sent out warning of a potential shortage from 7pm. Bloomberg

UK National Grid issues ‘blackout’ demand warning


Simon Rushton
  • English
  • Arabic

The National Grid issued a surprise supply warning for Tuesday evening saying that UK capacity was close to being reached, as temperatures dropped and people returned home.

A notice of “tight electricity margin” was sent out warning of a potential shortage from 7pm, saying that the buffer of spare capacity will narrow.

The warning was issued for the evening time when demand tends to increase, as people return home from work and outside temperatures drop, and revealed that the grid is struggling to match demand with supply.

The National Grid soon dropped the warning as contingency plans kicked in, but industry experts warned it was a sign of “much tighter days ahead”.

“The notices are intended to be a signal that the risk of a System Stress Event in the GB electricity network is higher than under normal circumstances,” the National Grid said.

Warnings are issued when “there may be less generation available” than operators expect will be needed “to meet national electricity demand”.

Phil Hewitt, director at Enappsys, said: “This is the first tight day of the winter but it is not super tight. It is a small appetiser of tightness, there will be much tighter days ahead.”

A cold spell has hit the UK this week with colder-than-normal temperatures, forecaster Maxar Technologies LLC said in a report.

Minimum temperatures will be as low as 3ºC in London and 1ºC in Newcastle on Tuesday, which will drive up gas and power demand before temperatures rise again next week.

As winter bites, temperatures will drop further and there is also a drop in the amount of wind power generated.

The nation is going into the coldest months of the year with its tightest supply buffer for seven years, and National Grid Plc has modelled the risk of power cuts in the event of a gas shortage that would restrict supplies to power stations.

That has prompted it to pay hundreds of millions of pounds in utilities to extend operations at highly polluting coal plants that were due to shut permanently this year.

Wind power output was as low as 3,958 megawatts around noon on Tuesday, compared with more than 10,000 megawatts a day earlier.

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

UAE currency: the story behind the money in your pockets
TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

England's lowest Test innings

- 45 v Australia in Sydney, January 28, 1887

- 46 v West Indies in Port of Spain, March 25, 1994

- 51 v West Indies in Kingston, February 4, 2009

- 52 v Australia at The Oval, August 14, 1948

- 53 v Australia at Lord's, July 16, 1888

- 58 v New Zealand in Auckland, March 22, 2018

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

EPL's youngest
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SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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Fight card

Preliminaries:

Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)

Main card:

Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)

Title card:

Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)

Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)

Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY%20PROFILE%20
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Updated: November 22, 2022, 6:56 PM