FirstFT: UK considers paying energy suppliers to shield consumers from high bills

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Britain is exploring Fundamental intervention In the electricity market, the state pays energy suppliers when wholesale gas prices rise sharply to mitigate the blow to consumers.

The proposal, promoted by energy companies, was described by government officials as “plausible” and “logical,” but admitted that such a step had its downsides.

Under this initiative, energy suppliers will receive payments from the government when wholesale gas prices exceed certain thresholds and avoid passing the rise on to consumers.

This proposal (known as a temporary price stabilization mechanism) is several years, as some suppliers have to return funds to the government if wholesale prices fall below the agreed level. He said he could cover it with his own funds.

Prime Minister Rishi Sunak admitted that high wholesale prices could be a heavy burden for taxpayers, but officials said he was discussing with Boris Johnson how to mitigate the living cost crisis. Stated.

1. Intelsat Chief Set $ ​​4 Million “Golden Goodbye” Stephen Spengler, Retired Chief Executive Officer of Intelsat, At least $ 4 million in cash And payment of shares when one of the world’s largest fixed satellite operators retires after Chapter 11 bankruptcy protection escaped this year.

2. US airlines warn that 5G deployment will cause “confusion” The imminent rollout of high-speed 5G telecom services US OpenThe industry lobby group of the largest airline in the United States warned yesterday that it called on government agencies to intervene to avoid “confused” passengers and “immeasurable” supply chain disruptions.

3. Russian sanctions diminish western threats Investors said, “Moscow’s efforts to reduce its reliance on the global financial system are:Fortress RussiaThe strategy could make the western threat of sanctions a more effective deterrent from attacks on Ukraine. The EU’s desire for Russia’s gas has also imposed any restrictions on potentially self-defeating energy exports.

4. UK inflation expected to reach its highest level in 30 years Tomorrow’s December inflation rate Will reach Highest in 30 years as upward pressure on costs spread throughout the economy. Economists surveyed by Reuters predict inflation will reach 5.2%. This is the highest since the early 1990s, rising from a 10-year high of 5.1% in November before peaking in April.

5. Tory lawmakers relay voters’ anger at the 10 parties Conservative lawmakers Furious repulsion According to a survey, voters on the party scandal at 10 Downing Street yesterday thought that a significant number of party activists should quit Boris Johnson.Dominic Cummings, former Johnson Consigliere turned into a potential enemy, turns Westminster Steady drip of revelation..

Coronavirus digest

  • Of the world The poorest country need to do it Repay an estimated $ 35 billion According to the World Bank, many refused international rescue efforts and turned to capital markets to fund a pandemic response before becoming a lender in 2022.

  • Novak Djokovic May also be Ban The government said after Australia canceled his visa for his preventive contact status from playing at the French Open.

  • Chief Executive Officer Modana Said compound booster shot for Covid-19 and the flu It may be available “in some countries” towards the end of 2023.

  • Despite the rapid spread of the infection Pakistan teeth Resist the blockage The government is trying to avoid the worsening of the economic crisis.

The day before

Paris fashion week Annual fashion festival Return to catwalk After a two-year hybrid virtual event starting with men’s clothing. (AFP)

Corporate profit BNY Mellon, Goldman Sachs, Charles Schwab Report Fourth quarter revenue.UK e-commerce group Hut group Release the statement of accounts.

Nord Stream 2 German Foreign Minister Annalena Baerbock arrives in Russia the next day Visit UkraineThe Nord Stream 2 gas pipeline has been completed, but has not yet been certified. Don’t move on If Russia invades a neighboring country in the west.

Economic data up to date Zeu SurveyA six-month economic outlook for German investors and analysts has come out.UK releases the latest Labor market statistics Opec has a monthly oil market report, but monthly bankruptcy data. (Zew, FT)

What else are you reading

Has Sony achieved its entertainment ambitions? For years, Sony has been creating or purchasing musical instruments to achieve its goal of becoming the most fully integrated entertainment company in the world. Critics argued that the $ 157 billion symbol of Japanese companies cannot perfectly harmonize the orchestra. It looks like it’s changing now..

Orta Osorio flight visit On Sunday afternoon, Antonio Horta-Osorio was told that Credit Suisse’s board of directors, which he had chaired for more than eight months, would no longer support him after a series of Covid-19 quarantine breaches. ..For a Portuguese banker brought to look back on a Swiss lender suffering from a scandal, it’s Ignore end During his short tenure.

Sloan arranger Forty years ago, Amber and Peter York wrote: Official Sloane Ranger HandbookA guide to the style and stance of a particular subset of the British upper middle class — a “typical Englishman” recognizable by the dress code and speech pattern. What has changed?? Is Sloane enjoying a hidden excursion against fashion, or is it all the other way forward in the Instagram era?

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The bus approaches Chelsea’s Sloane Square. Chelsea is the center of London’s shopping and restaurant world for the “typical Englishman” 40 years ago © Getty Images

What happened to the lost forest in London? It’s hard to imagine today, but until the end of the 18th century Vast oak forest It stretched seven miles across what is now in the suburbs of southern London. The rest of them are the ancient forests closest to central London.

Why publicly blame your staff is always a cheesy shot Fostering a culture of responsibility makes it difficult for teams to learn from their mistakes, Andrew Hill writes.. Shame of civil servants is a misuse of authority and weakens shame by exposing that they are not responsible for the missions they have delegated.

What to do in tokyo

Kathy Matsui is one of Asia’s top financial executives, and her groundbreaking efforts on gender equality have helped shape the policies of the Government of Japan. She shares a guide to Tokyo, Emphasizes female leaders in the fields of art, design and food.

Kathy Matsui from Tokyo Team Lab

Tokyo Team Lab Kathy Matsui © Yasuyuki Takagi

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