Energy system operator says sum needed to deliver clean power targets while meeting rising demand is up by 50%The cost of rewiring Great Britain’s electricity networks through the 2030s is now 50% higher than before the Labour government came to power, and could reach almost £90bn in the next decade, according to the energy system operator.Building new high-voltage transmission lines and infrastructure to connect low-carbon energy to the grid in the 2030s was initially forecast by the energy system operator to cost £58bn. Continue reading...
The prime minister is backing the deal as it would allow British firms to access the contracts funded by the loanGood morning. In the UK many MPs will be spending the bank holiday campaigning for the elections on Thursday, but Keir Starmer is in Armenia, where he has announced that he wants the UK to join the EU’s €90bn (£78bn) loan for Ukraine.Starmer is attending a European Political Community summit in Yerevan. The EPC is the group set up four years ago comprising all the EU countries, plus almost all the other European countries that are not EU members. Mark Carney, the Canadian PM, is also attending (on the grounds, presumably, that in the light of the geopolitical upheavel caused by Donald Trump, the Canadians now count as honorary Europeans.)In relation to the EU loan that we are discussing participating in, that is very good for Ukraine, because it will give Ukraine capability that is desperately needs in year five of this conflict.It’s very good for the UK, because of the capability that leads to jobs in the United Kingdom.The extra funding to Ukraine could unlock opportunity for British businesses to fill urgent capability needs for Ukraine as part of the initiative and give British defence industry access to major contracts.The move is a significant step towards a new ambitious relationship between the UK and EU – building on the prime minister’s calls at the Munich Security Conference in February to deepen defence and security cooperation to match the rapidly evolving threats faced by both sides. It also comes ahead of the UK – EU summit, expected to be held this summer, where both sides will discuss further economic and security cooperation. Continue reading...
Leaders will discuss how to respond to surging energy prices amid the war in the Middle EastEurope live – latest updatesEU leaders have welcomed the end of diplomatic deadlock over a long-awaited €90bn (£78bn) loan for Ukraine, after the bloc finalised the agreement along with a 20th package of sanctions against Russia.After weeks of delay, the EU signed off on the loan on Thursday, in time for summit talks in Cyprus that are scheduled to begin in the evening and will include talks over a dinner with the Ukrainian leader, Volodymyr Zelenskyy. Continue reading...
Move comes after Hungary and Slovakia dropped opposition following reopening of the Druzhba oil pipelineEU leaders are set to meet in Cyprus this evening to discuss the latest on the Middle East and the next EU budget, starting in 2028.But it looks like they will have a bit of a detour – and a reason to celebrate, too – as the long-awaited €90bn loan for Ukraine and the 20th package of sanctions against Russia are on course to be unblocked after four months of delays caused by Hungary’s Viktor Orbán. Continue reading...
Agreement for urgently needed loan reached after Ukraine resumed pumping Russian oil to Hungary and SlovakiaEurope live – latest updatesEU member states have reached agreement on unblocking an urgently needed €90bn (£78bn) loan for Kyiv and a new package of sanctions against Moscow after Ukraine resumed pumping Russian oil to Hungary and Slovakia, prompting Budapest to lift its veto.Cyprus, which holds the bloc’s rotating presidency, said member states’ ambassadors had agreed to launch “written procedures” for the final approval of the loan and the sanctions package, with formal sign-off on both due by Thursday afternoon. Continue reading...
Member states meet this morning to discuss loan after longstanding disagreement between Kyiv and outgoing Hungarian PM Viktor OrbánAfter four months of very public disagreements between Ukraine and Hungary, today could be the day when the EU finally signs off (for the second time) on the critical €90bn loan for Kyiv.Ukraine’s president Volodymyr Zelenskyy confirmed yesterday that the Druzhba pipeline, carrying Russian oil imports to Hungary and Slovakia, has been repaired and is ready to be used again. EU’s top diplomat, Kaja Kallas, said yesterday she expected “a positive decision” within the next 24 hours. Continue reading...
EU economy commissioner says Iran war is feeding Russia’s war machine; Trump condemns massive strikes on Ukraine. What we know on day 1,513The EU expects to start releasing a new €90bn loan to Ukraine in the second quarter, the bloc’s economy chief told AFP on Thursday. The EU’s economy commissioner, Valdis Dombrovskis, was speaking on the sidelines of the International Monetary Fund and World Bank’s spring meetings, which brought finance ministers, central bankers and other leaders to Washington. “Our support for Ukraine, also continued pressure and sanctions against aggressor Russia was very much part of the agenda,” Dombrovskis said. He warned that Moscow was “emerging as a winner from this war in Iran, because it provides windfall profits to feed Russia’s war machine”.Russia hammered civilian areas across Ukraine with drones and missiles on Thursday, killing at least 17 people and wounding more than 100 others in the worst aerial attack in weeks, Ukrainian authorities said. Nearly 700 drones and dozens of ballistic and cruise missiles were used, as Ukrainian officials said vital stocks of advanced interceptors were running low.Donald Trump on Thursday condemned a massive Russian drone and missile attack across Ukraine that ripped through apartment buildings in the capital, Kyiv. Asked by reporters at the White House for his reaction to the barrage, Trump said: “I think it’s terrible.”It is not in the interest of the US that Russia is the winner of the Iran war, the German vice chancellor, Lars Klingbeil, said on Thursday in Washington. “It’s not in our interest and it cannot be in the interest of the United States,” he said in a joint statement with the finance ministers of Ukraine and Norway on the sidelines of the IMF spring meetings. Klingbeil said the Russian economy was growing thanks to the Middle East conflict and the country was profitting from the energy situation. As the conflict in the Middle East dominated the gathering of finance officials at the IMF in Washington, the ministers of Norway, Germany and Ukraine spoke about not forgetting to support Ukraine in its defence against Russia. “All the meetings here are about the question of what’s happening with the war in Iran, and I think it’s really important we show solidarity with our friends in Ukraine,” Klingbeil said.The heads of the EU and Nato on Thursday discussed efforts to bolster Europe’s arms production, as Donald Trump threw doubt on Washington’s commitment to the transatlantic alliance. “We need to invest more, to produce more and to do both faster,” the European Commission’s president, Ursula von der Leyen, posted online after meeting Nato’s chief, Mark Rutte. European nations are scrambling to bolster their militaries in the face of Russia’s war on Ukraine and pressure from Trump. Continue reading...
Hungarian PM, who is facing an upcoming election, appears in no mood to compromise as EU leaders meet in Brussels this morningThe new Dutch prime minister, Rob Jetten, is making his European Council debut this morning.Asked about Viktor Orbán’s position, Jetten insisted that “it is obvious that Ukraine needs out full support to win this war against the Russian aggression,” as he stressed the EU loan “is crucial to make sure Ukraine can prepare for the next winter.” Continue reading...