THE former chief executive of Scottish Hydroelectric owner SSE has warned a cold winter could see power prices double.
Ian Marchant told The Sunday Telegraph that a spike in demand could result in firms having to ration usage given tight limits on generating capacity in the UK.
The energy industry veteran, who chairs the Aberdeen-based Wood Group oil services giant, noted the UK has not had a seasonally cold winter for the last four or five years. He said: "If we have a normal winter we will be fine, it is if there is a sustained cold spell - that is when the system will get under stress.”
Mr Marchant added: “I am not talking about the lights going out, I'm talking about very high spot prices that force commercial organisations to effectively ration demand.”
The newspaper notes some analysts reckon Royal Bank of Scotland has built up enough capital that the Edinburgh-based giant may next year be able to pay its first dividend since it was bailed out during the financial crisis.
Experts at Bernstein Research reckon the bank could reveal in this week’s third quarter results announcement that its core capital buffers have risen to above the level required by regulators, meaning it could resume payouts to investors.
The bank’s capital position has been strengthened by disposals while growth in the economy has boosted trading.
However, The Sunday Times said RBS could report a loss for the third quarter after incurring hefty charges for its role in scandals such as the mis-selling of insurance products.
The Governor of the Bank of England, Mark Carney, has reiterated his claim that the UK’s membership of the European Union has increased the dynamism of the country’s economy.
While Mr Carney was criticised for what some people regarded as straying into politics with the remarks he made last week, Mr Carney told The Mail on Sunday the bank had to comment on the issue. He also said last week that the UK needed safeguards to protect it from harm that could be caused by moves to integrate the Eurozone economies more closely.
Mr Carney told the paper a substantial proportion of British households carry a lot of debt in spite of widespread efforts to reduce borrowing.
The Sunday Herald reports around £600 million investment has been committed to the Dundee Waterfront regeneration project putting the scheme more than half way to meeting its £1bn target. Committed investments include the £81m V&A Museum of Design, expected to open in spring 2018.
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