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Sunrun set to overtake Tesla as biggest US residential solar firm
 As the U.S. residential solar market contracts, one company is bucking the trend: Sunrun. While both Tesla/SolarCity and Vivint have both substantially scaled back installations this year and moved away from the third-party solar model, Sunrun has continued to grow, and has held on to a high share of third-party sales.

During Q3 of 2017 Sunrun deployed 90 MW of solar PV, an increase on both a year-over-year and sequential basis. This is only 17% less than Tesla/SolarCity’s 109 MW, and suggests that if current trends continue Sunrun could be the largest residential solar company in the nation as early as 2018.

Sunrun’s attachment to the third-party solar model has meant that the company continued to lose money in Q3, with a net loss of $80 million versus $141 million in revenue. This number is slightly higher than a year ago, but not unusual for Sunrun or any company whose sales are based on third-party solar.

Instead, while experiencing quarterly losses third-party solar companies build long-term value in the form of volumes of leases and PPAs with their customers. And while Sunrun’s increase in retained value cannot be compared to other companies due to its use of unique metrics, the company reports that it increased its Net Earning Assets $97 million during the quarter, to bring it to $1.2 billion.

And due to this timing of reaping value over the course of decades, for third-party solar companies to grow they must continually raise money. This includes using the rooftop PV systems they have deployed as collateral, and Sunrun Chair Ed Fenster says that the company will be regularly be issuing asset-backed securities beginning in 2019.

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Sunrun also received $40 million in financing from Quebec pension fund CDPQ in November.

However, if Sunrun is not worried about financing, it is concerned about the Section 201 trade case. Sunrun Chair Ed Fenster has been a main speaker in Solar Energy Industries Association’s (SEIA) campaign to oppose trade action through the case, but the company is also preparing for the worst, and admits that it has accelerated procurement of modules in the event of significant tariffs.

Sunrun’s install costs have been rising over the last year, even as its sales & marketing and general and administrative costs have fallen. Higher module prices would increase its costs, however Sunrun still has a pretty big spread between its cost to deploy solar and the long-term value that it reaps. The company’s Net Present Value has hit $1.15 per watt, its highest to date.

During Q3 Sunrun booked 93 MW of solar, but expects to only deploy 87 during Q4, for a total of 325 MW this year. If this is achieved, this will be a 15% growth over 2016.

Output: US solar energy company SunRun could become the largest residential solar company in the US by next year, current trends imply, as it continues to gain ground on its competitors. The company installed 90 MW of solar PV in the third quarter of this year, making it the only player on the field still noticeably expanding. Tesla/SolarCity and Vivint, meanwhile, have both scaled back their installations and moved away from the third-party model.


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Delhi to purchase 1 GW of renewables to cut pollution
 November 6 (Renewables Now) – Power distribution firms in Delhi will be able to buy 1,000 MW of renewable power by 2019 in an effort to fight air pollution, Delhi's power minister said on Friday.

Cited by the Press Trust of India (PTI), Minister Satyender Jain explained that the city government will get more electricity from clean energy sources, if needed. He added that an in-principle agreement has already been made with three discoms. The tendering process will be overseen by central government agency Solar Energy Corporation of India (SECI), with the projected purchase price being under INR 3 (USD 0.046/EUR 0.040) per kWh.

Jain noted, as quoted by the PTI, that the average price for purchasing electricity in Delhi currently stands at INR 5.50 per kWh.

The Indian city has set a goal of producing 1,000 MW of solar power by 2020 under its solar energy policy from June 2016.

(INR 10 = USD 0.155/EUR 0.133)

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Output: The city government in Delhi will give power distribution companies the opportunity to tender for 1 GW of renewable energy by 2019. The move is intended to help address the problem of air pollution, with the city's power minister saying they will source even more electricity from renewables if necessary. Three in-principle agreements have already been made with distribution companies, and the tendering process is being run by the Solar Energy Corporation of India (SECI), an Indian central government agency. The projected purchase price is INR3 ($0.046) per kWh.


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European Investment Bank loans $100m for Mexican wind farms
 The European Investment Bank (EIB) is providing a USD-100-million (EUR 86m) loan to Nacional Financiera (NAFIN), a Mexican government-owned development bank, which will be used to support wind farm projects in Mexico.

The funds will be on-lent to private sector borrowers to aid the development of a 200-MW wind farm in the northern Mexican state of Coahuila and a 130-MW wind farm in the state of Zacatecas, central Mexico.

Announcing the signing of the loan last week, the EIB said that wind energy development supports Mexico's renewable energy targets and the EIB's objectives in the areas of renewable energy and energy efficiency and climate action. The agreement follows the signing of a memorandum of understanding (MoU) in March to strengthen cooperation between the institutions.

"With this financing operation, one of the first ones between EIB and Mexico's public sector, EIB and NAFIN are initiating a strategically important cooperation that will provide further support to sustainable energy solutions across the country and thereby help Mexico and the EU contribute to the fight against climate change," said EIB vice-president Roman Escolano, who was in Mexico for meetings with government officials.

(USD 1 = EUR 0.861)

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Output: The European Investment Bank (EIB) is providing a $100m loan to finance the construction of two wind farms in Mexico. The funds are being provided to the Mexican state-owned bank NAFIN, which will use them to provide finance to private sector companies developing a 200 MW wind farm in the northern state of Coahuila and a 130 MW plant in Zacatecas in the centre of the country. The deal follows the signing of a memorandum of understanding between the EIB and NAFIN in March to pursue renewable energy projects.


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HSBC lays out $100bn sustainable investment target for 2025
 HSBC Holdings plc (LON:HSBA) has set a goal to provide USD 100 billion (EUR 86bn) in sustainable financing and investment by 2025.

The UK bank said it will increase its support for clean energy and lower-carbon technologies, and projects in line with the UN's Sustainable Development Goals.

HSBC unveiled the goal today along with four other commitments as part of an update on measures related to its social, environmental and governance (ESG) responsibilities.

The other objectives include sourcing 90% of the group's electricity from renewable sources by 2025 and 100% by 2030. The bank has also pledged to reduce its exposure to thermal coal, which includes stopping to finance new coal-fired power plants in developed countries and thermal coal mines around the world.

HSBC further promises to improve transparency on climate-related risks and opportunities and to promote the development of industry-wide definitions and standards about sustainable finance and investment.

(USD 1 = EUR 0.862)

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Output: UK bank HSBC is set to strengthen its support for renewable energy and low-carbon technology, aiming to invest $100bn in the field by 2025. The announcement comes alongside a number of other environmental commitments HSBC is making as part of an update to the bank's social, environmental and governance responsibilities. These include a pledge to source all of the bank's electricity renewably by 2030, and to reign in its financing of coal-fired power stations in developed countries.


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Octopus Investments raises £80m in new financing
 Octopus Investments’ total facility size now stands at GBP 564 million ($739 million), and its solar portfolio now consists of 622 MW of assets.

After the fund closed a refinancing deal worth GBP 484 million ($634.5 million) earlier this year, Octopus closed new financing for a further GBP 80 million ($104 million), from banks which were already part of the syndicate of lenders involved in the original refinancing.

These nine original banks are Banca IMI, Barclays, BNP Paribas, CaixaBanks, Royal Bank of Scotland, SMBC, AIB, Sabadell and Santander Global Corporate Banking.

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“Our asset management team has delivered on expectations with high quality reporting to a group of experienced lenders,” says Matt Setchell, Head of Energy Investments at Octopus. “They are impressed with the results, and followed up just six months after the original deal with more funding.”

Octopus Investments claims to be the largest commercial solar investor in Europe, and also invests wind and other renewable energy sectors. It is a part of the Octopus Group, which manages more than GBP 7 billion in funds.

Output: Renewable financing company Octopus Investments has raised a further £80m ($104m) from a refinancing deal after an earlier one in which it raised £484m. The firm, which claims to be the largest commercial solar investor in Europe, is part of the Octopus Group, which manages more than £7bn ($9.16bn) in funds. As well as 622 MW of solar assets, it also has investments in wind and other renewable sectors. The latest deal involves banks that were part of its original refinancing, including Barclays, BNP Paribas, RBS and Santander.


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NRG Energy seeks $350m to build three solar plants in Hawaii
 US power producer NRG Energy Inc (NYSE:NRG) is looking for about USD 350 million (EUR 302m) in financing to construct three solar power plants in Hawaii, Bloomberg reported on Tuesday, citing people with knowledge of the deal.

NRG acquired three projects from bankrupt SunEdison Inc in 2016. They have a combined capacity of 109.6 MW and include the 49-MW Kawailoa, the 45.9-MW Waipio and the 14.7-MW Lanikuhana photovoltaic (PV) parks. The company signed new power purchase agreements (PPAs) for the plants with Hawaiian Electric Co, which had cancelled the original ones with SunEdison.

According to the Bloomberg article, NRG has picked CIT Group Inc to lead the financing deal.

Reporting third-quarter results last week, NRG said it expects to sell 100% of its interest in NRG Yield Inc (NYSE:NYLD.A) and its Renewables platform as part of its transformation plan, launched in July. The company targets up to USD 4 billion of cash proceeds from asset sales.

(USD 1 = EUR 0.862)

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Output: US power company NRG Energy is said to be seeking around $350m of funding to complete the construction of three solar power plants in Hawaii. Purchased from bankrupt SunEdison in 2016, the projects have a combined capacity of 109.6 MW. CIT Group has reportedly been chosen to lead the financing deal, and NRG has signed new power purchase agreements with Hawaiian Electric, after the previous ones with SunEdison were cancelled.


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Loraxian raises $50m for global growth in infrastructure projects
 Canadian renewable energy and infrastructure company Loraxian Inc has closed a USD-50-million (EUR 43.1m) series B funding round with Treasure Union Ltd of Hong Kong, a new partner.

Loraxian will use the funds for global growth, focusing initially on Canada, Asia, and the Middle East, it said last week. A significant part of the proceeds will be spent to "strategically" acquire key technologies currently used in the company's infrastructure projects.

The Canadian company says it takes a systematic approach to all phases of the life of an infrastructure asset. It develops, builds, finances, procures, operates, maintains and owns building and energy infrastructure assets with a focus on southeast Asia and North America.

"We also look forward to expanding our relationship with Treasure Union as they support us in funding the growth in global projects in addition to this initial investment," said Loraxian founder and chief executive Roland Kielbasiewicz.

(USD 1 = EUR 0.863)

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Output: Canadian renewable energy firm Loraxian has raised $50m of new investment to finance the growth of its business within its home country and across Asia and the Middle East. The funding comes from the company's new partner, Hong Kong investment firm Treasure Union. Loraxian has said it will use a significant part of the new capital to acquire key technologies currently used in its infrastructure projects.


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ContourGlobal targets £507m in London IPO
 ContourGlobal plc (LON:GLO) expects its initial public offering (IPO) in London to raise up to GBP 507 million (USD 665.6m/EUR 574.4m), including over-allotments, after pricing it at GBP 2.50 per share.

With no over-allotments, the proceeds will be GBP 441 million.

The company, which has 2.64 GW of thermal and 1.5 GW of renewable gross power capacity, will get GBP 306 million of gross proceeds. It previously said it planned to use the amount raised to further strengthen its balance sheet and ensure further flexibility to fund future growth.

The offer includes 122.4 million of new shares and 54.03 million of existing shares. Stabilising manager Goldman Sachs International has been granted an over-allotment option of up to 26.46 million shares.

ContourGlobal LP, the major shareholder, will be left with a stake of 73% with no over-allotments, or 69% if the over-allotment option is exercised in full. At admission, ContourGlobal plc will have 670.7 million shares in issue, with a free float of between 25% and 29%, depending on over-allotments.

Conditional dealings in the shares on the London Stock Exchange (LSE) starts today, while commencement of unconditional dealings is expected on November 14. At the IPO price the market capitalisation of the company arrives at nearly GBP 1.68 billion.

PORTFOLIO

ContourGlobal has 69 power plants in 19 countries. Natural gas and methane account for about 31% of its capacity, 29% is coal and 21% is wind. In addition, 14% of the portfolio is hydropower plants (HPPs), 3% is oil and the remaining 2% come from solar power plants.

The company is focused on long-term contracted wholesale power generation, targeting high margins at lower risks relative to other segments in the power sector. Europe is its main market with 2,488 MW of capacity, followed by Latin America with 1,424 MW, and Africa with 228 MW. These figures are for the end of June 2017.

(GBP 1 = USD 1.31/EUR 1.13)

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Output: US energy company ContourGlobal expects to raise £507m ($665.6m) when it floats on the London Stock Exchange. The IPO includes 122.4 million new and 54.03 million existing shares, with an over-allotment option of up to 26.46 million shares granted. Unconditional dealing is expected to begin on 14 November. Proceeds will be used to strengthen the balance sheet and fund growth. ContourGlobal will retain a stake of 69% to 73% depending on over-allotments. The firm has 69 power plants in 19 countries, with 31% capacity from natural gas/methane, 29% coal, 21% wind, 14% hydro, 3% oil and 2% solar.


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Brazil's Iberdrola-controlled Neoenergia prices IPO around $880m
 Neoenergia SA, the Iberdrola-controlled Brazilian utility with a solid renewables portfolio, announced an indicative price range of BRL 15.02 to BRL 18.52 per share for its upcoming initial public offering (IPO).

Based on a price of BRL 16.77 apiece, the midpoint of the range, the company and two of its shareholders could raise a total of BRL 2.857 billion (USD 880m/EUR 756m) by selling some 170.3 million new and existing shares. This excludes an additional 34 million common shares that could be offered to cover over-allotments.

Neoenergia targets at least BRL 1.155 billion in proceeds from a primary offering. It points out in the filing that if the secured sum is below that level, it may sell more shares.

The existing shareholders that plan to sell stock are Banco do Brasil SA and pension fund Previ. They could raise BRL 1.567 billion and BRL 134 million, respectively, in a secondary offering.

According to the filing, Spain’s Iberdrola (BME:IBE) will continue to be the majority shareholder in Neoenergia following the IPO, with an interest of 51%, while Banco do Brasil and Previ would cut their stakes to 0.37% and 33.84%, respectively. Currently, the two selling stockholders hold stakes of 9.35% and 38.2%.

During the summer, Iberdrola completed the merger of Neoenergia with its Brazilian unit Elektro Holding SA to create Brazil’s largest electricity utility by number of customers. The firm is active in the wind power segment through Forca Eolica do Brasil. Its total wind and hydropower capacity, either in operation or under construction, amounted to 3,546 MW at the time of the transaction. The company also has 530 MW of thermal power generation capacity.

(BRL 1.0 = USD 0.308/EUR 0.265)

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Output: Brazilian utility Neoenergia could raise $880m in its initial public offering (IPO) after announcing an indicative price ranged around BRL16.77 ($5.10) for the shares. The company is active in the wind and hydropower sectors, with a combined capacity of 3,546 MW in operation or under construction and a further 530 MW of thermal power generation. Spain's Iberdrola will continue to be its majority shareholder with an interest of 51%, while two other existing investors will reduce their stakes. Neoenergia was merged with Iberdrola's Elektro Holding earlier this year.


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Solar Alliance purchases US renewables engineering firm Aries
 Canadian firm Solar Alliance Energy Inc (CVE:SAN) has wrapped up the acquisition of US-based Aries Solar LLC and its pipeline of commercial solar projects.

The target entity and all of its assets were bought from Thompson Machinery Commerce Corp in a contingent payment deal of up to USD 1 million (EUR 859,300), Solar Alliance said on Wednesday. The acquired project pipeline includes 45 commercial solar schemes in different stages of development, including prospecting, proposal and contract negotiations. If constructed, the projects will bring a potential revenue of about USD 18.8 million, the buyer announced previously.

Aries Solar is engaged in the provision of engineering, procurement and construction services for the commercial solar sector. It has licences to operate in four Southeast US states and has installed 5 MW of photovoltaic (PV) capacity.

The acquisition is part of Solar Alliance’s plan to enhance its activities in the residential, commercial and utility-scale solar sectors, CEO Jason Bak noted, adding that it will also lead to a material increase in revenues. For Aries Solar, it is seen as an opportunity for the addition of more services to its offerings, according to Harvey Abouelata, former president of Aries Solar. Abouelata will take the post of vice president commercial solar at Solar Alliance following the deal.

(USD 1.0 = EUR 0.859)

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Output: Canada's Solar Alliance Energy has acquired US company Aries Solar in a deal worth around $1m. The purchase gives Solar Alliance control of the 45 commercial solar schemes that Aries has in development, worth a total of $18m in potential revenue. Aries has licences to operate in four south-eastern US states and has installed 5 MW of photovoltaic solar capacity to date. The company specialises in engineering, procurement and construction services in the commercial solar sector.


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China may double 2020 solar target after smashing previous goal
 The Chinese government should increase its 2020 solar target from 110 to 200GW, according to the China National Renewable Energy Centre (CNREC).

The think tank is the main advisor to the government’s National Energy Administration (NEA), which would be ultimately responsible for acting on the recommendation. In August, the continuing boom of installations saw the country edge past its existing 2020 target.

CNREC also recommended increases to wind and bioenergy targets and a halt to the approval of new coal power capacity.

Frank Haugwitz, of the Asia Europe Clean Energy Advisory (AECEA), which highlighted the recommendation in a briefing note, considers the target to be achievable.

“The recommended ‘new’ solar PV target in AECEA’s opinion will be realized, if not exceeded by approx. 15-20%,” he wrote.

“Overall, China is in the midst of its own energy transition, a process which will last for years and decades to come. In this context, obviously the utilization of locally available renewable energy resources will play a significant role, due to that over the past years sentiments towards RE have changed. China’s president Xi Jinping’s call for an energy revolution in the summer of 2014, an overdue, but fundamental power sector reform finally initiated in March 2015, a thoroughly revised version of the Renewable Energy Portfolio (RPS) effective since early 2016, the introduction of a voluntary domestic carbon emission trading scheme in July 2017 among a host of other initiatives and policies all designed to make this grand energy transition happen.

“Finally, it remains to be seen to which extent China’s National Energy Administration will follow CNREC’s proposed recommendations. In AECEA’s view, they certainly will be taken into consideration and shall serve as the reference when drafting new policies,” added Haugwitz.

Output: Influential think tank, the China National Renewable Energy Centre (CNREC), has recommended the country's 2020 solar target be increased from 110 GW to 200 GW, after China surpassed the existing target in August 2017. CNREC also suggested ending the approving of new coal capacity and throwing the state's weight behind more wind and bioenergy projects. The government's National Energy Administration will ultimately decide whether to act on the proposals.


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ITM Power wins funding to study power-to-gas storage feasibility
 UK hydrogen specialist ITM Power (LON:ITM) has secured government funding to study the potential deployment of large-scale power-to-gas energy storage in partnership with gas distributor Northern Gas Networks Ltd (NGN).

The companies will conduct a feasibility study with a focus on deployments of more than 50 MWh within NGN's gas network. The examination will provide technical, economic and site-specific information about large-scale power-to-gas storage and will enable a decision on a potential large-scale demonstration project, ITM Power said.

Power-to-gas energy storage converts electricity into hydrogen which can be injected and stored in the gas network.

"As renewable power generation increases, effective storage and transmission of surplus power will become ever more important," noted Northern Gas Networks chief executive Mark Horsley. Part of the project will take place at InTEGReL, the company's whole systems facility near Gateshead.

Funding for the project has been secured as part of the energy storage feasibility study competition, launched by the Department for Business, Energy and Industrial Strategy (BEIS) in January 2017.

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Output: ITM Power has won funding to further explore the potential for using power-to-gas technology in energy storage. The UK-based hydrogen energy specialist is working on the technique, in which electricity is used to split water into hydrogen and oxygen, with the hydrogen then stored for later use. The funding from the UK government's Department for Business, Energy and Industrial Strategy will allow ITM, in partnership with gas distributor Northern Gas Networks, to study the feasibility of using the technology in large-scale storage facilities.


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Scotrenewables launches funding round for tidal turbine
 Scotrenewables Tidal Power Ltd, the Scottish firm developing the 2-MW floating SR2000 tidal current turbine, said today it is launching a funding round to obtain further equity investment.

The company will use the amount raised to support the completion of its commercialisation programme and deliver its first commercial tidal arrays, said chief executive Andrew Scott.

Simmons & Company International, part of US investment bank Piper Jaffray Co (NYSE:PJC), has been hired to run the fundraising effort out of its Aberdeen office.

Scotrenewables is looking to secure new equity after successful testing over the past 12 months, which, as announced in September, saw the SR2000 turbine generate more than 116 MWh in under a week of continuous generation at the European Marine Energy Test Centre (EMEC) in Orkney. The company said that in recent days the SR2000 has been showing daily generation of over 20 MWh, including 6 MWh in a single tide.

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Output: A Scottish power company is launching a funding round to seek investment to support the development of its first tidal arrays. Scotrenewables Tidal Power has successfully tested its SR2000 turbine at the European Marine Energy Test Centre in Orkney over the past year. During the trials, it generated more than 116 MWh in under a week, with 6 MWh generated in a single tide. The firm has hired Simmons & Company International, a division of US bank Piper Jaffray, to organise the funding round from Aberdeen.


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Kosovo to begin auctioning licences for solar projects
 Kosovo’s Minister of Economic Development Valdrin Lluka has announced that his ministry will start to grant licenses for large-scale solar projects in the near future, and that projects will be selected through an auction mechanism.

Lluka added that he believes this new auction mechanism may raise investments in solar in Kosovo in the amount of around €100 million. No more details were given about the future procurement process, nor on the size of projects that may be able to compete. If implemented, the future auction scheme will be the first serious effort of the local government to make solar part of the country’s energy mix.

In its long-term energy strategy, the expected addition of renewable capacities is 240 MW, just 10 MW of which is expected to come from solar PV. Under the FIT program run by the Ministry of Agriculture, 101 PV systems totaling 77 kW were installed in 2014, while another 135 installations with a combined capacity of 364 kW came online in 2015.

The European Commission has recently urged Kosovo to do more for the development of renewable energies. The EC said that the energy reforms recently implemented by the local government are not sufficient to improve the country’s troubled power market, which still relies heavily on coal and electricity imports.

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According to the EC, Kosovo’s energy market suffers from outdated production capacity, as well as low energy efficiency, a non-liberalized energy market and a tariff system that does not reflect real costs. Kosovo, however, has a considerable solar potential with an average of 278 sunny days and 2000 hours of sun per year.

With 2 million inhabitants, Kosovo is still a disputed land between Republic of Serbia, which claims it as its own territory, and the Republic of Kosovo. Currently, 111 out of 193 member states of the United Nations have recognized Kosovo as an independent state.

Output: Kosovo is set to auction licences for large-scale solar projects "in the near future" in a plan hoped to raise €100m ($117m), according to Minister of Economic Development Valdrin Lluka. It would be the country's first serious push into the solar market, but Lluka gave no details about project size and the procurement process. The move follows criticism from the European Commission about the state of Kosovo's energy market, its tariff system and paucity of renewables despite the country enjoying more than 2,000 hours of sun per year.


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Click Tenant finds scammers using free listings to con tenants
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A new online lettings business that allows landlords to upload their own properties says it has uncovered a number of rental scams.

Click Tenant, which launched only at the end of last month, has already reported one case – where a bogus landlord was believed to be operating as part of a gang – to the police.

ClickTenant, which advertises landlords’ properties free on Rightmove and Zoopla, offers services including full management said to be at an unmatched low price.

Managing director Danielle Cullen said that criminals are advertising false properties with high-quality photos in prime locations and at reasonable rents.

Tenants are then lured into paying upfront fees for a property that either does not exist or has been let to multiple victims at the same time.

One bogus landlord attempted to contact interested tenants over a weekend, to request large sums of money.

Another was found to be part of a criminal gang specialising in rental fraud.

Cullen said: “Every property platform that allows landlords to upload their own adverts will be vulnerable to these types of potential scams.

“As ClickTenant.com is a newly launched website, fraudsters believe we will be vulnerable and unable to spot this criminal activity.

“Unlike other new businesses, we have been successfully operating StudentTenant.com for a number of years, and have built up a wealth of invaluable experience in situations like these.

“We’ve been able to use this to assist tenants to ensure they do not fall victim to such ruthless schemes.

“Our team works very hard in these instances to prevent these operations from being executed before they reach the tenants.

“It’s common practice for all of our staff to inform potential tenants to never part with any money in any instance – potential scammer or not.

“We also advise not to have direct contact with would-be landlords without our input.

“We have been able to uncover several potential attempts to request large sums of money, and work very closely with the tenants to ensure the relevant authorities and fraud teams are made aware.”

Reports of rental fraud to police in England and Wales leapt from 2,216 in 2014 to 3,193 in 2015 – the latest year for which there is data.

Output: Lettings company Click Tenant has discovered that fraudsters are using free listings to trick tenants into paying upfront fees for fake lodgings. Click Tenant advertises landlords' properties free on Zoopla and Rightmove, and has uncovered bogus landlord connections to criminal gangs specialising in rental fraud in the one month since it started operating. Click Tenant was formed out of successful online rental businesses Student Tenant. Click Tenant's managing director, Danielle Cullen, said: "Our team works very hard in these instances to prevent these operations from being executed before they reach the tenants."


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Oil majors, energy traders, banks to form blockchain platform
 The new venture will comprise the likes of energy giants such as BP, Shell and Statoil; traders like Gunvor, Koch Supply and Trading and Mercuria; and banks like ABN Amro, Societe Generale and ING. It will also operate and be managed as an independent entity, aiming to launch and operate the new blockchain-based digital platform by the end of 2018.

Physical energy transactions from trade entry to final settlement will be implemented via the blockchain platform, which envisions that over the time all energy will be transacted via decentralised blockchain models.

The new venture has the potential to become a big step for blockchain technology, which has not yet reached maturity and requires further development. The event that leading financial institutions also participate in the new venture is highly encouraging, given that the Bitcoin crypto-currency is the largest and most successful application of blockchain to date.

Technological and regulatory challenges

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Several challenges, both technological and regulatory, remain. The fundamental idea behind blockchain is to remove the so-called middle-men (e.g. electricity suppliers or aggregators) in the energy trade. Where a power generator and a customer agree a transaction, they agree the terms and details of it and trade electricity peer-to-peer without needing intermediates. Their transactions are encrypted, distributed and stored to the individual computers that form the chain. For a transaction to be implemented, its details and terms need to be verified by all individual computers comprising the chain (this is a process called ‘mining’).

Members of a blockchain can either be identified or not. Bitcoin (in the area of financial services) for example keeps the identity of the participants anonymous. Other systems may require the identity of participant to be disclosed before entry to the blockchain. It is highly interesting to see which option the new blockchain platform will opt for, given specifically that models based on anonymity increase operating costs and require great IT power to perform fast.

On the regulatory side, it will be useful to see how the smart, digital contracts will be used in the new platform. In the traditional electricity model used today, there are clearly defined responsibilities of supply and operation for both the power suppliers and the networks operators. In the case of decentralised blockchain units, such units rely on the distributed register (the ‘ledger’) and decisions are taken by consensus on the basis of a computer code. The new blockchain platform can offer lessons on this front too.

Output: Oil majors including BP, Shell and Statoil have joined forces with several banks and energy traders, such as Gunvor and Mercuria, to launch a blockchain platform for digital transactions in the energy sector. The platform, set to go live by the end of next year, will operate as an independent entity, and aims to cut costs by enabling producers to sidestep electricity suppliers and deal directly with customers, while transactions are recorded via smart contracts on the blockchain to improve efficiency. However, analysts warn the nascent blockchain system faces potential regulatory obstacles and must overcome the technical issue of anonymity.


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Shift to 100% renewable power 'cheaper' than fossil-fuel system
 The study, ‘Global Energy System Based on 100% Renewable Energy – Power Sector’ was presented during the Global Renewable Energy Solutions Showcase event, a sideline to the United Nations Climate Change Conference COP23 currently underway in Bonn.

The study’s key overall finding is that a global shift to 100% renewable electricity is feasible with current technology, and would be more cost effective than the current system led by fossil fuels and nuclear generation.

The study found that in a projected scenario for energy demand in 2050, 100% could be met by current renewable technologies, at a global average LCOE of €52/MWh, compared with 2015’s average LCOE of €70.

In EWG’s 2050 scenario, solar PV covers 69% of electricity demand, wind 18%, hydro 8% and bioenergy 2%. The study predicts that wind will briefly overtake solar in the 2020s, before further price drops put solar back in the lead.

Storage is outlined as the key supporting technology for solar, with around 31% of total demand covered by storage technologies. 95% of this is projected to come from short term storage provided by batteries, with power to gas conversion providing seasonal storage.

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“There is no reason to invest one more dollar in fossil or nuclear power production,” exclaims EWG President Hans Josef. “All plans for a further expansion of coal, nuclear, gas and oil have to be ceased. More investments need to be channeled in renewable energies and the necessary infrastructure for storage and grids. Everything else will lead to unnecessary costs and increasing global warming.”

The report is based on an original model developed by Lappeenranta University of Technology, which calculates the most cost-effective mix of technologies based on available resources in 145 regions for a full reference year. The full study is published here.

Only time will tell whether this study’s recommendation will translate into reality. As lead author Christian Breyer sums up: “Energy transition is no longer a question of technical feasibility or economic viability, but of political will.”

Output: The world can shift to 100% renewable electricity sources by 2050 using today's technology and be more cost effective than the present fossil-fuel based system, according to research from Finland’s Lappeenranta University of Technology and Energy Watch Group. By 2050, 100% of power demand could be met by current renewable technologies, at a global average levelised cost of electricity (LCOE) of €52/MWh, compared with 2015’s average LCOE of €70. Solar PV would cover 69% of electricity supply, wind 18%, hydro 8% and bioenergy 2%. About 31% of demand would be met by energy storage, of which 95% would be from batteries and the remainder from power-to-gas technology.


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EU directive to reduce barriers to offering retail banking
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Output: European banks will face increased competition and disruption following the 2018 implementation of the EU Revised Payment Service Directive (PSD2). It will require banks to open up their application programme interface and provide customer account details, seriously eroding their monopoly. Barriers to entry, such as the requirement for a single licence, are set to be lowered for non-banks offering financial services, while tech-savvy customers demanding faster and more efficient services will force established institutions to adapt or lose custom. The directive will introduce two types of financial service provider, account information service providers (AISP) and payment initiation service providers (PISP).


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Samsung Pay enjoys India success
 Samsung Pay Spikes in India

November 10, 2017 By: Steven Anderson

Mobile payments are increasingly a big deal in India, thanks to the government pulling the bottom out of the currency by declaring a large chunk of it worthless. Mobile payments systems became one of the great responses to this development, and companies like Paytm reaped the rewards. In fact, developments on this front got so substantial that some firms saw huge gains. Recently, word out of Samsung India noted that Samsung Pay took just over a month to add another million users to its lineup.

Samsung Pay enjoys at least a modicum of success worldwide. It’s got nearly 6.44 million users just in South Korea, and that’s one of its biggest markets. Russia is also one of the top three, and now, thanks to the big gains seen in recent days, India is Samsung Pay’s third-largest market.

Further developments prove why India is such a ripe market for mobile payments; not only is the government actively hostile to its own currency as demonstrated by the demonetization effort, but India is now the second-largest market for smartphones on the planet, having just beaten the United States. Throw in the fact that 17 financial institutions—10 of them banks—are now supporting Samsung Pay’s Indian operations with more likely to follow in the coming days and it’s easy to see why Samsung’s gaining ground in India.

It’s good news for Samsung—it already has a Samsung Pay presence in 20 different markets and is available on several devices—and it’s also noteworthy news for India. It’s proving that India is already a pretty substantial market for mobile payments, and based on everything we’ve seen so far, it’s not likely that that’s going to cool off.

With WhatsApp looking to add payments, Paytm looking to add chat, and plenty of other firms making moves on the market, the fact that Samsung has any kind of a foothold at all in the Indian market is something to be pleased about. It’s likely to be a difficult market going forward, and Samsung Pay—if it wants to hold onto that market—should be making plans accordingly.

Still, Samsung has clearly made a splash in India. Given that there are over a billion people in India right now, though, that million isn’t the advance some might think.

Output: Samsung Pay is thriving in India, where it has added one million users in just over a month. The country recently edged past the US to become Samsung's third-biggest market. The success is down to both the government's recent demonetisation policy, and widespread smartphone adoption that has propelled India to become the world's second-largest smartphone market. In addition, the integration of Samsung Pay into 17 financial institutions has helped establish the company's presence. However, more intense competition is expected soon from WhatsApp and Paytm.


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Aldi, Vemno partner for free meals on Thanksgiving
 Aldi and Venmo: Together for Thanksgiving

November 9, 2017 By: Steven Anderson

With Thanksgiving right around two weeks away, it’s time to start making those shopping lists and consulting those cookbooks. Either that or figuring out if anywhere in town delivers a turkey pizza. Grocery chain Aldi, meanwhile, is getting together with peer-to-peer (P2P) mobile payments titan Venmo to produce “Friendsgiving,” a celebration of friends at Thanksgiving.

Sounds noble enough—friends are one step behind family, after all, and Thanksgiving is all about family—and when you look at what’s really going into it, it will look just as noble as it sounds. Basically, any time someone uses the Turkey Hand Friendship emoji in Venmo—one of its biggest draws is its use of emojis in describing what a payment went for—Aldi will provide 10 meals at no charge to Feeding America, which is the largest hunger relief operation targeting the United States that operates therein.

In case you get the urge to run out and start spamming Turkey Hand Friendship emojis in a bid to feed the world, restrain yourself somewhat; apparently this will work up to a maximum of one million meals. So after that first 100,000 emojis, you’ll just be showing the Turkey Hand with no free meal correlation.

It’s also something of a first; Venmo reportedly built the Turkey Hand Friendship emoji specifically for this campaign, which has never been done before. Those less than familiar with the emoji system, meanwhile, can also type “Friendsgiving” to get the job done, reports note. Venmo has also been branching out with its branding, not just in charitable operations, but also in the “Blank Me” campaign, which takes user stories and hawks them relentlessly to help connect to other users.

Still, this is a great move for all concerned. Not only is there the clear benefit of providing a lot of free meals to folks on Thanksgiving—which is about one of the noblest things a person can do, helping others celebrate the true spirit of Thanksgiving, complete with gratitude for blessings—but Venmo also gets itself face-forward in a time when a lot of companies are getting ready to jump on the bandwagon of its market, which it formerly had mostly to itself.

In the end, everyone comes out ahead, with better optics and fuller bellies. It’s hard to beat a proposition like that.

Output: Peer-to-peer mobile payment service Venmo has created a new emoji specifically for its Thanksgiving partnership, with retail grocery chain Aldi. The joint celebration is being called "Friendsgiving". Under the partnership, Aldi will supply 10 meals free of charge to US charity Feeding America every time a Venmo subscriber uses a special turkey hand friendship emoji. There are up to one million free meals available.


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Energy firms boost M&A deals in data analytics start-ups
 Energy sector investments in big data and artificial intelligence have ballooned by a factor of 10 this year, according to a new report on the sector.

The study, by accountancy firm BDO, found mergers and acquisitions involving energy companies and AI startups had soared in average value from around $500 million in the first quarter of 2017 to $3.5 billion in the second quarter.

The number of deals also went up, rising from six to eight. The 14 deals in the first half of this year compares to 15 in the whole of 2016. “We are witnessing the early stages of what will become an M&A trend for years to come,” said BDO.

The firm attributed much of this activity to the need for improved analytics to manage intermittent renewable generation.

“In these uncertain times, energy businesses adapt their strategy and look to artificial intelligence and big data to improve energy forecasts,” states the report.

As an example, in July, an energy sector consulting firm called Willdan Group paid $30 million for Integral Analytics, a data analytics and software company.

“IA’s software solutions are designed to solve problems arising from the transformation of an electric grid facing increasing growth in distributed energy resources, such as solar and electric vehicles,” noted Willdan in a press release.

Another example was smart meter maker Itron’s acquisition of demand response provider Comverge in May for $100 million. As reported in GTM, the purchase gave Itron added analytical firepower to add to its existing software suite.

Not all energy-sector analytics acquisitions conform to this picture, however. One of the deals listed by BDO was Castrol’s purchase of Romax Technology in February.

Although the acquisition gave Castrol a foothold in the renewable energy market, the motivation for the buyout was allowing the oil company better access to Romax’s wind turbine gearbox lubrication customers.

Utilities are leading the acquisition charge. According to GTM Research, utilities have spent nearly $3 billion on grid edge startups, many with sophisticated software and analytical capabilities.

In July, for instance, the genset rental giant Aggreko paid $52 million for Younicos and its Y.Q software platform.

And in May, Wartsila, a marine and power plant specialist, bought Greensmith, which had made its name in energy storage optimization and integration software.

Other similar deals include Enel’s acquisitions of EnerNOC and Demand Energy in June and January, and Doosan’s purchase of 1Energy Systems in July 2016.

The French energy giant EDF, meanwhile, pulled off a similar deal in reverse last year when it bought the services company Groom Energy Solutions in order to get more use out of an analytics platform belonging to one of its other subsidiaries, Dalkia.

Clearly, energy companies are increasingly looking to add greater software intelligence to their operations, said report author Jakob Sand, BDO’s head of corporate finance in Denmark.

“I would believe that most of the large energy companies, including oil majors such as Exxon, Shell, BP and Chevron, are on the lookout for opportunities that can enhance their operations through data and AI or machine learning," he said.

Besides responding to a need for more efficient and flexible operations, some of the interest in M&A could be driven by competitive concerns, BDO said. The firm’s report said 2,595 clean energy hopefuls were among the companies tracked on the AngelList online startup database.

Many of these “are already bringing their products and services to market,” BDO said. “It leads to a situation where many large companies may have to resort to M&A to avoid losing market shares to the new kids on the block.”

With a growing number of startups looking to commercialize blockchain-based energy trading concepts, blockchain providers could become the next big focus for corporate M&A, said BDO. There have already been several partnerships in this area.

In June, for example, E.ON and Enel traded energy over a blockchain-based peer-to-peer network provided by IT specialist Ponton.

And Conjoule, a blockchain platform developer hatched in Innogy’s Innovation Hub in 2015, pulled in $5.3 million in funding from Tokyo Electric Power Company and others in July. Expect more such deals to come.

Output: Energy companies' investment in data analytics start-ups has soared, with mergers and acquisitions in the sector surging to $3.5bn in Q2 2017 from $500m in Q1, according to a study by accounting firm BDO. H1 2017 M&A deals totalled 14, compared with 15 in the whole of 2016. "In these uncertain times, energy businesses... look to artificial intelligence and big data to improve energy forecasts," the report noted. In separate data from GTM Research, utilities have invested $3bn in grid-edge start-ups, including Aggreko's $52m acquisition of Younicos and Enel’s purchase of EnerNOC and Demand Energy.


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GE Digital and L&T Infotech to deploy IoT solar testbed in India
 Supported by storage, EV charging stations and smart homes, renewable penetration on the grids of Germany and the U.K. could rise to 50% by the mid-2020s, finds BNEF.asting requirements.

The Industrial Internet Consortium (IIC), the U.S. headquartered organization, which is transforming business and society by accelerating the Industrial Internet of Things (IIoT), has announced the Digital Solar Plant testbed initiative in India on November 08.

The testbed is led by IIC members Larsen & Toubro Infotech (LTI), a global technology consulting and digital solutions company, and General Electric (GE) Digital. It will deploy in multiple phases at an LTI Solar plant in Rajasthan, India, beginning in early 2018.

The digital solar plant testbed includes LTI’s solution framework for solar plants with GE Digital’s Predix platform integration. It provides the necessary insights and dashboards for plant status, forecasting, data analytics and KPIs.

The testbed improves the ability of solar plants to reliably supply energy to power grids by accurately forecasting electricity generated through solar irradiation, to provide insights, optimize plant output and reduce maintenance expenses by performing real-time asset condition-monitoring.

“Utility companies face several issues as global interest in solar energy soars – from mitigating operational and regulatory risks to maintaining efficiencies and improving capacity utilization,” said Rohit Kedia, Chief Business Officer, Manufacturing and ERP, LTI.

“With LTI’s expertise in IoT solution deployments coupled with GE Digital’s Predix platform, utility companies now have a technological proving ground to successfully manage the growing demand for solar energy,” Kedia added.

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The testbed is an intelligent platform that drives optimal plant performance for operators, asset managers, and owners under complex grid & high-end energy forecasting requirements.

Shyam Varan Nath, Director, Technology Integrations, IoT/Industrial Internet at GE Digital said, “It will help solar plant utilities forecast energy requirements. Using real-time data analytics, utilities can also ensure that all of their assets are working properly and that their plants are running efficiently.”

According to IIC, the forecasting accuracy improvement to 85% (from current trends of 60%-70%) will save utilities around $3 million annually (estimate based on current tariff penalties and assuming 40,000 MW grid connected solar capacity in India by 2021-22). Moreover, 20% Improvement in CUF (capacity utilization factor) would increase annual revenue by $33 million for all solar utilities (estimated at current tariff INR 4/kwh).

IIC mentioned that annual maintenance cost on solar plant is around $1000-1500/MW and solar utilities are going to spend $50 million/year on O&M (Operations & Maintenance) in India market alone. Therefore, 30% reduction in O&M expenses will save around $15 million/year for utilities managers, IIC estimated.

Output: General Electric Digital and Larsen & Toubro Infotech (LTI) will lead a multiphase digital solar plant testbed project at an LTI solar plant in Rajasthan, beginning early next year, according to the Industrial Internet Consortium (IIC). The testbed combines GE Digital’s Predix platform with LTI’s solar plant technology, offering real-time data analytics to enable utilities to see how efficiently their plants and systems are working, as well as key performance indicators and forecasting data. IIC estimated a 30% reduction in operations and maintenance costs could save utilities around $15m annually.


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NREL posts efficiency record for 'quantum dot' solar cells
 Joey Luther and Erin Sanehira were part of the research team which achieved 13.4% efficiency from a quantum dot solar cell.

Quantum dot solar cells first appeared on NREL’s conversion efficiency chart in 2010, when 2.9% efficient solar cells were created. Since then, better understanding of the technology has greatly increased its efficiency.

Thanks to their very small size – generally between 3 and 20nm according to NREL – quantum dot materials have become a popular area for research in solar. This latest paper from NREL, entitled “Enhanced mobility CsPbI3 quantum dot arrays for record-efficiency, high-voltage photovoltaic cells,” is published in the journal Science Advances.

The researchers state that their cell, made using cesium lead triodide, a material from the halide perovskite family, would best be deployed within multi-junction solar cells. “[The] voltage, coupled with the material’s bandgap, make them an ideal candidate for the top layer in a multijunction solar cell,” said Joseph Luther, project leader in the chemical materials and nanoscience team at NREL.

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The team go on to speculate that their quantum dot cell could be paired with perovskite thin-film materials to achieve efficiencies comparable to niche solar applications such as satellites, at a cost lower than conventional silicon PV technology.

“Often, materials used in space and rooftop applications are completely different,” said PhD Student Erin Sanehira. “It is exciting to see possible configurations that could be used for both situations.”

Output: US researchers have achieved a record 13.4% conversion efficiency for an emerging form of solar-cell technology using quantum dots. The team at the US Department of Energy's National Renewable Energy Laboratory (NREL) said their cell, made from caesium lead tri-iodide and usually around 3 nm and 20 nm, was best used in multi-junction solar cells, according to an article in Science Advances. NREL also speculated that, if paired with perovskite thin-film materials, they could perform as well as niche solar applications found in satellites but at a lower cost than regular silicon cells.


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Grinding components makes perovskite solar cells with fewer defects
 A group of chemists from two leading institutions have demonstrated a perovskite solar cell with a reduced number of structural defects. The cells were produced using ‘mechanochemistry’, whereby reactions between solid compounds are activated by mechanical force – essentially the same concept as grinding ingredients in a mortar.

The group worked with polycrystalline halide perovskites, comprised of methylammonium, lead and iodide. The researchers state that their process could also be used to create other perovskite structured materials for specific applications.

The process is described as follows: “Two powders, e.g. white methylammonium iodide CH3NH3I and yellow lead iodide PbI2, are placed in a mill equipped with a few steel balls. Then, we grind them for several dozen minutes and… we pour out a homogeneous black powder of the perovskite (CH3NH3)PbI3, which can be directly used for the construction of photovoltaic cells.

The PAS researchers were keen to point out the simplicity of the process and its potential for low cost application: “You do not need to use high temperature, organic solvents, or worry about waste,” explains Marcin Saski, a PhD student at PAS. “The whole process is really fast and efficient. It is green chemistry,”

The materials produced by PAS were assembled and tested at EPFL in the laboratory of renowned chemist Michael Grätzel. Scientists were able to produce a perovskite layer just 300nm thick. Results published in the journal Applied Materials & Interfaces show that their best device peaked at 17.5% efficiency, stabilizing at 16.8%.

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The steel ball mill process produced a highly homogenous perovskite layer, with fewer defects that are seen in many previous perovskite devices. This could lead to better reliability, and eventually a solution to some of perovskite’s issues with swift degradation.

“An important property characterizing the quality of a photovoltaic cell is the amount of electrical charge accumulating at the boundary of individual cell layers. If there is too much, the cell undergoes degradation more rapidly,” explains EPFL’s Daniel Prochowicz. “Perovskites obtained by mechanochemistry formed a very homogeneous layer, which reduced the number of defects in the structure impairing the work of the cell and reduced the amount of charge deposited on the surface.”

So far the researchers have been unable to fully explain why the mechanochemical process worked better. The most likely explanation, it seem, is the absence of a solvent, which in other processes can become incorporated into the structure and leave a defect-causing residue.

Output: Researchers have found a way to improve the performance of an experimental type of solar cell that is thought to hold the key to cheaper and better energy production and storage. The Institute of Physics of the Polish Academy of Sciences and the École Polytechnique Fédérale de Lausanne found that grinding the materials for so-called perovskite cells, instead of using a solvent, enabled their production at lower cost and with fewer defects, leading to increased reliability. The so-called "mechanochemistry" technique produced cells with a performance efficiency that peaked at 17.5%, before stabilising at 16.8%.


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Japan adds 2.6 MW of floating solar power via Shikoku-based plant
 The project is located west of Osaka on the island of Shikoku, in the town of Miki, Kagawa prefecture. It is the biggest floating PV project that the two companies have worked on to date. The Mitsubishi group’s polyethylene terephthalate film technology was applied to lock out moisture and prevent corrosion. Mitsubishi Electric installed more than 9,500 PV modules at the site, according to a online statement.

Japan — along with China and South Korea — is among the world’s earliest markets for floating solar. The segment is now rapidly expanding throughout the world, with huge potential for greater deployment throughout Southeast Asia. Lu Zhao, head of PV System Technology Group at the Solar Energy Research Institute of Singapore (SERIS), recently told pv magazine that globally, floating PV could also be combined with hydropower generating capacity at the terawatt scale.

In September, French floating PV specialist Ciel et Terre started installing 2.5 MW of solar capacity in a small city to the west of Nagoya, Japan. The array — situated on a pond in Tsu, Mie prefecture — is set for completion this month. Ciel et Terre — an early mover in Japan’s niche floating PV segment — has deployed its proprietary Hydrelio floating platforms in a number of projects throughout the country in recent years, particularly in cooperation with Kyoto-based PV module supplier Kyocera.

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Last year, nearly 1.5 GW of floating PV, including some pile-mounted capacity, was tendered in China’s Anhui and Shandong provinces under the Chinese government’s Top Runner scheme. In May of this year, the world’s biggest floating PV project — a 40 MW solar array — at an aquaculture business in Huainan, Anhui province.

Output: Mitsubishi Electric and Sumitomo Mitsui Construction have completed their biggest floating solar project to date, a 2.6 MW array on a pond on the island of Shikoku, Japan. Mitsubishi installed over 9,500 photovoltaic modules at the site, using its polyethylene terephthalate film technology to lock out moisture and prevent corrosion.


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India commissions mapping system to probe wind energy potential
 The Facilitating Offshore Wind in India (FOWIND) consortium has commissioned India's first offshore LiDAR, the Global Wind Energy Council (GWEC), which leads the consortium, said last week.

The LiDAR is located off the coast of India's western state of Gujarat, in the Gulf of Khambhat. It will provide data to help India's Ministry of New and Renewable Energy examine the potential of offshore wind along the country's coastline.

The device has been procured from MeteoPole and installed on a platform developed by India's National Institute of Wind Energy.

GWEC secretary general Steve Sawyer expects that offshore wind will play a key role in the country's clean energy future. "This is an important first step on the long road to establishing a vibrant and cost-effective offshore wind industry in India," Sawyer commented.

The FOWIND project aims to finalise a preliminary roadmap for offshore wind development in India in early 2018.

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Output: India has commissioned a sophisticated landscape mapping tool as authorities examine the country's potential for generating wind power. The country's first light detection and ranging (LiDAR) system will be sited in the the Gulf of Khambhat, off the western state of Gujarat. Commissioned by the Facilitating Offshore Wind in India (FOWIND) consortium, the LiDAR system will gather data for India's Ministry of New and Renewable Energy. FOWIND's preliminary roadmap for offshore wind development is set to be released early next year.


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Intercontinental Hotels accused of breaching living wage pledge
 The mayor of London, Sadiq Khan, has accused the owner of the Holiday Inn and Crowne Plaza hotel chains of reneging on a commitment to pay the living wage to staff in the capital.

Intercontinental Hotels pledged to pay the higher wage rate to secure the title of official hotels provider to the 2012 London Olympics.

Khan said he was shocked at the breach of trust by the hotel group, which has refused to honour a commitment made in 2012 to pay the living wage within the next five years.

The mayor warned the company it was unlikely he would endorse any future partnerships with the Greater London Authority without a change of policy.

Officials from City Hall had hoped this week to hear from Intercontinental Hotels (IHG) that it was ready to make good on its pledge.

However, the group’s new chief executive, Keith Barr, said that since 2012, employment costs had increased dramatically, preventing it from paying the £10.20 an hour rate to all staff.

Mayor of London Sadiq Khan. Photograph: Dominic Lipinski/PA

Khan said in a letter to Barr that he understood that businesses faced rising costs, including higher rents and business rates, but “given the ongoing success and profitability of IHG, I believe your business has the ability and responsibility to keep the promise you made both to Londoners and to your own staff”.

An IHG spokesperson said: “Over the past five years there have been several valuable changes to UK pay and benefits legislation, including the introduction of a national living wage, pension auto-enrolment, higher national insurance and the apprenticeship levy.

“We won’t be moving forward with gaining the voluntary London living wage accreditation, but remain focused on hospitality as a great career, as well as the associated pay and benefits, to ensure we remain an employer of choice.”

The row comes at the end of a week of events to publicise the living wage that kicked off on Monday with the announcement of rise in the voluntary minimum to £10.20 in London and £8.75 per hour in the rest of the country.

The Living Wage Foundation, which grew out of a campaign started in 2001 by the community group Citizens UK, sets new rates each year to reflect the wage a worker needs to sustain a decent quality of life. More than 3,600 companies are signatories and pay their employees the higher rate.

Khan said: “To truly tackle the scourge of in-work poverty in London I need businesses such as yours to take the responsible step, especially when you have already committed to do so.”

Citizens UK’s executive director, Neil Jameson, said: “Back in 2012 IHG, the owners of Holiday Inn promised they would pay a London living wage to hotel staff in the capital but, five years on, hardworking staff are still waiting for this pay rise.

“It is deeply disappointing that IHG have let down workers and customers by not paying the London living wage after saying they would. We would urge IHG to meet with workers and urgently agree a timetable towards paying the London living wage and accreditation with the Living Wage Foundation.”

In April 2016, the government introduced a new £7.50 national living wage to supplement the minimum wage, though just for workers aged 25 years and older.

IHG added: “We have made good progress in increasing the pay and benefits of managed hotel colleagues over the past five years, including going beyond legislative requirements for national living wage by paying the 19% of our workforce under 25 years old the new rate.

“Nearly 90% of colleagues are now paid more than the national living wage rate. Through our IHG academy programme we have also helped to train and upskill more than 500 local people.”

Output: London Mayor Sadiq Khan has accused the Intercontinental Hotels group, which owns the Holiday Inn and Crowne Plaza chains, of backtracking on a pledge to pay staff in the capital the living wage. The group made the commitment in order to become official hotels provider to the 2012 London Olympics. Khan said that it was unlikely he would endorse any further partnerships between the company and the Greater London Authority unless the pledge was implemented. The group’s new CEO, Keith Barr, said that rising employment costs since 2012 had stopped the company paying the £10.20 ($13.5) rate.


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European Commission cuts UK growth forecast due to uncertainty
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The European Commission has slashed its forecast for UK GDP growth, citing Brexit-related uncertainty.

In its autumn 2017 round of forecasts, the commission is now projecting growth for Britain of 1.5 per cent this year, down from 1.8 per cent previously.

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The latest 2018 forecast is for 1.3 per cent growth, falling to 1.1 per cent in 2019, the year Britain is scheduled to leave the European Union.

This slowdown is based on assumptions of weak business investment, disappointing export growth and a moderation in UK household spending.

Meanwhile, the commission has raised its GDP forecast for the eurozone in 2017 to 2.2 per cent, up from its previous estimate of 1.7 per cent.

This would be the single currency area’s fastest rate of growth since 2007.

It expects eurozone growth next year to be 2.1 per cent and 1.9 per cent in 2019.

Referring to the UK, the commission said: “Investment growth is forecast to weaken in 2018, as many firms are likely to continue deferring investments in the face of uncertainty.”

The commission added that its forecasts are based on a “purely technical assumption” that UK-EU trade will continue undisrupted after 2019.

Brexit slowdown

“This is for forecasting purposes only and has no bearing on the talks underway in the context of the Article 50 process,” it said.

The commission’s forecasts for the UK are close to those of the Organisation for Economic Cooperation and Development (OECD)’s, which forecast last month for UK GDP growth to be 1.6 per cent this year, before slumping to just 1 per cent in 2018.

However, the OECD’s projections are based on the assumption that the UK will leave the EU without a trade agreement.

The Bank of England’s latest UK GDP forecasts are considerably rosier than either the commission’s or the OECD’s.

It expects GDP growth this year and next of 1.6 per cent, climbing to 1.7 per cent in 2019. This is based on the assumption of a “smooth” Brexit.

Is austerity over? Economics editor Ben Chu explains.

The Treasury’s official forecaster, the Office for Budget Responsibility will publish its own projections alongside the Chancellor’s Budget on 22 November.

UK GDP growth picked up slightly to 0.4 per cent in the third quarter of 2017 according to the Office for National Statistics, having grown by just 0.3 per cent in the first two quarters of the year.

However, the year-on-year growth rate in third quarter was just 1.5 per cent, the lowest since 2013.

GDP growth since the Brexit vote has mainly been driven by household spending, which has come under pressure this year as rising inflation from the slump in sterling has squeezed real incomes.

The contribution of exports to growth has been disappointing, despite the boost to firms from the cheaper pound, and business investment has been relatively weak with many companies citing deep uncertainty over future trade relations with Europe.

Output: Predictably, the European Commission has cut UK growth forecasts due to Brexit-related uncertainty. Projected growth for 2017 is a mere 1.5%, slipping to 1.3% in 2018 and 1.1% in 2019. The Commission has also increased Eurozone GDP forecasts from 1.7% to 2.2%. Critics would consider these forecasts arbitrary and another play in the upcoming negotiations.


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95% of Irish firms still not actively preparing for Brexit
 Despite the uncertainty of Brexit, the InterTrade Ireland report suggests cross-Border trade is thriving

With less than two years to go to Brexit, an overwhelming 95 per cent of businesses in Ireland are still not actively planning for the event, according to cross-Border development agency InterTrade Ireland.

The finding, contained in its latest quarterly business survey, suggests most firms here are still adopting a wait-and-see approach to potentially the biggest shake-up in trading relations between the UK and Ireland in decades.

The agency said planning for Brexit remained a “real concern”, particularly as 22 per cent of all business on the island and 41 per cent of cross-Border traders say it is already having a negative impact on their business.

Despite the uncertainty of Brexit the agency’s report suggested cross-Border trade was thriving, with half of traders experiencing business growth compared to 36 per cent of businesses only doing trading in their own jurisdiction.

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The survey found the increased growth, however, was not translating into a equivalent rise in employment, with only 7 per cent of firms reporting that employment levels have increased over the past quarter.

The reluctance to take on new staff against the positive market background may signal an improvement in productivity but may also reflect difficulties in recruiting appropriate skills, the agency said.

IT and finance firms here have been vocal about their difficulties in finding skilled staff.

In its report InterTrade Ireland also highlighted cost increases in overheads and through the supply chain as significant challenges facing businesses.

"A buoyant economy should not distract from the need to confront and prepare for challenges that lie ahead, especially in terms of dealing with rising costs, skills shortages and potential changes to trading relationships," said Aidan Gough, strategy and policy director at InterTradeIreland.

Tight margins

Mr Gough said that over 70 per cent of businesses were operating on very tight margins – below 10 per cent – and therefore carry a high exposure to rising costs.

“While we encourage businesses to concentrate on the day job and operational effectiveness, we also advise companies to use this time strategically to look at the possible impacts of Brexit,” he said.

“By asking relevant questions and working through different scenarios, businesses which have proved resilient in the past will discover new solutions and opportunities in the challenges that lie ahead,” Mr Gough said.

“With a healthy ambition to grow reported by 51 per cent of firms across the island, we are encouraging SMEs to plan, act and engage in preparation for Brexit as this is the key to stability and success in the future.”

Output: 95% of Irish firms are yet to make preparations for the event of the UK's exit from the EU, according to a study by InterTrade Ireland. Over 70% of Irish firms are operating on margins of under 10%, leaving them vulnerable to the rising costs that may be incurred due to Brexit.


Instruction: create a high quality summary of the given input

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UK gender pay gap increases for women in their 20s
 The gender pay gap for women in their 20s is growing after years of decline, with some young women being paid less than men from the start of their careers, figures have revealed.

The figures were released on Friday, named as Equal Pay Day and the day of the year when women in effect begin to work for free due to the pay gap.

Gender rights campaigners said the data highlighted a “national scandal” created by the same power imbalance that allowed sexual harassment and discrimination in the workplace. They warned that the UK was going backwards in addressing the issue, with the gulf widening for young women.

Sam Smethers, chief executive of the Fawcett Society, said: “The pay gap is widest for older women as it grows over our working lives but we are now seeing a widening of the pay gap for younger women too, which suggests we are going backwards and that is extremely worrying.”

Sophie Walker, leader of the Women’s Equality party, stressed that the gender pay gap had to be viewed as part of the same power imbalance that had lead to a series of sexual harassment scandals in politics, the media and entertainment industry.

“Unequal pay is one of the main barriers to equality and is a key factor in sexual harassment and violence against women,” she said. “The pay gap is another national scandal that we don’t understand, and it has this same national narrative around it that women are somehow choosing this treatment – this idea that inequality is some sort of lifestyle choice.”

The gender pay gap for women in their 20s has been widening recently, and is now five times greater than it was six years ago, although older women still face greater pay discrimination than workers at the start of their career.

Progress has stalled on closing the gender pay gap, which now stands at 14.1% according to the Office for National Statistics, with no movement on the figure in the last three years. At the current rate of change it will take 100 years to close the male-female gap in pay.

According to the ONS, older women face the greatest discrimination, with women in their 50s paid on average 18.6% less than their male colleagues. While the gap among younger women had almost been eliminated, in the last six years there was a notable increase, from 1.1% in 2011 to 5.5% this year.

The gender pay gap in Britain stands at 14.1%, according to ONS figures. Photograph: Dinendra Haria/Rex

The gap is highest in London (20.7%), followed by the south-east at 16.3%. It is lowest in Wales, at 8.3%, and the north-east, at 10.2%. The gap is higher in the private sector, at 17.1%. But it has fallen by 4.3% points since 2011, while in the public sector it has plateaued at just above 14%.

Fawcett Society research published this year found that the mean aggregate pay gap for Pakistani and Bangladeshi women was 26% and for black African women it was 24%.

Using the hashtag #paygappledge, the Fawcett Society is encouraging workers across the UK to take action to tackle the gap by starting a conversation at work and speaking to their employers, while companies and the government are being urged to make tangible, effective changes.

The Women’s Equality party is coordinating thousands of women to send an “out-of-office” message today in protest about in effect not being paid for the remainder of the year.

“Imagine the chaos if all of those women in all those areas of work simply walked away from their jobs today,” said Walker. “Shops shut, hospitals in crisis, businesses forced to close, dads scrambling to find childcare cover. It’s time for fair pay.”

The government has set a deadline for businesses with more than 250 staff to report their gender pay gap (which will be available on the government website) by 31 March 2018. Some companies have already started reporting, including the BBC, which was fiercely criticised after several high-profile employees were found to have salaries significantly lower than their male counterparts.

Maria Miller, the MP for Basingstoke and chair of the women and equalities select committee, said: “We continue to hear warm words from the government on eliminating the gender pay gap but clearly progress remains disappointing. Businesses must also take responsibility.

“We continue to push for urgent action and reiterate that flexible working, sharing unpaid caring responsibilities, and supporting women returning to work after having children, are all key to tackling the problem.”

Walker said that a main reason for the pay gap was that the UK had the most expensive childcare in the world. “It takes away the choice about whether and how much women want to work. And when women take up lower-paid part-time roles and men dominate more senior jobs, there is a power imbalance, and that is where harassment thrives because women are being forced into a position of dependency.”

Carole Easton, chief executive of the Young Women’s Trust, said that even if women did have children or were at the beginning of their career, discrimination was there; it started “from the moment women start work”. The trust’s research revealed that young female apprentices earned 8% less than their male peers, leaving them more than £1,000 a year worse off.

“At this rate, today’s young women will be retired before equal pay becomes a reality,” Easton said. “Often this is because the sectors women tend to work in – such as administration, health and social care and retail – are not valued and paid as much as they should be. Government data shows that male graduates of almost all degree subjects are out-earning women within just a few years of completing their degrees.”

Anne Milton, minister for women and for skills and apprenticeships, , said that despite the passing of the Equal Pay Act nearly 50 years ago too many women were still held back in their careers.

“The pay gap won’t close on its own, we all need to take action to make sure we address this,” she said. “That is why we have introduced a legal requirement for all large employers to publish their gender pay and bonus data by April 2018. I’m pleased that some of our top companies are leading the way and have already reported. By shining a light on where there are gaps they can take action to address it.”

‘The way jobs are set up has held me back’

Laura Davies enjoyed her job in retail. She wanted to do more training, push herself further and earn more money, but when she became pregnant aged 20 she found that many of the avenues were closed off.

“When my employers found out I was pregnant they made things very hostile, they didn’t want me to stay,” she says. “So I had no choice but to leave.”

Until recently, Davies, now 27, was working part-time, but found that her childcare responsibilities meant she could not go on to a higher level of pay. “I left at the end of July in my last job, they refused flexible working and they turned me down for promotion because they thought I was not committed, which wasn’t true. Now I’m self employed because I think it’s the only way I’m going to get ahead.”

She, and friends, she said, who were also young mothers, felt the odds were stacked against them.

“Most people think the wage gap is comparing the same wage in the same job, but young mums work lower paid jobs, which don’t have the potential for progression, aren’t flexible enough [for trying] new things or training courses,” she says.

The options open to young women, with or without children, in lower-paid work, are a frustration, she says, adding that even at apprenticeship level jobs dominated by women are paid and valued less.

“There is a mentality that young mums aren’t hard workers, but my friends are some of the hardest working I know,” she adds. “Especially being young you have to work so much harder to prove that you can do it.”

Davies now works from home as an online marketer, working hours that fit around looking after her son. But she feels as if several employers have failed to see, and help her realise, her potential.

“I feel the way jobs are set up has held me back. Billions of hours are being wasted because mums aren’t being used to their potential. Why can’t employers find a flexible way of working? I’d have loved the potential to progress in my retail job, but because I worked part-time and I was a new mum they didn’t feel I was the fit … I had to do it myself and push myself up the ladder.”

Output: The UK’s gender pay gap for women in their 20s is increasing. It is now 5.5%, up from 1.1% in 2011, with some female workers being paid less than their male peers from the start of their careers, according to new statistics. The data was released on Friday, designated “Equal Pay Day”, or the point of the year at which women effectively begin working for free as a result of the pay gap. The current overall pay gap is 14.1%. Older women still face the most discrimination, with women in their 50s paid 18.6% less than male colleagues.


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Amazon announces Man City documentary to encourage Prime sign ups
 Amazon’s push into sports involves more than just livestreaming games. On Nov. 9, Premier League club Manchester City announced that Amazon has agreed to produce a documentary series about the club, putting an end to weeks of speculation about such an agreement.

Pitched as a soccer version of Amazon and the NFL’s documentary series “All or Nothing,” the show will follow the team throughout the 2017-18 season and air sometime after the season ends, which is in May.

It’s the first deal of its kind for Amazon, which hopes the series turns fans of Manchester City and the sport into Prime subscribers. Amazon doesn’t reveal subscriber numbers, but data from Consumer Intelligence Research Partners suggests Amazon has around 90 million in the U.S. alone. “Manchester City believes there’s a much broader audience out there for them alongside the club’s supporters and soccer fans, which is why the type of demographics that watch content on Amazon was a good fit,” said a source close to deal.

The same source said that once the production team has sorted through all the filmed footage, a decision will be made on how many episodes will be created. It could get tricky for the production crew on match days due to the Premier League’s strict rules on match-day coverage that protect the broadcast rights it has sold to Sky and BT in the U.K. as well as its overseas partners. This means the show’s producers could be forced to leave out dramatic moments like locker room team talks.

Those regulations have already pushed Amazon rival Netflix to develop a similar fly-on-the-wall series with Italian club Juventus rather than an English one. Manchester City, however, is one of the top teams in the most-watched soccer league in the world and, as such, was able to strike the deal despite reportedly causing friction with broadcasters.

“Amazon is a fundamentally different platform that has global appeal across more than 200 countries,” said the source. “With the Amazon team, we feel like they have a fantastic record of producing these types of programs [sports documentaries], and the club is confident in the partnership.”

Sky Sports, which paid more than £4 billion ($5.3 billion) to broadcast Premier League games between 2016 and 2019, reportedly voiced its unease about how Amazon bought its way into the league through the deal with Manchester City. Sports broadcasters are understandably concerned that the unfettered growth of services like Amazon Prime and Netflix could at some point take subscribers away from their own packages, as could livestreaming. Amazon already streams NFL Thursday night games as well as a Christmas Day game, and it will also pay the ATP £10 million ($13.1 billion) per year for five years starting in 2019 to stream tennis matches.

It seems that Amazon Prime and Netflix have earmarked fly-on-wall documentaries as a way into soccer content without spending large sums to secure costly rights to games. Both streaming services have reached out to some of the biggest Premier League clubs, including Liverpool and Chelsea, with the hope that they will get access to the clubs, managers, players and facilities.

Image courtesy of Manchester City

Output: Amazon will film and produce a fly-on-the-wall documentary about English Premier League side Manchester City, despite concerns from broadcaster Sky Sports. Although Amazon will have to work around strict UK broadcast rights, analysts have suggested it could provide a stepping-stone for streaming firms to broadcast more sporting content and woo subscribers to their platforms. Amazon already streams NFL Thursday, has signed a five-year, £10m ($13.1bn) deal with the ATP to broadcast tennis from 2019, and has, alongside rival Netflix, contacted Liverpool and Chelsea for access to players and staff.


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Google supports US efforts to tighten rulings on political ads
 Alphabet-owned Google has come off the fence to express its ‘strong support’ for a US government initiative to tighten the rules for online political advertising to prevent a repeat of 2016 in which Google was co-opted by Russian propagandists in an attempt to swing voters.

Google ‘strongly supports’ full disclosure of US political ads

Google, Facebook and Twitter have come in for heavy criticism from politicians after being caught flatfooted by the scandal, failing to prevent agents acting on behalf of the Russian state from buying up advertising slots.

Output: US search giant Google has thrown its weight behind the Federal Election Commission's proposal to extend current political advertising disclosure rules, marking a U-turn from its position in 2010. "Google strongly supports the commission’s proposal to proceed with a rulemaking so that the commission can provide the clarity that campaigns and other political advertisers need to determine what disclaimers they are required to include", the company said in a statement. The move follows revelations over the Russian purchase of thousands of dollars' worth of ads on the platform during the 2016 US presidential election.


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YouTube pledges to protect children from disturbing content
 YouTube has said it will be doing more to prevent children from seeing strange and disturbing videos aimed at them, following a New York Times report and a blog post on Medium highlighting the problem.

The Google-owned video sharing platform is going to implement changes that mean videos involving children’s characters that have been reported as being inappropriate will be age-restricted, as first reported by The Verge. This content will be automatically not allowed on YouTube Kids, and will require users to be logged in and 18 years or older to access on the main site.

The safety of children on YouTube Kids, which was introduced in 2015, is supposedly already assured by its filters, though many of these disturbing videos have slipped through the cracks.

Changes to these algorithmic filters will work to prevent any flagged content from seeping down into YouTube Kids. If content with a recognisable children’s character has been flagged on YouTube’s main app, it will be sent to YouTube’s policy review team, where thousands of staff in different time zones work to review flagged content. If this team finds it to be in violation of the new policy, it will be age-restricted and automatically blocked from the Kids app. The review team is set to begin training on the policy with it going live within the next few weeks.

As videos typically take a few days to make it to YouTube Kids from the normal YouTube site, the company is hoping that people flag content that is potentially disturbing for children within that time.

In addition to the policy review team, YouTube also has a team of volunteer moderators – which it calls Contributors – to look for inappropriate content.

YouTube is clearly making some sort of effort to prevent children from seeing disturbing content featuring their favourite characters. However, surely, it would better to create an algorithm that detects whenever a video with a popular children’s character is uploaded so each individual video can be reviewed. To limit the workload here, YouTube could whitelist certain channels that it knows only post legitimate children’s content. It’s always better to be proactive than reactive.

Join us at the 2017 Effective Mobile Marketing Awards Ceremony, taking place in London on Thursday 16 November, to mix with the industry's best and brightest, and raise a glass to the year's best campaigns and solutions. To find out more, and to book your place, click here.

Output: Google-owned video platform YouTube is taking steps to stop children from being exposed to disturbing videos featuring their favourite characters, following reports of such incidents in the New York Times and Medium. YouTube's forthcoming policy, set to go live in a few weeks, will see suspect content flagged up by a tweaked algorithm. If it is then deemed inappropriate by YouTube’s policy review team, the video will be automatically blocked and age restricted. The company also has a team of volunteer moderators scouring the site for content violating the restrictions.


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News UK's video team grows to 45 as branded content gains traction
 News UK, parent company of The Sun and The Times of London, is making video pay through branded content, and it’s finding these videos are some of its best performing.

Take News UK’s most recent branded-content video campaign for the Movember Foundation, a men’s health charity, which the publisher said was its most popular branded-content campaign to date. The goals for the campaign, which asks men to grow mustaches during November, were to increase awareness, funding to the charity and the number of people signing up to grow their facial hair. A video team from News UK of six people worked for a month to create 12 videos that varied in tone, ranging from emotional real-life stories to more lighthearted comedy sketches and footage from celebrities, like pop star Peter Andre and reality TV personality Mario Falcone.

One documentary-style video for the campaign, featuring a mother explaining when she heard her son killed himself, has been viewed 3.4 million times on The Sun’s Facebook page, shared nearly 36,000 times and has 819 comments. For comparison, The Sun’s videos get 311,000 views per video on average, according to Tubular Labs. Emotional videos, particularly those related to social causes, tend to get lots of shares on social media.

The publisher wouldn’t provide figures, but the campaign has delivered on all three goals, according to the Movember Foundation. “The videos let us reach a wider audience,” said Helena Jennison, director of U.K. marketing at the Movember Foundation, “but more importantly, they have provided a vehicle to share the stories of the many men and women affected by the issues we fund.”

The success of the campaign, which was a joint partnership with Sky and also featured print and audio, is partially due to the creative control that News UK had over the content of the videos, said Derek Brown, head of video at News UK. “The more the client trusts you, the more successful it will be,” he said. For instance, the publisher knows videos featuring Falcone tend to do well with The Sun’s audience.

The News UK video team was created 18 months ago and has since grown to 45 people, including creative writers, editors, motion graphics designers and producers, reflecting the growing demand for video content from brands, said Brown, adding that every branded-content brief has a video element.

The News UK video team creates video content for The Sun, The Times of London and The Sunday Times, plus the news brands’ supplements, like Style, The Sunday Times’ fashion and lifestyle brand.

Brands pay for roughly 30 percent of the video Brown’s team creates; the remaining video is created to grow audiences and encourage brands to run content campaigns with News UK. “Our belief is that at some point, the platforms will pay us for content,” said Brown.

The majority of the video views occur on The Sun’s Facebook pages. News UK previously said The Sun has about 20 different Facebook pages, like Football and Showbiz. The Sun had 26 million monthly views on Facebook in September, twice as many as it had in July, according to Tubular Labs. Some of these videos are aggregated and licensed video clips from The Sun’s news desks.

Now, News UK’s focus for branded content video is on growing verticals aimed at distinctive audiences, like News UK’s fantasy football brand, Dream Team; and The Sun’s Sunday magazine geared toward women, Fabulous. The goal is to amass more repeat clients so the team isn’t pitching for every bit of business.

“The most challenging part is getting brands and agencies to loosen up,” said Brown, “understanding that the most effective results come from editorially minded people creating content without ramming the brand down someone’s throat.”

Image courtesy of News UK via Facebook

Output: Increased demand for branded video content has led to News UK’s video team growing to 45 people in 18 months. It is behind video content for The Sun, The Times of London and The Sunday Times, as well as supplements, and one of its most recent videos, created as part of a campaign for the Movember Foundation, was viewed 3.4 million times on The Sun's website. Derek Brown, head of video at News UK, said the team was focusing on attracting repeated audiences with specific verticals, including sport and showbiz.