FirstFT: UK power producers call for help amid growing energy crisis

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Hello. More governments will need to step in to ease tensions in Europe’s electricity market, officials and industry figures have warned, after Sweden and Finland launched emergency support packages for their power producers. energy and British electricity producers have called on the British government for help.

The Nordic states both announced emergency financial liquidity measures over the weekend for their energy producers, which are facing a rapid increase in collateral calls due to the extreme volatility of energy prices. .

Russia’s announcement on Friday evening that it would no longer supply gas via the Nord Stream 1 pipeline is expected to trigger a sharp rise in energy prices when markets open today, adding urgency to calls for government support.

Power producers in Britain were “really concerned about the situation this winter compared to [financial] liquidity,” warned Adam Berman, deputy director of Energy UK, a trade body that speaks on behalf of around 100 energy companies.

“Fundamentally, the energy market is not designed to cope with the scale of market volatility that we have seen in recent months,” Berman said as he urged the UK government to urgently investigate and “understand the magnitude of the challenge that generators” face. wholesale prices remain at historically high levels.

Thanks for reading FirstFT Asia. We hope you are having a good week. — Sophie

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2. Credit Suisse boss Ulrich Körner faces test in $800 million lawsuit Former Georgian Prime Minister Bidzina Ivanishvili is suing the Swiss lender for up to $800m in damages in a lawsuit in Singapore as new chief executive Ulrich Körner grapples with a major overhaul of the country’s investment bank lender.

3. Mikhail Khodorkovsky asks the West to supply Ukraine with more weapons Once Russia’s richest man, Khodorkovsky points to the enormous economic damage being done to Europe’s economy every day by soaring gas prices as the reason Ukraine’s allies are stepping up arms shipments.

4. US unveils billion-dollar arms package for Taiwan US plans to sell Taiwan $1.1 billion worth of weapons, including 60 Harpoon anti-ship missiles, in largest missile and radar sale to date, as China ramps up military pressure on Taiwan.

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The day ahead

British Prime Minister Liz Truss is expected to be elected today as the country’s new Prime Minister. Follow the FT’s full analysis of these events.

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Russian economy The country’s annual Eastern Economic Forum begins in Vladivostok.

Energy industry The Gastech conference starts today in Milan.

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Line chart of % change in share price showing Prudential lagging rival AIA this year

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