The European Union (EU) is to review government subsidies used to help power companies avoid electricity blackouts; the latest in a series of investigations launched by the bloc’s combative new competition watchdog.
The latest inquiry follows EU competition commissioner Margarethe Vestager’s announcement that she had opened high-profile anti-trust cases against US Internet firm Google and Russian gas giant Gazprom.
The review will consider whether EU state aid rules are breached by so-called capacity mechanisms either used or under consideration in Belgium, Croatia, Denmark, France, Germany, Ireland, Italy, Poland, Portugal, Spain and Sweden.
Capacity mechanisms ensure that sufficient electricity supplies are available to meet demand during peak times.
“This sector inquiry sends a clear signal to member states to respect EU state aid rules when implementing capacity mechanisms, and contributes to the (European) Commission’s goal to build a true energy union in Europe,” said Vestager.
She added that although EU governments had to protect against blackouts, investments should “not unduly favour particular producers or technologies, or create obstacles to trade across national borders.”
Vestager suggested that it might be more efficient in some cases to invest in improving electricity connections between EU countries instead of building more power generating capacity.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.