Coronavirus company news summary – Sizewell C Consortium warns of risk to 10,000 jobs – Indian Power Grid Corp. allowed to sell assets

21 September 2020 (Last Updated September 21st, 2020 11:25)

21 September

The Sizewell C Consortium has announced that approximately 10,000 jobs in the nuclear construction industry will be at risk if the UK government does not approve plans for the proposed Sizewell C nuclear power station. According to the group, up to a third of jobs at some companies could be at risk. Furthermore, the group argues these jobs are necessary to help the UK maintain its ability to develop new nuclear projects in future.

Power Grid Corp. of India has received approval from the Indian government to sell projects through an infrastructure investment trust. The projects were originally secured through tariff-based competitive bidding. As of the last fiscal year, the company had commissioned eight transmission projects won through bidding. Five of these have operated for more than a year, and may be included in the investment trust. Analysts said this would help the company free-up sizeable equity capital.

The Indian government has informed its parliament that as much as $9.5bn (Rs705.9bn) worth of credit has been made available to power distribution companies as part of a liquidity package for payment of debts by utilities. Through the Power Finance Corp. and Rural Electrification Corp., the government has given the sector liquidity to allow maintenance of power supplies, after cash flows plummeted during the country’s lockdown.