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SYDNEY (Reuters) - Australia s corporate watchdog accused Westpac Banking Corp of insider trading while financing a A$16 billion ($12 billion) energy grid privatisation in 2016, the latest in a series of regulatory problems for the country s No. 2 lender.
The Australian Securities and Investments Commission (ASIC) said Westpac knew it had won the contract to help two pension funds buy Ausgrid, a state-owned power supplier to millions of people around Sydney, for two hours while it bought A$12 billion of derivative products to support the deal. The Ausgrid information was not generally available and it was information which, if generally available, a reasonable person would expect to have a material effect on the price or value of the traded products, ASIC said in a civil lawsuit filed on Wednesday.
Grid-scale battery storage set for strong growth
US leads the way but China emerges as fastest-growing market by 2030
The global market for battery-based energy storage for power grids is expected to see compound annual growth rates of up to 37pc over the next decade, driven by the deployment of renewables, cost reductions and favourable electricity market regulation, according to California-based consultants Frost & Sullivan.
Global capacity will hit 134GW in 2030, up from 8.5GW in 2020 as the growth of renewables drives demand for storage to support power system balancing and stability. The forecast is based on assumptions of annual growth in the deployment of renewables of 5-7pc and battery storage cost reductions of 40-50pc over the period.
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SilkRoad Technology, a global software and services platform that helps organisations attract, retain and align people to their business, announced its recognition as a Core Leader in the 2021 Fosway 9-Grid for Talent Acquisition. SilkRoad s position as a Core Leader is reflective of its track record for providing innovative enterprise solutions, customer advocacy and care to complex, global organisations.
SilkRoad Technology s talent acquisition solutions enable organisations to attract candidates with branded experiences and compelling offers. Upon offer acceptance, new hires are onboarded, effectively aligning them to the organisation s strategy, people and culture, speeding time to contribution. Beyond the new hire experience, organisations can deliver intentionally designed experiences for different inflection points within the employee journey, such as promotions, transfers, family leave, mergers acquisitions and offboarding or rehire.
As the cost of the energy transition begins to draw growing attention, the Biden Administration has announced it will provide $8.25 billion in loans for companies to upgrade the power grid as part of efforts to adapt the grid to the planned shift to renewables