Utility Week

UTILITY WEEK | 15TH - 21ST MARCH 2019 | 23 This week Ovo buys a minority stake in Electron Kaluza investment will be used to accelerate deployment of distributed energy trading platforms Ovo Energy, the UK's seventh largest energy supplier, has made its first investment since Mitsubishi Corporation acquired a minority stake in the company last month. Ovo's recently launched technology division, Kaluza, has invested an undisclosed figure in Electron, which leverages blockchain. The investment gives Kaluza a minority stake in Elec- tron and will be used to "accelerate" Electron's deploy- ment of distributed energy trading platforms to enable the "transition to intelligent grid infrastructure". It builds on both companies' shared vision for a dis- tributed, flexible and zero-carbon energy system where connected devices such as electric vehicles (EVs) can support the grid. The move also supports Ovo's aim to expand into new markets for energy storage technology and the development of EV charging. With the funding, Electron's chief executive Paul Massara, the former boss of Npower, will step aside as chief executive as Jo-Jo Hubbard moves into the role from chief operating officer. Massara will remain involved in Electron as an adviser and investor. Hubbard co-founded Electron alongside Paul Ellis in 2015. The company operates in three countries, working with utilities, regulators and other technology providers to bring flexibility to energy grids. Hubbard said: "We are grateful for the strategic clar- ity and connections that Paul brought to the company and look forward to continuing to work together." KP PAN-UTILITY Five-year roadworks liability proposed Utilities will have to go back and restore roads if potholes develop within five years where they have carried out works, under new government proposals. The latest edition of the Department for Transport's Specification of the reinstatement of openings in highways proposes extending the minimum guaran- tee period for restoring road sur- faces where potholes develop. If a pothole forms within five years as a result of work, it proposes that the company must return to bring the road surface back to normal. The minimum guarantee period is currently two years. Chris Grayling, secretary of state for transport, said: "Pot- holes are the biggest enemy for road users and this government is looking at all options to keep our roads in the best condition. "Road surfaces can be made worse by utility companies, so imposing higher standards on repairs will help keep roads pothole-free for longer." The document is out for consultation until 5 April. WATER Yorkshire reveals ethnic pay gap Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Committee, has said she is encouraged by Yorkshire Water's openness as the water company published its ethnic pay gap statistics. Yorkshire Water has revealed that its mean ethnic pay gap is 3 per cent and has encouraged other companies to follow suit in publishing the data. The figure appears in York- shire's first "workforce diversity" report. Last year, Yorkshire Water said it plans to release the "majority" of its operational and service data by 2020, creating a form of "citizen regulation". WATER Affinity is 50th firm to get Fair Tax Mark Affinity Water, the UK's largest water-only supplier, has secured Fair Tax Mark accreditation, following its successful review against Fair Tax Mark criteria. Affinity joins fellow utilities SSE and Pennon Group, the parent company of South West Water, in receiving the mark. The Fair Tax Mark is given to organisations that demon- strate "they are paying the right amount of corporation tax in the right place, at the right time". As part of the accreditation process, Affinity has improved its tax reporting, bolstered its tax strategy and progressed closure of an offshore finance subsidiary in the Cayman Islands. Hubbard: replacing Massara as chief executive Finance & Investment Stock watch 30 25 20 15 10 UNIPER SHARE PRICE, FIVE DAY 2017 2018 2019 UNIPER SHARE PRICE, FULL HISTORY Uniper shares momentarily dropped almost 3 per cent on Tuesday as investors digested its financial results for 2018, which showed a 22 per cent fall in adjusted earnings before interest and tax, to €865 million. A-er closing at €25.79 on Monday, the share price fell to €25.07 as trading opened the following morning. It had bounced back to €26.06 at the time of writing. 26.0 25.5 25.0 7 Mar 8 Mar 11 Mar 12 Mar euros euros

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