Back to the complete issue
Tuesday, 5 October 2021

Get ready for the Great European Energy Crisis of 2022. And 2023. And…

The energy crisis currently gripping some parts of the world is unlikely to be a one-off, according to Bloomberg, which places the blame for natgas and electricity shortages squarely with renewable energy. The piece claims that the transition to renewables in advanced economies will destabilize global energy markets, causing more frequent shortages and inflation.

Underinvestment, overinvestment: “You’re definitely moving into a system that’s more vulnerable,” said one energy expert, warning of the potential for instability as investor interest in fossil fuels declines at a time when many parts of the developing world remain reliant on oil and natural gas for their energy needs. “In many parts of the world, you’ve overbuilt wind, you’ve overbuilt solar,” said another. “The new economy is over-invested and the old economy is starved.”

More electricity means more power: Power consumption is projected to increase 60% by 2050, as markets phase out fossil fuels and switch to electric-run cars, stoves and heating systems. Economic and population growth will continue to drive consumption power higher as well, with the biggest challenge being in delivering reliable power when people need it the most.

One of the solutions may come in the form of hydrogen energy, a form of energy that is split from water using electrolyzers powered by renewable energy, and which produces no greenhouse gases. Green hydrogen plants, which are still in the planning stages and remain untested, are attracting interest from the Egyptian government, which has recently signed agreements with a number of international companies to create a local industry.

International law firms have decided to heed warnings about the workforce burnout epidemic, instating wellbeing programs and hiring “burnout advisers”, according to the Financial Times. UK-based Ashurst as well as US’s Baker McKenzie and Reed Smith are among the firms that have rolled out these initiatives to retain their employees amid a rise in M&As that is stoking a war for talent in the industry. Long hours, strict management, and miniscule work-life balance has intensified legal professionals’ risk of burnout, with 69% having experienced mental ill-health in the past year, according to a study by LawCare.

Why bother with burnout advisers when brain implants can help make all those negative feelings go away… A team of US scientists has developed a brain implant that can help cure severe depression in what is being billed as a significant breakthrough in the treatment of mental health disorders, the FT says. The device works by sending an electronic impulse into the brain when the patient has negative or irrational thoughts. The team calls it a “landmark” study. We say ‘Get that [redacted] thing away from my head.’

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.