The Newcastle-based firm, owned by US conglomerate Berkshire Hathaway, missed key Ofgem power cut targets for 2025 as storms battered the North East

Energy network operator Northern Powergrid says it is ploughing billions of pounds into its infrastructure across the North East, despite falling short of key power outage targets owing to adverse weather conditions.

The Newcastle-based firm manages the power lines and network serving approximately 1.6million customers across an area stretching from the far reaches of Northumberland down to York, and westward to the Pennines.

Newly published accounts reveal that Northern Powergrid (Northeast) plc committed £271.4m in investment during 2025, as part of a wider £2.8bn spending programme running through to 2028. That expenditure encompassed transformer refurbishments, overhead line rebuilds, cable replacements and damaged pole renewals, amongst other works carried out across its 42,000km of overhead and underground cables and more than 28,000 substations.

The firm also pressed ahead with the installation of an automatic power restoration system across its high voltage network, while at low voltage level, “next generation” equipment fitted with fault-detection sensors was introduced.

These upgrades come despite Northern Powergrid falling short of key power outage targets set by industry regulator Ofgem. On the measure of customer minutes lost — the average number of supply minutes lost per connected customer due to outages lasting longer than three minutes — the company recorded 46.8 minutes, exceeding the target of 41.1 minutes, though this represents an improvement on the 2023/24 figure of 49.5 minutes.

On customer interruptions — the average number of supply disruptions per every 100 connected customers due to power cuts lasting more than three minutes — Northern Powergrid recorded 51 minutes, exceeding the 46.7-minute target and rising from the 2023/24 figure of 48.6 minutes. Senior figures attributed the results to adverse weather conditions throughout the year and a rise in planned maintenance works to upgrade equipment, reports Chronicle Live.

The overall duration of power cuts fell by 4.8% when compared to 2024. Those figures emerged as the North East was struck early in 2025 by the destructive Storm Éowyn, before Storm Bram unleashed wind and rain towards the end of the year.

The accounts also reveal that operating profits at the company dropped from £264.1m to £183.3m during the year, as revenue declined from £536.4m to £457.9m. A £160m dividend was paid out, with Northern Powergrid’s parent company being US conglomerate Berkshire Hathaway.

Alex Jones, finance director at Northern Powergrid, said: “Northern Powergrid is investing £2.8bn in the current five-year regulatory period through to 2028, following the successful delivery of a £3bn eight-year investment plan between 2015 and 2023, upgrading the power network to homes and businesses across the North East, Yorkshire and North Lincolnshire.

“To support this investment, since 2005 Northern Powergrid has reinvested over 70% of its profits, after tax, back into the business.

“We are committed to providing the best possible service to our customers and our investment programmes ensure we are continuing to improve network resilience and reliability for our customers, and helping to create a greener energy system for the communities we serve.”

It will be Britain’s focal point for the development and testing of the latest drone technology

A huge centre that will be used for testing drones for warfare has opened in Swindon. The facility is based at the vast 370-acre Panattoni Park site, which previously housed Honda’s car plant until it closed for good in 2021.

At 545,000 sq ft, the Uncrewed Systems Centre is the size of more than 10 football pitches and the largest of its kind in Europe, according to the Ministry of Defence (MoD).

Defence Secretary Dan Jarvis MP said the site would help the UK “embrace technologies” that are redefining warfare.

“The character of warfare is changing, and it is changing fast,” he said. “From Ukraine to the Middle East, we are seeing right now how uncrewed systems are rapidly evolving and reshaping conflicts – on land, in the air and at sea.”

The centre will allow the military to develop and use new tech in “a matter of weeks” rather than years, according to Mr Jarvis, who added: “In this new era, those who innovate fastest will win.”

The MoD has spent more than £450m on uncrewed systems, including £300m on research and development, since July 2024.

In the last year, UK Defence Innovation has injected over £142m in rapid investment to scale up production of drones and anti-drone weapons.

Matt Griffith, director of Policy at South West chamber of commerce Business West, said the centre would deliver a “significant boost” for Swindon, cementing its position as “a hub for defence manufacturing and innovation”.

“It activates a prime employment site, generating and retaining high-quality jobs in Swindon and across the wider supply chain,” he said.

“It also represents a clear win for the town and its collaboration with businesses in supporting and championing inward investment and the opportunities that defence and drone companies can bring.”

Brigadier Stu Nasse, head of the UK Drone Coalition, added: “This location was chosen for all the right reasons: access to a technically proficient workforce, strong physical and digital infrastructure, and proximity to all facets of defence.”

The new MoD facility is the latest in a string of drone-related sites to open in Swindon.

Last Month, a military drone company backed by Donald Trump’s son opened a factory in the town after securing a near-£2m deal to support UK defence activities.

It came after Tekever – one of Europe’s top drone manufacturing enterprises – and German defence firm Stark set up sites in Swindon last year.

The rally follows the filing of the National Stock Exchange’s (NSE) Draft Red Herring Prospectus (DRHP) with Sebi for what could become India’s largest-ever initial public offering. Documents filed by the exchange show that Maithan Alloys, one of India’s leading ferroalloy manufacturers and exporters, owns a 0.17% stake in NSE, equivalent to 41,25,500 shares.

Based on NSE’s last traded price of Rs 2,055 in the unlisted market prior to the DRHP filing, the value of Maithan Alloys’ holding stands at roughly Rs 850 crore.

The proposed issue, estimated at around Rs 30,000 crore, is entirely an offer-for-sale (OFS) of up to 148.9 million shares, representing nearly 6% of NSE’s paid-up equity capital.

If completed at the expected size, it would surpass Hyundai Motor India‘s Rs 27,000 crore IPO in 2024 to become the largest public issue in the country. While Reliance Industries‘ Jio is also expected to pursue a larger listing, it is yet to file its draft papers.

Live Events

PSUs make big money

State Bank of India (SBI) stands to be among the biggest beneficiaries of the IPO. The country’s largest lender is poised to monetise a long-held investment in NSE, translating into an estimated gain of 256,775% based on its acquisition cost.
Several other public sector and institutional investors are also in line for substantial returns from the offer-for-sale.
The New India Assurance Company Ltd. and National Insurance Company Limited have the lowest acquisition cost among the selling shareholders at just 32 paise per share, putting them on track for returns of as much as 6,422 times their investment. Stock Holding Corporation of India is offering around 11 million shares that were acquired at 46 paise apiece, implying a potential return of about 4,467 times.

Among foreign investors, Singapore sovereign wealth fund Temasek Holdings Pte is selling approximately 11.25 million shares through Aranda Investments and is set for a return of around 33 times. Global investment bank Morgan Stanley is expected to earn roughly 31 times its original investment.

Life Insurance Corporation of India (LIC), NSE’s largest shareholder with a stake of nearly 11%, is not participating in the offer-for-sale. LIC was among the earliest investors in the exchange when it subscribed to NSE shares in 1992 and will continue to hold its stake.

The DRHP states that up to 50% of the issue will be reserved for qualified institutional buyers (QIBs), while at least 15% will be allocated to non-institutional investors and 35% to retail investors.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SAN FRANCISCO — Artificial intelligence leaders OpenAI and Anthropic are accelerating plans for initial public offerings that could rank among the largest in history, setting up a closely watched contest to reach public markets amid booming investor interest in the sector.

Anthropic took an early step by confidentially filing for a U.S. IPO, positioning itself to potentially list before rival OpenAI in what analysts describe as a strategic move to capitalize on current market enthusiasm for AI companies. Both firms have achieved private valuations in the hundreds of billions of dollars, reflecting explosive growth in the technology.

The developments come as the broader IPO market shows signs of recovery, with high-profile listings like SpaceX generating significant attention. Anthropic’s filing, reported in early June 2026, has heightened expectations for a wave of AI-related public debuts that could reshape technology investing.

Anthropic, creator of the Claude AI models, has seen its valuation surge following multiple funding rounds backed by major investors including Google and Amazon. The company recently raised substantial capital at a valuation approaching $1 trillion, surpassing OpenAI in some metrics and establishing itself as one of the most valuable private AI startups.

OpenAI, known for ChatGPT, continues preparations for its own public listing, with reports indicating potential filings in the coming months. The Microsoft-backed company has achieved remarkable revenue growth but faces ongoing scrutiny over profitability and governance structures.

Industry observers note the symbolic importance of which company reaches the public markets first. An earlier listing could provide strategic advantages in talent recruitment, partnerships and market perception. “Anthropic aims to beat OpenAI to public markets for strategic advantage,” one analyst said, highlighting the competitive dynamics.

Both companies have transformed the AI landscape. OpenAI pioneered widespread consumer adoption through ChatGPT, while Anthropic has emphasized safety and enterprise applications with its Claude models. Their public debuts would offer investors direct exposure to leading AI technologies.

Financial details remain fluid. Anthropic’s latest funding round valued it at approximately $965 billion, while OpenAI has been valued around $852 billion in recent rounds. Both continue rapid revenue expansion, though profitability timelines differ based on heavy research and development investments.

The IPO race reflects broader excitement around artificial intelligence. Venture capital has poured into the sector, with valuations skyrocketing as companies demonstrate practical applications across industries. Public markets could provide liquidity for early investors while testing AI companies’ ability to meet heightened expectations.

Regulatory considerations add complexity. Both firms navigate evolving rules around AI safety, data usage and market concentration. Anthropic has positioned itself as a leader in responsible AI development, a stance that could appeal to certain investors.

Market conditions appear favorable for large technology listings. Strong performance by recent tech IPOs has encouraged companies to pursue public debuts. However, volatility in AI-related stocks could influence pricing and investor appetite.

For Silicon Valley, successful IPOs from OpenAI and Anthropic would represent a new chapter in the industry’s maturation. The companies have already reshaped private markets through massive funding rounds. Public listings would extend that influence to broader investor bases.

Analysts caution that going public brings new pressures, including quarterly reporting requirements and shareholder demands for profitability. Both companies have warned that AI development costs remain high, with returns uncertain in the near term.

The competitive landscape extends beyond these two firms. Other AI players and related technology companies may accelerate their own public plans, creating a cluster of high-profile listings that could dominate market attention in late 2026.

Investors are closely monitoring developments. Potential IPOs have generated significant secondary market activity, with shares in both companies trading at premium valuations in private transactions. The eventual public offerings could set benchmarks for the AI sector’s market value.

As preparations advance, both OpenAI and Anthropic continue innovating. Their technologies power applications from consumer chatbots to enterprise solutions, driving productivity gains across economies while raising important questions about AI’s societal impact.

The coming months will prove pivotal as the companies finalize regulatory filings and market strategies. Their success or challenges in public markets could influence the trajectory of AI investment for years to come.

NEW YORK — Jalen Brunson displayed exemplary sportsmanship moments after the New York Knicks clinched their first NBA championship since 1973, approaching San Antonio Spurs coach Mitch Johnson for a respectful embrace before joining his teammates’ celebrations.

The Knicks defeated the Spurs 94-90 in Game 5 of the NBA Finals, capping a dramatic series and ending a 53-year title drought for the franchise. As players stormed the court in jubilation, Brunson first sought out the opposing coach in a gesture widely praised across the basketball community.

In a subsequent appearance on CBS Mornings alongside his father, Knicks assistant coach Rick Brunson, the Finals MVP explained his actions. “I hugged and said what’s up to Coach Johnson from the Spurs first, just to show respect,” Brunson said. “It was just kind of instinct, like how I was raised. I think win or loss, you show respect regardless of the outcome, and I’ve got a lot of respect for them over there.”

The moment stood in contrast to criticism directed at Spurs star Victor Wembanyama and his teammates for reportedly not engaging in traditional post-series handshakes. Only veteran Luke Kornet remained on the court to congratulate the Knicks, drawing attention from commentators including Draymond Green.

Brunson’s gesture aligned with his reputation as a leader who values respect and professionalism. The 29-year-old guard, drafted 33rd overall in 2018, has emerged as one of the league’s premier point guards, leading the Knicks with poise and determination throughout their championship run.

The Knicks’ victory represented a culmination of years of rebuilding under team president Leon Rose and coach Tom Thibodeau. After years of playoff disappointments, the franchise assembled a roster blending veteran experience with youthful talent, anchored by Brunson and supported by key contributors like Mikal Bridges and Josh Hart.

San Antonio, led by the towering Wembanyama, had surprised many with their Finals appearance. The young Spurs team showed promise but ultimately fell short against New York’s experience and defensive intensity. Wembanyama’s performance drew praise for individual brilliance amid the team’s collective disappointment.

The sportsmanship debate highlighted broader discussions about NBA culture and post-series protocols. Traditional handshakes and congratulations have long been part of professional basketball etiquette, symbolizing respect for competition regardless of outcome. Brunson’s actions reinforced those values.

NBA Commissioner Adam Silver has emphasized sportsmanship as a core league principle. The organization typically encourages players to uphold high standards of conduct, particularly in high-stakes playoff environments. Brunson’s conduct was seen by many as a model for younger players.

Brunson, a New Jersey native and son of a longtime NBA player and coach, credited his upbringing for shaping his approach. His father Rick, now on the Knicks staff, instilled lessons about respect and professionalism that have guided Jalen’s career.

The championship victory triggered celebrations across New York City. Fans gathered in Times Square and outside Madison Square Garden, waving team flags and chanting for their heroes. The Knicks organization planned a parade and ring ceremony for the coming weeks.

For Brunson, the title capped an extraordinary individual season. Named Finals MVP, he averaged impressive numbers while leading his team through tough matchups. His leadership extended beyond statistics, fostering team unity and resilience.

The Spurs’ young core, featuring Wembanyama and emerging talents, gained valuable experience despite the loss. Coach Mitch Johnson praised his players’ effort and expressed optimism for future seasons as the franchise continues developing.

Brunson’s post-game gesture earned widespread acclaim from former players, coaches and fans. Social media buzzed with positive reactions, highlighting the moment as a refreshing example of class in professional sports.

The Knicks’ success story serves as inspiration for rebuilding franchises. Under Thibodeau’s defensive-minded system and Brunson’s on-court leadership, New York transformed from perennial underachievers to champions in relatively short order.

As the NBA offseason begins, attention turns to free agency and draft preparations. Both the Knicks and Spurs face important roster decisions that will shape their trajectories for years ahead. Brunson’s contract situation and the Spurs’ development plans will be closely watched.

The 2026 NBA Finals will be remembered for competitive intensity and moments of sportsmanship that transcended the final score. Brunson’s actions reinforced the idea that respect for opponents defines true championship character.