Scottish Power has warned that “shovel-ready” offshore wind farms capable of contributing to the government’s 2030 clean power target have missed out on subsidy contracts to earlier-stage schemes that may not be built in time, or at all.

The row centres on the latest Contracts for Difference (CfD) subsidy auction, Allocation Round 7 (AR7), the results of which were published in January. CfDs guarantee developers a fixed price for the electricity they generate, underpinning the economics of large-scale renewable projects.

Scottish Power had hoped to secure backing for its £4 billion East Anglia One North offshore wind farm off the Suffolk coast. The project is fully consented and, according to the company, could power up to 900,000 homes. However, it failed to win a contract, losing out to six other offshore wind proposals.

Keith Anderson, chief executive of Scottish Power, said the outcome was particularly frustrating because his company could have moved immediately to a final investment decision.

“We had literally a shovel-ready project,” Anderson said. “We would have taken a final investment decision the day after being awarded the contract. Construction would have started immediately and the project would have been at full output before the end of 2030.”

Instead, the winning projects include schemes that are at earlier stages of development. Two of the six do not yet have planning consent, and several have not finalised supply chain agreements.

Five of the successful bids were led by RWE, the German energy group. RWE acknowledged earlier this year that not all of its AR7 projects were likely to be operational by 2030, the government’s deadline for achieving 95 per cent clean electricity generation.

Anderson said the rule changes introduced for AR7, which allowed projects to bid before receiving planning consent and before locking in supply chain contracts, increased the risk of non-delivery.

“In the past, we’ve seen speculative bids,” he said, referencing previous offshore schemes that secured contracts but were later withdrawn when rising costs made them uneconomic. Inflation and supply chain pressures have previously forced developers to return CfD contracts rather than proceed at a loss.

The concern is that early-stage projects could encounter similar cost overruns or planning delays, undermining the government’s clean power timetable.

RWE defended its position, stating that planning approvals for its outstanding projects were “well advanced” and that negotiations with suppliers were progressing. It said it remained confident that, subject to timely grid connections, its AR7 portfolio would be delivered.

The Department for Energy Security and Net Zero said the auction results “put us firmly on track to take back control by delivering clean, home-grown power by 2030”, maintaining that the CfD process continues to drive investment into offshore wind at scale.

The dispute highlights a broader tension within the UK’s energy transition strategy: whether auction rules should prioritise immediate build-readiness or maximise competition by including projects at earlier stages of development.

For Scottish Power, the message to ministers is clear. Anderson said the company is now pressing the government to proceed swiftly with the next CfD auction round this year. “We can still get this project built by 2030,” he said. “It will contribute meaningfully to your net-zero target, but it needs certainty.”

As the race to meet the 2030 target intensifies, the credibility of the subsidy system, and its ability to translate auction wins into steel in the water, is likely to face increasing scrutiny from industry and investors alike.

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The shares of Asian Paints, Indigo Paints and other paint makers plunged up to 6% to multi-month lows on Monday as crude oil prices shot up amid strong escalations in the ongoing tensions in the Middle East after US and Israel attacked Iran, killing the latter’s supreme leader Ayatollah Ali Khamenei and sparking strong retaliation from the country.

Crude oil is a key raw material source for paint companies because many of their inputs are petroleum-based derivatives. Hence, the expectations of rising oil prices putting pressure on their margins may have dampened investor sentiment for the shares of these companies.

Asian Paints shares declined more than 3% to trade at Rs 2,298 apiece, the lowest level seen by the stock since June 27, 2025. The stock was among the top losers on benchmark indices Sensex and Nifty.

Indigo Paints shares plunged nearly 6% and Berger Paints shares tumbled more than 5% to hit their respective 52-week lows on Monday morning.

Iran-Israel war fuels spike in oil prices

Brent Crude jumped more than 6.5% to $77.63 per barrel, while WTI Crude surged over 65 to $71.23 per barrel, as seen at around 11 am. More than 20% of the world’s oil passes through the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The heavy missile strikes around the area have raised worries about supply constraints, leading to a spike in oil prices.
At least three ships were attacked today near the Strait of Hormuz as Iran continues to launch retaliatory strikes across the Middle East, according to a report by BBC. The report mentioned that international shipping has almost come to a standstill at the entrance to the area.
Paint companies likely to face margin pressure from rising oil prices

This further fuelled concerns around supply disruption, boosting oil prices. “Upstream energy and defence may see relative support, while oil-sensitive sectors such as OMCs, paints, tyres, aviation and chemicals face margin pressure. Crude remains the key macro variable for Indian equities under the current escalation scenario,” said JM Financial in its latest note.

Notably, there is no official confirmation yet on whether the Hormuz Strait is closed, obstructing oil transport through the strait. UK’s second largest bank Barclays on Saturday increased its forecast for Brent Crude oil futures to $100 per barrel. “Oil markets might have to ‌face their ⁠worst ⁠fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East,” the bank said in its report.

Iran is located along the Strait of Hormuz, through which approximately a fifth of the world’s oil supply passes, Ali Vaez, who heads the Iran Project at the International Crisis Group, said in a post on X. “Even limited disruption could spike energy prices, fuel inflation, and rattle global markets,” he added.

This comes amid broader market weakness, with Indian benchmark indices opening sharply lower and wiping off a significant chunk of investors’ wealth. At the open, Sensex plunged 2,743 points to start the day at 78,543, while the Nifty 50 plunged 519 points to open at 24,659. The sharp decline wiped off more than Rs 7.8 lakh crore from the total market capitalisation of all companies listed on the BSE at open.

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

Sacramento Kings rookie guard Nique Clifford delivered a career-high 26 points on 11-of-18 shooting in a March 1, 2026, loss to the Los Angeles Lakers, continuing a strong recent stretch that has fans and analysts buzzing about his potential despite the team’s struggles. The 24-year-old, drafted 24th overall in 2025, has emerged as a reliable contributor amid injuries and a rebuilding phase for the 14-47 Kings.

Clifford’s latest performance—adding seven rebounds and four assists—capped a week that included a near triple-double (13 points, eight rebounds, seven assists) in a win over the Dallas Mavericks on Feb. 26. Over his past seven games, mostly as a starter, he averaged 11.2 points, 4.0 rebounds, 3.2 assists, 1.8 steals and 1.5 threes in 31.6 minutes per contest.

Here are 10 essential facts about Clifford, whose journey from high school standout to NBA rookie highlights perseverance, versatility and late-blooming talent.

1. **Born Dominique Akai Clifford on February 9, 2002, in Colorado Springs, Colorado.** At 24 years old (turning 24 in February 2026), Clifford is older than most rookies due to a full college career. His first name is pronounced “NEEK,” and his middle name “Akai” reflects family heritage. He grew up as an only child to parents Akai and Angelique Clifford.

2. **High school star at The Vanguard School in Colorado Springs.** Clifford earned Colorado Gatorade Player of the Year honors as a senior in 2020, averaging 26.3 points, 13.7 rebounds, 3.5 steals and 2.8 blocks per game. The multi-talented athlete helped lead his team to success while showcasing the rebounding and defensive instincts that define his game today.

3. **Began college career at the University of Colorado Buffaloes (2020-2023).** Clifford played three seasons in Boulder, appearing in 82 games with 50 starts. He averaged 5.4 points and 3.6 rebounds overall, contributing to one NCAA Tournament appearance and two NIT berths. Highlights included a 17-point game against Oregon and a double-double versus Utah.

4. **Transferred to Colorado State for senior year explosion (2023-2024).** In his fifth and final college season, Clifford started all 36 games, averaging 18.9 points, 9.6 rebounds, 4.4 assists and 1.2 steals while shooting 49.6% from the field and 37.7% from three. He earned third-team All-Mountain West honors and helped the Rams to an NCAA Tournament upset win over Memphis.

5. **Drafted 24th overall by Oklahoma City Thunder in 2025, traded to Sacramento Kings.** On draft night, the Kings acquired his rights in exchange for a protected 2027 first-round pick. He signed a two-year, $6.37 million rookie contract with a team option for 2027-28, joining a crowded wing rotation featuring DeMar DeRozan, Zach LaVine, Malik Monk and Keegan Murray.

6. **Versatile 6-foot-5, 175-pound wing known for rebounding and defense.** Clifford excels as a rebounder for his size—leading Colorado State in rebounds and ranking high nationally in defensive boards. His ability to defend multiple positions, facilitate as a secondary playmaker and score efficiently has helped him earn minutes despite limited elite athletic traits.

7. **Current NBA stats (2025-26 season):** Through 57 games (11 starts), Clifford averages 6.9 points, 3.2 rebounds, 1.8 assists, 0.9 steals and 0.3 blocks in 22.2 minutes. He shoots 39.7% from the field, 31.8% from three and 72.6% from the free-throw line. His recent surge shows growth in confidence and production.

8. **Recent breakout performances highlight upside.** Clifford’s 26-point night against the Lakers on March 1 followed strong showings like 15 points and four steals versus Houston. Analysts, including podcaster Matt George, note he’s “starting to figure things out,” praising his energy, rebounding and complementary skills in limited roles.

9. **Active on social media with motivational presence.** Under @otn_nique on Instagram (25,000 followers), Clifford shares updates from games, All-Star Weekend and personal insights. His bio includes “Prove em wrong,” references to the 719 area code (Colorado Springs), his agency and Colorado State, plus a faith symbol reflecting his values.

10. **Offers hope for Kings’ future amid tough season.** With Sacramento far from playoff contention, Clifford’s emergence provides optimism. Injuries to Murray and Westbrook have opened starting opportunities, where he averages 9.2 points, 4.7 rebounds and 2.9 assists. Fantasy experts monitor him closely as a waiver-wire add for defense and efficiency.

Clifford’s path—from Colorado high school dominance to college transfer success to NBA contributor—embodies late-blooming potential. Named after NBA legend Dominique Wilkins, he continues proving skeptics wrong with versatile, high-motor play. As the Kings navigate the remainder of 2025-26, Clifford’s recent confidence surge suggests he could become a key piece moving forward.

Despite rising tensions in the Middle East over the weekend, global markets opened this week without the sharp declines many had feared. Analysts say investors had largely anticipated the escalation, limiting panic reactions.

Matt Orton from Raymond James Investment, noted that while there was a negative reaction to the news, it was more benign than expected. “Investors had been prepared for some hostilities given recent US-Iran negotiations. Crude prices have eased from the worst jumps, and some Asian futures are recovering. The key question is what happens to the Strait of Hormuz, which will guide energy prices over the next weeks.”

On commodities, Orton explained that markets had already priced in much of the risk. “Gold is well bid and crude already includes a $10 per barrel premium. There isn’t much room to rise unless more disruptions occur, but US naval presence may limit duration,” he said.

The strategist also weighed in on the recent US clampdown on AI company Anthropic, which has raised questions about returns on AI investments. “Anthropic’s Claude code is powerful, but the market faces two narratives: money spent on AI may not yield ROI soon, yet AI is rapidly being implemented. Investors must weigh where the trade goes. For now, I focus on companies benefiting from AI integration and capex spend,” Orton said.

Looking at India, Orton highlighted the country’s attractiveness for global investors. “India has low correlation with the S&P 500. Even amid global risk-off scenarios, India performed well in 2022 and 2023. Being selective is key, but high-quality investments exist in India and globally, regardless of geopolitical tensions,” he explained.

As the week unfolds, market watchers will continue monitoring crude prices, the Strait of Hormuz, and investor sentiment. For now, careful preparation appears to have helped global markets weather the first shocks of geopolitical tension.

Global markets opened the week on a cautious note after geopolitical tensions escalated over the weekend, with investors recalibrating risk across equities, currencies and commodities. Early Asian trade reflected a clear risk-off tone, with Japanese markets under pressure and safe-haven assets attracting renewed demand.

The key question confronting investors is whether markets had already priced in the possibility of military escalation — or whether further volatility lies ahead.

Peter Cardillo, from Spartan Capital Securities, addressed the traditional safe-haven narrative surrounding the U.S. dollar and broader market implications.

“Well, let me first address your guest thinking about going into the dollar as a safe haven; that has always been the case, and the reason for that is because we are the reserve currency and we are the largest economy in the world. Presently, in terms of GDP growth, we are the leaders among the seven industrial nations. So yes, traditional hedges such as gold and silver obviously are the true hedges, but the dollar is considered one, just like Treasury bonds. If you look at what is happening in Treasury bonds, they are moving lower. Why? We are seeing foreign buying coming into the markets as a safe haven. So yes, the dollar in times of crisis is a safe haven.”

Early currency and bond market moves reflected that logic. The greenback firmed as investors sought liquidity and relative safety, while U.S. Treasury yields edged lower amid foreign inflows — a classic flight-to-quality pattern.

Oil’s Shock Trade
The more immediate and potentially disruptive impact is unfolding in the energy markets.
Cardillo explained that the initial market reaction in oil tends to be driven by positioning and uncertainty rather than fundamentals alone.
“Now, in terms of what this means for oil prices, obviously the initial trade is always that shock trade. So you have a combination of three things happening. One, the shorts running for cover. Second, you have the unknown of where prices may reach and finally stabilise at. And third, it is true that Iran produces 3%. But let us take a step backwards and look back at what happened in the 70s when the Strait of Hormuz was closed. It caused disruption, and that is what this is all about.”

The Strait of Hormuz remains the focal point. Roughly one-fifth of global energy trade passes through the narrow waterway. Even a temporary disruption could have outsized ripple effects across supply chains and inflation expectations.

Cardillo pointed to the potential duration of the military operation as the critical variable.

“So, the real emphasis here is how long will this operation last. I was reading just a minute ago that flashed across your board there, and it said that President Trump said it might last for four weeks. Well, if it lasts for four weeks and the price of oil goes to $100, that is going to be significant because you can rest assured that gasoline prices throughout the world will spike and will be inflationary, even though probably a temporary factor.”

A sustained move toward $100 per barrel would likely complicate the global disinflation narrative that central banks have been cautiously embracing in recent months. Higher fuel costs tend to filter quickly into transportation, manufacturing and consumer prices.

India and China in a Strategic Bind
For energy-importing nations, especially in Asia, the stakes are considerably higher.

The Strait of Hormuz shutting down for a longer period would choke at least one-fifth of the world’s total energy trade. For India, an estimated 45% to 50% of crude oil imports move through the Strait, along with roughly 60% of natural gas and energy shipments. That creates a significant dilemma: turning to cheaper Russian oil may appear economically attractive, but it risks straining trade and diplomatic ties with the United States.

Cardillo acknowledged that Asian economies would bear the brunt of any sustained disruption.

“Well, there is no question that India and China are going to suffer the most because most of the oil that is shipped through the Strait of Hormuz is shipped towards India and China, and so they are going to have to probably come to the United States and buy oil. Let us not forget that with the Venezuelan situation, there are ample supplies in the short term, and so that just means they are going to pay for more oil. But remember that one of the pledges that India made with the last trade deal was to buy oil from the United States and not buy oil from Russia, which is much cheaper. So, if you have to pay for something more than you were paying, obviously it is a negative.”

For India, the dilemma is stark. Cheaper Russian crude has helped cushion import bills in recent quarters. A disruption in Hormuz could push New Delhi to diversify further toward U.S. barrels, but at a higher cost — potentially widening the current account deficit and pressuring the rupee.

China faces similar calculations, though with greater strategic reserves and alternative supply routes.

Markets at a Crossroads
In the near term, markets appear to be trading on two intertwined variables: duration and disruption. If military action remains contained and shipping lanes stay operational, the shock may fade into volatility rather than a sustained crisis. But if the Strait of Hormuz faces prolonged instability, the consequences could extend far beyond oil — touching inflation, monetary policy and global growth.

For now, the dollar and Treasuries are absorbing safe-haven flows, equities are wobbling, and oil remains the barometer of geopolitical risk. Whether this episode becomes a temporary spike or a structural turning point will depend less on headlines and more on how long the Strait remains under threat.