RenewableUK Cymru has published its manifesto ahead of the Senedd Election in May

The next Welsh Government needs to deliver a joined up clean power strategy to avoid the risk of losing billions in investment and the creation of thousands of high-skilled jobs.

Ahead of the Senedd Election representative body for the sector, RenewableUK Cymru, has published its manifesto which outlines how Wales could unlock a £10bn of economic opportunity for Welsh businesses, create 8,000 secure, well-paid jobs, and deliver affordable, home-grown energy – providing government and industry work together in a formal clean power partnership.

The manifesto, entitled, Cymru Clean Power: Call for Government 2026, highlights that electricity demand in Wales is projected to double – potentially triple – by 2050.

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Two planned AI growth zones – one in south Wales and the other in north Wales – alone could require as much electricity as a city the size of Cardiff. Electrified heavy industry, electric vehicles and heat pumps will all add to that demand. However, the manifesto highlights that most of Wales’ electricity still comes from imported gas, exposing households and businesses to volatile global prices.

The manifesto says that the choice facing voters and politicians is clear: “continue importing fossil fuels or build a home-grown clean energy system that powers jobs, industry and communities across Wales.”

RenewableUK Cymru’s analysis also shows that by accelerating large-scale wind, solar and tidal projects, would also deliver average salaries of £49,000 — around £10,000 above the Welsh average, generate up to £183m in community benefit funding over the next decade and protect households from price volatility by reducing reliance on imported gas

It also highlights that Wales must also modernise its grid network that connects power to homes, businesses and industry. It warns that without increased capacity, new renewable projects will stall and investment decisions will drift elsewhere.

Jessica Hooper, director of RenewableUK Cymru, said: “As parties set out their priorities for Wales, energy is our defining economic choice. Clean energy is one of the UK’s fastest-growing industries. Wales has the natural resources, the projects in the pipeline, and investors ready to go. But without a grid fit for the future, that opportunity will not be realised.

“A Cymru clean power partnership would turn potential into delivery – securing affordable, home-grown energy, billions in investment, thousands of well-paid jobs and millions in funding for communities across Wales.”

Last week Plaid Cymru leader, Rhun ap Iorwerth, said if elected the party’s intention is to require minimum community-ownership stake of between 15 and 25% for all energy projects over 10 megawatt, or equivalent means of capturing community benefits, while also increasing the number of communities who have the capacity and ability to buy in to projects at scale,

It would also establish a national energy body for Wales that would be responsible for developing large-scale projects – embedding meaningful community ownership, and supporting smaller-scale community energy initiatives.

There have been projects, like Alwen Forest windfarm that has just been consented, with a 20% community ownership stake, but that took eight years to work through. It is not clear whether the sector would be willing to invest in Wales at the scale required with such community ownership thresholds.

In terms of distribution lines ( a devolved matter), that are mainly required in rural areas to connect renewable projects to the National Grid, Plaid would prohibit the use of large steel lattice pylons lines 132 kilovolt or below, with a clear presumption in favour of under grounding, with overhead alternatives permitted only where installation is via low wooden poles or equivalent, less intrusive infrastructure.

Putting cables underground would be far more expensive option and could potentially deter invest. RenewablesUK Cymru points to research shows burying power lines can cost up to five times more than overhead lines. It add this would have significant implications for bill payers and that a “pragmatic, cost-effective approach” to grid modernisation will be essential.

The Plaid leader said: “Plaid Cymru supports renewable energy unequivocally just as we believe that the wellbeing of communities has to be at the heart of the Welsh Government’s energy strategy.

A Plaid Cymru government will require a minimum community-ownership stake of between 15 and 25% for all energy projects over 10 megawatt, or corresponding means of capturing community benefits as a key condition for consent.

“We propose a single national energy body for Wales responsible for developing large-scale projects, embedding meaningful community ownership, and supporting smaller-scale community energy initiatives – all framed by the clear remit of retaining more of the value of Welsh renewables in Wales and helping to reduce energy bills over the medium to long term.”

Plaid has dropped a previous pledge to achieved net zero carbon emissions in Wales by 2035. Mr ap Iorwerth said: “I think most people now can see that 2035 isn’t realistic. We are very close. Time rolls by, and we have to take a pragmatic look at that. I think everything points to needing to be a point in the future where we need to keep an eye on the prize.”

A senior adviser to Rachel Reeves has drawn sharp criticism from the hospitality sector after saying Britain does not “need any more restaurants”.

Alex Depledge, appointed last year as the Government’s entrepreneurship adviser, argued that ministers should prioritise high-growth industries such as technology and advanced manufacturing rather than hospitality and retail.

Speaking to Insider Media, Depledge said: “We don’t need any more restaurants. I’m not anti-hospitality, but that’s not where my efforts are.” She added that the UK should focus on scaling sectors such as clean tech and creative industries to drive long-term economic growth.

Her remarks prompted an immediate backlash from publicans and restaurateurs already grappling with higher national insurance contributions and business rate reforms.

Sacha Lord, chairman of the Nighttime Industry Association and a former adviser to Manchester mayor Andy Burnham, said the comments deepened confusion about Labour’s stance towards hospitality. “Small and medium-sized businesses are the largest employers in the private sector,” he said, adding that the sector had been “blindsided” by recent tax changes.

TV chef Michel Roux Jr also criticised the remarks on social media, while pub campaigner Andy Lennox urged Depledge to reconsider what he described as “unwise words”.

Hospitality accounts for around 7 per cent of UK employment, with roughly 2.6 million people working in the sector, according to the Office for National Statistics. The number of restaurants fell 1.3 per cent in 2025 to 89,600, as operators faced rising costs and squeezed consumer spending.

Depledge, who founded property and software businesses including Resi UK and Good Lord, defended her focus on sectors capable of generating higher productivity and wages. She suggested that while small businesses remain vital, their overall contribution to the economy has remained broadly stable over decades.

The Chancellor has introduced targeted relief for pubs, including a temporary 15 per cent business rates discount, but restaurants and hotels have continued to press for broader support.

The episode underscores growing tension between Labour’s push to champion “future-facing” industries and the concerns of traditional sectors that remain major employers across the country.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

Microsoft Corporation (NASDAQ: MSFT) shares finished Monday, February 23, 2026, at $428.15, down 0.68% from the prior session’s $431.09 close, reflecting modest profit-taking amid ongoing investor debate over the pace of AI spending returns and competitive dynamics in cloud computing. The stock has risen approximately 4.2% year-to-date in 2026, outperforming the broader Nasdaq’s slight decline, but remains about 6-8% below its all-time high of $467.56 reached in late 2025.

Microsoft’s market capitalization stood at roughly $3.18 trillion at Monday’s close, keeping it among the world’s most valuable companies. Trading volume reached about 18.4 million shares, near average for the blue-chip name. The stock has traded in a relatively tight range of $420-$440 in recent weeks, supported by strong fundamentals but capped by macroeconomic uncertainty, tariff concerns, and scrutiny of hyperscaler capital expenditure levels.

The company’s fiscal second-quarter 2026 earnings, reported January 28, 2026, provided the last major catalyst. Revenue reached $65.6 billion (up 16% year-over-year), beating estimates of $64.4 billion, while adjusted EPS of $3.23 topped consensus of $3.11. Intelligent Cloud revenue surged 21% to $26.8 billion, driven by Azure growth of 33% (with AI services contributing 16 percentage points of that increase). Productivity and Business Processes grew 13% to $20.4 billion, led by Microsoft 365 and Dynamics 365, while More Personal Computing rose 11% to $18.4 billion, helped by Windows and Surface.

CEO Satya Nadella emphasized Azure’s AI momentum, noting that the platform now serves more than 70,000 enterprise customers with AI workloads and that Copilot adoption continues to accelerate across Microsoft 365, GitHub, and Power Platform. The company highlighted that Azure AI revenue doubled sequentially in the quarter, underscoring demand for OpenAI-powered tools and custom AI solutions.

Guidance for the March quarter called for revenue of $63.7 billion to $64.9 billion (implying 13-15% growth) and operating income margins in the mid-40% range. Management reiterated confidence in long-term AI infrastructure investments, with capital expenditures expected to remain elevated in 2026 to support data center expansion and GPU capacity for training and inference.

Analyst sentiment remains overwhelmingly positive. Consensus rating is Strong Buy, with an average 12-month price target around $495-$510 (implying 15-19% upside from current levels). Recent updates include Morgan Stanley raising its target to $525 from $500 (Overweight), citing Azure’s AI leadership and Copilot monetization potential. Wedbush kept Outperform at $540, while Piper Sandler maintained Overweight at $520. A few cautious voices, including MoffettNathanson, hold Market Perform ratings with targets near $450, citing valuation concerns and risks if AI ROI disappoints.

Microsoft’s forward P/E stands at approximately 32-34x consensus 2026 EPS estimates of $13.50-$14.00, considered reasonable given durable growth in cloud, productivity software, and AI. The company generates robust free cash flow (over $80 billion annually) and maintains a pristine balance sheet with more than $80 billion in cash and short-term investments.

Key growth drivers include:
– Azure’s continued outperformance versus AWS and Google Cloud in AI workloads.
– Microsoft 365 Copilot, now used by millions of paid enterprise seats and expanding into consumer and small-business segments.
– GitHub Copilot, which has surpassed 1.8 million paid subscribers.
– Xbox and gaming, bolstered by the Activision Blizzard acquisition and Game Pass growth.

Challenges persist. Regulatory scrutiny continues in the EU and U.S. over cloud licensing practices and the OpenAI partnership. Competition in AI from Google, Amazon, and emerging players remains intense, while macroeconomic factors — including new tariffs implemented February 24, 2026 — could raise hardware and energy costs for data centers.

Institutional ownership is strong, with Vanguard, BlackRock, and State Street holding significant stakes. Insider sales have been routine, but no major red flags have emerged.

Looking ahead, the next major update is fiscal Q3 2026 earnings, expected late April 2026. Investors will seek confirmation of Azure AI momentum, Copilot adoption metrics, and any new AI product launches or partnerships. The March quarter guidance range leaves room for upside surprises if AI services continue to accelerate.

Microsoft stock balances stability and high-growth potential. Its diversified revenue streams, massive installed base (more than 1.5 billion monthly active Windows devices and hundreds of millions of Microsoft 365 users), and leadership in enterprise AI position it as a core holding for long-term investors, even as valuation debates and macro crosscurrents introduce near-term volatility.

SoFi Technologies Inc. (NASDAQ: SOFI) shares rose 2.1% on Monday, February 23, 2026, closing at $14.85 after trading in a range of $14.52 to $15.12. The gain came as investors digested the fintech company’s strong fourth-quarter 2025 results reported earlier in February and looked ahead to continued member and product growth in 2026.

SoFi’s market capitalization stood at approximately $15.8 billion at Monday’s close, reflecting a recovery from lows near $6 in mid-2025. The stock has surged more than 140% over the past 12 months and is up roughly 35% year-to-date in 2026, driven by accelerating profitability, diversification beyond lending, and optimism around the company’s “one-stop-shop” digital banking platform.

The latest catalyst was SoFi’s Q4 and full-year 2025 earnings release on January 27, 2026. The company reported record quarterly revenue of $734 million (up 48% year-over-year) and full-year revenue of $2.55 billion (up 44%). Adjusted net revenue reached $760 million in Q4, while adjusted EBITDA hit $210 million (up 141%) and the company generated GAAP net income of $332 million for the year — its first full year of profitability.

Member growth remained robust, with 10.9 million total members at year-end (up 34% year-over-year) and 8.1 million products (up 44%). Average revenue per active member rose to $92, reflecting cross-selling success across lending, financial services, and technology platforms. The company added 560,000 new members in Q4 alone, the strongest quarterly addition on record.

CEO Anthony Noto highlighted diversification as a key driver. Non-lending segments — including SoFi Money (checking/savings), Invest, Credit Card, and Galileo technology platform — now account for more than 40% of adjusted net revenue, up from less than 20% two years ago. Galileo processed $208 billion in annualized payment volume in Q4, up 60%, while SoFi Invest assets under management reached $28 billion.

The company also showcased strength in personal loans and student loan refinancing, with originations totaling $5.9 billion in Q4 (up 62%). SoFi maintained strong credit performance, with personal loan delinquencies and charge-offs remaining below industry averages despite a higher-rate environment.

Guidance for 2026 calls for full-year adjusted net revenue of $3.235 billion to $3.310 billion (27-30% growth), adjusted EBITDA of $875 million to $895 million, and GAAP net income of $320 million to $340 million. Management reiterated its long-term target of $10 billion+ in adjusted net revenue and 50%+ EBITDA margins by 2030, with a path to consistent GAAP profitability.

Analyst reaction was largely positive. Consensus rating is Moderate Buy, with an average 12-month price target around $16.50-$18.00 (implying 11-21% upside from current levels). Recent updates include Keefe, Bruyette & Woods raising its target to $18 from $15 (Outperform), while Piper Sandler maintained Overweight at $20, citing durable member growth and margin expansion. A few firms, including Barclays, hold Equal-Weight ratings with targets near $14, expressing caution over competitive pressures in lending and potential regulatory risks.

SoFi’s valuation trades at a forward price-to-sales multiple of about 4.8x 2026 estimates, considered reasonable for a high-growth fintech with improving profitability. The company maintains a strong balance sheet with more than $2.5 billion in liquidity and no significant near-term debt maturities.

Key growth drivers include:
– Continued member and product expansion through cross-selling (average products per member rising toward 1.0).
– Scaling of non-lending segments, particularly Galileo (serving fintech partners) and SoFi Invest.
– Potential new product launches in banking, insurance, and wealth management.
– International expansion, with early traction in Canada and plans for further markets.

Challenges remain. Interest rate sensitivity in lending, competition from traditional banks and other fintechs (Block, Affirm, Upstart), and regulatory scrutiny of student loan refinancing and crypto offerings could weigh on performance. Macroeconomic factors, including new tariffs implemented February 24, 2026, may indirectly affect consumer spending and borrowing demand.

Looking forward, the next major update is Q1 2026 earnings, expected late April or early May. Investors will watch for continued member adds, margin trends, and any new initiatives announced at investor days or conferences.

SoFi has transitioned from a student loan refinancing specialist to a full-service digital financial platform, with profitability now in sight. The stock’s recent strength reflects growing confidence in the company’s ability to execute its long-term vision, though volatility persists in a competitive and rate-sensitive environment.

Lamborghini will cancel its plan to release an electric vehicle in 2028 due to what the company is calling a lack of consumer demand.

Lamborghini CEO Stephan Winkelmann spoke with The Sunday Times in an interview and said the EV will no longer join its lineup after the company’s analysis found little demand for the EV, which was named the Lanzador in 2023. The company is owned by Volkswagen through its subsidiary, Audi.

Winkelmann told The Sunday Times the “acceptance curve” for EVs in Lamborghini’s target market was “close to zero” and flattening amid a lack of interest from the luxury automaker’s clientele.

He added in the interview that EV development poses a risk of becoming an “expensive hobby” for Lamborghini and that the automaker plans to make traditional internal combustion engine vehicles “for as long as possible.”

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A Lamborghini Revuelto high-performance electrified vehicle, left, and a Lamborghini Lanzador electric concept automobile on the opening day of the Geneva International Motor Show Qatar 2023, in Doha, Qatar. (Christopher Pike/Bloomberg via Getty Images)

Winkelmann said Lamborghini customers appreciate an “emotional experience” with their cars and that “EVs, in their current form, struggle to deliver this specific emotional connection,” he told the outlet.

With Lamborghini canceling plans to move forward with the EV, the company plans to replace it in the lineup with a plug-in hybrid electric vehicle (PHEV).

When asked in the interview whether the company will ever have an EV in its lineup, Winkelmann told the outlet, “Never say never, but only when the time is right. For the foreseeable future, only PHEVs. We will continue to develop electrification because we also need to be ready.”

LAMBORGHINI SET ANOTHER SALES RECORD IN 2022 AND IS SOLD OUT INTO 2024

Lamborghini’s plan not to proceed with fielding EVs in its lineup for the foreseeable future comes as other major automakers have taken financial charges from shifting their EV roadmaps due to weaker than anticipated consumer demand.

Stellantis, the parent company of brands such as Chrysler, Dodge, Jeep and Ram, announced a $26.5 billion charge earlier this month as it cut back its EV production. 

Stellantis CEO Antonio Filosa said the “strategic reset” came after the company’s past assumptions about demand for EVs were “over optimistic.”

GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND

Lamborghini CEO Stephan Winkelmann next to a Lamborghini Lanzador electric concept during The Quail, A Motorsports Gathering in Carmel, Calif., Aug. 18, 2023. (David Paul Morris/Bloomberg via Getty Images)

General Motors took a $7 billion financial charge after it adjusted its EV strategy to account for the weak demand.

Ford CEO Jim Farley said earlier this month that the “customer has spoken” when discussing a net loss of $11.1 billion in the fourth quarter amid large writedowns to its EV programs.

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