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Farrukh Dhondy | As world rejoices at Christmas time, Xmas tree burnt in protest in SyriaSir Keir Starmer was speaking at the Joint Expeditionary Force (JEF) conference in Estonia where he met leaders of other Baltic states. After signing an energy partnership with Norwegian Prime Minister Jonas Gahr Store in Bergen, Sir Keir flew to Estonia where he spoke alongside Mr Store and their Estonian counterpart Kristen Michal. Asked what else could be done to support Ukraine, Sir Keir said: “There is an ever-increasing demand for more capability. That is understandable, and Ukraine needs all the capability that it can get, so I think all of us have put in more capability into Ukraine by way of equipment.” He added: “A lot of money has been raised, funding has been raised, but more is going to be needed.” The Prime Minister’s also discussed making the economic case at home for continued support for Ukraine. Sir Keir said: “Making the case on the significance of Ukraine, making the case, to double down, linking it back to each of our countries – what does it mean for us if Russia succeeds, is a really important question that we have to answer with our people to make it clear why it is that we are so supportive of Ukraine, why it is that we must stand with our allies on this, why it is we must make sure that Nato is put in the strongest position as well. “Now, this is a different world to the world of 10, 20 years ago, to recognise the world that we are living in, there’s a positive case as well to be made. “Defence spending doesn’t sort of sit in a silo over here with no effect on the rest of the economy, no effect on technology. “It has a huge effect on technologies, the cutting edge of technology and change which can then be used in other areas. “It binds countries together. I think all of us have got joint projects on in terms of defence capabilities that bind us together. There’s a huge number of well-paid jobs that are very important to our economy in defence spending as well. “But we have to make that positive case. I don’t personally feel that we can sort of sit back and assume that all of those in our respective countries necessarily accept all of our arguments unless we make them in that positive way, which I do think the argument can and should and must be made. “But the challenge that you put to us is the right challenge, which is it’s very difficult when finances are tight, as they are in all of our countries.” On Tuesday morning the Prime Minister will meet Taavi Madiberk, the founder of Estonian tech start-up manufacturing low-cost air defence missiles, Frankenburg Technologies, which is planning to open a new office in London Specialising in the manufacture of the missiles, the rapidly growing company already collaborates closely with the UK defence industry, sourcing a significant portion of its subsystems locally, including from propulsion specialists Roxel in Worcestershire. The Prime Minister will again attend the JEF summit, joining leaders from the Nordics and Baltics to discuss support for Ukraine, the sustained threat posed by Russia and wider European security. He will then visit British forces serving in the region to deter malign Russian threats.The hottest topic in energy circles right now – apart from dealing with the – is battery storage, the plunging price of battery cells and its implications for a future renewable-dominated grid supported by flexible capacity. The CSIRO and the Australian Energy Market Operator earlier this month noted in their draft GenCost report that in terms of price – down 20 per cent from where it was just 12 months ago. An annual assessment from Bloomberg NEF supported that assessment. Since then, an auction in China – the country’s biggest for energy storage – suggests that the price decline in battery cells, thanks to intense competition, technology and efficiency improvements and boosted manufacturing capacity, may be even more dramatic than that. According to reports out of China, the Power Construction Corporation of China (PowerChina) has attracted 76 bidders for its unprecedented tender of 16 GWh. The bids were opened on December 4, and according to PV Mag, has attracted prices ranging from $US60.5/kWh to $US82/kWh, with an averaging of $US66.3/kWh. It said 60 of the bids were below $68.4/kWh. The tender is for the supply of energy storage systems – specifically lithium iron phosphate (LFP) battery cells – that will be built in 2025-2026. The winners will be announced after another series of round that will clarify supply chains, equipment quality and delivery ability. The price reportedly includes a comprehensive range of services beyond the delivery of storage equipment, including system design, installation guidance, commissioning, 20-year maintenance, and integrated safety features. “(These are) mind-blowing numbers,” said Marek Rubik, the founder of US-based battery technology company Fluence, and now a director of Saudi green energy project Neom. “(This is) system pricing, not cells,” he wrote on LinkedIn. This, of course, has great significance for the transition to renewables in the main grid, and potentially the shift to EVs in the transport sector. Battery project prices in – albeit still at a cost of around $A300/kWh, which would include local costs such as planning, labour and balance of plant. Just last week, new data from BNEF confirmed the CSIRO and AEMO estimates that battery storage prices had fallen 20 per cent in the last year. Its data showed that the price of lithium-ion battery packs had seen their largest annual drop since 2017, dropping to $US115 per kilowatt-hour – down from $US806 in 2013 and $US144 in 2023. BNEF cited a number of factors in the ongoing decline, including cell manufacturing overcapacity, economies of scale, low metal and component prices, adoption of lower-cost lithium-iron-phosphate (LFP) batteries, as well as a slowdown in electric vehicle sales growth. Overcapacity, in particular, is high, with 3.1TWh of fully commissioned battery-cell manufacturing capacity around the globe, put in place ahead of what battery manufacturers expected to be increased demand for EV batteries. BNEF says the EV market remains the largest source of battery demand – although it has slowed this year – while the stationary storage markets have “taken off”, according to BNEF, with strong competition across both cell and system providers, especially in China. “The price drop for battery cells this year was greater compared with that seen in battery metal prices, indicating that margins for battery manufacturers are being squeezed,” , the head of BNEF’s battery technology team and lead author of the report. “Smaller manufacturers face particular pressure to lower cell prices to fight for market share.” BNEF noted that the $US115/kWh price point is a global average. It cited then that battery pack prices were lowest in China, coming in at around $US94/kWh. The latest tender results suggest another 20 per cent reduction is already in train. However, BNEF noted it is unclear what the future will bring. While low raw material prices have also helped push down costs, these prices could rise in the next few years, with the threat of increasing geopolitical tensions, tariffs on battery metals, and low prices stalling new mining and refining projects. “One thing we’re watching is how new tariffs on finished battery products may lead to distortionary pricing dynamics and slow end-product demand,” said Yayoi Sekine, head of energy storage at BNEF. “Regardless, higher adoption of LFP chemistries, continued market competition, improvements in technology, material processing and manufacturing will exert downward pressure on battery prices.” The China tender is part of PowerChina’s broader equipment procurement plan that were announced on November 13. These includes 51 GW of solar modules, 51 GW of inverters, 25 GW of wind turbines, and 15,240 prefabricated 35kV substations.

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After pulling out of the Philippines in October, foreign investors came back in November, putting money into the country's stock market and government bonds, data from the Bangko Sentral ng Pilipinas (BSP) showed. Foreign portfolio investments registered with the central bank reached $96.59 million in November, reversing the year-high net outflow of $529.68 million in October. Last month, the country recorded $96.59 million in net foreign investment inflows, with $1.86 billion entering and $1.76 billion exiting, according to BSP data. This signals improvement from October's outflow-dominated record. These foreign portfolio funds—commonly referred to as "hot money" due to their short-term, speculative nature—include tradable money market instruments. Foreign investments in November climbed 25.8 percent from October’s $1.48 billion, with 71.4 percent going to peso-denominated government securities. The remaining 28.6 percent was invested in Philippine Stock Exchange (PSE)-listed sectors, including banks, holding firms, property, transportation services, and the food, beverage, and tobacco industries. The bulk of November’s hot money inflows (90 percent) came from the United Kingdom, Singapore, the United States, Luxembourg, and Norway. Meanwhile, gross outflows in November totaled $1.76 billion, down $244.73 million (12.2 percent) from $2.01 billion the previous month. As in October, the United States remained the top destination for outflows in November, receiving $914.20 million, or more than half (51.8 percent) of total remittances. Shrinking net inflows On a yearly basis, hot money inflows last month increased by $286.55 million (18.2 percent) to $1.86 billion. However, gross outflows nearly doubled, increasing by $861.72 million (95.4 percent) from $903.10 million in November of last year to $1.76 billion. As a result, net inflows in November dropped significantly to $96.59 million, down $575.18 million (85.6 percent) from $671.77 million recorded in the same period last year. For the January-to-November period, foreign investments registered with the BSP saw net inflows of $2.59 billion, a significant turnaround from the $43.66 million net outflow during the same period in 2023. Foreign investors may choose not to register with the BSP unless they need to buy foreign currency from authorized banks to repatriate profits or capital. The BSP expects net hot money inflows to total $4.2 billion by the end of 2024 and projects $2.9 billion in 2025.