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Unaccounted components found in Danish energy equipment imports: Industry group
Green Power Denmark, a Danish industry group, said that unidentified electronic components were found in equipment imported for Denmark's electricity supply network. An investigation is underway to find out more. These findings coincide with a growing international focus on the potential vulnerabilities of critical infrastructure, such as energy grids. Jorgen Christensen is the technical director of Green Power Denmark. He said: "It involves printed circuit boards which were supposed to be parts of components for energy supply." He said, "We don't really know what the problem is or if there are any bad intentions." The Danish Ministry for Preparedness and Resilience declined to comment whether or not an investigation was underway. The Justice Ministry, Energy Ministry and Intelligence Service did not respond to requests for comment. Christensen refused to disclose the country from which the equipment was sourced, the investigator or the capabilities of the components, including if they were intended for solar power equipment. This is very concerning. "It is vital that an investigation has begun," Walburga Hmetsberger told SolarPower Europe CEO Walburga Hemetsberger on Wednesday. Christensen stated that the components were recently discovered during a routine inspection of circuit boards which were to be installed into energy supply equipment. Christensen said that the circuit boards could have been designed to serve multiple purposes. This would explain their presence, but they shouldn't be used in equipment intended for energy infrastructure. It's possible that the supplier did not have malicious intent. "We can't tell at this stage, but it doesn't alter the fact that these parts shouldn't be present," he said. Berlingske, a Danish news outlet, first reported the findings on Wednesday. Last week, it was reported that U.S. officials had found rogue communications devices in Chinese-made inverters and battery that could bypass firewalls and disrupt power grids. Reporting by Stine McFarlane and Sarah Jacobsen, both in London. Jane Merriman edited the article.
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Gold reaches a one-week high due to weaker dollar and geopolitical uncertainties
Gold prices rose on Wednesday for the third consecutive session and reached a new high. This was aided by a weaker dollar and a demand for safe havens amid economic and geopolitical uncertainties. As of 1024 ET (1440 GMT), spot gold rose 0.5% to $3,304.17 per ounce. U.S. Gold Futures rose 0.7% to $3307.00. The U.S. Dollar fell by 0.5% against other currencies. This made gold cheaper for holders of foreign currency. Wall Street's major indexes fell and government bond yields increased as investors closely monitored a pivotal discussion over U.S. president Donald Trump's proposed tax-cut bill, which has sparked concerns about the growing debt of the country. Daniel Pavilonis is a senior market analyst at RJO Futures. He said: "We're kind of in a mid-range here between the recent high and low, waiting for more trade and tariff agreements." A poll of economists revealed that the outlook for the U.S. economic remains weak, despite the temporary cooling down of the U.S. - China trade war. Federal Reserve officials were adamant on Tuesday that they should be patient when it comes to interest rate decisions. They noted that the rising U.S. tariffs on imports are driving up prices. CNN reported Tuesday, citing several sources, that new information indicates Israel is ready to strike Iranian nuclear sites, while President Trump's Administration is in negotiations with Iran about its uranium-enrichment programme. Gold is a good investment in times of economic and geopolitical uncertainty. It also tends to perform well when interest rates are low, as it pays no interest. Bullion prices reached a record of $3,500.05 in the last month. ANZ said in a recent note that it expects the recent gold price drop to stimulate investment purchases, given the macroeconomic and geopolitical uncertainties. Silver increased 0.5% to $33.23 per ounce. Platinum rose 1.9% to $1,073,28 after reaching its highest level since October 2024. Palladium rose 1.8% to $1.031.70, a three-month high. (Reporting by Sarah Qureshi in Bengaluru; Editing by Leroy Leo)
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South Africa wants to sell crude oil at $100 per barrel before it will increase its stockpiles
South Africa will not sell more strategic crude oil until global oil prices reach $100 per barrel, according to a senior energy official. Since 2022, the country has been trying to sell crude oil. The government initially cut a fuel tax in order to protect consumers from high petrol prices and diesel. Brent crude was $99 per barrel in that year. In recent weeks, global crude oil prices have been hammered by fears that President Donald Trump's tariff war will push economies across the globe into recession. Brent traded at around $66 per barrel on Wednesday. "The oil prices are too low. If you sell today, you will empty the tanks." Godfrey Moagi is the CEO of South African National Petroleum Company. He said, "We're looking to sell around $100 per barrel." South Africa's National Treasury expects to receive 4 billion Rand ($223.2m) from the sale more crude oil in the country's reserves strategic in the fiscal year ending in March 2026. However, Moagi's remarks suggest that this may not be the case unless oil prices rise globally. After the levy reduction in 2022, the government received 2 billion rand in the fiscal year 2023/24, when Brent futures were last trading at close to $100 per barrel. South Africa's strategic crude reserves are estimated to be 7.7 million barrels. Moagi stated that since 2022, two million barrels were sold to the local petrochemical company Sasol, and another 288,000 barrels to TotalEnergies' local unit. The Strategic Fuel Fund Association is a ringfenced unit within the company Moagi.
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Swedish Parliament backs funding bill for new nuclear energy
The Swedish parliament approved a bill Wednesday that will finance a new nuclear reactor generation, which the government claims is essential to energy security as well as achieving net-zero emissions by 2045. The government is planning four large-scale nuclear reactors with an installed capacity of approximately 5,000 MW, or their equivalent in small modular reactors. According to the government, half of this should be operational by 2035. Niklas Wykman, Minister of Financial Markets in Sweden, said that the issue was about ensuring Swedish jobs and tackling climate change. The government has stated that without nuclear energy, new industries such as green steel, biofuels, and large-scale production of hydrogen will move elsewhere. The government claims to support all fossil-free energy, but only nuclear power can provide reliable and predictable power. In a white paper that was published in August of last year and proposed a model similar to this one, it stated the state might need to loan nuclear developers anywhere between 300-600 billion crowns (between $31-62 billion). The price guarantees would remain in place for 40-years. The critics say that nuclear power is too expensive, too slow and will squeeze out wind and solar energy which are cheaper and the only ways to meet the increased demand on the short-term. Birger Lahti, of the Left Party opposition, said: "It's a matter of religious belief for this government to build a nuclear power plant no matter what the cost." (Reporting and editing by Anna Ringstrom, with Simon Johnson)
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NALCO India says its profit has doubled as aluminium and copper prices rise.
India's National Aluminium Company, NALCO, announced on Wednesday that its profit for the fourth quarter more than doubled due to higher commodity prices. The global price of base metals including aluminium rose dramatically between January and March, due to a combination of factors, such as lower production in China, declining inventories, and importers stockpiling due to uncertainty over U.S. Tariffs. In the third quarter, aluminium and copper benchmarks rose by 17% and 10% respectively on an annual basis. Metals tend to be more expensive when commodity prices are higher. The state-owned NALCO reported a consolidated profit of 20.67 billion rupees (241.7 million dollars) in the period January-March, which is more than twice as much as compared to a year ago. Revenue from operations increased by 47.2%, to 52.68 billion Rupees. NALCO’s aluminium division, which accounts for over half of the company's revenue, has grown by nearly 33%. It reported a 60 percent increase in its chemicals segment, which is its second largest and produces caustic, hydrochloric and sodium hypochlorite. The main reason for the decrease in expenses was due to lower costs of raw materials. This helped boost its EBITDA margin (earnings after interest, taxes and depreciation) to 50% from 24%. Vedanta, a rival company, also saw its profit double last quarter. Hindalco's profits also grew more than analysts expected. Reporting by Anuran Sahdhu, Bengaluru. Editing by Varun HK and Savio DSouza.
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Sources say that Elliott is poised to win at least two board positions at Phillips 66.
Two people familiar with Wednesday's preliminary vote reported that Elliott Investment Management, an activist hedge fund, had won enough support from Phillips 66's shareholders to win two board seats in the U.S. refiner's U.S. board of directors. This is one of the biggest corporate battles of this year. Elliott wants Phillips 66, a major refiner in the United States, to sell certain assets and become a pure play refiner. It also wants to improve Phillips 66's performance within its refining division and corporate governance. This year, it sought to bring four new members to its board. The preliminary voting results show that Phillips 66 was able to hold off Elliott, but each side won two of the four seats up for election. Two sources confirm that Elliott did not receive any support from the large index funds, which often have a say in corporate voting. One source said that it received 40% of its support from Phillips employee pension fund. It is the first ever time that Elliott, the most active activist investor in the world, has had a campaign put to a vote. (Reporting and editing by Louise Heavens, Tomasz Janovowski and Svea Herbst Bayliss)
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Moody's upgrades CEZ's outlook after the government takes a stake in the nuclear project
Moody's Ratings Agency has upgraded the outlook of Czech utility CEZ to "positive" after the Government announced last month that it would take a 80% stake in the multi-billion dollar nuclear power project run by the Group. In a statement released on Wednesday, Moody's confirmed CEZ's Baa1 rating. In April, the government announced that it had agreed to acquire a majority stake in CEZ subsidiary Elektrarna Dukovany II (EDU) which will manage the project of at least 18 billion dollars for new nuclear units supplied by South Korea’s KHNP. Moody's stated that "the positive outlook for CEZ reflects...the removal of virtually all construction and commissioning risk." CEZ, which has 70% of its shares owned by the Czech government, plans to invest around 400 billion crowns (18.23 billion dollars) in renewable energy, transmission and distribution by 2030. This is almost twice the amount invested over the last five years. Martin Novak said that CEZ would have to consolidate its debt if they remained the majority owners of the nuclear project. This would have limited their ability to invest in other projects.
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Indonesian gas firms sign gas swap deal to meet domestic demand
Gas producers from western Indonesia signed a swap agreement with Singaporean buyers Sembcorp Gas and Gas Supply Pte and state-owned distributor Perusahaan Gas Negara to boost domestic gas supplies, according to PT Pertamina. Pertamina stated in a press release that the gas swap scheme is designed to meet demand for natural gas in Indonesia, especially in the power and industrial sectors. MedcoEnergi, an Indonesian gas producer whose units are part of the West Natuna Supply Group (WNSG) and Corridor Block (also parties to the agreement), will replace the flows from the Corridor Block to Singapore with those coming from WNSG. This was announced in a separate press release. The flow of gas from the Corridor Block is being redirected to meet Indonesian domestic needs. Perusahaan Gas Negara will be the domestic buyer. Medco has also signed an independent gas sales agreement. Ronald Gunawan is the director and chief operational officer of MedcoEnergi. He said that this collaboration will provide adequate gas supplies on both domestic and international market. SKK Migas, Indonesia's oil-and-gas regulator, had said previously that it aimed for a gas exchange to start in June. (Reporting and writing by Bernadette Cristina; Editing and proofreading by Jan Harvey).
Tokyo broadens underground 'cathedral' complex to counter climate change rains
For photo essay, click https://reut.rs/4duQ4r3
Just after 5 a.m. on August 30, water started flooding a large underground chamber called the cathedral just north of Tokyo. The gushing water, recorded by security cameras, was the rain that was drenching the capital area as Typhoon Shanshan lashed southwest Japan, 600 km (373 miles) away.
The cathedral and its huge network of tunnels did their task: they prevented a vulnerable river basin in the metropolis from flooding. But as worldwide warming triggers more severe weather condition, authorities are needing to offer the system a significant upgrade.
As the temperature increases, the quantity of water vapour in the environment boosts, resulting in fairly larger quantities of rainfall, stated University of Tokyo professor Seita Emori, who belongs to an environment science group that won a Nobel Reward in 2007.
We expect that previously unseen amounts of rain will fall as the temperature level increases in the future, he added.
Japan is susceptible to many natural disasters, from earthquakes and volcanic eruptions to typhoons and landslides. And like much of the world, the country is dealing with unprecedented weather due to international warming.
This summer was the hottest ever since records started in 1898, while record rains in northern regions resulted in disastrous flooding in July, according to the weather condition firm. In Tokyo, unexpected, violent storms called guerrilla showers have end up being significantly common.
The cathedral complex, formally called the Metropolitan Outer Location Underground Discharge Channel, took 13 years and 230 billion yen ($ 1.63 billion) to build. Given that coming online in 2006, it has currently avoided more than 150 billion yen in flood damage, the land ministry quotes.
In addition to its engineering ingenuity, the complex is a. popular traveler spot and filming location. The spacious area. has the capacity to hold the water in nearly 100 Olympic-sized. pool.
Inside are 59 huge pillars, each weighing 500 tonnes (551. heaps) and stretching 18 metres (59 ft) high. When close-by rivers. flood, the overflow courses through 6.3 km of enormous. underground tunnels before gathering in the tank.
Coming down about 6 floorings to the bottom of the chamber is. a transcendent experience. It has its own microclimate, much. cooler than the surface in the summertime and warmer in the winter season. Clouds of mist obscure the top of the pillars.
The dim interior, punctuated by spears of natural light from. apertures in the ceiling, and towering pillars evoke an ancient. religious structure, generating names such as the. cathedral, the shrine or the temple.
The drop of the No. 1 shaft is deep and broad adequate to. easily hold the Statue of Liberty.
The system began four times in June, more than all of. last year. During Hurricane Shanshan, it recorded enough water to. fill the Tokyo Dome baseball stadium practically 4 times, previously. pumping it securely into the Edogawa River and out to sea.
Compared to years past, there's a tendency for a great deal. of rain to come down simultaneously in what we call guerrilla. rainstorms, said Yoshio Miyazaki, the land ministry authorities in. charge of the complex.
If this center didn't exist, the water levels of the main. Nakagawa River and its tributaries might rise much higher,. leading to flooding of homes and even deaths, he said.
However, the system couldn't stop the inundation of more. than 4,000 homes in the river basin from heavy tropical storm rains in. June 2023. Those floods prompted authorities to start a. seven-year, 37.3 billion yen job to bolster levees and water. drain in the location.
And closer to the centre of Tokyo, another major project is. underway to link channels that take in overflow from the Shirako. and Kanda rivers. When completed in 2027, it will bring. floodwater about 13 kms underground out to Tokyo Bay.
Tokyo's drain network is designed to manage rainfall of up. to 75 mm per hour, but significantly there are localised storms. reducing as much as 100 mm, overtaxing the system, stated. Shun Otomo, a construction website manager for the task.
For instance, if there is a short-lived downpour in the Kanda. River basin, we can tap the watershed capacity in basin locations. where it isn't drizzling, Otomo stated. We believe that will be. effective against these guerrilla rains..
(source: Reuters)