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UK accelerates clean-energy to protect from fossil fuel price shocks
The government announced that Britain would launch a 'package of measures' on Tuesday in order to increase the use of renewable energy and to reduce its reliance on fossil fuels, whose prices have risen due to the conflict with Iran. The government will also announce measures to address the link between the gas and electricity price, which is a feature of energy markets that has been blamed for Britain's high electricity prices. The British Labour government says it views the energy transition in a positive light, as it will help fuel economic growth. It is also under pressure to keep its election promise to reduce household energy costs. The era of fossil fuel security is over According to excerpts of his speech, released by his ministry, "As we face the second fossil-fuel shock in less than 5 years, the lesson is clear for our country: the era 'of fossil fuel security has passed, and the age of clean energy is upon us." As the regulator's "price cap" enters a new quarter of pricing from July to Septembre, domestic energy prices will swell. This is due to the surge in wholesale gas costs which are 30% higher now than they were before the Iran conflict started. The government plans to announce plans for boosting renewable energy generation, such as solar panels or wind turbines, on public land. It said that this could release up to 10 gigawatts (or enough electricity to power 5 million homes). The aim is to simplify the rules for renewable energy projects to connect to the grid, and explore ways that companies can build their own grid connections. The program will also make it easier to install solar panels, electric vehicle chargers and heat pumps in homes. DECOUPLING ELECTRICITY PRICES OFF GAS The government has said that Miliband and Finance Minister Rachel Reeves are planning to announce measures to "delink" electricity prices from gas prices. Every 30 minutes, the wholesale price is determined by the last energy source that was used to meet demand. Even if wind and solar?provide 99%, if gas-fired plant is needed to make up?the?last 1% then gas sets price for all buyers and sellers. The country's largest source of electricity is gas-fired power stations. Because they can respond quickly to the demand for electricity, the plants set the price the majority of the time.
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Steel Dynamics' quarterly profit increases on the back of higher steel prices and robust demand
Steel Dynamics' profit for the first quarter rose Monday. This was largely due to higher steel prices, which were a result of tighter supplies caused by mill?outages. Imports also fell to multi-year lows. In aftermarket trading, the?company shares rose by 1.2%. U.S. imports of steel remained at multiyear lows amid trade tariffs and domestic actions. Manufacturing onshoring, regionalized supply chains and continued to support the demand. The energy sector was the primary driver of steel demand in the first quarter, followed by non-residential building, automotive, and other industrial markets. The company reported a first-quarter revenue of $5.20 billion. This compares to $4.37 billion from a year ago. According to LSEG data, analysts on average?expected $5.10 billion in revenue for the quarter. Steelmaker also benefitted from lower scrap prices. Scrap is an important feedstock for their electric-arc furnace mills. Mark Millett, CEO of Mark Millett Corporation, said: "We are?confident that the market conditions will be in place to ensure domestic steel and aluminium consumption is strong until 2026 and for years following." Millett stated that two of its three cold mills planned by the company are already ramping up operations, and the third will be completed in the 'third quarter of 2026. The company, which is based in Fort Wayne, Indiana, reported a $2.78 profit per share, up from $1.44 per share a year ago. (Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Vijay Kishore)
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BHP Vicuna spokesperson: Police blocking access road to Argentina Copper Project
A spokesperson for Vicuna Corp said that police in Argentina's La Rioja province had blocked access to the?roadway leading a a copper megaproject?in the neighboring San Juan province citing a court order. The spokesperson for Vicuna Corp. said that the company, which is a joint venture between BHP Australia and Lundin Mining Canada, had not received official notification of the court order. According to the company, the project, which spans?the Argentina and Chile border, includes the Filo del Sol mine and Josemaria Mine, which 'together form the Vicuna District', one of the largest undeveloped copper, silver and gold deposits in the world. Vicuna estimates that the investment is around $5 billion. However, local officials and industry sources estimate the total to be as high as 15 billion dollars. The'spokesperson' said that the police in 'La Rioja' had blocked the provincial route, claiming that they were obeying a court order. However, the justice system hadn’t notified them yet. (Reporting and Writing by Lucila SIGAL; Editing by Cassandra Garrison).
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South America could increase oil production by as much as 2.1 million barrels in the mid-2030s
Rystad Energy, an energy research company, said that a sustained oil price of 100?a barrel would unlock?2.1million barrels of crude supply per day in South America by the mid-2030s. Rystad's 2026 Brent average price forecast was revised to $89 per barrel in January due to the closure of the Strait of Hormuz. By the Numbers Over the next decade, offshore?developments could produce more than 1 million barrels of oil-equivalent per day in Brazil. * In a scenario where oil costs $100 per barrel, Venezuela would be able to add 910,000 bpd in 2035. 57% of this could come from existing fields, where the cost for medium crude is $7-$8 a barrel. The Vaca 'Muerta crude oil production in Argentina is expected to increase from the current 600,000 bpd level by the end of this decade. The $89 per barrel forecast is expected to increase government revenues in?South America? by $43 billion. * According to Radhika Bansal of Rystad Energy, "South America has now become the world's largest source of incremental oil supply." (Reporting and Writing by Kylie Madry; Editing by Brendan O'Boyle).
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Gulf fears US-Iran discussions could cement Tehran's "golden" grip on Hormuz
Former Russian President?Dmitry Medvedev's warning has crystallised Gulf state fears that reopening of the Strait of Hormuz could be all the Iran-U.S. negotiations can achieve and fall short of a?broader deescalation? they consider vital. Analysts and officials expect that the next round, which is due to take place in Islamabad on November 30, will be more focused on the uranium enrichment limit and the way Iran can exert influence over the Strait of Hormuz, the most important oil shipping route on the planet. Gulf?officials warn that the approach could entrench Iran's grip over Middle East energy by managing its leverage rather than dismantling it,?prioritising the global economic stability while leaving the most vulnerable countries to energy and security implications outside of formal decision making. Gulf sources claim that U.S. diplomacy with Iran is now focused less on Iran's missile program and more on enrichment rates and accepting Tehran's leverage on Hormuz which transports about a fifth the world's oil supply. Gulf officials are concerned about the new priorities in the Gulf, despite the fact that negotiations over enrichment remain stuck, as Iran refuses to enrich at all and also demands to export its stockpiles. One Gulf source, close to the government, said: "Hormuz is the redline." It wasn't a problem before. Now it is. "The goalposts have been moved." The Gulf Arab governments did not immediately respond to our requests for comments on the topics raised in this article. Iran's threats against Gulf shipping during wartime have broken longstanding taboos around the Strait. This has made its disruption a real lever in negotiations for first time. Medvedev - the deputy chairman of Russia’s Security Council - outlined Hormuz’s central role in a blog post on X, on April 8, 2008. Medvedev stated that it was not yet clear how Washington and Tehran would come to an agreement. "But there is one certainty -- Iran has tested nuclear weapons. The Strait of Hormuz is the name of this area. "Its potential is unending." The comment portrayed Hormuz in a way that Iran could raise costs and influence rules without going over the nuclear threshold. HORMUZ IS a 'GOLDEN ASSSET', SAYS AN IRANIAN SECURITY RESOURCE Iranian security officials?echoed that view in private, describing Strait of Hormuz not as an emergency but as a deterrent instrument prepared for years. A senior Iranian source said that Iran had planned every step for years to prepare for a scenario where the Strait of Hormuz would be closed. Today, it's one of Iran’s most powerful tools - a form geographic leverage that acts as a powerful threat. The source described the Strait as "a golden, invaluable asset rooted within Iran's geography - one that the world cannot remove precisely because it flows out of Iran's location." Another Iranian source close to the Revolutionary Guards went even further and suggested that the long-standing taboo around the use of Hormuz had now been broken. This source referred to Hormuz, as a "sword drawn from its sheath", that the U.S.A. and the regional states couldn't ignore. It gave the region leverage against external powers. Analysts say that what most alarms Gulf Arab countries is the fact that, despite Iranian missiles, drones, and proxies repeatedly attacking their region, discussions are increasingly focused almost exclusively on Hormuz due to its global economic impact. This marginalises Gulf security concerns. Gulf sources claim that the core of the Hormuz dispute has less to do with who controls the Strait and more to do with who sets the rules for passage. This reflects a wider shift away from international norms towards power-based arrangements. Ebtesam al-Ketbi is the president of the Emirates Policy Center. He said that this exposes a disparity between those who set the rules and those who suffer the consequences when they are broken. Al-Ketbi said that "what is taking shape is not an historic settlement, but a deliberate engineering for a sustainable conflict." She added, "Who is suffering because of missiles and proxy states?" "Israel and the Gulf States. We would benefit from addressing missiles, proxies and Hormuz. "It seems that they are not interested in the missiles, or the proxies." WARNING: SANCTIONS RELIEF Analysts warn that such an approach to the talks will not resolve tensions so much as stabilize them at manageable level. This outcome may suit Washington and Tehran, but risk entrenching instability for Gulf States living under the missile threat. Gulf economies are already feeling the effects of the U.S. and Israeli war against Iran that began on 28 February. This includes attacks on energy infrastructure, as well as rising insurance and export costs. Alternative export routes increase costs and are still exposed to Iranian missile threats. Diplomats claim that Gulf officials have asked Washington to refrain from lifting all sanctions, urging a "phased" approach in order to test Iran's behavior. They claim that the core threats are still unaddressed. This includes missiles capable of hitting Gulf capitals, and Iran's armed proxy forces used as extensions to the Iranian state. The Arab Gulf is now awash with a range of feelings toward Washington, from a quiet resentment all the way to frustration and confusion about unilateral U.S. decisions. Abdulaziz Sager of the Gulf Research Center in Saudi Arabia said that dealing with the Iran problem required a "different approach". He added that "the U.S. was part of the regional security ..."." "But this does not mean going all-out without involving the regional." Although Gulf leaders resent being ignored, they acknowledge that U.S. superiority in military capability continues to influence?outcomes. Abdulkhaleq Abdulla, a UAE academic, said Gulf Arab states survived the war largely due to their defences and sophisticated U.S. weapons such as THAAD and Patriot. A ANALYST SHOWS THE LIMITATIONS of relying on a single protector Abdulla said that while America is indispensable, it's also fallible. He cited what he called its underestimation on the likelihood of a confrontation over Hormuz. The U.S. repeatedly committed to?defending its Gulf Allies during the War via air and missile defense cooperation, naval safety and protection of critical infrastructure. The Gulf states believe that one of the lessons of the war is to limit reliance on an external protector. Mohammed Baharoon said this, the director of Dubai's B'huth research center. Gulf Arab leaders say that they have warned Washington for years against a conflict with Iran. Yet, they have been silent since the war began. Restraint is not only a reflection of diplomacy, but also of uncertainty about a conflict that they are paying for with economic costs and defense costs, but cannot control. As Washington and Tehran continue to negotiate, Gulf officials claim that their exclusion is not a regional matter but rather a global issue, given the international importance of Hormuz. (Samia Nakhoul and Parisa Hafezi contributed additional reporting from Dubai. Editing was done by William Maclean.
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Cuba praises the'respectful meeting' with US officials at Havana
?U.S. An official from the Cuban Foreign Ministry confirmed in an interview with state-run newspaper Granma that officials recently met their 'Cuban counterparts' in Havana. Axios reported Friday that an important U.S. delegation visited the island a week earlier, saying Cuban authorities have a limited window of time to adopt reforms backed by the U.S. before conditions worsen. Alejandro Garcia del Toro is the Cuban foreign ministry's?U.S. The Cuban Foreign Ministry's Alejandro Garcia del Toro, who handles?U.S. Garcia del Toro stated that "eliminating energy embargo" against Cuba was a top priority for his delegation. Axios reported that the U.S. officials asked the Cuban government, in addition to compensating for the assets and properties confiscated following the?1959 Revolution, to release political prisoners, and to ensure greater political freedoms. Axios reported that the U.S. delegation also offered to establish Starlink satellite services in the country. Garcia del Toro stated that Cuba was represented at the "level of deputy foreign minister" and the U.S. by deputy officials from the State Department. Axios reported that Raul Guillermo Rodrguez Castro was involved in the talks. He is 94-year-old grandson of former Cuban President Raul Castro.
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US Project Vault is aiming to close the first funding tranche as soon as possible, an official has said.
John Jovanovic, President and Chairman of the U.S. Export-Import Bank, said that Project Vault, which is the U.S. Government's vital?minerals reserves, will close its first funding tranche soon and begin helping manufacturers to manage supply, processing and storage challenges and supply-chain issues. Project Vault, announced by Donald Trump in February, aims to stockpile essential minerals and alleviate supply constraints for manufacturers who have been overly dependent on Chinese supplies for years. The U.S. policy on critical minerals is centered around securing emergency supplies, but the industry's constraints go far beyond simply keeping metals in reserves. Jovanovic stated that Project Vault is designed to address the broader market weaknesses, including a lack capital, too few creditworthy counterparties, and a need for flexible arrangements which can support long-term commitments in processing. Jovanovic said, "It wasn't designed to be just a stockpile." "What was intended was to solve the problems that the market faces." Project Vault combines private funding of $2 billion with a loan of $10 billion from the EXIM Bank. Jovanovic, without naming this entity, said that it will be run by an independent, separate entity. Its management team would oversee storage and logistics, in consultation with the manufacturers. What we want to achieve is to make it dynamic, and to help solve some of these problems. Project Vault, unlike a traditional reserve is built to store both raw materials and processed products. The independent entity will be working closely with the manufacturers. Project Vault was designed to?allow companies to convert stockpiles of raw materials into products. Jovanovic stated that material could be removed from Vault and sent to a facility for processing, before being returned back to the system in a refined form. This allows the manufacturers to "think ahead" and to start "to provide demand signals to refineries and processing assets." Balance-sheet constraints are a major problem for many companies. Project Vault can be used by manufacturers who want to make long-term commitments and off-take deals. Jovanovic suggested that you could use Project Vault for this?commitment. He refused to name additional participants, beyond those who have already been identified. However, he said that more suppliers had signed on and "every major supplier" of manufacturers in the United States has discussed participating. He said that the United States may not have enough warehouses, storage facilities, or bonded inventories. "But if there is a creditworthy company that wants it, you can invite them to develop, build, and expand more storage facilities."
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Gold falls to a one-week-low due to tensions between the US and Iran and a stronger dollar
Gold prices dropped to a new?low of one week on Monday, before recovering a little as Iran threatened retaliation for the U.S. taking over of an Iranian cargo ship. This drove up oil and dollar prices. As of 1:32 pm EDT (1732 GMT), spot gold was down by 0.4%, at $4,810.26 an ounce. It had earlier hit its lowest price in the session since April 13. U.S. Gold Futures for June Delivery?settled at $4,828.8 - a 1% decrease. As renewed tensions between the United States and Iran caused market uncertainty about the likelihood of a peaceful settlement, the U.S. Dollar rose to its highest levels in a week. Benchmark 10-year U.S. Treasury Yields increased, increasing the cost of non-yielding gold. Risk CEASEFIRE WILL Not Hold Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the situation in the Middle East had clearly deteriorated again. This has shifted our gold forecast slightly to the downside due to the increased risk of another sharp rise in oil prices. The ceasefire between Iran and the U.S. appeared to be in danger on Monday following the seizure of the cargo vessel. Prices of oil rose by around 5% as a result of fears that the ceasefire might collapse and the fact that the Strait of Hormuz was largely blocked. Gold is a good inflation hedge. However, the demand for this non-yielding investment tends to decrease when global interest rates rise. Rates could stay higher for longer due to a rise in inflation caused by the Middle East war. "Gold traders are choosing to be bearish on this day (higher dollar and yields) for the metals. Technically, the next price target for June gold futures bulls is a close above a solid resistance level?at $5,000," Jim Wyckoff said in a report. Silver spot fell by 1.3%, to $79.76 an ounce. Platinum dropped 1.4%, to $2,073.28, while palladium, which had hit a low of the week earlier, was down 0.2%, at $1,556.00. (Reporting from Bengaluru by Ishaan arora; Editing by Paul Simao, Barbara Lewis and Barbara Lewis.)
Texas Environmental Network plans to protest SpaceX analyst meeting
Environmental activists will protest outside SpaceX Starbase launch 'facilities' on Tuesday, ahead of the highly-anticipated IPO 'of Elon Musk’s company. They'll be pressuring public pension funds to reject the deal because they're worried about safety and pollution issues.
The South Texas Environmental Justice Network has announced that its members will protest Tuesday outside the main entrance of SpaceX as it begins three days tours and meetings with Wall Street analysts.
Bekah Hinojosa, co-founder of Network, has urged investors to boycott the IPO. She also lobbied against the purchase of shares by the New York City Comptroller Mark Levine for the pension plans in the city.
Hinojosa said that her apartment in Brownsville, Texas was shaken by the company's rocket launches from Starbase in Boca Chica. Hinojosa also expressed concern that the fires caused by the rockets might ignite the landscape of South Texas.
Hinojosa, in an interview on Monday, said: "It's not great to feel that we're being bombarded by Elon Musk."
She also said that she had multiple conversations about SpaceX with Levine's Office. A representative of the comptroller's office declined to comment.
SpaceX has not responded to comments immediately.
Hinojosa’s concerns highlight a dilemma that potential investors face in what could be history’s largest IPO.
Shareholders in Democrat-leaning states, and especially pension fund managers, are often proponents of conservation. They have also spent years trying to convince Musk that he needs more supervision at the helms of Tesla and his social media platform?X.
Now, some of those same funds could back Musk's upcoming venture by 'buying into the IPO directly or if the company is included in indexes which guide their investment.
SpaceX launched its Starship spacecraft from Starbase starting in 2019. It has also become the company's manufacturing center for the Super Heavy Booster rocket and Starship spacecraft.
A 2023 explosion at the launch site caused a fire and a cloud of pulverized cement to be sent over a nearby?small village. Since then, the company upgraded its launch pad by installing a water cooling system. However, it was concerned about the permit. (Reporting and editing by Dawn Kopecki, David Gregorio and Ross Kerber)
(source: Reuters)