Electric Utilities

NextEra Energy announced on Monday that U.S. Nuclear regulator approved the renewal of two units at its Point Beach Plant in Wisconsin for an additional 20 years. Nuclear Regulatory Commission has approved the extension of operations at Units 1, 2 and 3 through 2050 and 2030, respectively. After years of stagnation in the U.S., nuclear power is now gaining momentum. This is due to the surge in electricity demand for energy-hungry data centres and the electrification and transportation industries. On his first day in office, President Donald Trump declared an energy emergency. In late May, he signed executive orders that...

The Nuclear Company announced on Friday it had signed a strategic partnership with U.S. Steelmaker Nucor Corporation in order to support the domestic manufacturing and boost nuclear power supply chains. TNC, an American nuclear deployment company, announced that the companies would assess the use of NQA-1 and related infrastructure in gigawatt nuclear reactors according to the American Society of Mechanical Engineers certification standards. TNC stated that the partnership is in support of executive orders by President Donald Trump, which target 400 gigawatts of nuclear power (GW) by 2050. This includes construction of ten large-scale reactors within the next five year...

IRNA, the Iranian news agency, reported on Friday that Iran had signed a 25 billion dollar agreement with Rosatom, Russia's nuclear state corporation to build four nuclear plants in Iran. Rosatom had previously stated that it signed a Memorandum of Understanding on Wednesday regarding the construction of small nucleo-power plants in Iran, but did not give a number. The Iranian official news agency IRNA said that the agreement for construction of Generation III plants in the Sirik area of the south-eastern province of Hormozgan will generate 5,000 Megawatts of electric power. The MOU has been signed in Moscow. Iran has...

The Kansas Department of Commerce and TerraPower, a Bill Gates-backed company, signed a Memorandum of Understanding on Tuesday, to explore possible sites for an energy storage facility and a nuclear reactor. This is in response to the soaring need for electricity. After decades of stagnation in the U.S., nuclear power is on the rise again. This is due to the surge in electricity demand for energy-hungry computer centers as well as electrifications of manufacturing and transportation industries. Donald Trump was elected President of the United States in late May. Sign up for our Newsletter Executive orders directing U.S. Nuclear Regulatory...

U.S. Edward Markey, a former board member of Oklo nuclear power company in the U.S., wrote to President Donald Trump Tuesday to express his concern that U.S. Energy Sec. Chris Wright works to advance the interests of Oklo. Markey, a Democrat from Massachusetts, said that the Obama administration was moving forward with plans for Oklo's nuclear waste reprocessing facility and transferring government-held plutonium to be used as fuel in reactor projects. Markey stated that "Oklo will benefit financially, and Secretary Wright acts in the interest of his former company." The White House sent a comment request to the Energy Department,...

The European stock market reached its highest level in over a week Tuesday. This was boosted by the rally of luxury goods companies due to higher U.S. consumer spending, and wind energy stocks that gained after a U.S. court ruled Orsted can restart work on an offshore project in the U.S. The pan-European STOXX 600 ended the session up 0.4% after reaching its highest level since September 16 during the session. The majority of regional bourses closed up as well. Portugal's stocks closed their most recent high in over three weeks, after the country met its 2025 budget surplus target....

Type One Energy CEO Christofer Mowry announced on Friday that the Tennessee Valley Authority, a government-owned utility in the United States, plans to use the technology of Type One Energy at the retired coal fired Bull Run plant. This plant will become the site for a commercial fusion facility. After decades of stagnation in the U.S., nuclear power is making a comeback. This is due to the record demand for electricity from AI data centres as well as electrifications of industries like transportation and manufacturing. Type One Energy announced that it would provide stellarator technology. This is an advanced version...

Southern California Edison reached an agreement with several parties to settle the dispute. The settlement will allow the utility recover approximately $2 billion from the $5.6 billion losses incurred in 2017-2018 due to wildfires and mudslides. Edison International, the parent company of the company, announced on Friday that out of the $2 billion, approximately $1.6 billion is made up of uninsured claim and $400 million of legal fees paid by May 31, this year. Costs are mostly related to the Woolsey Fire of 2018, which burned 96.949 acres in California. It destroyed 1,643 buildings, killed 3 people, and forced the...

A source familiar with the matter confirmed on Tuesday that the U.S. has disbursed $156 million as the latest installment in a loan guarantee to Holtec International for its Michigan nuclear power station, the company's hope being that it will be the nation's first reactor to restart following a shutdown. The Loan Programs Office of Department of Energy has disbursed the sixth installment of approximately $491 million of the maximum $1.52 billion of loan guarantees that were approved during the term of former President Joe Biden. Entergy, a power company, closed Palisades after more than 50 years of operation in...

Blackstone announced on Monday that it had agreed to purchase a natural-gas plant in Western Pennsylvania, for a price of nearly $1 billion. The investment firm is betting on the rising demand for electricity in the United States to power artificial intelligence technology. The U.S. is expected to have a record-high power consumption in 2025. This will be driven by the data centers that use AI and cryptocurrency, as well as increased residential and commercial consumption. Private investment company Ardian will sell the Hill Top Energy Center to Blackstone Energy Transition Partners. The 620 megawatt natural gas power plant started...

Wall Street's AI trade has driven the market to new highs in 2018. Oracle's share price gains have given investors yet another reason to support the trade. Oracle shares rose 36% Wednesday, after the company cited a surge in demand from AI firms to use its cloud services. This surge boosted its market value from $822 billion to $922.25 billion, surpassing Walmart WMT.N, JPMorgan Chase JPM.N, and Eli Lilly LLY.N. Oracle, Broadcom and Palantir have all seen gains this year, despite some pullbacks due to fears that the rally was becoming too hot. The "Magnificent 7" megacap trade, which led...

GE Vernova announced on Thursday that it would sell its Proficy Industrial Software unit to TPG, a private equity firm for $600,000,000 and reinvest those proceeds into grid software. Proficy, which represents about 20% of GE Vernova’s electrification-software revenue, allows manufacturers to monitor and optimize their production. Revenue from electrification software in 2024 will be $7.55 billion. The company spun off last year from GE has been working on reducing rising costs due to inflation and tariffs. In April, the company forecasted a $300-400 million cost increase by 2025. It said that it would raise prices and streamline its operations...

Ilya Rebrov, the deputy director general of Rosatom's Chinese division, was quoted on Thursday as saying that Rosatom had made significant progress in placing bonds on the Chinese market. Interfax reported that Rebrov stated that a placement would take months or even weeks. He said that despite the "pressure" Russian industry was under, Rosatom managed to get a rating by a Chinese credit rating agency. It also took decisions which had brought it closer to its goal of being able raise debts in China. Atomenergoprom, Rosatom's power unit, received a "AAA" credit rating in April from China's Dagong Global Capital...

On Thursday, a U.S. court upheld the validity and the 2020 bonds of Venezuelan oil company PDVSA. This led to the suspension of an auction of shares of the parent company of Venezuelan-owned U.S. refining firm Citgo. The bonds are secured by a majority stake in Citgo, which is ultimately owned by Caracas-headquartered PDVSA. The company defaulted in 2019 on the bonds, putting the refiner under threat of seizure from creditors. Since years, bondholders and companies expropriated by Venezuela have been fighting in U.S. courtrooms for the country's assets abroad, including Houston-based refiner Citgo Petroleum valued at $13 billion. Venezuela...

Elliott Management, an activist investor and Kansai electric power shareholder, has said that the Japanese utility can become a better long-term investment if it sells non-core assets, boosts profitability, and increases shareholder returns. Elliott is now one of the three largest shareholders in Kansai, Japan's largest nuclear power company by number of reactors online. The stake, which ranges between 4%-5%, was disclosed on Wednesday by a source familiar with the situation. In a Wednesday statement released from London, Elliott stated that it looked forward to working closely with Kansai's management team and other key stakeholders in order to enhance the...

The Financial Times reported on Wednesday that activist investor Elliott Management is now one of the three largest shareholders in Kansai Electric Power, with a stake between 4% and 5 %, according to people familiar with the situation. Kansai's shares rose 6% after the report. According to the report, Elliott has urged Kansai, a major nuclear operator, to increase dividends, and buy back shares, by selling non-core assets worth 150 billion yen per year. The FT reported that Elliott had identified non-core assets worth over 2 trillion yen. These include a stake in a building firm and property worth more...

The Russian state nuclear company Rosatom is planning to issue bonds in yuan currency in China, a spokesperson for the company said on Monday. The spokesperson did not provide any further information. The announcement by Rosatom comes after Russian President Vladimir Putin visited China last week and called for a joint financial infrastructure between countries in the "Global South". Alexei Likhachev, Rosatom's chief executive officer On the sidelines the four-day trip, the Russian giant said that it was willing to help China surpass the United States when it comes to installed nuclear generation capacity. Likhachev stated that Russia has helped...

Kuwait has opened the bids for phase one of the Al Khairan water and power project. The project is a 1.8-gigawatt energy source that aims to alleviate Kuwait's power shortages. Kuwait Authority for Partnership Projects invited pre-qualified international consortiums to submit bids for Al Khairan Phase 1 independent water and power producer project. The project will also produce 125 millions imperial gallons per day of water. Kuwait, a member of OPEC and a major oil producer, is facing a severe electricity shortage because of rapid population growth, urbanization, rising temperatures, and maintenance delays in certain plants. The government has had...

The excitement over a possible U.S. rate cut in September waned on Monday. U.S. stock futures fell during pre-market trade as investors focused on the larger economic picture. As of 1258 BST, the S&P 500 was down 0.2% and Nasdaq Futures were down 0.3%. This indicates a lower Wall Street opening. Powell's change in stance has caused futures markets to price an 84% probability of a quarter point rate cut in September and at least 100 base points of easing up to 3.25-3.5% in the middle of next. The broadest MSCI index of world stocks rose by 0.1%, and remained...

The referendum on the reopening of Taiwan’s last nuclear power plant fell short of the legal threshold for validity, but the president stated that the island may return to this technology in the future as safety standards improve. The opposition-backed plebiscite asked if the Maanshan Power Plant should be reopened once it was "confirmed", that there were no safety concerns. The plant closed in May, as the government shifted to renewables and liquid natural gas. Taiwan's small Taiwan People's Party proposed the referendum in the beginning of this year. With the support of the larger Kuomintang, the KMT, passed the...

Residents along the Pacific coast of Japan rushed for higher ground as tsunami warnings were issued following a massive quake off Russia's Far East. The earthquake brought back painful memories from the 2011 nuclear disaster and earthquake. The television banners read "TSUNAMI!" EVACUATE!" As tsunami waves approached Japan, broadcasters issued similar warnings. They cut their regular programming and focused on evacuation orders. "Do not stare at the screen." Evacuate now!" A news presenter from the public broadcaster NHK yelled. The warnings brought back memories of the March 11th, 2011 earthquake. More than 15,000 died when a 9.0-magnitude earthquake triggered a...

Kansai Electric Power announced on Tuesday that it would begin the surveys to build a new reactor for its Mihama Nuclear Power Station in Fukui Prefecture, western Japan. The existing facility will be replaced. This is the first concrete step in building a nuclear reactor in Japan after the Great East Japan earthquake in 2011, which resulted in a meltdown of the reactor that forced Tokyo Electric Power to close its Fukushima Plant. As the country relies heavily on imports of fossil fuels, the government wants to see nuclear power contribute more to energy security. Kansai is Japan's largest nuclear...

The atomic energy agency of Kazakhstan announced on Saturday that Rosatom, Russia's nuclear state corporation, has been selected to lead a consortium for the construction of the first nuclear plant in Kazakhstan. The state-owned China National Nuclear Corporation as well as French or South Korean companies also submitted proposals. Kazakh Atomic Energy Agency, which was established in March this year, has said that it has reviewed and evaluated various reactor technologies based on criteria such as nuclear plant safety, training of personnel, and other factors. It said that "the agency determined that the most advantageous and optimal proposals for construction...

Chinese stocks listed on Hong Kong's stock exchange fell to a near-month-low on Monday, and the offshore yuan also dropped as tensions between China and the United States over tariffs continued to weigh on sentiment. The tensions between the U.S. and China over trade have risen again after a new spat about tariffs. China's Commerce Ministry has rebuked U.S. president Donald Trump's allegations that Beijing violated the Geneva consensus, calling them 'groundless' and vowing to take 'forceful measures' to protect its legitimate rights. Treasury Secretary Scott Bessent announced over the weekend that U.S. president Donald Trump and Chinese president Xi...