Electric Utilities

Shares of GE Vernova jumped 10% in premarket trade on?Wednesday, after the power equipment manufacturer forecast higher revenues for?2026. It also increased its share purchase plans by $4 billion. The company's grid business and its gas turbine business are experiencing strong growth, thanks to the increasing?electricity?use of artificial intelligence and data-heavy industries. This is positioning the U.S. manufacturer for long-term expansion. Vernova's stock has increased by more than 370% in the three years since it was spun off from General Electric. Stocks rose by 10% before the bell - to $688. If gains are maintained, they will open at a...

GE Vernova shares rose by more than 8% on Wednesday in premarket trading after the company forecasted higher revenue for '2026, and a $4 Billion increase 'in its share buyback program. This was due to rising demand for GE Vernova power equipment used in data centers. GE Vernova is positioned to expand in the United States for a longer period of time, thanks to its continued growth across its gas turbine and grid businesses. Vernova, which was spun-off from General Electric in 2024, has seen a?rise of more than 370%. The stock jumped?8.2% before the bell Wednesday to $676.46. GE...

By Laila K. Kearney and Lewis Jackson NEW YORK - The CEO of GE Vernova, Scott Strazik, said on Tuesday that the company is working with?U.S. Scott Strazik, CEO of GE Vernova, said that the U.S. government is increasing its stockpiles for the rare earth element?yttrium. Strazik, one of the three largest gas turbine manufacturers in the world, said that GE Vernova has enough yttrium to last until 2025, and possibly into next year. He did not specify how long supplies would last. He added that the company was also looking at alternatives to certain rare 'earths' used in production,...

GE Vernova announced on Tuesday that it expected a?higher level of revenue in 2026 compared to its?forecasts for 2025. This was due to a?strong demand for power. It also increased its share-buyback plan by 4 billion dollars. In after-market trading, the company's shares rose 6.7% to $667.37. The turbine manufacturer increased its share repurchase authority to $10 billion from $6 billion, and doubled its dividend quarterly to 50 cents per share. The demand for grid equipment,?gas and steam turbines and GE Vernova has increased due to the surge in electricity consumption by data?centers devoted to artificial intelligence and cryptocurrency. In...

Berkshire Hathaway announced Monday a shakeup in its top management, weeks before Warren Buffett passes the company's reins to Greg Abel. Berkshire Hathaway announced that Marc Hamburg, the company's finance chief, who has been with the company since 1987, will retire from his position on June 1, 2027, after spending four decades there. Todd Combs, meanwhile, will be leaving for JPMorgan Chase. Charles Chang, the CFO of Berkshire Hathaway Energy will succeed Hamburg in 2019. Marc has been invaluable to Berkshire as well as to me. Buffett stated that Buffett's integrity and judgement are invaluable. Abel's appointment as CEO on...

NextEra Energy announced on Monday that it has expanded its partnership between Alphabet’s Google Cloud and NextEra Energy to increase data center capacity. Meta also secured over 2.5 gigawatts in clean energy contracts across the U.S. In premarket trading, shares of NextEra rose 2.7%. The companies, under the new agreement with Google Cloud will build multiple new data centres of gigawatt scale (GW), each with its own generation and capacity. NextEra plans to launch a product powered by AI in mid-2026. The AI-powered solution will predict equipment problems, optimize crew scheduling, and improve grid reliability during storms and with aging...

Constellation Energy, a U.S.-based power company, announced on Friday that it had reached an agreement with the U.S. Department of Justice regarding the conditions necessary to complete the previously disclosed $16.4 billion purchase of Calpine Corporation. Calpine must also divest four of its generating assets located in the Mid-Atlantic Region. The Federal Energy Regulatory Commission has approved the deal. The deal announced in January is one of the largest acquisitions in the U.S. Power Industry. It comes at a period of increasing electricity demand driven by the proliferation and energy-hungry AI Data Centers and the electrification and transportation of buildings...

Indonesian authorities named the director of a scrap-metal company on Thursday as a suspect. They accused the firm of breaking environmental laws regarding storage and disposal. A local company, also located in the Modern Cikande Industrial Estate in Jakarta, detected the caesium-137 contamination in shrimps shipped to the United States by a local firm in August. Indonesia then began conducting sweeping scans in that area. Indonesia's Government has said that PT Peter Metal Technology, a factory owned and operated by foreign investors which ceased operation in July was the epicenter of radioactive contamination. Police said that PT PMT director Lin...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

The U.S. Department of Energy announced on Tuesday that it would provide up to $850 million in support of the development of small modular nuclear reactors by Tennessee Valley Authority and Holtec. The Trump administration and nuclear firms believe SMRs can help provide electricity in the U.S., where demand for power is increasing for the first time since two decades due to artificial intelligence mining, electric vehicles and cryptocurrency mining. SMRs are said to save money because they will be manufactured in factories. There are no such reactors under construction in America, and there is some doubt about their ability...

Residents wore camouflage hats, red shirts and other signs of unity to a meeting of a rural Pennsylvania planning committee. They were there to protest the proposed data center that they feared could rip up their farmland or disrupt the tranquil rhythms of their valley. The majority of the residents were loyal supporters who voted for President Donald Trump in 2024, winning their county by 20 percentage points. They were angry at Washington for its push to accelerate artificial intelligence infrastructure. This has led to the growth of data centers in rural areas across the U.S., where land is inexpensive....

On Friday, U.S. president Donald Trump and New York City mayor-elect Zohran Mahmdani both agreed that New York utility Con Edison must lower its rates. The Republican President and the new democratic socialist mayor met at the White House to discuss concerns about cost of living. Trump said, "We're going to have talk with them (Con Edison)." We have to convince Con Edison to lower their rates. Mamdani replied, "Absolutely." Both men were successful in their recent election campaigns when it came to the issue of affordability and inflation. The company responded to a question by saying: "We are excited...

Swakop Uranium is a subsidiary owned by the China General Nuclear Power Group. It has entered into a joint venture agreement with Namibia’s water utility, NamWater to build Namibia's second desalination plant near Swakopmund. The plant is only the second one of its kind in Africa. It will help to bolster water supply to the country's biggest uranium mining operation, Husab. In a joint statement released on Tuesday, partners of the joint venture said that negotiations had ended successfully. The project implementation phase will now begin. Swakop Uranium holds 70% of the stake, and NamWater has the rest. According to...

U.S. utilities are racing to sign supply deals with data-center operators as the artificial-intelligence boom sparks a surge in power demand, setting the stage for higher profits in the coming quarters. Goldman Sachs reported in May that data centers will account for 8% (compared to 3%) of the electricity generated in the U.S. in 2030. Here are some of the deals that utilities have announced for 2024 and 2025. NextEra Energy has expanded its partnership to Alphabet’s Google Cloud in order to increase data center capacity across the U.S. by multiple gigawatts, and improve energy infrastructure. Meta Platforms has signed...

Hokkaido Governor Naomichi Suzuki stated on Friday that the restart of Hokkaido Electric Power Co.'s Tomari Nuclear Power Plant in northern Japan was considered a real option at this time. Suzuki said he would take a final decision about the restart of the project after completing on-site inspections, and collecting feedback from the surrounding communities. The Nuclear Regulation Authority of Japan approved a safety assessment for Tomari's 912-megawatt reactor No. The final step in the 12-year-long process of restarting Tomari's reactor No. Suzuki stated that, given the regulatory approvals, the new emergency response plan of the government, and the expectation...

On Friday, a Japanese regional governor will be expected to announce whether he is willing to allow a partial restart at the Kashiwazaki Kariwa nuclear plant, which is the largest in the world, as Japan attempts to revitalize its nuclear sector while reducing fossil fuel imports. The approval of Niigata Prefecture governor Hideyo Haazumi will remove the final major obstacle for Tokyo Electric Power Co. (TEPCO) in its plans to restart Kashiwazaki and Kariwa's two biggest reactors. TEPCO would be able to restart its power plant for the first time since March 2011, when the tsunami destroyed Fukushima Daiichi. This...

On Wednesday, a fire destroyed more than 170 structures and claimed the life of one person in an area along the southern coast of Japan. Military and firefighting helicoptors were scrambling in a bid to put out this country's biggest urban fire in nearly half a century. Aerial footage broadcast by television stations showed the destruction of houses and thick smoke plumes rising from Saganoseki, a hilly district in Oita that overlooks a harbour famous for its Seki-brand premium mackerel. Local media reported that the flames also spread to nearby forested hills and an uninhabited island, more than one kilometer...

Axia Energia, a Brazilian power company, announced a loss for the third quarter of the year after accounting non-cash expenses incurred from the sale of its Eletronuclear shares. It also announced the payment dividends to its shareholders. Why it's important The results show Axia's ongoing reorganization as it leaves the nuclear sector and streamlines its operations while maintaining shareholder returns, despite the accounting losses. The company's dividend decision was based on a strong performance and stable power prices. KEY NUMBERS Axia's Board approved 4.3 billion Reais ($795.72 Million) in dividends, despite Axia reporting a loss of 5.45 Billion Reais for...

Kansai, Japan's largest nuclear power company, revised its profit forecasts for the fiscal year that ends in March next year by 65 billion yen, to 360 billion ($2.4 billion), due to an increase in electricity demand. Kansai, a company in which activist investor Elliott from the United States has recently become a major minority shareholder, raised its forecast for the full year dividend to 75 yen, up from 60 yen. The nuclear capacity factor (which measures how much of total nuclear power capacity available is actually used) was left unchanged at around 80% from the previous forecast. Kansai's net profit...

A factsheet released by the U.S. and Japan on Tuesday showed that around 20 companies have expressed an interest in projects which could contribute to Tokyo’s commitment to invest $500 billion in the United States under a trade deal. In a July deal, U.S. president Donald Trump agreed to lower tariffs on Japanese auto imports and other goods. The agreement also included a Japanese commitment to invest $550 billion in U.S. project. According to a list of possible projects, SoftBank Group, Mitsubishi Electric, and Hitachi are among the companies interested in participating. The list includes energy, AI infrastructure, and critical...

The new Japanese government under Prime Minister Sanae Takaichi is looking at creating its own version the U.S. Committee that reviews foreign acquisitions for national security. Takaichi is a conservative hardliner who wants to strengthen such screenings. The ruling coalition aims to pass the necessary legislation for a such panel during next year's regular session of parliament. A source familiar with current thinking believes that the panel will include members from ministries and agencies engaged in screening investments to improve their coordination. Takaichi, who was running for the leadership of the ruling party last month, said that she "knew with...

A lobby leader said that the nuclear industry in Japan wants more support for building new reactors under the newly elected pronuclear prime minister Sanae Takaichi. This includes state-run auctions of capacity, according to a Thursday statement. Only 14 of the 54 reactors that operated in Japan prior to the Fukushima nuclear disaster in 2011 have been brought online. Takaichi said reviving the nuclear power was key to Japan's security. Japan has focused on restarting reactors that have been shut down - the government extended the operating life from 40 to 60 year - and only one new plant is...

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...