Electric Utilities

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...

PacifiCorp is owned by Warren Buffett’s Berkshire Hathaway. On Wednesday, it announced that it had reached a settlement of $150 million with 1,434 plaintiffs, who accused the utility of starting wildfires on the Labor Day Weekend 2020 in Oregon. This payout brings the total amount PacifiCorp agreed to pay wildfire claimsants to nearly $1.7 billion. It includes a $125-million settlement reached last month with 93 Oregon vineyards and wineries. PacifiCorp set aside $2.85 Billion for litigation related to wildfires in Oregon and Northern California that destroyed more than 2,000 buildings and 500,000 acres. The company still faces claims worth tens...

Eversource Energy's shares dropped over 10% after Connecticut regulators refused to approve the company's plan to sell its water utility. This was a blow to Eversource Energy's efforts at streamlining operations and reducing debt. Eversource sold Aquarion to a third party in January for $2.4 billion. Eversource acquired the water utility back in 2017 for $1.7 billion. The regulator concluded that despite meeting the financial and technological requirements, and ensuring a safe and reliable service for customers, the deal failed to meet the managerial suitability and responsible requirements in a way "consistent with the public's interest". Eversource replied that the...

Anfield Energy announced on Wednesday that it had applied to the state for approval to restart the JD-8 uranium-vanadium mine, which was previously producing in Colorado. This will allow the company to resume production in the second quarter of 2026. Due to the poor market conditions that made production uneconomical, JD-8's uranium-vanadium project is currently inactive. The Burnaby-based Canadian company has submitted its application at a time when the Trump administration is intensifying efforts to boost U.S. security of energy by reducing reliance on imported Uranium and revitalising nuclear sector. The federal government has increased its support for restarting nuclear...

The Trump Administration announced on Tuesday that it had loaned Constellation Energy Corp. $1 billion in order to restart the nuclear reactor of a Pennsylvania facility formerly known by the name Three Mile Island. Constellation and Microsoft signed a contract in 2024 to restart an 835 megawatt reactor that shut down in 2019. This would offset Microsoft’s data center energy use. The plant's other unit, now called the Crane Clean Energy Center after a 1979 accident that froze the nuclear industry, was shut down in 1979. The U.S. is experiencing its first increase in power demand since the 1990s, thanks...

The U.S. Ambassador to London attacked Britain's nuclear policy on Wednesday in a rare and strong criticism, just before a decision is expected on the development of the site in North Wales. The UK is expected to announce on Thursday that its first small modular reactor nuclear power plant will be located on Anglesey Island, a North Wales island, where an old nuclear station closed in 2015. The United States was pushing for an extensive nuclear project. On Wednesday, Ambassador Warren Stephens made a strong rebuke to Britain's decision. Stephens stated that he was "extremely disappointed" by the decision. "There...

A drone attack overnight by Ukraine temporarily interrupted power and heating in Voronezh (southwestern Russia), a regional governor reported on Sunday. Alexander Gusev, Governor of Voronezh Region, said that the attack on Voronezh - the administrative center for the entire Voronezh area - did not result in any injuries. He added that electronic warfare systems suppressed several drones, which sparked a fire in a utility building. The fire was quickly put out. Gusev stated that safety measures caused a brief change in the central heating temperature in some homes as well as short power outages in certain parts of the...

Duke Energy, the U.S. utility, beat Wall Street's estimates for revenue and profit in its third quarter on Friday. This was due to higher electricity rates, strong demand and more contracts signed by Duke Energy with energy-intensive data centres. According to the U.S. Energy Information Administration, the technology industry's AI-driven data centers combined with the accelerating electrification in homes and businesses will push U.S. electricity demand to record levels by 2025 and 2026. Duke, which is a company that primarily operates in North Carolina, has signed energy service agreements worth about three gigawatts with data centers in this year. Deals...

Duke Energy, a utility company, beat Wall Street expectations for revenue and profit in the third quarter on Friday. This was due to higher electricity rates and high power demand. Electricity costs will rise as data centers consume more power in the wake of an industrial electrification wave and manufacturing growth. According to the U.S. Energy Information Administration, a surge in AI- and cryptocurrency-based data centers combined with accelerating electrification in homes and businesses is expected to push U.S. energy demand to record levels by 2025 and 2026. Duke will add 13 gigawatts in energy capacity in the next five-year...

Constellation Energy, a U.S. utility company, narrowed its forecast for the full year after it missed third-quarter expectations due to higher operating costs. Following the results, shares of the Baltimore-based company dropped 4% during premarket trading. Constellation Energy's margins are squeezed by higher operating costs, which are driven by maintenance and infrastructure investments. U.S. utilities argue that higher electricity prices are necessary due to the rapid increase in power consumption caused by the expansion of AI data centres, the rise of domestic production, and the electrification industries. Utilities are raising customer bills to pay for infrastructure upgrades as the electrical...

Duke Energy, a utility company, beat Wall Street expectations for revenue and profit in the third quarter on Friday. This was due to higher electricity rates and high power demand. Electricity costs will rise as data centers consume more power in the wake of an industrial electrification wave and a manufacturing boom. According to the U.S. Energy Information Administration, a surge in AI- and cryptocurrency-based data centers combined with the accelerating electricification of homes, businesses and other buildings is expected to drive U.S. electricity demand to record levels by 2025 and 2026. Duke Energy is looking at adding large nuclear...

Alliant Energy increased its capital expenditure plan for the next four years on Thursday as it bets that demand for electricity will continue to rise. Utilities must contend with a surge in demand for power from data centers that are dedicated to artificial-intelligence operations and cryptocurrency. U.S. utilities have added billions to their investment plans in order to fund upgrades to critical infrastructure such as power lines and electrical grids. Alliant has increased its contracted data center energy demand by 3 gigawatts. It also expects to see a 50% increase in peak energy consumption by 2030. Lisa Barton, CEO, said:...

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...

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...