Electric Utilities

PG&E, the utility, announced?on Tuesday that it would defer about $2 billion of 2027 expenditures, leaving a 'capital plan?of about $11.4 bn. It is launching a strategic review due to wildfire liability concerns. The review is coming at a time when PG&E is facing renewed uncertainty about liability costs. A Senate bill 'amendment' did little to reduce utilities exposure to expenses'related to the fires' or address the long term solvency 'of California's fund. The company planned to spend $13.4 billion by 2027. Patti Poppe, CEO of Patti Poppe, said that California's wildfire liability framework continues to create financing risks, which...

Vertiv Holdings announced on Wednesday that it would purchase Utility Innovation Group, a microgrid and advanced 'power control' company for $1.45 billion. An additional $1.15 billion could be paid if certain targets are met. Vertiv expects that the deal will add capabilities to its customers' data center projects, by securing energy through grid-connected sources and onsite power sources. Gio Albertazzi is the CEO of a power and cooling equipment manufacturer. Data center operators are increasingly interested in onsite power and microgrids as they seek to find alternatives to the?constrained utility?grids in light of an AI-driven surge in power demand. Data...

Greg Abel, Berkshire Hathaway's Chief Executive said on Wednesday that he saw significant opportunities for its energy business from the construction of a?AI data center. This comes after Berkshire had made Alphabet the third largest common stock holding. Abel, speaking on CNBC, said that he considered Google to be a "significant" player in AI. This was the reason he and Berkshire Chairman Warren Buffett authorized an additional $10 billion investment three months ago. Abel stated that "we are all feeling and seeing the impact" of AI. Buffett initiated Berkshire's investment into Alphabet last year. Abel, however, took credit for the...

SB Energy, a SoftBank-backed data center developer, disclosed on Tuesday that it had seen a 66.4% increase in revenue in the first half of 2026. This comes as AI infrastructure firms flock to public markets. The company reported a loss of $3.21billion on revenue of $138.7m in the six-month period ended June 30. This compares to a loss of $215.5m on revenue $83.3m a year ago. This year, companies involved in the AI buildout are increasingly turning to the IPO markets. Hyperscalers and tech firms have invested billions of dollars to expand data centers to keep up with the soaring...

California's electric utilities' shares fell'sharply' on Monday, after a Senate Bill amendment failed to do much to'reduce' their exposure to wildfire liabilities or address the 'long-term''solvency' of the state's Wildfire Fund. Sempra shares fell 3.4%, while PG&E's and Edison International's fell 19.7%, 21.3% and respectively. BMO Capital Markets lowered PG&E from "outperform" to "market perform". Mizuho Securities also downgraded the utilities. The amended Senate Bill creates fast-pay programs?for survivors of wildfires, expands efforts to prevent and prepare for wildfires and changes the rules that govern the Wildfire Fund's Continuation account. According to analysts at?Mizuho, the legislation does not provide a...

Utilities shares fell in premarket trade on Monday after an amendment to the Senate bill in California failed to significantly alter the liability exposure of grid operators in the state. Sempra shares fell 3.5%, while PG&E shares fell 15.7%, Edison International fell 10.4% and PG&E fell 15.7%. Wildfires have made the state 'particularly vulnerable in the past couple of years. Some lawmakers wanted to introduce broader cost sharing reforms to prevent pressure on the Wildfire Fund. California lawmakers, however, settled on allowing issuance of bonds to increase financing and didn't make any changes to the insurers right to recover from...

Rivian announced on Thursday that Claire McDonough, Chief Financial Officer, has decided to leave the electric vehicle manufacturer. This comes as the company ramps up its rollout of smaller, more affordable SUVs in response to the fragile demand for EVs in the U.S. McDonough, who will replace Ken Parks as CFO of GE Vernova in 2027, will be joining the company later this year. Ken Parks joined the power equipment manufacturer before its spin-off from General Electric in 2024. McDonough is a former banker at JPMorgan, Credit Suisse and?Irvine in California. He joined Rivian, the California-based company, early in 2021....

Three people familiar with the matter have confirmed that Monte dei Paschi di Siena CEO Luigi Lovaglio is preparing to present a strategy to the Italian board of directors on Thursday to counter the EUR36 billion bid from Intesa Sanpaolo, the bank's bigger rival. Analysts suggest that MPS can use an asset it acquired by taking over Mediobanca in 2025, a 13% share of Italy's largest insurer Generali. It could also draw from its cash reserves to boost returns to its shareholders and counter Intesa's EUR3 billion?in cash offer. Analysts have stated that the Generali stake, worth EUR8.5 billion, could...

The federal appeals court upheld on Wednesday a?settlement of more than $1 billion to resolve antitrust allegations that?real estate brokerages conspired with agents to inflate their commissions. It rejected objections from home buyers and sellers, who claimed that their claims shouldn't have been released. The 8th U.S. The 8th U.S. Circuit Court of Appeals, St. Louis, said a federal district court judge did not abuse discretion when he found that any 'conflicts of interests between buyers and sellers weren't severe enough to undermine settlements fairness. Circuit Judge Lavenski Smith wrote in a letter to a panel of three judges that...

A court filing reveals that NRG Energy, a power producer, is a possible suitor for the?West Virginia coal plant?that filed for bankruptcy last month. The plant had $13 million cash on hand and several years of profitable growth ahead. In a?motion to dismiss?the case?on?Friday, NRG Energy revealed that it is evaluating the possibility of acquiring the coal plant. NRG did not respond to a request for comment. The question that arises in this case is whether Pleasants Power Station, with its current cash position and prospects for the future, should be considered bankrupt. Friday, the battle over the coal plant...

The Industry Ministry in Seoul announced that TerraPower and South Korea’s SK Innovation had signed a preliminary agreement on small modular reactors. This will allow the SK Group affiliate to participate in TerraPower's domestic and international projects. According to the ministry, Bill Gates and Chey Tae Won, Chairman of SK Group, signed the agreement at a Seoul meeting with Industry Minister Kim Jung Kwan. According to the ministry, the deal allows SK Innovation (the parent company of South 'Korea's biggest oil refiner) to participate in developing 'TerraPower's SMR project in the United States as well as overseas. The ministry did...

The White House on Thursday set a series a price 'floors' and a?tariff of 15% on products made from polysilicon. This raw material is used to make semiconductors and solar panel. The U.S. president Donald?Trump issued a proclamation pursuant to Section 232 of Trade Expansion Act of 1961 in order to protect domestic polysilicon manufacturers from Chinese 'competition. Polysilicon is an ultra-pure silicon that sits at?the start of the semiconductor and solar manufacturing supply chain. Solar panels are made by assembling solar cells, which are manufactured from silicon wafers. The White House announced that the trade protections would take effect...

Shein, an online fast-fashion retailer, has seen its valuation drop by 70% since it peaked at a private market value of $100 billion four years ago. It now aims to raise HK$13.86 'billion ($1.77 bn) through its Hong Kong IPO that was launched on 'Monday. The filings show that Shein is selling 280,000,000 shares at HK$47.60 to HK$49.50 each, valuing the company at nearly $27 billion if the price range is at its highest. Shein's valuation has fallen dramatically from previous private fundraising rounds, which valued Shein at 98.2 Billion dollars in 2022. The company's valuation was $64 billion between...

Nvidia is investing $1.5 billion into a 'SoftBank-backed SB Energy, and will secure up to 8 gigawatts in AI computing capacity on a 'campus' being built by OpenAI. This is not the first time that Nvidia has financed the ecosystems that consume its chips. The strategy has fueled demand, but it also attracted scrutiny for the 'circular flow of funds' from the chipmaker towards its biggest customers. As they rush to secure the infrastructure required for increasingly power-hungry AI, leading tech firms are increasingly linking together chip, power and data center development. Nvidia, the chip giant, has acquired land and...

?Shares in CXMT Corp soared 470% at?their Shanghai debut?on Monday, in Asia's largest IPO of the year. This catapulted the chipmaker to China's top stock market by valuation despite a selloff of global tech stocks. Stocks began trading at 49.50 Yuan, compared to the 8.66 Yuan sale price per share. CXMT's market cap increased sharply in the first minutes, from $85.5 million during the IPO to 3.3 trillion yuan (487.31 billion). The shares briefly fell to 38.11 Yuan before quickly recovering and were trading at 49.51 Yuan by 0236 GMT. CXMT's explosive debut has made it the most valuable listed...

OVER 100 COMPANIES, INCLUDING UBER AND NESTLE?URGE GOVERNMENTS?TO MAKE ELECTRIFICATION CENTRAL IN ECONOMIC STRATEGY 'Nestle' and Ikea, among others, urged government officials to put electrification at the forefront of their economic strategies to reduce exposure to volatile fuel prices and boost energy security. They said that exposure to fossil fuel price shocks undermined their competitiveness. With combined revenues of $1.5 trillion annually, the group also included Iberdrola and Volvo Cars, Mahindra Group and Uber, Nikon Corporation and Levi Strauss. The statement was coordinated by the Global Renewables Alliance and the We Mean Business Coalition. It added that the ability to...

The National Stock Exchange of India filed draft papers to?along-delayed listing? that will be one of the two mega initial public offerings in India this year. Alongside billionaire Mukesh?Ambani's Reliance Jio. NSE's IPO will likely?be worth $3.3 billion based on a?pricing of its shares in the private market, and it comes?after...years of regulatory delay. As part of this issue, existing investors will sell 6% equity in the company. This will be an offer-for sale with no new equity raised. Ambani’s AI-to Telecoms arm Reliance Jio Platforms, is also preparing for an IPO that could be the largest ever in India....

NHK, the public broadcaster, reported that Japan aims to ensure a stable power supply by rebuilding between two and five nuclear reactors. The proposal, which will be presented by the Ministry of Economy, Trade and Industry during a meeting about nuclear policy, reflects an increased reliance on atomic power to help "meet increasing energy demand and reduce expensive fuel imports." After the Fukushima disaster in 2011, Japan closed its?54 nuclear reactors due to public concern about safety standards. 15 of the 33 units which are still operational have been restarted. Tokyo revised its energy policy last year to maximize the...

SoftBank Group is working with?banks? to prepare its initial public offerings (IPOs) for its energy and technology developer SB Energy, and its autonomous robotics spin-off Roze. This comes as Masayoshi son ramps up his Japanese group's push for artificial intelligence infrastructure, amid strong investor interest in companies that support AI buildout. SoftBank has hired JPMorgan Chase, Goldman Sachs Morgan Stanley Citi, Mizuho and Mizuho to handle SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB Energy may aim for a market valuation of over $50 billion, according to the sources. Sources say that...

Morgan Stanley analysts stated that advanced artificial intelligence tools can 'help reduce video game development costs by nearly half and unlock about $22 billion per year in profits for game makers around the world. In a note published on Tuesday, the brokerage stated that AI tools could be used to automate tasks such as creating game environments, generating dialog and testing software. This would help reduce production times and costs and increase margins. It added that gains will not be distributed equally across the gaming industry. Wall Street brokerage estimates that global consumer spending will reach $275 billion in video...

Karel Havilicek, Minister of Industry and Trade, said that the 'Czech Republic' will extend the life span of the four existing units at the Dukovany nuclear power plant by 20 years to 80 years and run them until 2065-2067. Dukovany was built by CEZ, a majority-owned state-owned company, in 1985-1987. Its Soviet-designed VVER nuclear reactors are capable of 2,000 megawatts. This decision follows other life extension decisions, particularly in France, as countries seek to ensure sufficient supplies following the gradual demise of fossil fuels. The 'decision' means that the old units will be running for a longer period alongside the...

On Thursday, France announced seven offshore wind projects totaling 10 gigawatts as well as smaller onshore and solar wind tenders. The country said it would favour domestic technologies as part of its quest to achieve energy independence. Due to the political gridlock regarding financing renewables, France is struggling with high debt. The two-year delay in tendering is due to this. Roland Lescure, Finance Minister, said that the projects will help France to further wean itself off of imported oil and natural gas. The Iran War continues to disrupt cargoes that are sailing through the Strait of Hormuz. This is expected...

Dan Lipman, the president of global business initiatives for 'Westinghouse', said that Japan and the United States have reached an agreement on their respective responsibilities in a possible?joint project between Westinghouse and Japanese manufacturers of nuclear power equipment. On Saturday, Dan Lipman, president of?global business initiatives at?Westinghouse's told? Sources told us this month that Japan and the U.S. were working together to include a nuclear project as part of a second tranche of deals in Japan's $550 billion investment package. The deal will involve Westinghouse. As nations seek to increase their domestic energy resources, the momentum for building nuclear facilities...

Tokyo Electric Power announced 'on Friday that it is likely to delay the start of commercial operations at the 'Kashiwazaki Kariwa nuclear power station due to a minor leak in electricity transmission. TEPCO announced that it has decided to suspend?from the No. 6 reactor of the plant. The electricity leak was detected by an alarm in the reactor No. A spokesperson for the utility said that the utility had planned to restart commercial operations on March 18, but needed time 'to investigate the issue.' It is unclear how long this delay will last. The spokesperson stated that the reactor showed...