Latest News
-
Colombian deforestation increases by 43%, fueled by land grabs and fires
According to the data released by the Colombian Environment Ministry on Thursday, deforestation increased in Colombia last year. The destruction of 113,608 ha (1,136 sq km) was mainly in the Amazon region. This is a 43% increase over the previous year. This is a dramatic reversal from 2023, when the forest area destroyed fell by 36% compared to the previous year. It now stands at 79.256 hectares (793 sq km), its lowest level for 23 years. Lena Estrada, Environment Minister in Bogota, said that "deforestation continues." "The Amazon is the most affected area, which is a fragile region." Estrada stated that the increase in 2024 is partly due to forest fires sparked by a drought fueled by climate changes. She said that the main drivers were land grabs for pastures, expansion of livestock farming and illegal road construction. Growing illicit crops like coca leaves was also a major factor. More than 65%, or 75,000 hectares, of the total losses were in the Amazon region. Colombia has the highest biodiversity in the entire world. It is home to thousands plant and animal species. However, it is losing large areas of forest every year due to deforestation. More than half of the South American nation is covered by forest. Reporting by Nelson Bocanegra, Luis Jaime Acosta and Natalia Siniawski. Editing by Brendan O'Boyle, Sarah Morland and Brendan O'Boyle.
-
PPL-Blackstone joint venture secures land to meet growing demand
Executives from the company announced on Thursday that PPL Corp.'s joint venture with Blackstone, to build power plants for Big Tech Data Centers, has secured land, and is in discussion with potential customers, as well as gas pipeline companies, and turbine manufacturers. The U.S. demand for electricity is rising due to the energy-intensive data centres needed for artificial intelligence expansion. This has raised concerns about reliability and costs for power grids that are running out of supplies. PPL CEO Vincent Sorgi stated on a conference call with investors that "Meeting the unprecedented growth in demand will require an unprecedented reaction and will require everyone to be a part of this solution." PPL said separately on the call that it would extend the retirement of coal-fired generation in Kentucky due to the growing demand for electricity. PPL, an electric utility that operates primarily in Pennsylvania, announced this joint venture earlier this month during a summit on AI energy in Pittsburgh, which was attended by U.S. president Donald Trump, technology giants and executives from the power industry. Energy companies who previously only operated power lines are now looking at other options, such as developing their own power stations, to increase power supply. PPL's data center demand has risen to 14.5 gigawatts. This is equivalent to the amount of power needed to run all the homes of California, the U.S. largest state. PPL also supports state legislation in Pennsylvania which would allow utilities fully regulated to own their power generation. This is not currently allowed in Pennsylvania. PPL Electric or any of its subsidiaries regulated by the PPL Electric Corporation are not included in this joint venture.
-
California imports Saudi Arabian gas for the first time since 2022
Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's analyst, said that this forced buyers to look to Saudi Arabia for an alternative supplier. Fuel imports to California rose to the highest level in four years in may, as the state with the largest oil consumption in America sought to compensate for refinery problems at home by using other unconventional routes. California regulators are proposing investments to increase fuel import capacity as the state prepares to close refineries that provide about 17% its fuel needs. Torikata stated that "there are concerns about the upcoming closures" of two refineries. Recent favorable freight costs also encouraged the large imports. (Reporting from Seher Dareen and Shariq Khan in London; editing by Barbara Lewis.)
-
Enel's profit in Italy grew by a hefty 1 billion euro in the first half of this year
Enel, the Italian utility, reported an increase of 1% in its core ordinary profit for the first half when asset sales are excluded. It also announced that it will launch a share-buyback program worth up to one billion euros in later this year. EBITDA (earnings before interest, tax, depreciation, and amortization) was 11.5 billion euro, which is above the analyst consensus of 11 billion euros. Enel reported a normal EBITDA between January and June of 11,4 billion euros. Enel stated that lower energy prices for end-customers and renewables in Italy affected its domestic margins. However, the positive impact from its Spanish business as well as grids in Italy or Argentina was more than offset. Enel has confirmed that it expects an EBITDA between 22.9 and 23.1 billion euro and a net income between 6.9 and 7.9 billion euro for the entire 2025 period. The Group's ordinary net profit rose by 4.4%, to 3.8 billion Euros, exceeding analysts' expectations of only 3.6 billion Euros. The net financial debt at the end June was 55.5 billion euro, down from the 55.8 billion euro forecast at the end 2024. Enel's shareholders granted the board in May the authority to launch an share buyback program worth up to 3,5 billion euros to reward investors along with dividends. The company announced that the first tranche will be paid from August 1, until December 31, at the latest. (1 dollar = 0.8744 euro) (Reporting and editing by Elvira pollina, Alvise Armellini, Keith Welr)
-
PG&E's profits miss estimates due to higher maintenance, operating costs
The utility firm PG&E Corp. narrowly missed Wall Street expectations for the second-quarter profits, due to an increase in operating costs. The company's total operating and maintenance expenses rose by 3.7%, to $2.86 Billion. It also said that wildfire claims, net recoveries, and the utility’s wildfire fund expenditure increased from one year ago. PG&E is responsible for a number of wildfires in California, including the most deadly. It has made investments to improve its grid's reliability. The utility stated that it would build 700 miles underground power lines, and upgrade 500 miles of wildfire safety systems between 2025-2026. Patti Poppe, CEO of the company, said that over 10,000 sensors have been deployed in high-risk zones to detect problems early and reduce outages. The utility said that it would also be working on supplying 10 gigawatts of new electricity from data center projects in the next ten year. The final engineering phase of 17 data centers totaling 1.5 GW is expected to start operations in 2026 or 2030. As tech giants look for places to build data centres to meet the increasing computational needs of artificial intelligence, electric utilities in the U.S. have seen a surge in requests for power capacity. In the second quarter, the company added 3,300 new electric grid customers. The total operating revenue for the quarter fell from $5.99 billion to $5.90billion. According to LSEG, PG&E's adjusted quarterly profit was 31 cents per diluted share for the period ending June 30. This missed Wall Street's expectations by one cent per share. In afternoon trading, the company's stock was down by 1.3%. (Reporting and editing by Shash Kuber in Bengaluru, with Sumit Saha reporting from Bengaluru)
-
Pirelli reduces revenue forecast for 2025 due to currency impact
Pirelli, the Italian tire manufacturer, lowered its revenue forecast for 2025 on Thursday as a result of expected adverse currency movements. The company has lowered its target to an estimated range of 6.7-6.8 million euros ($7.66-7.78 million) compared to its previous target of 6.8-7.0 millions euros. Pirelli reported that currency fluctuations caused a 2.9% loss in revenue compared to the first half of last year due to the weakening of the U.S. Dollar and the volatility of currencies of emerging countries against the euro. The firm has confirmed that it aims to achieve a margin of adjusted EBIT around 16 percent for the entire year. Why it's important Pirelli reported that 9 of the 15 board members voted in favor, while the Sinochem-linked members including Chairman Jiao Jian voted against. Chinese and Italian investors are fighting over the governance of the group. Sinochem, the state-controlled Chinese company, is Pirelli's biggest investor, with 37%, and Camfin, the Italian businessman Marco Tronchetti Provera's vehicle, has 27.4%. Camfin says that Pirelli's large Chinese presence is a threat to their ambitions to expand in the United States. Over 20% of the firm's revenues are generated in North America. By the Numbers According to company data, Pirelli, which is the only supplier of Formula One tyres, reported a core profit for the second quarter (adjusted EBITA) of 278.5 millions euros. This was up 0.7% on the previous year and exceeded the consensus estimate of 274million euros. The quarter's core profit margin was 16%. The Milanese firm's net profit for the second quarter was 136.8 millions euros, which is above the consensus of 123 million euro, and its revenues were 1.74 billion euros. This is in line with expectations.
-
Two rival governments could divide Sudan
Political analysts claim that Sudanese Paramilitaries have formed a parallel government with the army of the country, further pushing Sudan towards de facto splintering. Sudan's army, along with the paramilitary Rapid Support Forces(RSF), are fighting to control al-Fashir, the last foothold of the army in western Darfur, and an RSF stronghold. Last week, a coalition led by RSF announced members of a new parallel government. Analysts say that while it hasn't yet established institutions, or been recognized, a possible breakaway from its territory would precipitate a new split in Sudan after the 2011 secession by South Sudan. How did this happen? In 2021, the Sudanese army and RSF worked in tandem to remove the civilian politicians that had taken over the government of President Omar al-Bashir two years before. In April 2023 war broke out over the integration of RSF fighters in the armed forces. The RSF seized large parts of the country. However, the army forced them to leave the capital Khartoum earlier this year and move towards the west. The RSF has been calling the internationally recognized army-led administration illegitimate throughout the war and has taken measures to create its parallel administration. In May, the military installed Kamil Idris as prime minister. He has since appointed ministers for a new “Hope Government”. The formation of his cabinet has been hampered by disagreements between army leaders, and former rebels who have joined forces with the RSF. Some cabinet members have also ties to Bashir’s former party. This reflects the army's desire for Islamist support. WHAT DOES EITHER SIDE CONTROL? Sudan's army, from its capital during the war in Port Sudan at the Red Sea has retained control over Sudan's eastern and northern states. It also regained control of its central states, and Khartoum where it plans to relocate. RSF seized the majority of Darfur, with the exception Al-Fashir where fighting continues and mass hunger is a result. The paramilitary is also aligned with the SPLM-N, a rebel group that controls large swathes in South Kordofan on the border of South Sudan. West Kordofan, North Kordofan, and the oil-rich West Kordofan are still contested. The RSF recently expanded its international borders by taking control of the "border triangle" in the north with Libya and Egypt. HOW DID RSF BUILD ITS GOVERNMENT? The RSF, along with other Sudanese political groups and rebels, formed the coalition "Tasis", aiming to create a single government in all of Sudan. The coalition signed the constitution in May. It established a cabinet and a parliament. In July, the coalition announced that it had formed a presidential Council led by RSF chief Mohamed Hamdan Dagalo with Hilu, of the SPLM-N, as his deputy. In addition to the regional governors, there was also a former government official Mohamed Hassan al Taishi as prime minister. What does this mean for Sudan? Analysts believe that the formation of parallel governments may lead to a stalemate similar to Libya or worse, fragmentation as the RSF and other armed forces claim their territories. Both governments may also find it difficult to get the international support they need to rebuild Sudan’s economy and infrastructure. The U.N., and African Union, have both condemned the parallel government of the RSF. The RSF has also seen a proliferation of militias, which have helped the paramilitary to advance but are also difficult to control. Nyala in southern Darfur is the seat of RSF government. It has witnessed a rise in crime, including kidnappings. Residents and soldiers have also protested. The area has been frequently targeted by air and drone attacks. The coalition of the army, which includes former rebel groups and tribes militias, is also fragile. While the army is internationally recognized, and has support from regional powerhouses such as Egypt; many countries are still reluctant to deal with them because of the coup of 2021 and Islamist influence. The United States has also sanctioned Abdel Fattah al-Burhan, the army chief. (Reporting and editing by Helen Popper; Khalid Abdelaziz, Nafisa Altahir)
-
Exelon claims that the potential demand for data centers is greater than 30 gigawatts
Exelon, a major U.S. electric utility, has 33 gigawatts worth of data centers interested in connecting to their system. The company is exploring its options to add new power supplies to keep up with the demand explosion, executives at the company said on Tuesday. Electric utilities are receiving massive requests for energy to power Big Tech's AI data centers. This is driving U.S. electricity consumption to new heights and putting pressure on the grid. Three gigawatts of power is enough to run all the homes in California combined with New York, Texas and New York. Exelon reports that 17 gigawatts of this amount are already connected to its system. Another 16 gigawatts, which will be studied, are expected to join the formal pipeline before the end the year. Exelon provides service to more than 10 million customers via six transmission and distribution utilities that are fully regulated. Exelon, a Chicago-based company, is considering whether it can build and own power plants. Electric utilities are prohibited from doing so in several states of the United States. In these states, the regulated utilities are responsible for power lines while independent power producers operate and own power plants. In some states, such as Pennsylvania and New Jersey there are proposals to allow utilities to own and develop power plants. Calvin Butler, Exelon's CEO, said during a conference call with investors that "we want to be part the solution." "The demand is not met by the supply." Exelon's overall revenue for the second quarter was $5.43 billion. This compares to an average analyst estimate of $5.38billion, according to LSEG data. The earnings at PECO, Pennsylvania's largest natural gas and electric energy company, increased by 51%, to $136 millions, during the quarter. The earnings of its Commonwealth Edison unit, the largest electric utility company in Illinois, dropped 15.6% to $228 millions. The company confirmed its adjusted full-year profit forecast for 2025 of $2.64 - $2.74 per share. Analysts had expected $2.69 per stock. Exelon reported adjusted operating earnings per share of 39 cents for the period April-June, compared to analysts' estimates of 37 cents. Reporting by Laila Kerney in New York; Pranav Mathur, Katha Kalia and Aurora Ellis in Bengaluru. Editing by Shreya Biwas, Shailesh Kumar and Aurora Ellis.
FirstEnergy exceeds Q2 profit expectations on higher electricity prices
FirstEnergy, a utility that benefits from higher rates, beat Wall Street's expectations for the second quarter adjusted profit on Tuesday.
U.S. utilities are trying to increase power bills in order to upgrade their infrastructure. This is because the electrical grids of the United States are under increasing pressure due to increased demand from industries and data centres.
FirstEnergy, for example, uses rate cases to determine customer charges by comparing the investments they made in their transmission and electric systems.
The company's quarterly performance was boosted as a result of the new Pennsylvania base rates, even though milder temperatures impacted demand for electricity.
The company stated that milder temperatures reduced customer demand during the third quarter by almost 3% compared to a year ago.
FirstEnergy provides electricity to about 6,000,000 customers in Ohio and Pennsylvania, New Jersey and West Virginia as well as Maryland and New York. It operates three segments: distribution, integrated transmission and stand-alone.
According to data compiled and analyzed by LSEG, the Akron, Ohio, based company posted an adjusted profit per share of 52 cents in the second quarter. This was compared to analysts' estimates of 49 cents. Reporting by Khusbu Jennifer; Editing and proofreading by Anil D’Silva
(source: Reuters)