Latest News
-
White House hosts Big Tech to pledge to reduce power costs
The White House announced on Thursday that it would host leading data centers and artificial intelligence companies in the next week, including Microsoft, Anthropic, and Meta Platforms. This is to formalize an agreement to protect consumers from rising energy costs. The meeting is scheduled for 4 March and was first reported by. It will advance a initiative that President Donald Trump announced during his State of the Union Address on Tuesday. He said he told major technology companies they had to build their own power plant to run the fleet of rapidly expanding data centers and other artificial intelligence infrastructure. Microsoft has already committed to investing in new energy generation and efficiency measures earlier this year. Taylor Rogers, White House spokesperson, said that "major Tech companies" will be joining President Trump next week at the White House to sign the Ratepayer Protection Pledge he announced in his historic State of the Union Address. The Trump administration is committed to advancing artificial intelligence as a means of competing with China. However, the impact of a proliferation of AI data centers in the power market has become a vulnerability for Republicans before the midterm elections of November. Microsoft has not said if it will be attending next week's event or if it will sign a new pledge. Brad Smith, Microsoft Vice Chair and president said: "We are grateful for the Administration's efforts to prevent data centers from contributing to higher prices of electricity to consumers." A spokesperson from Meta declined to make any comment. Sarah Heck, Anthropic's spokesperson, wrote on X that "American families should not be paying for AI." Anthropic is committed to paying 100% of any electricity price hikes that our data centers cause. This commitment supports the rate payer protection pledge of (the White House). Trump's second term has been dominated by the AI race around the world and the massive amounts of energy needed to fuel it. This agenda has, however, become politically unstable ahead of the midterms, as data center energy demands are driving up power prices across a large swath?of?the nation. Local and state protests have increased over the recent proliferation of giant data center projects, which are needed to expand artificial intelligence technology. They're concerned about rising bills and pollution associated with?the development. Many data center projects or power related projects have been canceled or delayed due to opposition from the surrounding towns. Last month, several governors of states that are part of the largest electric grid in the United States, PJM Interconnection released a framework to address the rising power bills in this region. PJM covers the largest concentration of data centres in the world. The projections?for an increase in the number?of centers connecting to?the grid have caused some power costs to rise by more than 1000% within two years. Two sources have confirmed that the White House's plan to reduce power costs for data centers is based on the PJM framework. (Reporting and editing by Timothy Gardner; Laila Renshaw and Jarrett Renshaw)
-
Eagle Nuclear Energy, a uranium-explorer, begins trading after the SPAC merger
Eagle Nuclear Energy shares rose 14.6% on Wednesday afternoon after it began trading on the Nasdaq. This was following the merger of the blank-check firm, Spring Valley Acquisition Corp II. This listing comes at a time when nuclear energy is gaining traction in the U.S. after decades of stagnation. The surge in electricity demand for power-hungry centers has been a major factor. Eagle Nuclear's flagship Aurora project is one of the U.S.'s largest undeveloped uranium reserves, located along the border between Oregon and Nevada. Mark Mukhija, CEO of the project, said that there are no 'offtake agreements' yet, but it is beginning to attract a certain amount of interest. This is because supply will be expected to begin in the early 2030s. The U.S. Department of Energy is also expected to be interested in the pre-feasibility report that the company has completed. Eagle Nuclear anticipates starting production in 2032. However, the timeline may be accelerated if favorable conditions are met, including support from President Donald Trump’s administration. Last year, he issued executive orders to speed up the approvals for nuclear reactors. This allowed the Department of Energy to approve the test reactors even without the Nuclear Regulatory Commission's approval. Mukhija also expects that hyperscalers will start to look at uranium producers, not just utilities, for a source of energy supply in the next couple of years. Eagle Nuclear's'merger with SVAC II' includes a $30 million public/private investment, which is expected to finance the company's operation for two years. (Reporting and editing by Katha Kaalia in Bengaluru)
-
EU controls ARA oil imported from China following infant formula contamination
After contaminated supplies of arachidonic oil (ARA) made their way into batches of infant formula, the European Commission announced new controls on Wednesday. This was after dozens of European babies became ill as a result of contaminated supplies. Nestle, Danone and other producers were forced to recall millions of dollars worth of products due to contamination by the cereulide toxin, which can cause nausea and vomiting. In a document released on Wednesday, the?commission said that arachidonic oil imported from China posed a serious health risk. The commission stated that "Consignments must be accompanied by a certificate which states all the?results of?sampling? and?analyses show the absence of the cereulide toxins." This regulation must be implemented as soon as possible to ensure the safety of food and prevent the importation of arachidonic oil from China. Nestle, Danone, and other producers of infant formula have stopped supplying Cabio Biotech, the Chinese manufacturer identified as responsible for?supplying contaminated ARA. Cabio Biotech was not available for comment after Chinese business hours. Lin Jian, a spokesperson for the Chinese Foreign Ministry, responded to Lin Jian's question about Cabio Biotech and its role in the recall scandal. "I want to?point out the?Chinese Government takes food safety very seriously and will continue taking strong measures to protect the legitimate rights of consumers."
-
Copper reaches two-week high after US tariffs strike down
The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme Court ruling on tariffs, which replaced higher reciprocal rates with lower Section 122 tariffs, around 10%. This shift has?driven renewed attention in industrial metals in China, particularly after the Lunar New Year holidays." The Yangshan Copper Premium SMM-CUYP -CN is a measure of China's appetite for copper imports. It highlights expectations of a stronger demand in top consumer China. The price of copper jumped from $33 per ton to $53 per ton, on February 13th, the day before Chinese holidays began. Traders who track inventories are still cautious. Copper stock in warehouses The 249,650 tonnes registered at the LME are their highest level since March 7, and have increased by more than 80% from January 9. Shanghai Futures Exchange monitors warehouses Since mid-December, the copper stock has risen by 180%. Copper stocks are traded on the LME and ShFE as well as the U.S. Comex. For the first time since more than 20 years,?combined? has surpassed a million tons. Otherwhere, Tin Supply concerns have pushed up the price to $54,090, its highest level in almost four weeks. From Indonesia The government of?is examining a plan that would ban the exports of raw materials including tin. The last price was up 7.5% to $54,080. The LME's tin market is a volatile one, according to traders. Other metals saw a 2.5% increase in aluminium to $3.171, a 0.2% rise in zinc to $3.388, a 1.8% increase in lead to $1.990, and 0.90% growth for nickel at $18,080. (Reporting and editing by Diti Pujara, Vijay Kishore and Pratima Dasai)
-
Travel advisories are being issued by countries in the Middle East as tensions with Iran rise
A number of countries have started to withdraw?dependents and non-essential personnel from certain?locations? in the Middle East or advised citizens not to travel?to Iran?, due to rising tensions between Washington, D.C. and Tehran. Here are some of the moves. AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage citizens of Israel and Lebanon who are considering leaving to do so while commercial options are still available. (Foreign Ministry X Account) SERBIA: Serbia told its citizens in Iran to leave the country as soon as they can due to the increased tensions. (Foreign Ministry) Polish citizens must leave Iran immediately. (Prime Minister Donald Tusk). UNITED STATES - The U.S. has pulled non-essential'staff and family members eligible for benefits? from its embassy in Lebanon due to tensions with Iran. (Senior State Department Official) SWEDEN: Foreign Ministry advises its citizens to leave Iran immediately by January 12, 2026. In February, the foreign minister stated that those who chose to remain in Iran should not expect government assistance to evacuate them. Foreign Ministry Website Indian embassy in Iran has advised all citizens in Iran to depart by any means possible, including commercial flights. Indian embassy in Iran posted on X on February 23, 2026) Cyprus has advised its citizens to leave Iran immediately after the 13th of January 2026. (Foreign Ministry) SINGAPORE: "Singapore advises citizens to continue delaying all travel to Iran." (Singapore ?Foreign Ministry) Germany: Germany has urged their citizens to leave Iran. Commercial flights are still available and a land departure is possible (Foreign -Ministry, 20 January). BRAZIL - Brazil advised its citizens to leave Iran last week, after a similar warning was issued in January for citizens of Lebanon. Last year, the government recommended that Brazilians avoid traveling to these two countries. (Compiled by William Maclean, edited by Nivedita Battacharjee).
-
White House hosts Big Tech to pledge to reduce power costs
Jarrett Renshaw & Laila Kearney Two sources have confirmed that the White House will host Microsoft, Anthropic, and Meta Platforms, among others, in early March, to "formalize" a deal designed to shield consumers from rising electricity costs. The meeting will likely advance an initiative that President Donald Trump announced during his State of the Union Address on Tuesday. He said he told major technology companies they "must build their power plants" to run the fleet of rapidly expanding data centers and other artificial intelligence infrastructure. Sources said that the pledge being discussed is likely to be similar to commitments made earlier this year by Microsoft, to invest in new energy generation and efficiency measures. Brad Smith, Microsoft Vice Chair and president said: "We appreciate the Administration's efforts to ensure that data centres don't contribute to higher electricity prices for consumers." The company has not said if it will be attending next week, or if it will sign any new pledge. The White House didn't immediately respond to comments. Anthropic and Meta both declined to respond to requests for comment. Trump's second term has been dominated by?the AI race around the world, and securing vast amounts of energy?needed to power it. This agenda has, however, become politically unstable ahead of the midterms, as data center energy demands are driving up power prices across a large swath in the United States. Local and state protests have increased over the rising costs and pollution associated with the recent proliferation of 'data center projects, which are needed to expand artificial intelligence technology. (Reporting and editing by Timothy Gardner; Laila Renshaw and Jarrett Renshaw)
-
RWE and Proxima Fusion will collaborate on nuclear-fusion reactors, Bavaria reports
The regional state of 'Bavaria' announced on Wednesday that the technology start-up Proxima Fusion will collaborate with RWE, Germany's Max Planck Institut for Plasma Physics and Germany’s RWE to develop a nuclear fusion pilot plant. In a media invite, the state government announced that it would sign with these partners a Memorandum of Understanding on Thursday for a project titled?Fusion Demonstrator Alpha. Proxima Fusion announced in a separate press release on Wednesday that it had launched the Alpha Alliance, a group of over?30 companies from around the world to build a net energy-gain fusion demonstration based on stellarator technology. The Alpha project, said the?technology company that raised 130 million euros in June of last year ($153.40?million) aims to demonstrate in principle that net-fusion energy can generated continuously. It has stated that the pilot project to be completed by 2031 would be "a milestone" on the road to a commercial plant. Dozens of global initiatives are exploring the use of nuclear fusion to generate electricity. This is a relatively new technology that aims to harness the same physical reaction that powers our sun. There is a 'race' between the state and private companies, governments of European countries, U.S.A., and China and between different 'technology options such as the?plasma confinement used by Proxima or the use lasers. Proxima is a competitor of Gauss Marvel and Focused Energy.
-
Sonangol, Angola's oil company of state, seeks $4.8 Billion loan from China to build refinery
Sonangol, Angola's oil company, is in talks with Chinese financial institutions to obtain a $4.8billion loan to finance a new refinery to be built at the Atlantic port of Lobito. If the financing is completed, it will be the first time that the Southern African oil company has borrowed money from China since 2017. At that time, the company decided to reduce its exposure on resource-backed loans. Sonangol CEO Sebastiao Martins said that the company is working with "financial institutes in China" to secure financing for one phase of the $6.2 billion. He said that the next phase was estimated to cost $4.8 billion. We are working with the contractor who is Chinese in order?to obtain this financing. Martins didn't say to which financial institutions Sonangol had been talking, but the Finance Ministry said last month that the loan could come from China Development Bank without giving more details. Sonangol's team will be in Beijing for meetings with Chinese financial institutions in April. According to the company, the terms of the financing don't include the use of oil collateral. Angola’s government has described the refinery as a “strategic” project. It is expected that it will begin producing refined petroleum products by December of next year. The amount of Chinese lending to Africa has fallen China, which was the largest source of credit to African economies up until 2019, began to cut off the cash flow. This trend was further accelerated by COVID, a pandemic that hit the continent the following year. A modern railway line in Kenya, for example, was left incomplete due to the drying up of Chinese funds. A study conducted by ONE Data (an independent initiative) last month found that debt repayments by 'African nations to China in recent years has outstripped new loans for the region. Beijing's government has stated that it is committed to Africa in all its areas, including trade and investment. Angola's decision to move away from Chinese oil-backed loans was also influenced by an?external environment marked by increased volatility in commodity prices and higher interest rates, as well as a change in risk perception. Data from the Finance Ministry showed that the country's oil-backed debt with China dropped by almost a quarter last year to $7.73bn, down from $10.146bn at the end 2024. (Reporting and writing by Miguel Gomes, Duncan Miriri, Nivedita Bhattacharjee).
Pinnacle West reports quarterly profit on increased rates and robust power demand
Pinnacle West Capital announced a 'profit' in the fourth quarter on?Wednesday compared to a loss a year ago, as it benefited from a robust demand for electricity and higher rates of electricity.
U.S. utilities are seeking to increase 'customer power bills' in 2026, to fund infrastructure improvements. The country's electrical grids are facing extreme weather conditions and a growing demand from industry electrification as well as data-center expansions.
Rate case proceedings are used by regulated utilities to determine how much customers will have to pay for electricity, natural gas, steam, and private water.
Pinnacle West also reported that it benefited from increased customer usage and user growth. This led to a 3% increase in operating revenue for the quarter.
The company's principal subsidiary, Arizona Public Service provides retail electricity to 1.4 million Arizona households and businesses.
The utility reported quarterly revenues of $1.13bn, up from $1.09bn a year ago.
Phoenix, Arizona-based utility reported a net income of $15.4 million or 13 cents a share for the quarter that ended December 31. This compares to a loss of $6.82m or 6 cents a share a year ago. Varun Sahay, Bengaluru. Krishna Chandra Eluri, editing.
(source: Reuters)