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The FT reports that the German Minister wants to expand the number of companies eligible for electric relief.
The Financial Times, citing sources familiar with the plan, reported that German Economy Minister Katherina Riese would like to expand the availability of planned measures intended to lower the electricity costs for companies. In the first half of this year, Germany’s ruling coalition consisting of conservatives and social democrats agreed to reduce electricity taxes to the European Minimum for all consumers. The Finance Ministry's 2026 framework budget, which was introduced last month, limited the relief planned to the industry, agriculture, and forestry sectors, while excluding many consumers and companies, citing financial problems. Reiche announced last month that Germany would be presenting a concrete idea for an industrial electric price concept before the summer holiday and was aiming to implement it by year's end. According to the FT, Reiche is looking to increase from 350 to 2200 the number of eligible companies for electricity price subsidies. The paper said that people cited by it estimated the cost of the program at 4 billion euro ($4.7 billion). It would also fund up to 50% of the electricity costs for firms over a three-year period. When asked for comment by the Economy Ministry, it said that under recently announced European Union regulations up to 2,200 "energy and trade intensive" companies may receive financial assistance to cover half of their electricity costs. The statement added that "the (German) concept" is being developed, but declined to elaborate. According to The FT, the scheme will aim to provide "quick and reliable" assistance to the glass, plastics, and chemical industries. These industries have "a wide-reaching effect on other sectors via the value chains". The FT reported that the ministry's scheme would aim to deliver "quick and reliable" aid to the chemical, glass and plastics industries which have "a far-reaching impact on other sectors through value chains".
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Putin claims that globalisation has become obsolete and that the future belongs to emerging market
On Sunday, Russian President Vladimir Putin said to BRICS leaders that the era liberal globalisation is obsolete. The future belongs to rapidly growing emerging markets that should increase the use of national currencies in trade. A warrant of arrest issued by the International Criminal Court alleging that Putin is responsible for war crime in Ukraine caused him to speak via video link at the Rio de Janeiro summit. Moscow claims the warrant is unfounded, and has no purpose. BRICS – an idea that was conceived in Goldman Sachs 20 years ago to describe China's growing economic clout and that of other major emerging market countries – now accounts for 45% the world’s population. In a televised statement, Putin stated that "everything indicates the liberal globalisation model is becoming outdated." "The center of business activity is moving towards emerging markets." Putin called on the BRICS nations to intensify their cooperation in a variety of spheres, including natural resources and logistics, as well as trade and finance. According to the International Monetary Fund, the five core BRICS countries - Brazil Russia India China South Africa – account for over $28 trillion of nominal Gross Domestic Products in dollar terms, while the Group of Seven is responsible for over $51 trillion. China is the source of most of the economic clout for BRICS. This group also includes Egypt and Ethiopia as well as Indonesia, Iran, and the United Arab Emirates. China accounts for over 60% of the combined clout among BRICS.
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The search for Texas flood victims continues despite the forecast of more rain
On Sunday, the search for more than two dozen girls missing from a Texas summer camp that was hit by flash flooding entered its third day. Rescuers were facing the threat of further flooding as the death toll reached 43. Teams of search and rescue workers raced to locate 27 missing girls from a camp located near the Guadalupe River. The river flooded after torrential rainfall fell on central Texas, Friday, Independence Day. Independence Day is a holiday. Officials reported that more than 850 people were rescued. Some of them clung to trees after a sudden thunderstorm dumped up 15 inches (38 cm), of rain, across Texas Hill Country. This is about 85 miles (140km) northwest of San Antonio. Uncertainty remained about how many people were still missing in the Texas Hill Country. Experts questioned whether the Trump administration's cuts to federal staff, including the agency overseeing the National Weather Service (NWS), led officials to fail to accurately predict and issue warnings before the storm. Former NOAA director Rick Spinrad said that President Donald Trump and the Trump administration have cut thousands of jobs from the National Weather Service parent agency. This has left many weather offices with a lack of staff. He said that he didn't know if the staff cuts contributed to the lack of advanced warnings for the extreme Texas floods, but they would degrade the ability of the agency to provide accurate and timely predictions. Kristi Noem of Homeland Security, who oversees NOAA said that a "moderate flood watch" issued by the National Weather Service on Thursday had not accurately forecast the extreme rainfall. She said the Trump Administration was working to improve the system. The White House didn't immediately respond to an inquiry for comment. Joaquin Castro is a Democratic Congressman from Texas. He told CNN's "State of the Union" that less personnel in the weather service would be dangerous. Castro stated that "when you have flash floods, there is a risk of tragedy if you do not have the personnel to perform the analysis and make the predictions the right way." On Sunday, more rain is expected to fall in the region. The National Weather Service has issued a flood warning for Kerr County until 1 pm local time. The disaster unfolded rapidly on Friday morning as heavier-than-forecast rain drove river waters rapidly to as high as 29 feet (9 meters). Greg Abbott, the Republican Governor of Texas, said at a Saturday press conference that he had requested Trump to sign a declaration of disaster, which would unlock federal assistance for those affected. Homeland Security Secretary Kristi Nuem confirmed that Trump would honor this request. Trump has already outlined plans for the federal government to reduce its role in dealing with natural disasters and leave it to the states to take on more responsibility. Local officials confirmed that at least 15 of those who died were children. The 27 girls missing were from Camp Mystic, a Christian summer camp that was nearly a century old and had 700 girls residing there at the time of flood. The camp was in ruins a day after the catastrophe. In one cabin, the mud marks that showed how high the water rose were six feet (1.83m) above the floor. Inside, bed frames, mattresses, and other personal items were caked in mud. One building had a wall missing and some buildings had broken glass. (Reporting from Sergio Flores, Hunt, Texas, and Rich McKay, Atlanta; Additional reporting from Marco Bello and Sandra Stojanovic, Comfort, Texas; Deborah Gembara, Washington; Ryan Jones, Bhargavacharya, and Bhargav Asharya, Toronto; Writing and editing by Tim Reid, Bill Berkrot.
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Saudi Arabia increases Aug Arab Light crude oil OSP for Asia to the highest level in four months
Saudi Arabia raised its official selling price of its flagship Arab Light crude to Asia in August by $2.20 over the Oman/Dubai median, according to a pricing document published on Sunday by Saudi oil giant Aramco. The price of Arab Light in August is $1 higher than the price in July and the highest price since April when it was $3.50 more expensive than the average price for Oman/Dubai. Documents show that the Gulf Kingdom set its official August Arab Light selling price for Northwest Europe at $4.65 over ICE Brent, and the U.S. market at $3.90 over ASCI. The price of Arab Extra Light barrels was raised by $1.30 per barrel in August, and the price of Arab Heavy by $.90. These moves follow a decision by eight OPEC+ member countries to increase production in August by 548,000 barrels a day, accelerating the output growth. Fears of disruptions in supply caused oil prices to spike after a 12-day air battle between Iran and Israel. After a ceasefire, prices returned to their previous levels. A survey conducted last week revealed that respondents expected Saudi OSPs to closely track the spot markets.
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Petrobras CEO: Weighing options for Polo Bahia offshore fields, including selling, is one of the options being considered by Petrobras.
Petrobras, Brazil's state oil company, is considering all options, including the sale of its Polo Bahia oil fields. Chief Executive Magda Chambriard announced this on Saturday. She added that any decision would be based on shareholder and return interests. Former President Jair Bolsonaro had listed the Polo Bahia Hub, which consisted of 28 onshore oil fields, for sale as part of his divestment plan. Luiz inacio Lula da So Lula took it off the market when he became president in 2023, ending Bolsonaro’s divestment plan. Chambriard stated that the current operation in Polo Bahia is producing very little oil, but it requires a lot of effort. She added that extracting oil from these onshore fields would be more feasible if oil prices were higher than the current $65 per barrel, when they were $90-$100. We have this on the table, but we are not yet sure what we will do. We may decide to outsource, or sell the asset. We're studying the situation and will do what is best for us and for our shareholders. Chambriard refused to comment on possible divestment plans and stated that Urucu produced "the best oil at the highest value." On Saturday, Brazilian shipyards and Chinese shipyards also signed memoranda of understanding in order to promote technological and commercial cooperations and align with the increased demand for Petrobras ships. (Reporting and writing by Rodrigo Viga Gaier, Editing by David Gregorio).
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Former Olympic champion Chopra wins Gold at His Eponymous Event
Neeraj, the former Olympic javelin champion, won gold on Saturday in Bengaluru at Kanteerava Stadium. He registered a dominant win with a throw measuring 86.18 meters in the first round. Chopra, Germany's Thomas Rohler, and Kenya's Julius Yego were among the elite athletes who competed in India's Neeraj Chopra Classic. Chopra, the winner of the Tokyo Olympics 2021 and the Paris Games 2024, was dominant throughout. He followed his winning throw with throws 84.07m, and 82.22m, in subsequent rounds, as over 14,500 spectators cheered on their favourite. "I did not expect such a large crowd and support during the first season." Chopra thanked AFI (Athletics Federation of India), and World Athletics, for providing a world-class competition. This is a huge thing for our nation. "We were able do well and I hope we can continue adding more events to competition." Yego, the former world champion who won silver in Rio 2016, has now claimed silver at 84.51m. This is a promising performance ahead of the World Athletics Championships scheduled for September in Tokyo. Rumesh Patirage of Sri Lanka won bronze with a toss of 84.34m. He continues his upward trajectory, after joining the 85m club in 2024 at the Asian Throwing Championships held in Korea. Chopra made a dramatic recovery after fouling in the first throw. He recovered to post a winning 86.18m attempt that proved unbeatable during the competition. After three attempts, only eight of the 12 athletes made it to the second round. Former Olympic champion Rohler was shocked to find himself unable to advance after only one valid attempt during the first round. Chopra expressed his hope to host the event next year with more athletes, both domestic and international. (Reporting and editing by Clare Fallon in Bengaluru, with Suramya kaushik from Bengaluru)
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As floodwaters recede in Central Texas, 27 people have been confirmed dead
Authorities confirmed that 27 people including nine children were dead following flash floods across central Texas. Rescuers are still searching for survivors, including the dozens of girls who remain missing from their summer camp. As floodwaters receded around the Guadalupe River in Kerr County in Texas, approximately 85 miles (137 kilometers) northwest of San Antonio, 800 people were evacuated. The majority of the missing people are young girls. Near the camp, river levels rose rapidly by 29 feet. After thunderstorms dumped up to a foot of rainfall early Friday, the U.S. National Weather Service announced that the flash flooding emergency had largely been lifted for Kerr County. This was the epicenter of this flooding. The NWS Weather Prediction Center, College Park, Maryland, has issued a flood watch for the San Antonio and Austin, Texas region until 7 pm on Saturday. Donald Trump, the U.S. president, said that the federal government was working with local and state officials to combat the floods. Melania and I pray for the families affected by this terrible tragedy. "Our Brave First Responders have been on the scene doing what they do best," said he on social media. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding occurred before dawn, with little or no notice, preventing authorities from issuing evacuation orders in advance as the Guadalupe River quickly rose above major flood level. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." Early Thursday, state emergency management officials warned that heavy rains in west and central Texas and flash flooding were possible "in the next few days" citing National Weather Service predictions ahead of the holiday. W. Nim Kidd of the Texas Division of Emergency Management said at a Friday night news conference that the weather forecasts "didn't predict the amount of rainfall we saw". According to the National Weather Service summary of the storm in 1987, the weekend disaster is reminiscent of a devastating flood that occurred along the Guadalupe River almost 40 years earlier. A bus and van trying to leave a church camp were flooded and ten teenagers drowned while trying to get out. It said that hundreds of people had been evacuated.
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Sky News reports that UK's Octopus energy weighs $14 billion in demerger of Kraken's tech arm.
Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source to say that a valuation of 10 billion pounds for Kraken implied the entire group, including the retail supply business is worth 15 billion pounds and more. Octopus Energy refused to comment on the article, while Kraken Technologies was not able to be contacted immediately. Sky News reported that investment banks were invited to bid for the demerger contract in recent weeks.
As solar capability grows, some of America's most efficient farmland is at risk
Dave Duttlinger's very first thought when he saw a thick band of yellowishbrown dust smearing the sky above his Indiana farm was: I alerted them this would take place.
About 445 acres of his fields near Wheatfield, Indiana, are covered in solar panels and associated machinery-- land that in April 2019 Duttlinger rented to Dunns Bridge Solar LLC, for one of the biggest solar advancements in the Midwest.
On that blustery spring afternoon in 2022, Duttlinger stated, his phone sounded with questions from disappointed neighbors: Why is dust from your farm inside my truck? Inside my house? Who ought to I contact us to clean it up?
According to Duttlinger's solar lease, examined , Dunns Bridge said it would utilize commercially sensible efforts to minimize any damage to and disruption of growing crops and crop land triggered by its building activities outside the task website and not eliminate topsoil from the home itself. Still, sub-contractors graded Duttlinger's fields to help the structure of roadways and installation of posts and panels, he said, in spite of his cautions that it might make the land more vulnerable to disintegration.
Teams improved the landscape, spreading out fine sand throughout big stretches of abundant topsoil, Duttlinger stated. When visited his farm last year and this spring, much of the land below the panels was covered in yellow-brown sand, where no plants grew.
I'll never ever be able to grow anything on that field again, the farmer stated. About one-third of his approximately 1,200-acre farm-- where his family grows corn, soybeans and alfalfa for cattle-- has actually been leased.
The Dunns Bridge Solar task is a subsidiary of NextEra Energy Resources LLC, the world's largest generator of eco-friendly energy from wind and solar. Duttlinger stated when he approached NextEra about the damage to his land, the company stated it would evaluate any remedial work required at the end of its agreement in 2073, as per the regards to the arrangement.
NextEra declined to talk about the matter or on what future dedications it made to Duttlinger, and might not separately verify them. Job designer Orion Renewable Energy Group LLC directed questions to NextEra.
The solar market is pushing into the U.S. Midwest, drawn by cheaper land rents, access to electrical transmission, and a. wealth of federal and state incentives. The region also has what. solar needs: wide-open fields.
A renewable energy boom risks damaging some of America's. richest soils in crucial farming states like Indiana, according to a. analysis of federal, state and local information; numerous. pages of court records; and interviews with more than 100 energy. and soil researchers, agricultural economic experts, farmers and. farmland owners, and local, state and federal legislators.
A few of Duttlinger's farm, including parts now covered in. solar panels, is on land classified by the U.S. Department of. Farming (USDA) as the most productive for growing crops,. according to a analysis.
For landowners like Duttlinger, the pledge of earnings is. appealing. Solar leases in Indiana and surrounding states can. use $900 to $1,500 an acre per year in land rents, with annual. rate boosts, according to a evaluation of solar leases. and interviews with four solar project developers. In. contrast, farmland lease in leading corn and soybean manufacturers. Indiana, Illinois and Iowa balanced about $251 per acre in 2023,. USDA data shows.
Farmland Partners Inc, a publicly traded farmland genuine. estate financial investment trust (REIT) has leased about 9,000 acres. across the country to solar firms. Much of that ground is extremely. efficient, stated Executive Chairman Paul Pittman.
Do I believe it's the very best use of that land? Most likely not. However our investors would eliminate us if we didn't pursue this, he. stated.
Some renewable resource developers said not all leases end up being. solar jobs. Some are developing their sites to make it. possible to grow crops between panels, while others, like Doral. Renewables LLC, said they use livestock to graze around the. panels as part of their land management. Designers also argue. that in the Midwest, where more than one-third of the U.S. corn. crop is utilized for ethanol production, solar energy is crucial for. powering future electric automobiles.
Some farming economists and agronomists counter that. taking even percentages of the very best cropland out of production. for solar development and destructive important topsoil effects. future crop potential in the United States.
Typical solar farm building and construction practices, including clearing. and grading large areas of land, also can cause significant. disintegration and major runoff of sediment into waterways without. correct remediation, according to the U.S. Environmental. Defense Company and the Justice Department.
Solar development comes amidst increasing competition for. land: In 2023, there were 76.2 million - or nearly 8% - fewer. acres in farms than in 1997, USDA data programs, as farmland is. converted for domestic, industrial and industrial use.
In reaction to ' findings, USDA stated that urban. sprawl and advancement are currently larger contributors to. farmland loss than solar, pointing out reports from the Department of. Energy and agency-funded research.
BUILDING ON PRIME CROPLAND
No one understands how much cropland across the country is presently under. photovoltaic panels or leased for possible future development. Land. offers are generally private deals.
Scientists at the United States Geological Survey and the. U.S. Department of Energy's Lawrence Berkeley National. Lab have actually been compiling a database of existing solar. centers across the nation. Work on the U.S. Large-Scale. Solar Photovoltaic Database started in 2020 and includes data on. 3,699 facilities in 47 states and the District of Columbia.
While that task is incomplete and ongoing, discovered. that around 0.02% of all cropland in the continental U.S. converged in some method with massive, ground-based solar. panel websites they had identified as of 2021.
The total power capability of the solar operations tracked in. the data set represents over 60 gigawatts of electrical power. capability. In the following 2 years, solar capacity has nearly. tripled, according to a Dec. 2023 report from the Solar power. Industries Association (SEIA) and Wood Mackenzie.
To much better comprehend future land-use patterns, . evaluated federal government data to recognize cropland that USDA. classified as prime, distinct, or of local or statewide. importance. likewise reviewed more than 2,000 pages of. solar-related documents filed at regional county recorders' offices. in a little sample of four Midwestern counties-- Pulaski, Starke. and Jasper counties in Indiana, and Columbia County in. Wisconsin.
The counties, representing an area of land a little bigger. than the state of Delaware, are where a few of the country's. biggest projects are being established or built. The sample is not. necessarily representative of the wider United States however. provides an idea of the possible effect of solar projects in. farm-heavy counties.
discovered the portion of these counties' most. productive cropland protected by solar and energy business since. end of 2022 was as follows: 12% in Pulaski, 9% in Starke, 4% in. Jasper and 5% in Columbia.
Jerry Hatfield, former director of USDA Agricultural. Research study Service's National Lab for Agriculture and the. Environment, said ' findings in the four counties are. worrying.
It's not the variety of acres transforming to solar, he stated. It's the quality of the land coming out of production, and what. that indicates for local economies, state economies and the. country's future capabilities for crop production.
More than a dozen agronomists, in addition to renewable energy. researchers and other specialists spoken with , stated the. approach to measuring solar's impact was fair. The news agency. likewise shared its findings with 6 solar developers and energy. firms operating in these counties. 3 said ' sample size. was too little, and the range of findings too wide, to be a reasonable. representation of industry siting and building and construction practices.
By 2050, to fulfill the Biden Administration's decarbonization. targets, the U.S. will need as much as 1,570 gigawatts of electric. energy capability from solar.
While the land needed for ground-based solar advancement to. attain this goal won't be even by state, it is not expected to. exceed 5% of any state's acreage, except the tiniest state of. Rhode Island, where it might reach 6.5%, by 2050, according to. the Energy Department's Solar Futures Research study, published in 2021.
Scientists at American Farmland Trust, a non-profit. farmland protection company which champions what it calls. Smart Solar, forecast last year that 83% of new solar energy. development in the U.S. will be on farm and ranchland, unless. existing government policies changed. Almost half would be on the. country's finest land for producing food, fiber, and other crops,. they warned.
FUEL ARGUMENT
5 sustainable developers and solar power firms spoke with. counter that the industry's usage of farmland is too. little to impact domestic food production overall and need to be. balanced with the requirement to decarbonize the U.S. energy market in. the face of climate modification.
Doral Renewables, the developer behind the $1.5 billion. Mammoth Solar project in Pulaski and Starke counties, does not. consider corn or soybean yields in its siting decisions.
Instead, the business takes a look at the land's topography, zoning. and nearness to an electrical grid or substation-- and attempts to. avoid wooded areas, ditches and environmentally delicate areas,. said Nick Cohen, Doral's president and CEO.
Moving corn acres for solar? I do not see it as replacing. something that is crucial to our society, Cohen said. Solar can. make farmland more productive from a financial point of view, he. added.
Indiana farmer Standard Welker says he got a better offer leasing. 60% of his farmland to Massive than he would have growing corn,. with rates dipping to three-year lows this year.
We've got mounds of corn, we're below the expense of. production, and today, if you're renting land to grow corn--. you're losing money, Welker stated. By doing this, my financial. scenarios are great..
(source: Reuters)