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PPL Corp's quarterly profit beats estimate on rising data center power demand
PPL Corp, an electric and gas utility company, beat Wall Street's first-quarter estimate on Wednesday thanks to favorable weather conditions in Pennsylvania and Kentucky and higher transmission rates. Both states saw an increase in electricity sales of 6.6% during the third quarter. This helped offset higher costs, and increased operating revenue by 8.7%. The U.S. is expected to hit record-high power consumption in 2025 and '26. This will be due to the rapid expansion of data centres and increased use of electricity by homes and businesses for heating and transportation. According to the company, active data center demands from 2026-2034 in Pennsylvania increased from 48 GW to 50 GW and in Kentucky doubled from 6 GW to 12 GW. "We are off to a great start in 2025...The continued interest of data center developers from Pennsylvania and Kentucky highlights the crucial role that we continue to play to power progress and innovation," said CEO Vincent Sorgi in a press release. The company, which operates in Kentucky, Pennsylvania, and Rhode Island, anticipates minimal impact of tariffs on its earnings, but is concerned about potential effects on capital investments. The company stated that "labor represents the majority of capital costs and O&M expenses, and the majority of materials are domestically sourced." PPL's operating costs rose from $1.76 to $1.83 billion in the past year. The company that provides electricity and natural gases to over 3.6 million customers has reaffirmed their full-year adjusted profit prediction of $1.75 - $1.87 per share. According to data compiled and analyzed by LSEG, the Allentown, Pennsylvania based company reported an adjusted profit per share of 60 cents in the third quarter. This was compared to the estimated 54 cents. (Reporting from Katha Kalia, Bengaluru. Editing by Vijay Kishore.
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Lobby group: West Africa's upheaval calls for joint mining ventures and local listings
To navigate the increasingly complex West African landscape, international mining companies should look at joint ventures with partners local and dual listing on regional stock exchanges. In West Africa, military-led governments have shattered the mining industry by rewriting contracts and detaining executives. They also suspended operations in order to gain greater control of natural resources. The threat of jihadist attacks on mining companies has also increased, and some exploration activities have been suspended. Adama Soro is the president of West African Federation of Chambers of Mines. He said that big miners need to adapt and meet governments' increasing demands for localisation. He said that dual listings on regional exchanges, and joint ventures between local partners would go a long ways to strengthening the positions of these companies. Soro stated that "we're pushing for dual listing at the regional level so that local investors can also benefit." "The big corporations are open. They know that this is the reality. (And) you can't fight the wind." West Africa's mineral riches continue to draw global attention despite regulatory changes that affect major players like Barrick, Endeavour Resolute Mining and Fortuna, in Mali and Burkina Faso. The region has a wealth of reserves. Ghana, Mali, and Burkina Faso will collectively account for more than 10% of global gold production by 2024. Guinea is the world's largest exporter of bauxite. "Operating mines in Africa is more lucrative." Soro stated that other regions are stable but less profitable. Soro stated that the record gold prices in this year have escalated tensions between stakeholders due to U.S. president Donald Trump's policies on trade and geopolitical uncertainties. "When the gold price rises, you can see that all parties are trying to get everything on their side," said he. "The best way to proceed is by having open discussions." Soro stated that national governments and mining companies from around the world seem to support his group's call for greater localisation. However, the regional stock exchanges' capacity remains a problem. He did not provide any details, but predicted that some local listings would be coming soon. (Reporting by Maxwell Akalaare Adombila Editing by Robbie Corey-Boulet, Kirsten Donovan)
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Indian Oil's profit for the fourth quarter jumps due to inventory gains
Indian Oil Corp., the top refiner in the country, announced a 50% increase in its fourth-quarter profits on Wednesday. The company attributed the jump to inventory increases, and is looking to purchase more crude oil from the spot market. Standalone net profits soared to 72.65 billion Indian Rupees ($858.57 millions), up from 48.38 billion rupees the year before. Anuj Jain, Director of Finance, said in a press release that the company had a gain in inventory in the fourth quarter, which helped to increase profits, as opposed to a loss in inventory a year ago. When oil prices increase, and the company is refining or shipping petroleum products, an inventory gain will be booked. Brent crude prices rose by about 17% during the quarter January-March from a multiyear low reached in September. IOC's average gross refinement margin, or the profit made from a barrel of crude oil to make refined products, was $7.85 compared to $8.39 a year ago. Jain stated that the company wants to increase its crude oil sales on spot markets. The ratio between term and spot is expected to be 55:45, compared to 60:40 in last year. We are interested in buying more oil on the spot market as there is an abundance of supply. More spot volume will allow me to test out new grades. A. S. Sahney, chairman of IOC, said that the company is planning to invest up 1 trillion rupees in expanding its petrochemical capabilities. Indian Oil and its subsidiary Chennai Petroleum control about a third (33%) of India's refinery capacity. Sethuraman N.R. in Bengaluru, and Nidhi V.R. in New Delhi. Editing by Shounak D. Dasgupta.
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Hess beats first-quarter profit estimate despite weak oil prices
Hess announced a decline in its first-quarter profits on Wednesday. The lower oil price was to blame, but the shale producers still managed beat Wall Street's expectations. Benchmark Brent crude averaged $75.16 a baril during the quarter of January-March, an 8.2% drop from a year ago, due to weak global demand, and increased oil supplies by OPEC+. The average realized crude oil price of the company fell from $80.06 per barrel to $71.22 a barrel in the first three months, down from $80.06 barrels a year earlier. Hess will be acquired by Chevron, the industry leader and bigger rival in a $53billion deal once it overcomes its final roadblock - an arbitration challenge brought by Exxon Mobil over its prized Guyana asset. The company's total production remained unchanged at 476,000 barrels equivalent per day, while the Guyana output dropped 3.7%. Hess announced on Wednesday that its fourth floating oil producing facility in Guyana will start in the third quarter 2025. The company anticipates that the second quarter's net production will be between 480,000 and 490,000 boepd. LSEG data shows that analysts had estimated an average of 489.550 boepd. Hess, based in New York, saw its adjusted profit fall nearly 43% during the three-month period ended March 31. However it was still well above the estimated $1.61 per shares. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shilpa Majumdar
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Kyiv is ready to sign a resource deal with the US, a government source in Ukraine says
A Ukrainian government source said that Ukraine was ready to sign an agreement with the United States on mineral resources. This could happen later today. The source stated, "I think that maybe the deal can be signed late in the evening Kyiv Time." Ukrainian officials are hoping that the signing of the agreement promoted by U.S. president Donald Trump will soften the American support for Kyiv during the war which was sparked by Russia's full scale invasion over three years ago. The Ukrainian government source confirmed that Yulia Shvyrydenko, first deputy prime minister of Ukraine, was traveling to the United States in order to sign the agreement. On April 18, the two sides signed a Memorandum as a first step to a final agreement on developing Ukraine's mineral resources. The memorandum stated that they would like to conclude the talks by April 26, and sign the agreement as soon as possible. Two days later Ukrainian Prime Minister Denys Schmyhal announced that Kyiv agreed to exclude past U.S. assistance provided to Kyiv from the calculation of the minerals deal. During a visit to the United States, Shmyhal met U.S. Treasury Sec. Scott Bessent. He reported "good progress” on the agreement. Shmyhal said that Kyiv has also clearly defined the redlines regarding the agreement's conformity with Ukraine's European commitments and Ukrainian law.
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Ghana signs agreement with nine additional gold mines to purchase 20% of their output
A government agency announced on Wednesday that Ghana had reached an agreement with nine additional mining companies for the purchase of 20% of their production. The deal is part of a larger gold purchase program to increase Ghana's gold reserves as well as stabilize its currency. In 2022, the Central Bank of Ghana signed an agreement to buy 20% of annual production from Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining, members of an industry group including Gold Fields. The central bank of Ghana settles all purchases in Ghanaian cedis. Bank of Ghana gold reserves rose from 8.77 tons to 30.8 tons in February, helping it to reach $9.4 billion in gross reserves this year. According to a GoldBod statement posted on X, the new agreement covers mining companies that do not participate in the central banks' arrangement. GoldBod is a government agency set up to increase small-scale miner earnings and reduce the impact smuggling. Golden Team Mining Company Limited is one of the companies. Others include Akroma Gold Limited. Cardinal Namdini Mining Limited. Goldstone Akrokeri Limited. Earl International Group Limited. Xtra Gold Mining Limited. Prestea Sankofa Gold Limited. The price of gold has risen 29% in the past year due to tariffs imposed by President Donald Trump and geopolitical uncertainties. The GoldBod said that the mining companies agreed to deliver to them 20% of all gold they intend to export from the country in the form dore bars. This agreement is a major step towards maximising the national benefits of Ghana's gold reserves. The payment will be made in Ghanaian Cedis at a discount of one percent on the London Bullion Market Association's (LBMA) current spot price. GoldBod spokesperson said that nine gold miners produced approximately 200 kilograms per month. (Reporting and writing by Christian Akorlie, Maxwell Akalaare Adombila, Editing by Ayen Bior and Ros Russel)
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Trane Tech exceeds its quarterly expectations on the strength of demand for air conditioners
Trane Technologies reported Wednesday better-than expected first-quarter results, and reaffirmed their annual profit forecast. They benefited from the rising demand for heating, ventilation, and air conditioning (HVAC) systems. The company's shares rose by over 7% during premarket trading. As temperatures rise as a result climate change, sales of air conditioners in homes and offices have risen. The Ireland-based firm posted a 14% increase in its Americas segment. This is its largest revenue generator, and was boosted by a robust demand from commercial customers. The company, who also owns Thermo King Transport Refrigeration, has stuck to its original adjusted profit per share estimate of between $12.70 - $12.90 by 2025. Trane has, however, increased its revenue growth expectations for the year. It now expects a rise between 7.5% and 8.5% above its previous estimate of 6.5% to 7.5%. According to LSEG, the company reported net revenues of $4.69 Billion in the first quarter. This is up 11% compared to a year earlier, and beat analysts' expectations, which were about $4.46 Billion. The company reported a profit per share adjusted of $2.45, which was also higher than the analysts' expectation of $2.20. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed)
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India's Adani Power Fourth Quarter Profit Falls on Lower Tariffs and Higher Costs
Adani Power, an Indian thermal power company, reported on Wednesday a 5% drop in its fourth-quarter profits. This was due to lower tariff realizations and higher operational costs. The company, which is part of billionaire Gautam Adani's Adani Group said that its consolidated profits fell to 25,99 billion rupees (307.2 million dollars) for the three-month period ended March 31, from 27,37 billion rupees the year before. The quarter saw a rise in power sales of 18.9% compared to the same period last year, but revenue only grew by a modest 6.5% due to lower merchant tariffs. The company stated that the company's supply of electricity exceeded the demand. This led to a decrease in merchant tariffs, which in turn resulted in a lower realisation during the third quarter. Merchant tariffs are the prices at which electricity is purchased on the open market. Adani Power didn't disclose how much merchant tariffs dropped during the third quarter of 2017 compared to the same period a year ago. The company said it also faced higher operating costs during the quarter because of three newly acquired factories in the September quarter of last year. Adani Power's expenses totaled $9.2 million in the fourth quarter. NTPC and JSW Energy have yet to release their quarter results. Adani Power shares fell 3% after the results. Reporting and editing by Sonia Cheema in Bengaluru. $1 = 84.6170 Indian Rupees
NASA chief asks countries to collaborate on environment modification
NASA is hoping that countries will work together more carefully in the future on subjects such as environment modification, consisting of greenhouse gas emissions, the area company's head, Costs Nelson, stated on Tuesday.
Solutions to mitigate greenhouse gas emissions that rapidly warm the world and drive the environment crisis already exist, but need unprecedented changes at a new scale and rate.
This is something that countries can deal with together because the info is there, Nelson said in Mexico City when asked about how to attend to greenhouse gas emissions. It is very important that we act upon it.
Satellites have actually become effective tools for scientists around the world to study climate modification however likewise, significantly, identify the origin of greenhouse gas emissions, such as methane leaks, that would otherwise have actually gone undetected.
Nelson included that satellites were continuously gathering information about environment and NASA was looking to make this information available, and inform individuals on how to utilize it.
Methane, the primary component of gas, is the second-largest contributor to global warming after carbon dioxide. Scientists can now identify the origin of large methane leakages utilizing information collected by satellites.
It is a lot more potent driver of international warming in the short-term than carbon dioxide since it traps more heat in the environment, load for lot.
The types of issues that we have are international, stated NASA Deputy Administrator Pam Melroy. It's extremely crucial to recognize that not any one country can solve that issue alone.
Previously in the day, Nelson and Melroy, who are both astronauts, consulted with Mexican President Andres Manuel Lopez Obrador and legislators to go over how the nations can work together.
(source: Reuters)