Latest News
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WEC Energy increases spending by $1 Billion as Microsoft data centres expand in Wisconsin
WEC Energy Group Inc, a Wisconsin-based U.S. utility company, announced on Thursday it would increase its capital expenditure by $1 billion in the next five year as it increases output to power Microsoft's data centers. Big Tech is ?racing ?to build energy-intensive data centers to support artificial-intelligence initiatives, pushing electricity demand to record highs and prompting deals with U.S. power companies. Wisconsin, other Mid-Atlantic and Southern U.S. states and the Midwest are currently seeing most of the new requests for data center power. Microsoft, which purchased 2,000 acres in 'WEC territory for data centers, was approved by regulators to expand Mount Pleasant, Wisconsin campus, by 15 buildings, last week. WEC CEO Scott Lauber told investors that the first phase is expected to be online by the end of this year. The new plan will increase demand forecasts by 500 Megawatts. Microsoft's Wisconsin expansion of data centers brings WEC demand forecast for the area to 2.6 gigawatts in 2030. One gigawatt is enough power to run 750,000 homes. Vantage Data Centers, a developer who has signed on to build data centres for Oracle and OpenAI in 1,900 acres of land, is also driving energy consumption. WEC has said that it will begin supplying electricity to the site by the end of next year. Lauber stated that the demand for electricity at the site will be estimated at 1.3 gigawatts over the next five-year period, with a potential of 3.5 gigawatts. WEC Energy Group Inc. reported a fourth quarter profit that exceeded Wall Street expectations,? driven by data center demand and an increase in residential and commercial sale. Milwaukee-based company serves 4.7 million customers in Wisconsin, Illinois Michigan and Minnesota. Residential electricity usage increased 3.5% over the past year. Total retail deliveries also increased by 2.2%. The quarter included a 45 cents per share charge related to proceedings relating to?infrastructure costs-recovery riders' in Illinois. According to LSEG, WEC reported adjusted quarterly earnings of 1.42 dollars per share during the three-month period ended December 31. This compares with an average analyst estimate of $1.40, based on data compiled. Reporting by Laila K. Kearney, New York; editing by Tasim Z. Zahid and Cynthia Osterman
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Mexico is looking for a way to send fuel without US tariffs to Cuba, according to sources
Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to find a solution is still uncertain. Requests for comment from the?White House, U.S. State Department, and the Mexican Presidency were not immediately responded to. Mexico's Foreign Ministry stated that it had no information about the matter. Cuba imports fuel to meet two-thirds its energy requirements, but is also struggling with power outages and long gas lines. After the U.S. blocked Venezuelan tankers and President Nicolás Maduro was captured in early January, the oil shipments to Cuba ceased. Mexico is now Cuba's biggest supplier. Mid-January, however, the Mexican government stopped shipments of "crude and refined" products due to pressure from the Trump administration. Washington then threatened to impose tariffs on oil-supplying countries to Cuba, claiming that the island poses an "extraordinary" threat to U.S. security. Havana denied this claim. One of the sources who asked to remain anonymous in order to discuss private issues said, "There are almost daily talks." Mexico does not want tariffs to be imposed but is firm in its policy towards the Cuban people," said the source. Cuban officials announced?on Friday that they are preparing a "plan for acute fuel shortages", and will release the details in the coming week. The U.N. Secretary General Antonio Guterres warned this week that Cuba faces a "humanitarian collapse" if they do not receive enough oil to meet their needs. Mexico, in particular, the Morena Party, which is currently ruling, has maintained long-standing ideological and historical links with Cuba. President Claudia Sheinbaum, however, faces pressure within her coalition not to abandon Havana. Three of the sources stated that talks were progressing, and they were hopeful?a solution would be found. Two sources claim that Mexico could send a tanker of gasoline, food, and other supplies to the island within days, if an accord is reached. Sheinbaum stated last Friday that "imposing tariffs on countries that supply oil?to Cuba could trigger an extensive humanitarian crisis that would directly affect hospitals, food and other basic services to the Cuban population. This situation must be avoided by respecting international law and dialog." (Reporting and editing by Stephen Eisenhammer, Nia Williams and Adriana Barrera in Mexico City; Additional reporting and editing by Ana Isabel Martinez and Adriana Barera in Mexico City; Marianna Pararaga in Houston)
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The Olympic Torch arrives in Milan amid cheers and protests
The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a small group of protesters flew Palestinian flags at the edge of the square. Pro-Palestinian demonstrations also took place near the university in the early evening. Israel will be sending a team of 10 athletes to the Games. The environmental group Greenpeace protested in front of the Cathedral on 'Thursday morning. They were protesting Eni, the Italian oil company that sponsored these Games. The installation showed the Olympic rings covered in black oil. It was a visual denigration of the companies that it accused of contributing to global heating and endangering winter sports which depend on cold temperatures. One of the banners read: "Kick Polluters Out of the Games." The flame has traveled through all 110 Italian provinces since December, when it was lit in Rome. The flame visited Cortina D'Ampezzo, the co-host of the Games in the Dolomites last month. Eni stated that it "shares" the importance of addressing the climate change and will continue to invest in the 'energy transition' as part of its goal of reaching net-zero emission?by the year 2050. The Games will officially open on Friday night, with a ceremony in Milan's soccer stadium San Siro, paired with a celebration at Cortina. Gazzetta Sport reported that the Olympic ski champions of Italy, Alberto Tomba and Deborah Compagnoni, will light the cauldrons on Friday. Reporting by Emilio Parodi and Yara Nardi. Editing by Keith Weir.
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Cuba implements rationing plan in response to US move to block fuel supply
Cuban President Miguel Diaz-Canel announced on Thursday that his government will implement a plan to address fuel shortages in the 'next week' as the U.S. attempts to cut off oil supplies to the Caribbean Island nation. Last week, tensions escalated after the U.S. announced it would impose tariffs on products from countries that supply oil to Cuba. This led to a spike in prices for transportation and food, and a severe shortage of fuel. Last month, U.S. president Donald Trump announced that Cuba would cease to receive oil from Venezuela, its largest supplier. Diaz-Canel stated in a two-hour long televised news conference that the U.S. Blockade affects public transportation, hospitals and schools, as well as the economy and tourism. How do we till the soil? How do we get around? "How can we keep our children in class without fuel?" "We will take measures, which, though not permanent, require some effort. Some of these...?are restrictive, forcing us to reduce consumption and encourage savings. We have to 'postpone' or halt certain activities in order to maintain a high level of performance. BLACKOUT ATTACKS SEVERAL PROVINCES The island's government is struggling to keep the lights lit with the dwindling supply of fuel and the failing infrastructure. Diaz Canel reiterated on Thursday the statements made by Cuba's Foreign Ministry that it was willing to speak with the United States but only under certain conditions. Cuban President said, "Cuba will engage in dialogue with the U.S. Government, as long as they do not interfere in Cuban internal affairs or undermine our sovereignty." Cuba's top diplomatic representative in the United States, Carlos Fernandez de Cossio said this week that Cuba had begun to communicate with the U.S. but still hadn't established a formal bilateral dialog. Diaz-Canel didn't provide details on the talks or measures that will be announced next week but laid out a broad plan to deal with U.S. pressurization. He said that the island will increase solar?generation, and use renewable resources, to ensure electricity is available for vital services such as hospitals, elderly care centers, and isolated areas. Diaz Canel stated that Cuba generates about 1,000 megawatts or 38% of the daytime electricity it uses from solar panels. The panels were installed over the last two years with help from China. Diaz-Canel stated that Cuba is working to increase crude oil storage and extraction capacity in order to boost its self-sufficiency. Cuba has the right to receive fuel delivered by sea, he added. He said, "We will take all the necessary steps to make sure that fuel can be imported into the country once more."
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Iran's Foreign Minister heads to Muscat for Nuclear Talks with US
The Iranian Foreign Ministry spokesperson confirmed that Abbas Araqchi, Iran's Foreign minister, has left?for Muscat in the Omani capital at the head of a diplomatic delegation for nuclear talks to be held with the U.S. on Friday. Officials from both sides confirmed that the U.S. has agreed to hold talks with Iran in Oman this Friday. However, they are still at odds over Washington's demand that Tehran's arsenal of missiles be included in negotiations and Iran's refusal to talk about anything but its nuclear program. Esmail Baghaei, the Iranian spokesperson, said on Thursday that Iran will engage in talks with "authority and the goal of reaching a just, mutually agreeable and dignified agreement on the nuclear question." Baghaei said, "We hope that the American side also participates in this process with responsibility and realism." The diplomatic effort is delicate as tensions are high in the Middle East, where the U.S. is building up its forces. Regional players also want to avoid a possible military confrontation that could lead to a wider conflict.
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Copper prices fall on stronger dollar and rising inventories
The price of copper fell again on Thursday as rising stocks and a stronger dollar weighed down the prices. As of 1731 GMT, the benchmark three-month copper price on the London Metal Exchange was down 1% to $12,917.50 a metric ton. Copper fell by as much as 2 percent to $12,783 earlier this week. Industrial metals also joined the broader sell-off across all asset classes. Silver, for example, lost around 13% due to a stronger dollar and an easing of U.S. China trade tensions. Dollar-denominated commodities become more expensive to holders of currencies other than the dollar. LME copper stocks continued to rise. The highest since May 2025, 180 575 tonnes. Shanghai Futures Exchange stocks in China In a buildup for the Lunar New Year, the number of tons has risen to its highest level since April, at 133.004 tons. Copper stocks are rising on the U.S. Comex Exchange The record was?529962 tons. John Meyer, an analyst at SP Angel, said: "I don't think there is a physical shortage of Copper today. There's plenty in the States." The LME cash copper contract traded at a $83 discount per ton to the forward three-month contract The metal is not expected to be in high demand in the near future. Meyer added, "I have a strong suspicion that the Chinese State Reserves Bureau has released some copper to stabilize the market following the recent spike in prices." On January 29, copper reached a new record of $14,527.50. A senior official of the China Nonferrous Metals Industry Association stated on Tuesday that China would increase its strategic reserves of copper. Macquarie estimates that these reserves hold 1.1 million tons, and it has raised its forecast for the first quarter copper price to $12,900. It attributes this recent rally to fund positions rather than fundamentals. Aluminium fell by 0.9% to $3,040 per ton. Zinc dropped 0.1% to $3305.50. Lead lost 0.5% at $1,956.50. Nickel shed 1.7% at $17,075. Tin was down 3.8%, to $46,050, after reaching its lowest level since January 9. (Reporting and editing by Diti, Kirti, Elaine, Kirby, Lewis Jackson, Dylan Duan, Diti, Kirti, Kirti, Kirti, Elaine Hardcastle; Additional reporting by Lewis Jackson, Dylan Duan, Elaine Hardcastle, Diti Pujara)
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Environmental groups sue EU Commission over Portugal's Lithium mine
Environmental groups have filed a lawsuit against the European Commission for its decision to grant preferential "strategic status" to Portugal's Barroso Lithium Mine Project, developed by London-listed Savannah Resources. The local residents' association United in?Defence of?Covas do Barroso, and ClientEarth Group said that they had filed the case with the EU Court of Justice because Brussels refused to reconsider the 2025 decision made under the Critical Raw Materials Act. In a statement, they said that "despite detailed evidence showing the project poses severe environmental, social and security risks", Environmental groups often oppose projects like Savannah's, which are viewed as key tests of Europe's capability to produce lithium and materials deemed essential for the energy transition. Since 2018, Barroso has been designated as a World Heritage Site for Agriculture. The groups stated that access to raw materials critical for industry "cannot be at the cost of environmental protection, community participation or rights." They said that the energy transition should be based on science, law and justice. Not political shortcuts?that turn rural areas into sacrifice zones. Savannah is developing a mining project north of Barroso. The spodumene deposits, one of which contains lithium, are estimated to be worth more than 39 million metric tonnes, making this the largest deposit of its kind in Europe. The Portuguese government granted a grant of 110 million Euros ($130'million) to the project last month. The Portuguese government is hoping to launch the long-delayed?lithium exploration licences tender this year. This is seen as crucial to building an internal lithium value chain, and reducing Europe's dependence on imports.
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Pirelli rejects Sinochem spin-off plan in dispute over governance
The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of 34.1%. Camfin, a vehicle owned by a?Italian entrepreneur Marco Tronchetti Provera?, has a 25.3%?stake with plans to increase it up to 29.9%? Camfin, Pirelli and other companies have stated that the fact that a Chinese firm is the largest shareholder in their group poses an obstacle to their expansion into the U.S. as Washington tightens its restrictions on the use of?Chinese technologies' in the automobile sector. Sinochem responded last month by saying it had offered a "structured solution" to the dispute. Persons close to the issue said at the time the solution was to spin off some Pirelli assets and create a separate company to distance those activities from the Chinese investor. Pirelli said on Thursday that it had also notified the Italian Government about the non-renewal Sinochem-Cafmin shareholders pact. This triggered government scrutiny under the golden power rules designed to shield key assets.
Urals diffs the same, CPC Blend diffs firm
Urals petroleum differentials to outdated Brent were stable once again on Thursday, while CPC Blend oil differentials firmed amid enhanced need from refiners in Europe, traders said.
CPC Blend remained less expensive than regional alternatives in the Mediterranean, while European refiners had an interest in purchasing June cargoes of petroleum as the spring upkeep season ended, traders stated.
Caspian Pipeline Consortium (CPC), the export path for CPC Mix, increased oil products in January-April by 4% from the very same duration a year previously to 22.715 million metric lots (1.44. million barrels per day), 2 industry sources said on Monday.
PLATTS WINDOW
* BP bid for 90,000 metric lots of CPC Blend filling on June. 22-26. at outdated Brent minus $2.85 per barrel, above recent quotes,. but stopped working to find a seller.
* No bids or offers were produced Urals and Azeri BTC crude. in the. Platts window on Thursday.
NEWS
* Profits from oil and gas sales for Russia's federal. budget are. set to decrease by around one third to 0.80 trillion roubles.
(source: Reuters)