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Vistra reports quarterly profit as AI boom fuels power demand
Vistra Corp, a power producer, reported a fourth-quarter profit, reversing the loss of a previous year, after strong electricity demand for AI-server infrastructure drove its shares up 7.3% in premarket trading to $159 Utilities are experiencing a surge in demand for electricity as Big Tech invests billions of dollars in AI technologies and infrastructure required to develop them. This surge in demand has benefited nuclear power utilities the most. Vistra shares rose nearly 258% between 2024 and 2026, compared with a 19.6% increase in the S&P500 utilities sector during the same period. The company's core adjusted profit for continuing operations in the fourth quarter increased to $1.99 billion from $965 million, thanks to higher income in most segments. The company stated that it continues to see robust growth in load across all markets, with energy consumption increasing faster than peak loads. Vistra's core operating profit for the current year is expected to range between $5.50 and $6.10 billion. The midpoint of this range is higher than its $5.66 billion in 2024. Irving, Texas based company, Irving's, net income for three months ended on December 31 was $490 million. This compares to a loss of just $184 million in the same period last year. Vistra, one of the largest battery storage facilities in the world, was responsible for the fire that broke out last month. The facility is located at Moss Landing south of San Francisco. Vistra, the company and the authorities have not reported any injuries or financial losses as a result of the fire. Reporting by Vallari Shrivastava, Bengaluru. Editing by Pooja Deai.
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Russell: Asia's declining crude oil imports will challenge demand estimates for 2025
Asia's crude imports have a weak start for 2025 as the continent's largest supplier, Russia, is slowed by new sanctions and China's continued decline in purchasing. According to LSEG Oil Research, Asia's imports are expected to reach 26.17 millions barrels per day in the first two month of this year. This is down by 780,000 bpd compared to the 26.96million bpd imported during the same period last. The Organization of Petroleum Exporting Countries' (OPEC) forecasts of a solid growth in demand this year are thrown into doubt by the drop of roughly 3% in crude imported by Asia during the first two month of the year compared to the same period of 2024. China was the main driver of the decline in Asia's crude oil imports during the period January-February. The world's largest oil importer saw arrivals of 10,42 million bpd in this period, down from 11,26 million bpd in the first two months in 2024. In the first two months 2025, the decline in China's crude oil imports has accelerated from the rate of decline in 2024. According to official data from customs, China's oil imports in 2024 will be 11.04 million barrels per day (bpd), a decrease of 210,000 bpd or 2.1% compared to the previous year. Property construction is a major weak sector in the world's second largest economy. The rapid adoption of trucks that run on liquefied gas has led to a decrease in diesel demand. OPEC's February monthly report predicted that China's demand for crude oil would rise by 310,000 bpd from last year in 2025, but the slow start of imports during the first two months makes this seem optimistic. INDIA STRENGTH India, Asia's largest oil importer, has had a strong start to 2025. Arrivals of 4,98 million barrels per day (bpd) in the first two month were up by 280,000 bpd compared to the 4.70million bpd during the same period in 2017. It's important to note that India's January imports were 5,08 million bpd and that these fell to 4,87 million bpd by February. This shows that India was struggling to secure the same amount of discounted Russian oil that it had over 2024. In January, the outgoing administration under former U.S. president Joe Biden introduced new restrictions on Russia's oil imports. These sanctions primarily targeted the shadow fleet of crude tankers that transport crude to India or China, which are the two remaining major buyers of Russian oil. According to commodity analysts Kpler, Asia's imports seaborne Russian crude will fall to their lowest level in February since 2022. In February, a total of 67.2 millions barrels of Russian oil, or 2.40 million bpd is expected to arrive. This is down from 2.75million bpd imported in January, and only half the 3.97million bpd peak imports in May 2023. Asia's imports will have fallen for the fourth consecutive month in January, showing that Western sanctions imposed after Moscow's invasion of Ukraine in February 2022 are working. It is possible that Asia's imports will increase in the coming months. This could be because traders are able to find ways around sanctions, as they have in the past. Or, if the new U.S. president Donald Trump eases sanctions in an effort to end the conflict with Ukraine. The question remains, however, whether Asia's crude imports are strong enough to meet forecasts of rising demand in this year. These are the views of a columnist who writes for.
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Utility Evergy's profit forecast for the fourth quarter is lower than expected due to higher costs
Evergy Inc missed its fourth-quarter profit estimate on Thursday as the company was affected by higher operating expenses and interest costs. Evergy's borrowing costs are likely to increase as interest rates continue to rise. Utility companies like Evergy need additional capital for maintenance of the grid and other expenses. Total operating expenses for the company in the third quarter increased by 2.8% compared to a year earlier, to $1.04billion. Interest costs also rose from $132.2m to $142.4m. Retail sales in the fourth quarter were up 5.4% compared to a year ago, reaching $1.04 billion. This was largely due to an increase in residential consumption. Overall revenue increased 6%, to $1.26 Billion. Evergy has increased its capital spending plan from 2025-2029 by 8%, to $17.5 billion. This is because power companies are increasing their investments in order to meet the demand for data centers. David Campbell, Evergy's chief executive officer, said that two large customers are currently in advanced discussions as part of Evergy's pipeline of more than 10 gigawatts of projects. Evergy supplies power to over 1.7 million Kansas and Missouri customers through its operating subsidiaries Evergy Kansas Central and Evergy Metro. According to data compiled and released by LSEG, the utility reaffirmed their 2025 adjusted profit prediction of $3.92 to $4.12 per common share. The midpoint is only two cents less than analysts' estimates of $4.04 per common share. According to LSEG, the company's adjusted profits for the three-month period ended December 31 were 35 cents per common share. This was below analysts' expectations which had been 37 cents. (Reporting from Bengaluru by Pooja menon; editing by Sahal Muhammad)
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Idemitsu, a Japanese company, will build a lithium sulphide facility to support Toyota's EV plan
Idemitsu Kosan, Japan's second largest oil refiner, plans to build at its Chiba refinery near Tokyo a large-scale lithium sulphide plant, which is a key component for solid-state batteries. Worldwide, automakers and battery suppliers are racing Solid-state batteries are touted as essential for safer, longer-lasting and more affordable EVs. Slowing growth of EV The project builds upon Idemitsu’s partnership with Toyota Motor in order to commercialise the next-generation batteries. It also supports Toyota Motor’s goal of launching all-solid state batteries for electric vehicles by 2027-2028. Toyota aims at introducing the batteries in order to dramatically improve the driving range for EVs. Solid-state batteries charge faster than lithium-ion packs. Idemitsu intends to finish the new plant in June 2027 at a cost estimated at 21.3 billion yen (143 million dollars). Idemitsu's Executive Officer Tetsuji Mihina, told reporters in Chiba that the facility would have a capacity of 1,000 tons of lithium-sulphide per year. This is enough to provide solid electrolyte needed for 50,000-60 000 EVs. Mishina stated that Idemitsu will make a final decision about the investment in a large-scale factory to produce solid electrolyte - a key component for solid-state battery - in fiscal year 2025. This ends in March 2026. The company is also looking for stable lithium supply from Australia and other sources overseas. Mishina stated that lowering the cost of solid electrolytes is key to global adoption. The goal is to bring costs in line with those of liquid lithium ion batteries. Idemitsu will initially supply solid electrolyte only to Toyota, and then expand to other customers. Mishina stated that the company is developing two types of solid electrodelyte.
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US copper futures are rising as concerns about tariffs mount
The U.S. Copper prices continued to rise on Thursday, surpassing the London benchmark. Worries about US tariff plans and economic growth concerns for the entire market inflated the regional premium. The most actively traded May copper futures at the U.S. Comex rose by 0.8% to $4.62 per lb. The London Metal Exchange's three-month copper fell 0.3%, to $9.435 per metric ton at 1120 GMT. Nitesh Nitesh, commodity strategist at WisdomTree, said: "Trade talks are adding layers to uncertainty in the base metal markets." China, which is the largest metal consumer in the world, urged the U.S. on Thursday to stop an investigation into possible new tariffs on imports of copper, and threatened to retaliate against any Chinese entities that were caught up with the levies. On Wednesday, U.S. president Donald Trump lowered the prospects for the impending levies against Canada and Mexico as they were to take effect in April instead of March 4, as previously announced. A White House official confirmed that tariffs on Mexican and Canadian products were still in place "as of now", causing further confusion about U.S. Trade Policy. Trump floated a proposal on Wednesday for a "reciprocal tariff" of 25% on European cars and goods. The Comex copper contract premium has increased to $759 per ton, up from $633 on Tuesday. Nickel gained 1.8%, while LME aluminium gained 0.5%, to $2.644.50 per ton. Zinc also rose to $2.840.50, and zinc to $2.840.50. Lead fell 0.3%, to $2.004. LME Tin fell 1%, to $32,030. The April contract at the Shanghai Futures Exchange dropped by 3.7%. Analysts attributed this to the expectation that major Myanmar supplier Wa state could resume production. On Wednesday, a notice purporting to come from the Wa State Industrial Minerals Management Bureau circulated on Chinese social media. It outlined the process for obtaining permits for mining and exploring. (Reporting and editing by David Goodman.)
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France's Industry Minister says that Europe's steel sector needs more protection
Marc Ferracci, French Industry Minister, said that the European steel industry is in trouble and it's important to protect its ailing sector. The current safeguards on steel imports are not adequate and do not adapt to today's market. Ferracci said, "The European industry, and the steel sector, need protection. This means, in the short-term, strengthening safeguard measures," at an event for the European steel industry in Paris. He said that European steel plants would close if they did not take action to combat the heavily subsided imports from China, and the looming U.S. Tariffs. The European Commission is examining whether it should tighten the current system of quotas for steel imports in order to protect EU producers against new tariffs that U.S. president Donald Trump intends to impose to steel and aluminum imported into the United States on March 12. Ferracci stated that EU safeguard measures implemented in 2016 which will end in 2026 are no longer in line with the realities of the European Steel Market in terms of both volume and tariff levels. Ferracci said that Europe must also respond strongly but proportionately, to Trump's recent tariff threats. He described them as "worrying, but not surprising." Trump announced on Wednesday that his administration will soon announce a 25 percent tariff on EU imports. (Reporting and editing by Leigh Thomas, Dominique Vidalon)
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Italy prepares $3 billion package to help households and businesses cope with rising energy costs
Matteo Salvini, the Deputy Prime Minister of Italy, said that Italy would unveil on Friday a package of measures worth approximately 3 billion euros (3.14 billion dollars) to assist families and businesses cope with high energy prices. The rising gas prices in Italy are a major headache to the government, as they could blunt the impact of the tax cuts that were introduced into its budget for 2025. These cuts were intended to boost the purchasing power of those with low and medium incomes. A representative of the Energy Ministry said that the cabinet will also adopt a draft law on Friday aimed at allowing nuclear power to be used again after it had been banned nearly 40 years earlier. Salvini stated in a radio broadcast that "we will set aside two billion euros for families, and another one billion for small- and medium-sized companies (SMEs)." Rome believes that the gas price will drop as summer approaches. Salvini said that he hoped a ceasefire would be reached between Russia and Ukraine in the next 3 months, which would provide some relief for energy markets. Donald Trump, the U.S. president, is calling for an end to the war which began three years ago when Russia invaded Ukraine. This has led to a rise in global energy prices. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was up 2.6 Euros at 44 euros per Megawatt Hour (MWh) by 1027 GMT Thursday. Italy, which is heavily indebted, has committed to bringing its budget deficit under the European Union ceiling of 3% GDP in 2026. It was previously set at 3.8% in 2024. This leaves it with limited flexibility to support the economy. PRESSURE Officials have stated that although the government was prepared to adopt the package of aid on Monday, Prime Minister Giorgia Mello delayed her decision. She believed the measures proposed by the ministries of economy and energy were too many and not effective enough, according to officials. Meloni pressed her top aides to ensure that a significant portion of Friday's resources would benefit families. The legislation on nuclear energy is part of a larger plan to build small modules reactors that the government has said could decarbonise Italy’s most polluting industry, including steel making, glassmaking, and tilemaking. The government of Italy is currently drafting regulations to lift the nuclear-fired power plant ban, which was imposed in 1987 and 2011. Adolfo Urso, the Industry Minister Adolfo, said that Enel Ansaldo Leonardo are close to forming a company which will study solutions for building nuclear reactors in Italy. Italy has also been in contact with a number of companies, including the U.S. Energy Group Westinghouse as well as France's EDF.
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Scientists predict a major earthquake in Chile's mineral rich north
On February 27, 15 years ago, a powerful 8.8 magnitude earthquake struck the southern Chilean coast near Concepcion. The quake shook the ground for 4 minutes and unleashed a tsunami which left 550 people dead. The quake was the most deadly natural disaster to strike the country since 1960's 9.5-magnitude tremor, which was the strongest recorded ever in the world. Scientists are predicting a large earthquake to strike the mineral-rich northern part of the country. Chile is the second largest lithium and copper producer in the world. All of Chile's lithium and its largest copper mines can be found in the country's north. Every 10 years, there is a major event, said Felipe Leyton a seismologist from the University of Chile. He added that fault lines in certain areas of Chile cause a great deal of stress. This allows you to see the potential of a large earthquake, which lets us say that in the short-term, in terms of seismic and geological terms we are expecting a major earthquake in northern part. The Andes mountains run along the western border of Chile. It is a long, skinny country that stretches 4,300 km (2672 miles). Chile is situated on the seismically-active Ring of Fire, which surrounds the Pacific Ocean. The mountains and earthquakes of Chile are the result of the collision of the Nazca tectonic plate and the South American tectonic plate along Chile's length. Dr. Mohama Ayaz is a geospatial and geologist at the University of Santiago in Chile. He says that GPS technology allows scientists to monitor plate movements for any variations and anticipate potential seismic events. Ayaz stated, "We can't predict exactly when they will happen but we can prepare for them." Earthquakes are the result built-up tension and this stress depends on how long it has been since the last seismic event. Ayaz pointed out that there have not been large releases in the northern part of the nation like there were in the southern portion of the country in 2010 Ayaz stated, "We can't predict when an earthquake will occur in the North, but we are prepared to wait." (Reporting and writing by Rodrigo Gutierrez, Alexander Villegas, Editing by Sandra Maler).
Ministry says China's lithium carbonate production in 2024 will increase by 45%, to 670,000 tonnes.
According to a Thursday release by the Ministry of Industry and Information Technology, China's production of battery-grade lithium was up 45% in 2018 from 2023.
On Thursday, the most actively traded contract for lithium carbonate on the Guangzhou Futures Exchange was 76140 yuan per ton, an increase of 0.1% compared with Wednesday.
Companies around the world have been forced to close mines due to a drop in lithium prices, which peaked in November 2022, at almost 600,000 yuan a ton.
Market participants believe that the closures will result in a demand surge this year, as China's policy to increase sales of electric vehicles is intensified.
China will double its EV subsidies by July 2024. More than 5 million vehicles sold up to mid-December have benefited from these incentives.
Antaike's commodity data provider, China, predicts that the global lithium glut will shrink by half, to 80,000 tonnes equivalent of lithium (LCE) a year in 2025, from 150,000 tons last year.
MIIT reports that China's lithium hydroxide production will reach 360,000 tons by 2024. This represents a 26% annual increase.
(source: Reuters)