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Big Tech invests in next-generation nuclear power as AI demand soars
Big Tech has reshaped the funding landscape of new nuclear technologies. It is seeking to boost electricity supply for power hungry AI data centers. Deals are being signed that offer both?funding for nuclear companies and a more clear path to make money. A number of?U.S. The U.S. is developing modular reactors which are smaller, more advanced and more scalable than conventional nuclear power plants. But no commercial electricity has been produced yet due to challenges like financing and unique risks. The sector is gaining momentum due to the need to provide enough energy to power the data centers in the face of the growing demand for AI. Meta has agreed to fund the construction of two Terrapower units that can generate up to 690 MW. Meta has also signed an?agreement with Oklo for the development of a nuclear technology campus capable of generating 1.2 GW in Ohio. Amazon is partnering with X Energy to bring more than 5 GW in small modular reactors online by 2039. Alphabet’s Google, meanwhile has signed an agreement to bring its first modular reactor online by 2030. Shioly Dong is a senior analyst at BMI Solutions, a division of Fitch. She said, "They provide the certainty of revenue that commercial banks require to finance construction debt." Investors interested, but cautious According to the Energy Information Administration (EIA), U.S. electric use is expected to rise by 1% in this year and by 3% next, mainly due to data center demand. Tim Winter, Gabelli Funds portfolio manager for the Gabelli Utilities Fund, (GABUX), said that small modular reactors have emerged as a more viable nuclear alternative because of their modular size and shorter construction timelines. He also added that he closely monitors companies such as NuScale, and Oklo. The industry needs someone to assume the risk of cost overruns or delays. He added that the degree to which hyperscalers will do this will determine "just how much (these agreements) give the sector". Bonita Chester, Oklo's spokesperson, says that AI is driving customers to sign long-term contracts which can help fund project development. According to the agreement between Meta and Oklo, funding is provided?to secure nuclear fuel, as well as advance the Ohio project's first phase. Some institutional investors are also interested in the prospect of long-term buyers, as the sector has traditionally relied on government funding and venture capital. Tess Carter is the associate director for the energy and climate practice of Rhodium Group. She said, "We've heard that banks are interested in making deals in this space. That would be a major development. We haven't yet seen that." The industry, which analysts and experts call "advanced nucleic", still faces many obstacles, such as high construction and technological risks. Institutional investors are interested but have not yet invested in the sector on a large scale. The Nuclear Scaling Initiative recently released a report that noted the looming shortage of skills and the competition for workers with other industries, including data centers. Chester, from Oklo, said that "demand alone is not enough to accelerate commercialization for advanced nuclear." (Reporting and editing by Saumyadeb Chkrabarty; Kavya Balaraman)
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Kremlin denies that the visit of Putin's envoy to the US means Ukraine talks are back on track
The Kremlin announced 'on Friday that the visit of Vladimir Putin’s special investment envoy to the United States did not mean that negotiations on a possible peace deal for Ukraine have resumed. According to sources familiar with the visit, it was reported that Kirill Dimitriev, Putin’s envoy in the U.S., met members of President Donald Trump’s administration on Thursday for discussions about a peace agreement and U.S.-Russian economic cooperation. When asked about this matter, Kremlin spokesperson Dmitry Peskov said to reporters: "Kirill Dmitriev does not negotiate a settlement in Ukraine and?this not a resume of the negotiations." "Kirill is the head of 'the group for economic issues. He continues to work in this group." Putin announced on Thursday a 32-hour truce over two days for Orthodox Easter Sunday. Volodymyr Zelenskiy, his Ukrainian counterpart, said that Kyiv will adhere to the measure. Peskov - who has stated that peace talks have been halted because of events in the Middle East - said 'the ceasefire is humanitarian in nature, and that Russia wants a proper peace deal, not just a ceasefire. Peskov stated that "we do not want a ceasefire. We want peace. A lasting, sustainable peace." As President Putin said in the past, Russia does not just 'want a peace deal. Peskov stated that "this 'peace' can be achieved today, if President Zelenskiy takes the right decision and is responsible." Reporting by Dmitry Antonov; Writing by Guy Faulconbridge, Anna Peverieri and Andrew Osborn.
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Kemcore is planning to build mining chemical plants on the continent of Africa in an effort to reduce imports
Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition for energy transition. ?Chemical inputs such as sodium metabisulphite and sulfuric acid, which are used to extract these metals, have to be imported. This exposes miners to supply disruptions - including geopolitical risks, most recently the war in Iran. Calisto Radithipa, founder and chief commercial officer of Kemcore, said that the sulphuric acid price in Tanzania's Dar es Salaam port is higher than usual after the war interrupted sulphur shipments. Radithipa stated that Kemcore Botswana's?plant? will be operational by?middle next year and feed copper and cobalt to producers in Zambia, and Congo. The facility will produce SMBS and sodium hydrosulphide, as well as flotation collectors like xanthates - chemicals used to process copper and cobalt ores. The facility is expected to produce 57,500 tonnes annually by 2027 and ramp up to 250,000 tons in 2032, which will be around 25% of Africa’s demand. Kemcore CEO Godfrey Johnson revealed that the total project costs are $103 million. A large part of this funding will come from Africa. Johnson said that some U.S. agencies had also shown early interest in investing, as Washington tries to loosen China’s grip on Africa’s mining industry. Johnson?added that no commitments had yet been made. He declined to name the firms. Washington will be focusing on partnering with countries to support transparency in their mining sector. This includes local processing when it is economical. Johnson stated that Kemcore's goal is to capture 25% of the $500 million African metals market. Local production will reduce costs for miners. A facility in Angola, already funded by the company and linked to a project for rare earths, is also being developed. The facility will produce a total of?88,000 tonnes of sulfuric acid per year and 50,000 tonnes caustic lime. Johnson stated that "Africa can't continue to export raw materials and import the products required to process them." The raw materials, customers and technology are all here. (Reporting by Maxwell Akalaare Adombila & Olivia Kumwenda-Mtambo; Editing by Janane Venkatraman)
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As US rate-cut betting rises, gold prices fall but are set to gain for a third consecutive week.
Gold prices?edged down, but remained on track for a third consecutive weekly?gain? as the market reassessed whether the U.S. rate cut is likely if the fragile U.S. - Iran ceasefire remains in place. By 0906 GMT, spot gold was down 0.4% at $4.745.43 an ounce. This week, it has gained 1.5%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollar was expected to drop by?1.4% this week, which would make bullion in other currencies cheaper. The UBS analyst Giovanni Staunovo said that the announcement of the ceasefire caused the market to sell oil, and inflation expectations to fall. Rate cuts were also priced in this week. Inflation and rate cuts are in question Oil prices rose on Friday, driven by concerns over disruptions of Saudi Arabian supplies. Still, they faced a?a weekly decline of more than 10% - the most since June 2025. Since the beginning of the war against Iran on February 28, spot gold has dropped about 10%. High energy prices have led to expectations of inflation and raised the prospect of rising U.S. rates. This is a disincentive for gold holders who do not earn a return. According to CME's FedWatch Tool (a tool that tracks interest rates), investors expect at least one rate cut in December. This is up from just 12% the previous week. The conflict in the Middle East will continue to influence the system. Staunovo stated that he still had a positive outlook for the long-term, based on the fact that the structural factors were still in place. Iran has not lifted its nearly total blockade of Strait of Hormuz, citing Israel's continued attacks on Lebanon. This included the most intense strikes of the war on Wednesday. The markets are also looking forward to the U.S. Consumer Price Index for March, which is due later 'in the day', as it will provide further clues 'on the Fed's monetary policies. The demand for gold in India increased slightly while premiums declined in China as retail demand decreased. Silver spot was unchanged at $75.08 an ounce. Platinum fell 3.1% to 2,038.45 and palladium dropped 1.5% to 1,534.83. (Reporting by Ishaan Arora in Bengaluru; Editing by Barbara Lewis)
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The US utility stocks have had their best start in 2019 so far. Can they maintain their momentum?
U.S. Utility stocks have had their best start since 2019. This is due to a'retreat of investors from riskier assets during the Iran War and the strong demand for electricity from firms building artificial intelligence infrastructure. According to LSEG, the S&P 500 Utilities Index grew 7.5% during the first three months of the year. This is the strongest start since the first quarter in 2019. S&P 500 fell by 4.6% during the same quarter, its worst since 2022. This was due to inflation fears and a spike in energy prices. Since then, the index has recovered some ground and is now approaching a month-high this week?after U.S.-Iran agreed to a 2-week ceasefire. Utility companies have a long history of being a defensive sector, which offers investors steady dividends and less volatility in market fluctuations. Stocks in the S&P 500 Consumer Staples and S&P 500 Real Estate, which are considered "bond proxies", also rose during the first quarter. Matt Stucky is the chief equity portfolio manager at Northwestern Mutual. AI DEMAND Utility stocks have benefited from the increasing electricity demand by large technology companies who are building massive data centres in their quest to dominate artificial intelligent. Electricity consumption from data centers is expected to quadruple in the next decade, according to a study by the Electric Power Research Institute. Gerry Sparrow is the president of Sparrow Capital Management. He said, "I have read some recent quarterly calls by utility companies and I can see that the main drivers are data centers and increased electricity demand. These factors are crowding out all other interests." Data center demand comes from technology companies, namely Alphabet Meta Platforms, and Oracle. Their capital budgets include data center construction?for AI. This is a?selection of what's driving the market, particularly around individual utility firms." RISK ON TRADE Fund managers will likely start to move away from defensive positions and into more growth-oriented and cyclical names. The utilities sector could lose some of its recent gains. Sparrow said that utility companies that have direct exposure to AI buildout, particularly those who serve commercial customers along 'data center corridors' in Virginia, Texas and Florida, as well as the Midwest, are expected to retain investor attention. These companies include American Electric Dominion Energy Nextera Energy Xcel Energy Duke Energy. Sparrow explained that a lot of their performance will be determined by how many industrial customers they serve compared to residential customers in the cities.
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How AI has sabotaged clean-air initiatives in one of America’s most polluted city
Barbara Johnson, an organizer for Metropolitan Congregations United in North St. Louis' mostly Black neighborhoods, has been fighting coal pollutants for decades. The group is one of many activist groups that are campaigning for cleaner pollution in a city with some of the dirtiest air in the nation. Johnson believed that things would get better because the federal soot standard, adopted by Biden in 2024, was scheduled to take effect in 2027. This meant that plants had to reduce emissions or close. Ameren Labadie Energy Center, one of the region's largest polluters, would have been forced to reduce its soot emission by half in order to remain in business. Johnson's hopes were dashed in February when the Trump administration, under President Donald, scrapped the standards prior to their implementation as part of an effort to ensure that the grid could meet the surge in demand from data centres. She wonders now if she will ever see the changes that she has been fighting for from her youth. Johnson, 75, said: "You take two steps forward and four steps back." "I'm used to this backwards tendency, but how many generations before these positive changes become permanent?" Trump's rollbacks on AI are a reversal of U.S. environment policy, and a painful reality for America's environmental activists. After years of pushing coal to the sidelines, the rise in power-hungry power centers has pushed the most polluting source of electricity back onto the stage. Trump issued a presidential executive order titled "Reinvigorating America’s Beautiful Clean Coal Industry", which stated that coal-fired energy was essential to meet the increase in electricity demand caused by the construction artificial intelligence data centers. Since then, he has provided funding for old plants to continue operating, issued orders delaying plant retirements and rolled back the environmental regulations regarding mercury and other toxic substances to save plants from expensive upgrades. In an email statement, the U.S. Environmental Protection Agency stated that affordable baseload energy, including coal, was essential to keep the lights on in American homes and heat them. "EPA is dedicated to ensuring that all Americans have clean air, regardless of their race, gender or creed." U.S. Department of Energy predicts artificial intelligence and the growth of data centers will generate 50 gigawatts of electricity by 2030. This is a nearly 4 percent increase over the 1,300 gigawatts of electricity produced by U.S. power stations in 2025. For this article, we interviewed 20 air-quality activists and health-advocates. All of them agreed that the AI boom and policies supporting it are the greatest threat to U.S. Air Quality due to the need for energy from dirty sources such as coal. According to EPA data, over the last decade, the number U.S. coal power plants that provide energy for the grid and other 'industrial operations' has dropped from 400 to 200. This pace of growth has now slowed dramatically. According to the U.S. Energy Information Administration, only four plants with a combined capacity of 2.6 gigawatts will be retired in 2025, while 94 plants that produced 15 gigawatts did so in 2015. This is because the DOE issued an emergency order keeping these plants online. Farmers, environmentalists, and homeowners are united in their opposition to data-center expansion, out of fear for the impacts. These include higher power bills, reduced water supply, or even a liability for Republicans during November's midterm elections. Trump has secured voluntary agreements with big tech companies that will pay for their power requirements and shield American consumers against higher bills. However, his administration has yet to announce steps to address health effects from increased pollution. According to interviews and data from the government, St. Louis is likely to be one of the U.S. Cities most affected by regulatory rollbacks. This is primarily because it has poor air quality, and its proximity to the massive?Labadie facility. According to the Air Quality Index of the EPA, only one third of the time in the past year did metro St. Louis residents breathe "good" quality air. St. Louis ranked 475th out of 501 large and small U.S. metropolitan areas in terms of air quality. According to EPA and scientific studies, the Labadie Energy Center has a major contribution. According to EPA statistics, the plant is a sprawling facility located around 40 miles west of the city. It produces the most sulfur dioxide and nitrogen oxidation among U.S. Coal Plants. According to an analysis of the EPA’s Co-Benefits Risk Assessment tool (COBRA), pollution costs up to $5.5 billion per year. Residents of St. Louis are responsible for about $820 millions of these costs. COBRA measures the cost of health care, such as hospital visits, and how much people are willing to collectively pay for cleaner air, which lowers their risk of dying prematurely. The analysis was shown to two experts outside the company - Bryan Hubbel a senior researcher at the non-profit group Resources for the Future, and John Graham a scientist with the environmental research group Clean Air Task Force. Both agreed that the figures were correct. Ameren Corp., the utility based in St. Louis that owns Labadie, has not contested the analysis of EPA data. Ameren stated that the plant is operating within federal pollution limits. Ameren says Labadie's operation will continue for another decade, as the demand for artificial intelligence-driven data centres outpaces cleaner energy. Craig Giesman said that Ameren employees "live here, raise their families here, and rely on energy like our neighbors." "This is only one of the many reasons why we are committed to operating responsibly, protecting public health, and providing reliable power, especially during times when it's most needed." The EPA declined comment on a COBRA analysis, but stated that it is updating its cost-benefit modelling tools. According to a scientific study conducted by researchers from the University of Washington, and published last year in the Journal of the International Society for Environmental Epidemiology, St. Louis was the city that would be most affected by the delay of tougher standards for U.S. coal plant emissions. Biden's regulation could have forced Labadie, to remain in operation, to reduce its soot emission by over half. According to EPA's cost-benefit analysis for 2023, these soot limitations would have resulted in net benefits to public health of up to $3 billion by 2037. Since then, the EPA has reversed its course. The agency said that the estimates of the Biden administration were exaggerated and that current standards provide an "ample margin of safety" to protect public health. St. Louis Clean Air activists have a different perspective. Darnell Tingle is the director of United Congregations of Metro-East - another activist network. "We're trying to prepare our communities for these data centres and minimize their impact on them." Cheap Power North St. Louis' predominantly Black neighborhoods already have some the worst air pollution in the city. According to an analysis of data tracked and analyzed by the EPA, tiny particles of soot that can penetrate the brain or lungs regularly exceed federal safety standards in North St. Louis. This is due to pollution from industrial sources, as well as pollution from nearby highways, and rail operations. According to the NAACP 78% of African Americans reside within 30 miles of coal-fired plants, compared with 56% of white non-Hispanics. According to a study published in Environmental Science & Technology, soot pollution caused by power plants kills African Americans 25% more than the average. The logic is that the United States needs cheap electricity. If you consider the increase in healthcare costs in the St. Louis region, this isn’t cheap," said Patricia Schuba. Schuba runs a local environment group that monitors Labadie, as well as three other coal-fired plants. Ameren was forced to upgrade Labadie due to stricter pollution standards. Ameren upgraded Labadie about a decade back to meet the Obama-era limits on soot. Ameren, in a letter to the EPA requesting an exemption for March 2025, said that older controls would have had to be retrofitted on the remaining boilers. Ameren refused to answer any questions regarding the cost of upgrading the plant. As developers begin to build major data centers around St. Louis and the region, regional electricity demand is increasing. Ameren said that it had signed service contracts for an additional 2.3 Gigawatts in peak demand potential from data centers, roughly equivalent to the Labadie Plant's output. It also stated that there are more requests coming. Amazon Web Services has proposed a 1,000-acre data center project in rural Montgomery County about 55 miles away from Labadie. Ameren would provide the power. Amazon has declined to comment. Data Center Coalition, the trade group for the data center industry, said that its members were among the largest purchasers of clean power but that utilities and grid operators ultimately are responsible for what consumers use. The data center industry has a strong interest in supporting the development of a 21st century electrical grid. However, it is important to remember that decisions about resource planning and generation are made by grid operators and policymakers and not large load users like data centers.
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Bloomberg News reports that the EU and US are close to a critical mineral deal with China.
Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that he met with U.S. Trade Rep Jamieson Greer in March on the sidelines a World Trade Organization Ministerial Meeting in Cameroon. The two sides discussed tariffs and agreed to further advance work on essential minerals. Bloomberg, citing an unbinding memorandum, reported that the?EU-U.S. agreement would cover "critical mineral along the entire value-chain and life-cycle management?including exploration, extraction, processing, refining, recycling,and recovery." The U.S. is'scrambling' to gain access?to vital mineral reserves. (Reporting and editing by Toby Chopra, Kate Mayberry and Anusha Shah in Bengaluru)
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Asian stocks to have best week in 2022 as U.S. talks with Iran set the stage for a record-breaking week
As Israel began talks with Lebanon, hopes grew for an end to Middle East hostilities and the opening of the Strait of Hormuz. Iran cited Israel’s continued attacks on Lebanon in its ceasefire deal with the U.S. which required Iran to reopen Strait of Hormuz, through which typically a fifth global energy supply passes. On Saturday, delegates from Washington and Tehran will hold talks in Pakistan. MSCI's broadest Asia-Pacific share index outside Japan gained 0.9%, bringing it to 7.3% in the past week. This is the highest since November 2022. China's ChiNext was the leader with a jump of 3.8%. U.S.?S&P500 e-mini Futures reversed earlier loss to trade flat. Rupal Agarwal is Asia Quant Strategist at Bernstein Singapore. She said: "We believe that this could be beginning of the end of the war. This presents an opportunity for investors to focus on prewar trends and fundamentals." "We recommend adding some beaten-down titles." The S&P 500 gained 0.6% on Thursday. MSCI's equities benchmark for global equities also made modest gains. This was after Israeli Prime Minister Benjamin Netanyahu announced that he wants direct talks with Beirut a day following the worst bombardment in the war in Lebanon, which killed over 300 people. The oil markets remain jittery and are slowly rising from the one-month lows of this week. Brent crude climbed 1.5% to $97.33 per barrel. The Strait of Hormuz is still largely closed for shipping. Marine traffic was well below 10% normal levels on Thursday, as Tehran asserted control over the strategic waterway. The global market was shocked by the closure of the Strait during the six week Iran War. Oil prices soared and energy supply became tighter. U.S. president Donald Trump stated in a Truth Social post that Iran is doing a "very bad job" allowing oil through the strait. "That's not the agreement we had!" Regional Impact In an early indication that the Middle East conflict was feeding cost pressures in the world's largest economy, China's Factory-gate Prices rose for the first time in three-and-a-half years in March. Official data showed. Sanae Takaichi, the Japanese prime minister, said at a cabinet gathering on Friday that Tokyo will release 20 days worth of oil reserves in May to ensure a stable domestic supply. Japan's Nikkei 225 vaulted 1.8%, ?with shares in heavily weighted Fast Retailing climbing to a record high after the Uniqlo owner posted a stronger-than-expected jump in profits on ?Thursday. The yen weakened by 0.2% against the dollar. South Korea's KOSPI gained 1.4%, its best performance in a week in almost five years. The Bank of Korea warned that the conflict in the Middle East could?derail the growth and worsen the inflation. Analysts from ING wrote that the BOK sent a carefully calibrated signal to leave future policy options open. The U.S. Dollar Index, which measures greenback strength against a basket of six currencies, rose 0.1% to 98.93. Data released on?Thursday revealed that weekly unemployment claims rose by 16,000, to 219,000. Continuing?claims also fell by 38,000, to 1.794 millions. This is the lowest level seen since May 2024. Core PCE prices also increased 0.4% in the second consecutive month, reflecting an increase of 3.0% year-on-year. The yield of the 10-year Treasury Bond in the United States increased by 0.4 basis points to 4.295%. Bitcoin was down by 1.0% to $71,723.34, and ether was down by 1.3% at $2,185.33. (Reporting and editing by Shri Navaratnam, Kevin Buckland and Gregor Stuart Hunter)
Eni invests $70 Million in Canada's Nouveau monde Graphite
Eni, an Italian company, has agreed to purchase a'minority stake' in the natural graphite -producer Nouveau Monde Graphite. This will give Eni access to a critical material that is used in a fase of?energy transition technologies and battery storage.
The Italian energy group will be able to enter the vital minerals value chain through the investment in the Canadian firm at a moment when European companies are looking to reduce their dependency on materials that come from China.
Eni will be able to negotiate exclusive agreements to supply graphite, and other materials in support of its 'gigafactory' initiative to produce stationary lithium-ion batteries in southern Italy.
The Italian group?said that the investment is part of a capital increase of $297 million at Nouveau Monde Graphite. This was done alongside Canadian institutional investors Canada Growth Fund, and Investissement Quebec as well as a private equity raise.
Eni will hold approximately 11.5% of Nouveau Monde Graphite’s share capital after the completion of the transaction and gain a seat in the?company’s governing board.
The proceeds from the capital raise will be used to support the development of the Matawinie Mine - a high-quality graphite project - and the company's operations across the supply chain, including refinement at its Becancour Battery Material Plant.
The shareholders of Nouveau Graphite will have to approve the transaction at their annual meeting, scheduled for second half of 2026. (Reporting and editing by Francesca Landini)
(source: Reuters)