Latest News
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Mexican Navy says that a petroleum tanker and natural seabed are likely to be responsible for Gulf Coast spill
Mexican officials confirmed on Thursday that an oil spill in the Gulf of Mexico is due to both natural 'causes' and a petroleum 'tanker, which authorities are attempting to identify. Raymundo Morales is the Mexican navy's head. He said that satellite images showed an oil slick near the coast and that any of the 13 vessels which had passed by the area may have been responsible. Morales stated that four of the vessels were still in Mexican waters, and being inspected by the Navy. Mexico has asked for international assistance to inspect the nine remaining vessels, which are now in international water. Morales also added that two spots where natural sub-marine oil seepage has contributed to the petroleum products washing up on Mexican beaches. Morales believes that the leakage from the seabed, which is a major contributor to 'the submarine leak,' is continuing and continues. The seepage at the other location has been intermittent, but is now contained. Morales stated that "we need to assess the situation, whether natural seepage is increasing or if a structural problem has occurred on one of the platforms." Morales stated that the authorities, in coordination with Mexico’s state energy company Pemex are installing marine barriers to stop the spill from causing further damage to wildlife and beaches. Morales stated that Pemex also conducts underwater checks to rule out structural failures of oil rigs. The spill has affected marine wildlife and?stained the beaches in southern states Tabasco and?Tamaulipas. However, environment minister Alicia Barcena stated at the press event that the damage was not "severe." This issue was published?around the time of a March 17 incident in which five people died outside Mexico’s Olmeca refinery when "oily water" surrounding the perimeter caught on fire. Reporting by Raul and Adriana Barera, Writing by Natalia Siniawski, Inigo Alexander and Daina Beth Sool, Editing By Daina Beth Solon)
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CERAWEEK-Constellation exec says grid operator told company Three Mile Island can't connect until 2031
The U.S. grid operators PJM and Constellation Energy have told Constellation Energy that the former 'Three Mile Island Nuclear Power?plant in Pennsylvania will likely not be able connect to the grid before 2031. This is four years later than originally planned. Constellation has been working on a plan to restart operations at the nuclear plant, which will be renamed as the "Crane Clean Energy Center" to provide electricity to Microsoft's data centers. Constellation's chief?external? affairs and growth officer, David Dardis said that the company would?be able to produce electricity by the earlier goal and is?talking with grid operator PJM to reduce the timeline. Dardis said, "We'll have it ready in 2027." PJM said in its initial feedback regarding the interconnection plan of the restarted power plant that it would take until the year 2031 to complete certain transmission upgrades required for the plant's connection to the grid. Dardis said Constellation was 'in talks with transmission owners about accelerating the timeline. Following a report, shares of?the firm were down by 3%. Constellation, America's largest independent power producer, announced that Microsoft had signed a contract to reopen a nuclear power plant in 2024. Three U.S. nuclear plants are in the process of re-starting due to the demand from Big Tech data centers and electrification for buildings and transportation. Reporting by Laila?Kearney in Houston, editing by Lisa Shumaker and David Gregorio
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Chicago grains are subdued by war uncertainty
Chicago corn, soy, and wheat futures sawsawed Thursday as traders watched developments in the Middle East amid'mixed signals' from both the U.S. The Chicago Board of Trade's most active corn contract settled at $4.67 per bushel, a 1/4-cent decrease. CBOT wheat ended 7-1/4 cents above $6.05 per bushel while CBOT soya beans finished 2 cents ahead at $11.73-3/4 a bushel. Prices rose in the previous session due to technical buying, and the uncertainty surrounding the negotiations to end the U.S./Israeli war against Iran. "It's ?the president. There's no way of preparing for what he says when it happens. Ed Dugan, broker with StoneX, said that the market is driven by this. The uncertainty over the end of the conflict held?crude oil's price steady on Thursday. This helped push up soyoil prices, which are widely used as biofuel. Grain and oilseed prices were held in check by a rise in the US dollar as well as a cautious approach to widely anticipated U.S. agriculture news. Traders will be watching for an announcement on revised U.S. Biofuel targets during a White House Event this Friday. This has helped support the soy industry. Next Tuesday, the U.S. Department of Agriculture will release its acreage estimates. The Middle East conflict has increased fuel and fertilizer prices. This is affecting farmers' decisions. After?Wednesday’s announcement that U.S. president Donald Trump would now be visiting Beijing on May 14-15, in a rescheduled trip? The news helped soybeans rise on Wednesday. It sparked speculation that China would make new purchases in the context of trade negotiations. Analysts remain cautious, however, given China's recent shift to Brazil as the South American country prepares for a record harvest. Wheat market continues to monitor the drought in U.S. Plains. Forecasts show that rain is unlikely to arrive before early April, and this week's hot weather will likely exacerbate it.
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Commission data show that EU retail diesel prices reached a record high in the last week.
Weekly data from the European Commission on Thursday showed that diesel prices at the pump in the EU's 27 members?states reached their highest level since records began in 2005. The average EU-27 diesel price per litre was 2.06 euros on 23 March, up from 1.95 euro the previous week. Data is based on fuel prices, including tax. * The average retail diesel price is now above?2 per litre, for the first since June 2022. This was the last major fuel supply shock after the Russian invasion of Ukraine. The EU petrol prices rose to 1,89 euros per litre, up from 1,84 euros per litre on 16 March. The data indicates that gasoline prices are at their highest level since July 2022. The Netherlands has the highest prices for diesel and gasoline in Europe as of 19 March, at 2.48 euros per litre and 2.35 euros per litre, respectively. * Europe is a net importer of Diesel, as it produces less than what it consumes. The Middle East is the main supplier. The Middle?East's oil supply was severely disrupted by Iran's war. Reporting by Robert Harvey, London. Editing by Alexander Smith
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Trump: Iran's gift to US was 10 oil tankers allowed through Hormuz
Donald Trump, the U.S. president, said 'on Thursday that Iran is allowing 10 'oil tankers to transit the Strait of Hormuz as a 'goodwill gesture during negotiations. Trump's comments were made at a Cabinet Meeting in the White House. He elaborated on what he previously called a "present from Iran". Trump said, "They'said', to show that we are real and solid, we will let you have eight boats of oil. Eight boats, eight large boats of oil." "I 'guess they were real, and they were'real. I think they were Pakistani flagged." It turned out to be 10 boats." The White House didn't immediately respond to an inquiry for further details about the vessels. Trump made his comments as he was pressing Iran to "agree" to a deal which would end its nuclear program and clear the chokepoint in maritime traffic. On Tuesday, the?U.S. On Tuesday, the?U.S. He refused to clarify his meaning at the time. Trump said at the time, "They gave us an present. It arrived today, and was a very big gift, worth a huge amount of money." Reporting by Steve Holland, Trevor Hunnicutt and CaitlinWebber. Editing by Chizu Nomiyama and CaitlinWebber.
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Judge questions Maduro about his use of Venezuelan defense funds
The U.S. Judge questioned the U.S. government on Thursday about its justification in preventing Nicolas Maduro, the ousted Venezuelan President from using South American funds to pay for his legal defense against U.S. charges of drug trafficking. However, he said that he wouldn't dismiss the case against him based on this. Maduro, and his wife Cilia Flores wore beige prison garb at the Manhattan federal court hearing, more than two month after U.S. forces captured them and transported them to New York in a surprise raid in Caracas. Maduro and Flores have both pleaded no contest to charges of narcoterrorism and conspiracy. They are currently being held in Brooklyn, NY, while they await trial. They asked U.S. district judge Alvin Hellerstein for dismissal of the charges. Their inability to rely upon Venezuelan public funds interferes with their right to have an attorney of their choice under the Sixth Amendment to the U.S. Constitution. According to their lawyers, Maduro and Flores are unable to afford their own legal fees. Kyle Wirshba, the prosecutor in the case, said that the U.S. restrictions on the payments were based upon existing national security and international policy interests. Hellerstein sounded skeptical about that argument and noted that the U.S. has relaxed sanctions on Venezuela since Maduro was ousted. "The defendant is present, Flores also is." Hellerstein said that they do not pose a threat to national security. Hellerstein is a judge appointed by Democratic President Bill Clinton. "The most important right, and the one that is at stake, is to have constitutional counsel." Pollack, the lawyer who represented WikiLeaks founder Julian Assange in the case, said that he would withdraw if Hellerstein didn't dismiss the allegations and the Venezuelan government couldn't pay his fees. It was unclear what Pollack charges Maduro. Pollack didn't respond to an inquiry for comment. On Thursday morning, Donald Trump, the U.S. president, told reporters that Maduro would face additional charges, but did not provide any details. MADURO CAUGHT BY SPECIAL ARMIES U.S. Special Forces captured Maduro, and Flores during a surprise raid on their Caracas home on January 3, and flew them back to New York for drug trafficking charges. This operation is detailed in an examination of the covert missions and its geopolitical consequences. Maduro was transferred from the Metropolitan Detention Center, Brooklyn to the Federal Courthouse in Lower Manhattan at the dawn of Thursday. Police separated Maduro opponents outside the courthouse - including one who held an orange jumpsuit-clad effigy - from pro-Maduro protesters holding signs that read "Free President Maduro." Maduro, his wife and Venezuelan law dictate that the government pays for the first lady and the president's expenses. The prosecution argues that since the U.S. does not recognize Maduro as Venezuela’s legitimate president?since 2019?he and Flores shouldn't expect the U.S. to allow Venezuela pay for their legal fees. If Maduro or Flores cannot afford to hire their own attorneys, they can be assigned a public defender. NARCOTERRORISM - LAW HAS A LIMITED TRIAL SUCCESS Maduro is facing four felony charges, including narcoterrorism conspiracies that criminalize drug trafficking in order to finance what the United States views as terrorism. The statute has been rarely tested in court, and an analysis of court records revealed that two of the four convictions were overturned due to issues relating to witness credibility. During Trump's first term as president, he increased sanctions against Venezuela due to allegations that Maduro's government is corrupt and undermines democratic institutions. Washington called Maduro’s 2018 reelection "fraudulent". Maduro dismissed these accusations along with those of his involvement in drug trafficking as pretextual reasons for what he said was a U.S. wish to seize the vast oil reserves of South American OPEC country. Since Maduro was captured, Delcy Rodriquez, Maduro’s former vice-president, has been acting as interim president. (Reporting and editing by Noeleen Walder and Howard Goller in New York, and Luc Cohen and Jack Queen from New York)
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Chicago grains are subdued by war uncertainty
Chicago corn and Wheat futures sawsawed Thursday, while soybeans ticked up as traders'monitored Middle East developments amidst'mixed signals?from the U.S. As of 11:00 am CT (1800 GMT), the most active corn contract on Chicago Board of Trade had fallen 1-3/4 cents, to $4.65-1/4 per bushel. CBOT Wheat rose by 3-1/4 Cents to $6.01 a bushel. CBOT Soybeans?added 4-1/2 cents to $12.76 a bushel. Prices rose in the previous session due to technical buying, and the uncertainty over the negotiations to end the U.S./Israeli war against Iran. "It's President. There's no way of knowing what he will say and it is impossible to predict. Ed Dugan, broker with?StoneX, said that the market is being driven by this. On 'Thursday', doubts about a quick end to the war kept crude oil prices steady, which helped push up soyoil - widely used for biofuel. Grain and oilseeds were kept in check by a rising dollar as well as the caution that was expected ahead of U.S. agriculture news. Traders will be watching for an announcement on revised U.S. Biofuel Targets at a White House Event on Friday. This event has been supportive of the soy complex. Next Tuesday, the U.S. Department of Agriculture will release its acreage estimates. The Middle East War and rising fuel and fertiliser prices have heightened interest in planting decisions. After the news on Wednesday that U.S. president Donald Trump would 'now visit Beijing?on May 14-15, in a rescheduled tour, the soybean market also assesses prospects for future Chinese demand. The news pushed soybeans higher Wednesday, reigniting speculation about new Chinese purchases in the context of trade negotiations. Analysts remain cautious, however, given China's recent shift to Brazil as the South American nation wraps up a record harvest. Wheat market continues to monitor the drought in?U.S. Plains: Forecasts show that rain is unlikely to fall before April, and this week's hot weather will likely exacerbate the dryness.
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Brazil awards first Amazon Reforestation Concession to Startup Re.green
The Brazilian government has auctioned off its first public land concession to startup Re.green for reforestation. This is the first attempt to use carbon credits to fund the recovery of millions acres of degraded protected areas. Re.green is the only bidder who offered to restore and protect for 40 years a 145,000-acre parcel in the Bom Futuro Reserve in the Amazon rainforest. According to the auction notice, the fee was 0.7% of the revenue generated by the project. This is expected to be around $2 million per year. The company is part of a group that buys degraded land from farmers and ranchers in order to replant native Brazilian tree species. Bom Futuro is its first project on a government-owned land. The project will also include a community of indigenous Karitianas who live in that area. The Environment Minister, Marina Silva, said during Wednesday's auction at the Sao Paulo Stock Exchange: "We have managed to turn something that was extremely negative for climate change, biodiversity and the local population into something positive." Scientists warn that the Amazon rainforest is nearing a tipping-point, after which it will irreversibly transform into a degraded ecome. Researchers claim that stopping deforestation will not be enough to save the Amazon rainforest. Instead, governments need to reforest vast sections of forest. Brazil's new carbon market has attracted private investors and banks who are interested in restoring native forests and selling?credits' for the carbon removed from the atmosphere. The auction was a test to see if such projects could be implemented at a large enough scale to help the government reach its goal of reforesting 30 million acres by 2030. The auction did not receive any bids for a second, slightly smaller plot of the Bom Futuro Reserve. Officials stated that they were satisfied with the results because "the model was new and untested." Garo Batmanian said that the Brazilian forestry service plans to offer 750,000 acres under this model in 2027. He added that officials have identified 3.2 million acres in need of restoration. (Reporting and editing by Brad Haynes, Ni Williams, and Manuela Andreoni)
Data centers forced to become more flexible by the US grid
In times of high demand for electricity, the U.S. tech industry is being pressured to reduce its power consumption. This comes amid growing public concerns that Big Tech's massive energy needs in expanding data centers will'max out' the country's electrical grid.
When utilities and grid operators ask for it, the power industry and its regulators are increasingly pushing tech companies to make a concession that was previously unthinkable - they're asking them to?scale?back their energy consumption in giant server farms called data centers.
The majority of the attempts to make data centres more flexible are in pilot mode. Data centers are under enormous financial pressure to remain on 24 hours a day. The process is complicated and there are many incentives. Heunets, an IT consultant, estimates that when data centers go down it costs technology companies around $9,000 per minute. The goal is to prevent blackouts, and high power bills during peak demand times of the year. Silicon Valley may benefit from increased flexibility to avoid potential crises. This could allow tech companies to win agreements faster for connecting their new data centres. According to a study conducted by EPRI, the Electric Power Research Institute (EPRI), the electricity consumption of data centers will more than quadruple in the next decade, consuming as much as 17% U.S. energy supplies. Chris Wright, U.S. energy secretary, said this week at the CERAWeek Conference in Houston that it is not the electrons on a grid but the ability to meet demand at peaks. When electricity demand is high, the supply must match demand or people will die.
During a winter storm, the Department of Energy instructed data centers on the largest regional grid in the United States - PJM interconnection - that they should run their backup generators so as to release power from the grid.
PJM, the largest data center market in world, projects supply shortages by next year if the demand continues to exceed new supply.
"Finding a flexible management method is the only way we can get through as an industry," said Stu Bresel, chief operating office of PJM interconnection. According to a study released by Duke University’s Nicholas Institute for Energy, Environment & Sustainability, taking action when local grids reach their maximum capacity could save $40 to $150 billion over the next decade in capital investments. This would allow households and small business to avoid paying for the build-out of grids for data centers.
Demand response is a practice in the electric industry that allows utilities and grid operators to ask massive server warehouses to reduce their energy consumption. This will ease fears about rising costs and power shortages.
Matt O'Connor is the Chief Investment Officer for International Energy at Carlyle. The company develops and invests data centers.
He said: "I believe we will see and we are already seeing that heavy users of data centers can figure this out and model it into their operations."
TRANSITION PERIOD
In the past, data centers have not participated in demand response. According to industry sources, traditional cloud data centers which store data at a single location must have a "constant and consistent" energy source. Otherwise the data may be compromised. The data centers that are being built to develop artificial intelligence could be more flexible. This would allow for the energy-intensive training of large language models to be moved to other sites.
Companies are now committing to shifting workloads from data centers to other facilities, or using backup power instead of drawing electricity from the grid at peak periods.
Google announced recently contracts with several utilities that will lower the consumption of certain data centers if needed. Nvidia launched an initiative with Emerald AI this week to control and move power consumption from servers warehouses during grid demand spikes.
This week, EPRI also?released an?framework with input from dozens of power companies and?technology firms, including Meta, outlining how data centers can be more flexible. It is hoped that this effort will reduce the time required to connect data centres.
Owners increasingly ask how to make their data centres more flexible. Jennifer Cahill is an associate vice-president at Black & Veatch. The firm's customers include technology and utility companies.
Cahill explained that "you're experiencing a period of transition where everyone would like to make the change, and we are working out how it can be achieved."
(source: Reuters)