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Britain claims that the EU will remove tariffs on steel as part of a quota
As part of the recent agreement to reduce trade barriers and reset ties, Britain announced that the European Union would remove tariffs from key steel products as of Friday. In May, Britain reached the most significant reset in defence and trade relations with the European Union (EU) since Brexit. This included a “bespoke arrangement” to protect UK exports of steel from new EU tariffs and rules. The British government had previously stated that the European Commission will restore Britain's country-specific steel quotas to levels prior to 2022, but it had not specified a date for this action. Jonathan Reynolds, the UK's Trade Minister, said that the removal of tariffs is "yet another step forward" for the UK Steel Sector. The government intervened in order to save British Steel jobs and reached a deal with the United States to avoid their highest steel tariffs. He said that restoring the steel quota would give producers confidence to grow and compete in the market, as well as maintain important export relationships. The agreement allows Britain to export up to 27,500 tonnes of steel per quarter to the EU without having to pay an additional tariff. Gareth Stace said that the restoration of quotas was "excellent news" and added that companies were "plagued with problems" when shipping support beams. Britain has yet to complete negotiations with the United States, after both sides agreed to work together to eliminate steel tariffs for exports from Britain in May. British steel exports are subject to a 25% tariff in the U.S., although it avoided a 50% increase thanks to an agreement with the U.S. However, talks on removing the tariffs have been stalled because of discussions about supply chains and the location where British steel "melts and pours".
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Edison International's quarterly profits fall as L.A. wildfire investigation continues
Edison International announced a decline in its second-quarter profits on Thursday as it struggled to deal with increased operating costs and investigations related to wildfires that occurred earlier this year in Los Angeles. The Los Angeles area was devastated by multiple wildfires that scorched thousands of acres in January. It is estimated to be the costliest natural disaster in U.S. History. Electric utilities in the region have also come under increased scrutiny. Wildfires that originate on power lines can also cause power outages. Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its electrical equipment caused the Eaton Fire, one of the most significant wildfires to occur in the Los Angeles region. While investigations are underway into the cause of Eaton Fire, lawsuits point to SCE transmission equipment in the hills above Altadena for starting the fire. Edison CEO Pedro Pizarro stated on a earnings call that "SCE does not have any evidence pointing towards another possible ignition source." "In the absence of additional evidence, it is possible that SCE equipment was involved in the ignition," Edison CEO Pedro Pizarro said on a company earnings call. The company attributes the decline in earnings primarily to the higher operating and maintenance costs and the net effect of regulatory decisions made by Southern California Edison (SCE). The decrease was also attributed to higher interest costs at the parent company. SCE has said that it will invest $6,2 billion to stop wildfires from being caused or affected by its system. The company plans to also launch a compensation program for wildfires. California has a wildfire insurance fund to protect utilities such as SCE against wildfire liabilities. Bloomberg News reported on Wednesday that California Governor Gavin Newsom proposed legislation to boost the state's wildfire fund with an extra $18 billion. The report stated that electricity ratepayers will contribute half of the money via a monthly charge, while the remaining half will be funded by utility firms who benefit from the fund. This includes Edison International. The company confirmed its forecast of adjusted earnings between $5.94 and $6.34 for 2025. Analysts expect $6.06 per share. The Rosemead-based California company reported a second-quarter net profit of $343m, or 89c per share. This compares to $385m, or $1.14 a share, one year ago. Reporting by Khusbu Jennifer in Bengaluru, and Laila Kerney in New York. Editing by Leroy Leo.
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AES Corp beats second-quarter profit estimates on renewables strength
Utility AES Corporation beat Wall Street expectations for its second-quarter profits on Thursday. This was largely due to higher earnings in the renewables segment, and a reduced tax rate. A global push to find cleaner power sources is driving the company's renewables unit, which has grown significantly since last year. This comes at a time of record-breaking U.S. electricity consumption. According to the U.S. Energy Information Administration, power consumption in 2025-2026 will reach record levels, largely due to Big Tech's increasing investment in artificial-intelligence technologies that are dependent on energy-intensive, data center facilities. The backlog of power purchase agreements, which includes projects that have signed contracts, but are not yet operational, increased to 12 gigawatts from 11.7 GW the previous quarter. Andres Gluski, CEO of Gluski Group, said: "With 1.6 GW signed PPAs for data centers since May's first quarter results, we are a market leader in the segment that is growing the fastest." AES Corp. has signed two long term power purchase agreements to provide 650 megawatts of solar capacity for Meta Platforms' data centers in Texas & Kansas. The renewables unit saw a 4% increase in revenue to $644m, while utilities reported a nearly 6% rise to $954m. The lower margins in energy infrastructure led to a 3% decline in the utility's revenue total, which was $2.9 billion in the second quarter. According to LSEG, the Virginia-based firm posted an adjusted profit per share of 51 cents in the second quarter. This was compared with analysts' estimates of 40 cents. Reporting by Pooja menon, Arunima kumar and Vallari srivastava in Bengaluru. Editing by Anil d'Silva
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Texas Mayor calls for flash flooding warning system to reduce future fatalities
The mayor of the city in Texas that was at the heart of the flash floods earlier this month, which killed more than 130 people, asked state legislators on Thursday for help to get a warning systems in place within one year. Kerrville mayor Joe Herring said to a joint Senate and House committee meeting in his town, northwest of San Antonio, that he wants a flood warning system designed and installed before next summer. Herring stated, "We must find solutions that will protect the public as well as save lives." We will need your assistance to achieve this goal. A special session of the Texas legislature was called by Governor Greg Abbott to address the flooding. Early on July 4, the flooding washed away children's camps and people who were enjoying the Fourth of July holiday in Texas Hill Country. Following a committee meeting in the capital last week, lawmakers visited the area affected by the flooding to hear Herring and other local leaders as well as local residents. Kerr County Sheriff Larry Leitha asked if a warning system had been beneficial. Leitha, a member of the legislature, said that "the water came too quickly". Speaker Dustin Burrows stated that lawmakers will come up with "some solution" during the 30-day special session but it would take some time. Burrows stated, "Our commitment will continue beyond this session, these hearings and into the next and subsequent sessions." The number of casualties is one of the highest in recent years in the United States. This raises questions about the absence of flash flood warning sirens, especially in the hardest-hit Kerr County. Many people have expressed concerns about the vacancies in National Weather Service offices as a result of staffing reductions under President Donald Trump. Residents who were affected by the flooding spoke before the committee. Many said they felt abandoned by their city, county, and state governments. (Reporting and editing by Donna Bryson, Sandra Maler and Brad Brooks from Colorado)
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Edison International's quarterly profits fall as wildfire investigations continue
Edison International announced a decline in its second-quarter profits on Thursday as it struggled to deal with increased operating costs and ongoing investigations related the Los Angeles fires that occurred earlier this year. The wildfires that ravaged Los Angeles are expected to be one of the most expensive natural disasters in U.S. History. Electric utilities in the area have been under increased scrutiny. Wildfires are a major cause of power outages, and can be caused by damage to power lines or infrastructure. However, these fires can also start from power lines that have not been properly maintained. Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its electrical equipment caused the Eaton Fire, one of the most significant wildfires to occur in the Los Angeles region. A report from June stated that SCE's internal wildfire predictions underestimated the size of the Eaton Canyon Fire in Los Angeles in the days before a deadly conflagration occurred in January by a factor ten. The company attributes the decline in earnings primarily to the higher operating and maintenance costs and the net effect of regulatory decisions made by Southern California Edison (SCE). The decrease was also attributed to higher interest costs at the parent company. The company plans to also launch A wildfire recovery program. The company confirmed its forecast of adjusted earnings between $5.94 and $6.34 for 2025. Analysts estimate them at $6.06 a share. Edison CEO Pedro Pizarro stated in a press release that he was confident policymakers would act to restore confidence and strengthen California's wildfire framework in the current legislative session. The Rosemead-based California company reported a second quarter net income of $343m, or 89c per share, down from $385m, or $1.14 a share, one year ago. Reporting by Khusbu Jennifer in Bengaluru, Editing by Leroy Leo
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Emergency declarations made in New York and New Jersey due to flash flood danger
New York Governor Kathy Hochul, and her acting counterpart from New Jersey have declared states of emergency in areas that are at risk of flash floods. These extreme flooding is forecast for Thursday along the Eastern Seaboard. The National Weather Service issued flash flood warnings in parts of the Northeast urban area stretching from Washington-Baltimore to Philadelphia, Wilmington and Delaware. It also included the New York City metropolis. The Interstate-95 corridor was also under severe thunderstorm warnings. Hochul said that the most intense bands of showers could bring up to 5 inches (12 cm) of rainfall across New York City and Long Island, as well as the Hudson River Valley. The rainfall rate may exceed 2 inches an hour. Hochul urged New Yorkers to be vigilant, informed and cautious as they expect heavy rains with flash floods. In a declaration, Tahesha Wadway, the acting Governor of New Jersey, said that New Jersey should expect rainfall totals between 1 and 3 inches in general with localized downpours causing 5 to 7 inches. She warned that extreme rainfall in New Jersey could cause landslides and rock slides, as well as flash flooding on roadways. The damaging winds of thunderstorms would also pose additional dangers. Way, lieutenant-governor, issued a statement saying that residents should stay off the roads, and inside, unless it is absolutely necessary. She temporarily serves as the chief executive of the state while Governor Phil Murphy is on vacation. The Weather Service said that the storm threat was due to a frontal cold air mass that brought a combination unstable air mass with exceptional amounts of moisture in the atmosphere to the area. (Reporting and writing by Joseph Ax, Los Angeles; Additional reporting by Steve Gorman; Editing by Sandra Maler).
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EIA: US gasoline demand in may hits lowest seasonal level since 202020
The Energy Information Administration reported on Thursday that the U.S. gas demand for May was the lowest since the coronavirus outbreak of 2020. This indicates consumers are cutting back on fuel purchases, despite the lower price. The EIA proxy for demand is the product supplied of finished motor gas, which averaged 9.06 million barrels per day in May. This represents a 3.6% decrease from last year. Donald Trump, the U.S. president, has claimed credit for lowering gas prices. They had risen to a record-high in 2022 because of supply disruptions due to Russia's invasion. Analysts have stated that the decline is partly due to the economic uncertainty caused by Trump's policies. The latest figures show that gasoline prices have fallen 8.3% in the 12 months ending June. Consumer Price Index Report The U.S. crude oil prices fell more than 20% as a result of concerns about a lackluster demand, and the trade war between China and the United States. Patrick De Haan is head of petroleum analyses at GasBuddy. He said, "Uncertainty to me, is the bigger issue." He said that the tariff/trade situation had left consumers feeling pessimistic. "Look for the figures from May to rebound in June/July, but I doubt that they will be any better than 2024." The EIA reported that the average gasoline demand in May of last year was 9.40 million barrels per day, the highest since the pandemic. Shariq Khan, New York (Reporting and Editing by Marguerita Chôy)
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Eversource's quarterly profits rise on the strength of transmission and distribution
Eversource Energy announced a higher second-quarter profit Thursday as continued investments in its electric transmission systems and rate increases throughout its New England service area helped offset higher operating expenses. The utility's earnings for the quarter ended 30 June were $352.7 million or 96 cents a share. This is up from $335.3 millions or 95 cents a share compared to a year ago. Segmentally, Eversource’s electric transmission business saw a 10% increase in profit, reaching $208 million, in the second quarter. This was largely due to ongoing upgrades of its network in New England. Electric distribution unit's earnings were up $161.5 millions in the quarter reported, compared to $149.7 in the previous year, due to base rate increases in Massachusetts and New Hampshire, which helped offset rising interest, property taxes and depreciation costs. The natural gas segment's profit jumped 30% to $35.3 Million, mostly due to distribution rate increases which took place in late 2024 in order to recover infrastructure investment. The water distribution income rose from $8 to $14.4 millions, thanks to higher revenues and reduced interest costs. The company confirmed its earnings forecast for 2025, which ranges between $4.67 and $4.82 a share. (Reporting and editing by Alan Barona in Bengaluru, Sumit Saha from Bengaluru)
What is the risk of nuclear contamination from Israel's attack on Iran?
Experts say that Israel's attacks on Iran's nucleonic installations have so far only posed limited contamination risks. They warn, however, that an attack on Iran's Bushehr nuclear power plant could lead to a nuclear catastrophe. Israel claims it wants to prevent a nuclear catastrophe in the region, which is home to millions of people as well as producing much of the world’s oil. It is determined to destroy Iran’s nuclear capability in its military campaign. Israel's military announced that it had hit a Bushehr site on the Gulf Coast, home to Iran’s only nuclear power plant. But later they said the announcement was an error.
What has Israel done so far? Israel has declared attacks on nuclear sites at Natanz, Isfahan and Arak, as well as Tehran. Israel claims it wants to prevent Iran from building an atom-bomb. Iran has denied ever having sought one. IAEA, the international nuclear watchdog, has reported damage at the Natanz uranium plant, the Isfahan nuclear complex, including the Uranium Conversion Facility and the centrifuge production plants in Karaj, Tehran and Karaj. Israel has also targeted Arak, which is also known as Khondab. IAEA reported that Israeli military strikes damaged nearby heavy water plant and the Khondab Heavy Water Research Reactor which was still under construction and not yet operational. IAEA stated that the reactor was not operational, and did not contain any nuclear material. Therefore, there were no radiological impacts. IAEA updated its assessment of the site on Friday and said that key buildings were damaged. The heavy-water reactors are capable of producing plutonium that, along with enriched uranium can be used in the production of an atom bomb.
What are the risks of these strikes?
Peter Bryant, professor of radiation protection science at the University of Liverpool, England, who specializes in nuclear energy policy and radiation protection, has said that he's not concerned with the fallout risk from the strikes.
He pointed out that the Arak facility was not in operation while the Natanz site was underground. No radiation leakage was reported. He said that the issue was controlling what happened in that facility. Nuclear facilities were designed to do that. He said that uranium is only dangerous when it's inhaled, ingested, or gets into your body.
Darya Dolzikova is a senior researcher at London's think tank RUSI. She said that attacks on the facilities at the front of the nuclear fuel chain - where uranium gets prepared to be used in a reactor -- pose chemical risks, and not radiological ones.
UF6, or uranium hexafluoride is the main concern at enrichment plants. She said that when UF6 reacts with the water vapour in air, it creates harmful chemicals.
She added that the weather will affect how much material disperses. In low wind, material is likely to settle near the facility. In high wind, material will travel further, but also disperse widely.
Underground facilities have a lower risk of dispersal.
Simon Bennett, the head of the civil safety unit at the University of Leicester, UK, stated that the risks to the environment are minimal if Israel strikes subterranean installations because "you're burying nuclear materials in thousands of tons of concrete, rock, and earth".
What about nuclear reactants?
A strike on Iran’s Bushehr nuclear reactor would be of major concern.
Richard Wakeford is Honorary Professor of Epidemiology, University of Manchester. He said that while the contamination of the area surrounding enrichment plants would "mainly be a chemical issue", the extensive damage of large power reactors was "a different story".
He added that radioactive elements could be released into the ocean or through a plume containing volatile materials.
James Acton, director of the Nuclear Policy Program for the Carnegie Endowment for International Peace said that an attack on Bushehr could "cause an absolute radiological disaster", but that an attack on enrichment plants was "unlikely" to have significant off-site effects.
He said that uranium is barely radioactive before it enters a nuclear reactor. "The chemical uranium is hexafluoride, which is toxic but doesn't travel far and has a low radioactivity," he said. "Israel's attacks so far have had virtually no radiological effects," he said, while expressing his opposition to Israel.
Bennett of the University of Leicester stated that it would be "foolhardy" for Israel to attack Bushehr, because they could pierce and release radioactive material in the atmosphere.
Why are Gulf States particularly concerned?
The Gulf States' impact on any attack on Bushehr will be worsened if the Gulf waters are contaminated, putting at risk a vital source of desalinated water.
According to the authorities, in the UAE, more than 80% drinking water is desalinated, and Bahrain has become fully dependent on desalinated waters since 2016. 100% of groundwater was reserved for contingency planning.
Qatar is completely dependent on desalinated drinking water.
According to the General Authority for Statistics, in Saudi Arabia, which is a larger country with more natural groundwater reserves, 50% of water supplies will be desalinated by 2023.
Some Gulf States, such as Saudi Arabia, Oman, and the United Arab Emirates, have access to multiple seas to draw their water, but countries like Qatar and Bahrain are congested along the Gulf shoreline with no other coastline.
If a natural catastrophe, an oil spill or even a targeted assault were to disrupt a water desalination facility, hundreds of thousands would lose their access to freshwater instantly, said Nidal Ilal, Professor and Director of the Water Research Center at New York University Abu Dhabi.
He said that coastal desalination plants were particularly vulnerable to regional hazards such as oil spills and nuclear contamination.
(source: Reuters)