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Power Markets

Bloomberg News reports that US Fermilab was hit by a cyberattack against Microsoft SharePoint.

Bloomberg News, citing an official from the Department of Energy, reported that one of 17 national laboratories of the U.S. Department of Energy was targeted by hackers in a recent hacking campaign to exploit vulnerabilities in Microsoft's SharePoint. A spokesperson for the Department of Energy told Bloomberg that "attackers did try to access Fermilab’s SharePoint servers", referring to U.S. Fermi National Accelerator Laboratory. The impact of the attack was minimal. No sensitive or classified information was accessed, the spokesperson added, Fermilab servers are now back online and operating normally. Microsoft, Fermilab, and the U.S. Department of Energy have not responded...

Fossil Fuels

NextEra Energy beats quarterly profit estimates on renewables growth, AI-driven power demand

NextEra Energy beat Wall Street expectations for adjusted second-quarter profit on Wednesday. The company attributed this to its robust renewables division, which has seen a surge in power demand due to AI data centers and hyperscalers. According to the U.S. Energy Information Administration, the U.S. power consumption is expected to hit record levels in 2025 or 2026. The surge in electricity demand is due to the growing number of data centers for AI and cryptocurrencies, as well as an increase in electrification at homes and businesses. The S&P utility index also rose by 3.5% during the quarter ending June 30....

Renewable Energy

New York cancels offshore wind transmission plans amid federal uncertainty

It said that the New York State Public Service Commission had terminated its offshore transmission planning due to a stalled federal permit, in order to protect ratepayers of New York State from premature infrastructure costs. This ends the Public Policy Transmission Needs process, which was seeking proposals for delivering up to 8 gigawatts (or more) of offshore wind energy to New York City before 2033. The commission cited federal actions that have halted new offshore wind leasing, permitting and it claimed this makes short-term project implementation unfeasible. Rory M. Christian, Chair of the Commission, said: "Given Washington's uncertainty we need...

Energy Markets

Microsoft and US National Lab tap AI to accelerate nuclear power permit process

Microsoft and an American national laboratory announced on Wednesday that they will be collaborating to explore how artificial intelligence can be used to accelerate the process of assembling the documents required to obtain permits for new nuclear plants. Microsoft and Idaho National Laboratory (INL), have announced that they will use Microsoft's AI to generate engineering and safety analyses reports, which are part of the standard application process for construction licenses and operating licences for nuclear plants in the United States. The AI systems will compile data from the studies into complex applications spanning hundreds of pages. They have been trained...

Nuclear Power

Bulgaria secures Citi for the financing of nuclear expansion at Kozloduy

Bulgaria's energy ministry announced on Wednesday that it has partnered with U.S. Citibank to finance the construction nuclear power units for the Kozloduy NPP. This is the largest energy project the country has undertaken in many years. Zhecho Stankov, Energy Minister of Bulgaria, held final discussions in New York with the leadership of Citi to agree on financing for units 7 & 8 at Bulgaria's nuclear site which will use Westinghouse AP1000 technology. Stankov told Stephanie von Friedeburg of Citi Global Director Public Sector Banking that the agreement with Citi was an important step in ensuring the success of the...

Energy Markets

Blackstone and US utility PPL will build gas power stations in a JV partnership

The companies announced on Tuesday that they have formed a joint-venture to build natural gas power stations for data centers, under long-term agreements to provide energy services. Vincent Sorgi, President and CEO of PPL, said in a press release that he was excited to use the expertise PPL and Blackstone Infrastructure have to bring new dispatchable generation to Pennsylvania in order to meet new data center loads. The announcement was made at the Pennsylvania Energy and Innovation Summit, held in Pittsburgh. Government, technology and energy officials announced investments of approximately $90 billion to advance data centers and other aspects in...

Power Markets

US nuclear regulator asks job seekers political questions

The U.S. Nuclear Power Regulator posted a job posting asking applicants to answer political questions, as President Donald Trump's administration seeks to gain more influence over the independent agency. On Monday, the posting asked applicants to explain how their commitment to U.S. Constitutional principles and the founding document of the United States inspired them to apply for the job. The job is for a senior operation engineer who will serve as an inspector at the Nuclear Regulatory Commission's division of operating reactor security. The questions also asked about how the applicants would improve government efficiency and effectiveness and "how would...

Oil & Gas

Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.

Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the total number of rigs is down by 47 or 8% from this time last week. Baker Hughes reported...

Power Markets

Texas nuclear project talks with "hyperscalers"

In documents released on Tuesday, Fermi, an Texas-based company that wants to build four nuclear reactors next to the U.S. Nuclear Weapons Complex, stated it was in talks with large data managers about leasing agreements for this project. Fermi is a company co-founded Rick Perry, a U.S. former energy secretary. It wants to build 4 AP1000 reactors in a facility that it calls a "hypergrid." The 11 gigawatt facility, powered by nuclear energy, natural gas and renewables, will be built in Amarillo, near the Department of Energy Pantex nuclear weapons factory and in partnership with Texas Tech University. Fermi stated...

Natural Gas

Prices of gas in Europe trade within a narrow range due to strong supply

The Dutch and British wholesale prices of gas were in a tight range on Monday due to the strong supply from Norway, and LNG. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.06 euros to 33.46 Euro per megawatt-hour (MWh) as of 0843 GMT. The contract for the day ahead was up by 0.15 euros at 32.65 Euro/MWh. The British contract for tomorrow's day has dropped by 0.25 pence, to 78.25 cents per therm. Fundamentals remain the same. The fact that Norwegian production is back at normal levels, and the low wind generation...

Fossil Fuels

AGL Energy purchases South Australia's Virtual Power Plant (VPP) from Tesla

AGL Energy announced on Friday that it has acquired South Australia's Virtual Power Plant from Tesla. The Australian power retailer is looking to increase its battery storage to help drive the green energy transition. AGL is aiming to achieve zero net carbon emissions in 2035 by implementing grid-scale storage projects of 1.4 gigawatts. AGL will be able to access residential solar and battery system networks consisting of approximately 7,000 Powerwall batteries. More are expected to be installed in this year. SAVPP is an extensive network of Powerwall and solar home battery systems installed in South Australian community and social housing....

Nuclear Power

Dominion Energy is allowed to continue operating South Carolina nuclear plants until 2062

Dominion Energy has received approval from the U.S. Nuclear regulator to extend its operating license for its V.C. The utility has announced that it will continue to operate the Summer power station in South Carolina until 2062. After decades of stagnation in the U.S., nuclear power is undergoing a revival. This is due to a record-breaking demand for data centers that are used by artificial intelligence technologies as well as electrifying industries like transportation and manufacturing. President Donald Trump signed Executive Orders In late May, the U.S. Nuclear Regulatory Commission was directed to reduce regulations and expedite new licenses for...

Europe

Power Markets

Prices rise on tighter supply of nuclear and renewable energy

The French power price increased on Tuesday as a result of a tighter supply and reduced availability of wind and solar power in Europe, while Germany's position was untraded but bid higher. Riccardo Paraviero, LSEG analyst, said: "Tomorrow, the outlook is bullish to sideways, with a main signal coming from falling solar power supplies." The French baseload contract for Wednesday had risen by 2.9% to 45 euros ($52.03), while the German equivalent was offered at 79 euros/MWh after closing at 77.3 euros. The French nuclear capacity has decreased by two percentage points in the last week, to 78%. The Goesgen...

Nuclear Power

Demand outweighs gains in renewable energy and nuclear

On Tuesday, wind and solar energy supply will likely increase throughout the region, offsetting growing demand while French nuclear power supply rises. LSEG data shows that the German baseload contract for Tuesday had reached 77.75 Euros ($90.77 USD) per megawatt-hour (MWh), while the French equivalent was 45 Euros/MWh. On Friday, both Monday contracts were not traded. LSEG analyst Xiulan he said that a general bearish outlook for Germany is expected on Tuesday, as the supply of wind and solar energy increases, with imports into Germany expected throughout the day. LSEG data indicated that the German wind power production was projected...

Energy Markets

Prices of gas in Europe are little changed despite a strong supply and US-EU trade agreement

Dutch and British wholesale prices for gas were not much different on Monday morning, as more supplies from Norway helped offset the strong demand from power stations. The news of a U.S./EU trade agreement also helped calm fears about a general economic slowdown. LSEG data shows that the benchmark Dutch front-month contract was 32.22 euros or $11.03/mmBtu at 0830 GMT. This is a decrease of 0.27 euro. The Dutch September contract is down by 0.14 euros at 32.80 Euro/MWh. The British gas front-month price fell by 0.30 pence to 78.25 pence a therm. In a daily note, LSEG analyst Yuriy...

Western Europe

The FT reports that the German Minister wants to expand the number of companies eligible for electric relief.

The Financial Times, citing sources familiar with the plan, reported that German Economy Minister Katherina Riese would like to expand the availability of planned measures intended to lower the electricity costs for companies. In the first half of this year, Germany’s ruling coalition consisting of conservatives and social democrats agreed to reduce electricity taxes to the European Minimum for all consumers. The Finance Ministry's 2026 framework budget, which was introduced last month, limited the relief planned to the industry, agriculture, and forestry sectors, while excluding many consumers and companies, citing financial problems. Reiche announced last month that Germany would be...

East Asia

Power Markets

The Indonesian nickel slump puts pressure on coal miners hit by declining exports

The Indonesian coal producers find themselves in a difficult situation, as their exports are falling and the demand for fuel from nickel smelters is at an all-time high. This creates a conundrum of growth. Indonesia's largest export is coal, which will generate $30.49 billion by 2024. A decline in revenues would have an adverse effect on Southeast Asia's largest economy, which is heavily dependent on commodities. Lower profit margins and falling share prices point to coal's future woes, which include a reduction in workforce, a slowdown in production, and less money going into government coffers, at a time that President...

Power Markets

Holtec's request for restarting Michigan nuclear plant is approved by the NRC

Holtec International has received approval from the U.S. Nuclear Regulatory Commission to submit a number of requests that will lay the foundation for the restart of the Palisades Nuclear Power Plant in Michigan. The agency and the company announced this on Thursday. Holtec will be able to load fuel with the approvals, but it will still need additional approvals for the plant that ceased operation under a new owner in May 2022. Holtec plans to restart the Palisades plant, a decommissioned 800 megawatt facility. It will also install two small modular units (SMRs) based on the existing technology of light...

Nuclear Power

Kansai will begin surveys for a new nuclear power plant in Mihama

Kansai Electric Power announced on Tuesday that it would begin the surveys to build a new reactor for its Mihama Nuclear Power Station in Fukui Prefecture, western Japan. The existing facility will be replaced. This is the first concrete step in building a nuclear reactor in Japan after the Great East Japan earthquake in 2011, which resulted in a meltdown of the reactor that forced Tokyo Electric Power to close its Fukushima Plant. As the country relies heavily on imports of fossil fuels, the government wants to see nuclear power contribute more to energy security. Kansai is Japan's largest nuclear...

Power Markets

New Zealand dollar drops as rate-cut bets are boosted by benign inflation

The New Zealand dollar fell on Monday, while local bonds rallied. Inflation data showed that it was not as bad at first thought. Still tepid price pressures in New Zealand support a rate cut next month. The kiwi fell by 0.3%, to $0.5941. It had fallen 0.8% the previous week. This is now the third week in a row that it has declined. The kiwi dollar is down almost 3% since a peak of $0.6120 nine months ago. Near-term support has now been found at the low of last week of $0.5906. New Zealand's second-quarter inflation rate rose to 2.7%,...

Mining

Russell: China's mixed commodities data shows soft steel and strong iron ore

China's June industrial output data and commodity imports have produced contrasting figures that make it difficult to get an accurate read on the second largest economy in the world. Iron ore imports and steel production appear to be telling contrasting stories. While imports of this key raw material surged to their highest level in the year, the decline in steel production was evident. The first six months of this year saw a 5% increase in coal production compared to 2024. However, thermal power generation - which is mostly coal-fired – dropped by 2.4%. The output of aluminium rose by 3.4%...

Energy Markets

Russell: China's mixed commodities data shows soft steel and strong iron ore

China's June industrial output data and commodity imports have produced contrasting figures that make it difficult to get an accurate read on the second largest economy in the world. Iron ore imports and steel production appear to be telling contrasting stories. While imports of this key raw material surged to their highest level in the year, the decline in steel production was evident. The first six months of this year saw a 5% increase in coal production compared to 2024. However, thermal power generation - which is mostly coal-fired – dropped by 2.4%. The output of aluminium rose by 3.4%...

Renewable Energy Equipment

China solar stocks soar as Beijing tries to end price wars

Several China solar stocks rose sharply on Friday, continuing an upward trend that began on Wednesday, on the news that Beijing is looking to slow down aggressive price cuts that have driven prices of certain components by almost 30% over the past year, according to one estimate. Price wars have been sparked by overcapacity and price reductions made to clear stocks among Chinese manufacturers. Analysts are concerned that further price cuts could lead to deflation, and hinder efforts to stabilize the $19 trillion economy. The shares of JA Solar, the leading solar manufacturer, rose by nearly 10%. They had gained...

Energy Markets

Trump to issue executive orders to boost AI in race against China

Four sources familiar with planning say that the Trump administration is preparing a package of executive measures aimed at increasing energy supply in order to fuel the U.S.'s expansion of artificial intelligence. The two biggest economic rivals, the U.S.A. and China, are engaged in a technology arms race that has a military and economic edge. AI's massive data processing requires an increase in energy supplies, which is straining many utilities and grids. According to sources, the government is considering a number of measures, including making it easier to connect power-generating projects with the grid and providing federal land for the...

Crude Oil

Japan re-signs long-term LNG contracts on AI boom and national energy plan

The emergence of artificial intelligence and the rising cost of cleaner energy, combined with a new energy plan and the rise in costs for cleaner energy, has brought Japan back into the limelight for LNG producers. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources grew. The AI boom will require enormous power consumption...

Fossil Fuels

Kazakh agency reports that Rosatom will lead consortium for first nuclear power plant to be built in Kazakhstan

The atomic energy agency of Kazakhstan announced on Saturday that Rosatom, Russia's nuclear state corporation, has been selected to lead a consortium for the construction of the first nuclear plant in Kazakhstan. The state-owned China National Nuclear Corporation as well as French or South Korean companies also submitted proposals. Kazakh Atomic Energy Agency, which was established in March this year, has said that it has reviewed and evaluated various reactor technologies based on criteria such as nuclear plant safety, training of personnel, and other factors. It said that "the agency determined that the most advantageous and optimal proposals for construction...

Nuclear Power

IAEA Board declares Iran in violation of non-proliferation obligations

The U.N. Nuclear Watchdog's Board of Governors, which consists of 35 nations, declared Iran in violation of its nonproliferation obligations for the first time since almost 20 years on Thursday. This could lead to a report being made to the U.N. Security Council. The major step represents the culmination of several simmering standoffs between Iran and the International Atomic Energy Agency that have arisen ever since President Donald Trump, during his first term in office, pulled the U.S. from a nuclear agreement between Tehran and other major powers. That deal then unraveled. Iran is likely to escalate its nuclear program,...

Environment

German nuclear fusion company Proxima raises development funding of 130 million Euros

Proxima Fusion is a Munich-based company that specializes in nuclear fusion technologies. It announced on Wednesday that it had raised 130 million Euros ($148.8 Million) to move it closer to its goal to develop a novel power station. Why does it matter? Around the world, dozens are exploring nuclear-fusion technology, which is a newer form of energy generation that harnesses the same intense process that powers our sun. There is fierce competition between private and public companies, governments of European countries, United States, and China and technology options such as Plasma confinement used by Proxima or lasers. The new conservative...