Latest News
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Michigan approves DTE power deals for data center, adds grid safeguards
Michigan regulators approved Thursday special contracts that DTE Energy?s unit?would supply to a data center in Washtenaw County. However, the Michigan Public Service Commission (MPSC) imposed mandatory additional safeguards to protect residential customers and others from having to pay any costs associated with the development and operation of "the data center". DTE Energy, OpenAI and Related Digital are also required to absorb any costs that they cannot recover from Green Chile Ventures. In the event of an emergency, it is important to update the procedures so that service can be restored before any other customers are affected. The rapid expansion of data centers, especially those that support artificial intelligence, is driving a surge in energy consumption. This puts additional strain on already stretched power grids. Michigan requires DTE?Electric cover any costs incurred by Oracle for its planned 1,383 MW Saline?Township Data Center that are not recovered from Green Chile Ventures LLC. MPSC has ordered DTE to submit a proposal within 90 days for a new rate designed for large customers such as data centers. (Reporting by Varun Sahay in Bengaluru; Editing by Shailesh Kuber)
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Putin speaks of war and peace during marathon news conference
Vladimir Putin, Russian president, is expected to send a message to the United States of America and European powers about his desire for peace in Ukraine or more war when he speaks on Friday at a long 'end-of-year' news conference. After eight years of fighting, Russia invaded Ukraine on February 20, 2022. This was the largest confrontation between Moscow, the West and the Cold War. U.S. president Donald Trump has complained repeatedly that ending the Ukraine conflict has been a difficult foreign policy goal of his presidency. Putin, Russia's foremost leader since the last day in 1999, will be leading a news conference with the population and a call-in that is scheduled to start at 0900 GMT this Friday. PUTTIN DUE TAKE DOZENS QUESTIONS Putin answers dozens of questions at the "Results Of The Year" event. He has done this in various formats since 2001. Topics range from his future and price increases to nuclear weapons, and what the Kremlin refers to as "the special military operation" in Ukraine. The COVID test was administered to all attendees. This is still a standard procedure for Putin's meetings, even 73 years later, after the pandemic ended. The question is whether Putin agrees to end the deadliest European war since World War Two. It also depends on the extent of European power's marginalization and the success or failure of a US-brokered peace deal. The Ukraine and its European Allies are concerned that Trump may sell out Ukraine, leaving European powers to pay for a devasted Ukraine in 2025 after Russian forces have taken?12-17 sq km (4.6-6.66 sq miles) of land per day. They are echoing former U.S. president Joe Biden, who said that the Russian invasion is an imperial land grab and Moscow should be punished. This view has been challenged by Trump. Putin sees the war in the West as a turning point in the relationship between the two. He says the West humiliated Russia after the Soviet Union collapsed in 1991, by expanding NATO and encroaching upon what he believes to be Moscow's sphere. A war ending could help'reconnect' Russia with the United States, which has some of the largest reserves of natural resources in the world. These include oil and gas as well as diamonds and rare Earths. This is important for Russia to focus on its competition with China with whom Putin formed a partnership with "no limits". The continuation of this war will lead to more deaths and drain the economies of Ukraine and Russia, as well as European countries, increasing the likelihood of escalation. U.S. officials claim that Russia and Ukraine has suffered over 2 million casualties since the beginning of the war, including dead and injured. Russia and Ukraine do not provide credible estimates of losses. (Reporting and editing by Alison Williams.
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How Trump's Venezuela embargo could put Taiwan at risk
Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of Taiwan's ports to force it to accept Beijing’s rule. Experts say that while China considers Taiwan to be its own territory, it would not rely on international law as a justification for military action in Taiwan Strait. Instead, Beijing could use the U.S. embargo of Venezuela to undermine any American efforts to raise international diplomatic opposition. "If U.S. sanctions change the political outcome in Venezuela, China could justify coercive actions against Taiwan based on alleged security grounds," said Craig Singleton a China specialist at the Foundation for Defence of Democracies, Washington. He said that while the legal contexts are different, the propaganda opening was real. He added that narrative is also a precedent in international relations, not just law. He said that when Washington uses ambiguous terms, this weakens the ability of its critics to denounce?coercion' elsewhere. The blockade was the latest in a series of military actions by the U.S. that included over two dozen airstrikes on suspected drug boats. This was done to put pressure on Maduro and senior Venezuelan officials who, according to the Trump administration, are linked with drug traffickers. Maduro claims that the U.S. is trying to overthrow him and gain control of the OPEC nation’s oil reserves, which are among the largest in the world. A White House official responded to questions by saying that President Trump was prepared to use all of the American power available to stop drugs flooding our country, and bring those responsible to justice. The official did not address Taiwan. China, the largest buyer of Venezuelan oil, has taken a stand in support of Venezuela. It said on Thursday that "it opposes unilateralism and bullying, and supports countries defending their sovereignty and national dignity." CHINA PRACTICES BLOCKADES Beijing has signaled repeatedly that a naval blockade de facto could be the central element in a campaign for control of Taiwan. China's military has been practicing blockade drills around the island more and more in recent years, even though its government denies Beijing's claims of sovereignty. Chinese officials will probably present such a move as an act of domestic law enforcement or quarantine to international audiences. Beijing denies any comparisons between Taiwan and Ukraine, which is fighting a Russian invasion. Taiwanese officials, however, have stated that a Chinese blockade would be an act war and would have far-reaching implications for international trade. Washington, which has opposed unilateral changes in the status quo regarding Taiwan for many years, would argue that a Chinese naval encirclement would be akin to a blocking. In its national security strategy, released in early December by the?Trump Administration, deterring a conflict over Taiwan was deemed a top priority because of its strategic location and importance economically. Isaac Kardon is a senior fellow of the Carnegie Endowment for International Peace, who studies China's naval power. He said Beijing would try to stop the U.S. building a coalition against Chinese actions toward Taiwan. China could benefit from international concern about a U.S.-led blockade on Venezuela. Kardon stated that "the U.S. has done a great deal of damage to the normative nature of the rules." This is a serious blow to the credibility and ability of international law to constrain other actors. Kardon stated that the U.S. actions against Venezuelan tankers may open up China's door to similar actions such as intercepting vessels bound for Taiwan carrying vital natural gas supplies. He said, "Everything about this muddies the water." Experts have warned that a prolonged deployment of U.S. Naval assets to the Caribbean could also undermine the military readiness of the United States and its ability respond to a crisis on the Taiwan Strait. 'REALPOLITIK' International law allows for wartime blockades, but only if they are accompanied by strict conditions. Milena Sterio is a maritime expert at the law school of Cleveland State University. She said that a complete U.S. ban on Venezuela would be illegal unless there was clear evidence the U.S. were in an armed conflict with Venezuela. Sterio stated that a U.S. Blockade would make it difficult for us to criticize the Chinese blockade against Taiwan. Sterio said that "the same rules of international laws apply to all countries and it would not be consistent for the U.S. criticize other states for doing what we do." Michael Hunzeker is an expert in Taiwan's deterrence military at George Mason University. He said that he did not believe that Trump's actions will hurt the real effort: building U.S. allies' support for counterblockade efforts during a crisis about Taiwan. Hunzeker explained that any reference to Venezuela by allies in this context would be a rhetorical justification of a realpolitik choice to stay on the sidelines. He said: "I doubt this episode will have a significant impact on how they view these interests." (Reporting and editing by Don Durfee, Diane Craft and Don Durfee; Additional reporting and editing by Michelle Nichols, Tom Hals and Michael Martina)
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Gold inches down as market digests US CPI data
Gold prices fell on Thursday, as the markets digested U.S. inflation figures that were lower than expected. This reduced the appeal of gold as an inflation hedge. However, support from a higher unemployment rate in November limited further losses. As of 02:26 pm, spot gold was down 0.2% at $4,330.39 per ounce. ET (19:26 GMT). Bullion reached a record-high of $4,381.21 in October 20 and hovered near this level earlier in the session. U.S. Gold Futures?Settled 0.2% Lower at $4,364.5. "Now that the inflation rate is falling faster than anticipated, it reduces the appeal of purchasing insurance against inflation. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that gold has historically been used as a hedge against inflation. Data showed that U.S. consumer price index rose by 2.7% in November compared to the same month last year. This was below the 3.1% rise forecast by economists surveyed by?. After the data, futures on the federal funds rate factored in an increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. Razaqzada said, "It's worth remembering that high inflation has eroded the value of fiat currency over the years." Gold is an asset that does not yield any income, but thrives in low-interest rate environments. It's also reputed to be a hedge against inflation. Gold is in a very positive trend and a breakout to the upside is expected. "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. Spot silver fell 1.5% to $65.3/oz after a record high was reached of $66.88 in the previous session. Silver has outperformed the gold market this year. It is up?126% on a year-to date basis, mainly due to investment demand and fears over a shortage. Palladium rose 3.7%, to a record high of $1.708,72, a gain of nearly three years. Platinum rose 1.2%, to $1.922.05, which is a new high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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Cannabis stocks rise after Trump signs an order to ease restrictions on marijuana
Stocks of cannabis companies rose Thursday following a?U.S. The U.S. President Donald Trump signed an order to loosen federal regulations on marijuana, the largest shift in marijuana laws since 1970. The decision to reclassify marijuana as a less harmful drug does not legalize it, but rather improves the operating environment for businesses by improving capital access, reducing taxes and accelerating research and development. In afternoon trading, U.S. listed shares of Tilray rose over 6%. Aurora Cannabis?rose almost 9%. SNDL rose 6%. And Canopy Growth gained close to 12%. According to senior administration officials, Trump's order "directs" his attorney general to move quickly with reclassifying marijuana. This could result in the psychoactive plant becoming listed along side common painkillers like ketamine, and testosterone as less dangerous drugs. Irwin Simon said, "I don't believe that many shareholders would buy my stock or?a number of other cannabis shares" without rescheduling. This was before the order. Reclassification would move marijuana from Schedule I (which includes substances such as heroin, ecstasy, and peyote) to Schedule III which covers substances that are associated with a moderate-to-low level of dependence. According to reports, Trump is?considering an Medicare pilot program which would give some seniors access CBD. Rearranging Medicare coverage and attracting investments from other investors and financial institutions would be likely to attract investment.
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Memo shows that Barrick Mining has officially taken over operational control of the Mali mine.
According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took control in June. Sources claim that Barrick has agreed to a settlement of $430 million. Two people with knowledge of the situation say that a Malian court ordered last week the return to Barrick of 3 metric tonnes of gold, which had been seized nearly a year earlier by the military government of the country. According to two people familiar with the matter, a Malian judge ordered that a military helicopter seize Barrick's 3 metric tons of gold worth $400 million in January after a confiscation order was issued by a Malian judicial authority. According to both sources, the gold has been at the BMS Bank in Bamako's capital since then. Barrick, whose activist investor Elliott 'Capital is a shareholder, announced plans to concentrate on its North American business, including launching an IPO under interim CEO Mark Hill. Barrick shares were up 1% at the Toronto Stock Exchange Thursday afternoon. (Reporting from Divyarajagopa, Toronto; PortiaCrowe, Dakar. Editing by KirstenDonovan.)
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The Ukraine-US Fund approves investment policy as it looks to first projects in 2026
The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for months, signed the minerals deal in April. The United States would receive preferential access to new Ukrainian mineral projects in exchange of investment. Ukraine signed the deal in order to win Trump's support as it repelled Russia's almost four-year old full-scale invasion. A U.S. delegation visited Ukraine in the fall for consultations, and also to visit some potential promising sites. The EU considers 22 minerals to be critical for industries like defence, high-tech appliances, and green energy. Most of the sites are not fully evaluated and will require significant funding for development. (Reporting and editing by Hugh Lawson; Yuliia dysa)
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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
Maguire: The dawn of Turkey's nuclear age is crucial to its clean energy plans
The world's biggest nuclear power pipeline could help Europe, the top coal-fired polluter in Europe, boost its power output and reduce future emissions.
Global Energy Monitor (GEM) reports that Turkey is developing 4,800 megawatts of nuclear power generation capacity, which is the world's third largest pipeline. There are currently no nuclear power plants in operation.
Once fully operational, the plant will generate 10% of Turkey's electrical needs.
The Russia-built facility, on the South Coast, has experienced numerous delays and costs overruns, raising questions about its likelihood of starting up in time for the four planned stages.
The country is experiencing a rapid increase in demand for electricity, and any delay in nuclear operations could lead to an acceleration of coal-fired energy production.
NUCLEAR PHASES AND SANCTIONS
The first Akkuyu unit, built by the Russian State Atomic Energy Corporation Rosatom is expected to be online in this year. It has a nominal capacity of 1,200 MW.
According to Akkuyu, the equipment start-up, testing, and pumping station of the pressurized Water Reactor's cooling system and pumping stations began in early January. The site also passed an independent safety examination in January.
The remaining three 1,200 MW power units will be added annually in 2026-2027-2028 at an estimated cost of $20 billion.
The remaining reactors can be completed on schedule, given the state of construction of the site.
Rosatom reported that it was having difficulty obtaining certain parts due to the sanctions imposed on several Russian entities after Russia invaded Ukraine in 2022.
The new administration of U.S. president Donald Trump could face further delays and difficulties in sourcing after the imposition by Trump of new sanctions against Russia.
COAL CRUTCH
While Turkey's first nuke plant is being finished, its power companies continue to run the fleet of coal-fired units, which provided around 35% the electricity in Turkey last year.
According to the energy think tank Ember's report, its coal plants will generate a record of 121 terawatt-hours (TWh) in 2024. They will also emit a record of 114 million tonnes of carbon dioxide. This is the highest amount of CO2 emissions in Europe.
According to Kpler, a ship tracking firm, Turkey imported around 26.5 millions metric tons (or roughly 55 million metric tonnes) of thermal coal in 2024. This was the eighth highest national import total worldwide.
In Turkey, hydropower plants produced the second most electricity last year. This was around 75 TWh. Gas plants generated about 63 TWh.
The volatility of gas and precipitation prices in recent years has stifled the growth in gas and hydro-fired power generation, forcing Turkey's energy firms to remain dependent on coal as the main source of power.
CAPACITY CLUSTER
According to Turkey's pipeline of power capacity, there is no "Plan B" in place for the Akkuyu Plant in the event that it starts late.
According to GEM, the energy data organization, there is currently no new coal-fired power capacity under construction. Only 890 MW worth of gas-fired power is being built.
Around 20 MW geothermal power, around 160 MW hydropower, and 250 MW solar capacity are also being built.
The new additions to capacity will increase the clean energy share in Turkey's mix of capacity to 49.5%. This is up from the current 47% and reduce fossil fuels to 50.5%.
The total capacity of non-nuclear power plants currently being constructed in Turkey is less that 30% of planned nuclear capacity.
The lack of alternative capacity development is a sign that the country has confidence in bringing up the nuclear plants as soon as possible.
The limited capacity to increase power production in Turkey without the new fleet of nuclear reactors also means that the power companies will be reliant on the fossil fuel plants they currently have until Turkey finally enters the nuclear age.
The author is a market analyst at
(source: Reuters)