Author: Graham Foster

Anglo American has again decreased the value of its De Beers diamond division, marking the second time in just two years. This move comes as the company works to finalize a significant restructuring by the year’s end. On Thursday, the London-based mining company reported an impairment charge of $2.9 billion related to its diamonds unit due to falling demand in the diamond market. This follows last year’s $1.6 billion writedown related to De Beers during its annual report. Over the last ten years, diamond prices have dropped, and the market is facing additional pressure from the increasing popularity of less…

Welcome to the latest update from the Energy Source newsletter, with insights directly from New York. The nuclear energy sector is experiencing significant financial support driven by the rising energy demands linked to artificial intelligence (AI) data centers. Recently, developers of compact nuclear reactors have successfully raised over $1.5 billion in private funding over the past year, alongside substantial financial backing from governments. However, there are various hurdles — technical, regulatory, and financial — that they need to overcome before these reactors can be operational, likely around 2030. While nuclear energy is favored by large technology firms, there are alternative…

Developers of small modular nuclear reactors (SMRs) have successfully gathered at least $1.5 billion in funding over the last year. This increasing interest among investors is closely tied to power supply agreements made with major technology companies. In addition to private funding, these developers have received significant support from governments worldwide, as many look to launch new technologies essential for advancing artificial intelligence. X-energy, a US-based company, recently completed the largest funding round, raising $700 million with participation from major players such as Amazon and other institutional investors. Meanwhile, Newcleo in Paris secured $151 million recently, while Blue Energy and…

A coalition of 48 institutional investors has urged BP to allow shareholders to vote on any proposed changes to its climate policies. This push could lead to a confrontation with the US activist hedge fund, Elliott Management. The call to action comes after BP’s CEO, Murray Auchincloss, expressed intentions to significantly change the company’s strategy due to pressure from Elliott to improve performance. Elliott currently owns nearly 5% of BP’s shares and is advocating for the divestiture of crucial parts of the business, including some renewable energy projects. Many investors are worried that Auchincloss might dilute BP’s climate commitments and…

The Scottish government’s commitment to invest £25 million in the Grangemouth oil refinery has received a positive response from industry experts, but many believe it’s just a small step compared to the significant funds needed to secure a sustainable future for the facility. Sources involved in the project have expressed concerns regarding the dedication of both UK and Scottish officials when it comes to the necessary investment and regulatory changes required to transform Grangemouth into a renewable energy hub. “It’s definitely a positive sign; while £25 million is a modest amount compared to what is truly needed, it allows for…

CBRE has partnered with EVPassport, a company based in Santa Monica, California, to enhance the availability of electric vehicle (EV) charging systems across North America. This partnership will see the installation of over 3,600 chargers at approximately 600 locations in the U.S., as announced by CBRE last Thursday. The collaboration aims to enable property owners and managers to cater to the charging needs of residents and tenants, specifically targeting multifamily and hospitality sectors. According to a recent survey by CBRE, a significant 54% of participants identified EV charging as a crucial factor in their building selection process. EVPassport offers flexible…

Europe may face challenges in the battery manufacturing industry, potentially turning into just an assembly center for Chinese battery producers, unless new regulations are enacted to ensure technology and knowledge are transferred along with state funding. This concern stems from a study by the environmental group Transport & Environment, which emphasizes that current collaborations between Chinese battery manufacturers and European carmakers primarily focus on short-term battery supply rather than fostering valuable skills and knowledge. Julia Poliscanova, a senior director at Transport & Environment, pointed out the risks of relying only on companies like Northvolt, suggesting that Europe can either continue…

In 2025, two major achievements stood out: Kendrick Lamar’s impressive wins at the Grammys, including Song of the Year, and Pennsylvania Gov. Josh Shapiro’s groundbreaking initiatives following a significant PJM capacity auction. The auction saw prices soar to $269.92 per megawatt-day, a stark increase from $28.92 per megawatt-day, leading to higher costs for consumers. Gov. Shapiro’s efforts involved negotiating price caps and other agreements to mitigate the impacts on residents. This situation opens up a broader conversation about the idea of “energy dominance” in the U.S. The question isn’t merely whether PJM is functioning effectively; it’s about the meaning of…

US gas exports are set to gain from a recent commitment made by Donald Trump and Narendra Modi to make India a major buyer of American energy. Analysts note that India, being one of the fastest-growing large economies, is increasing its consumption of fossil fuels significantly. During their first meeting since Trump took office, both leaders agreed to boost American oil and gas exports in a bid to improve their trade relationship. Currently, India mainly relies on Russia for crude oil, while Qatar remains its top source of liquefied natural gas (LNG). As the leading LNG exporter globally, the US…

In this week’s Energy Source newsletter, we explore the implications of U.S. President Donald Trump’s ongoing trade tensions, particularly focusing on how these conflicts may influence energy exchanges between the United States and Canada, as well as with India. Following a recent meeting between Trump and Indian Prime Minister Narendra Modi, the two leaders expressed intentions to increase India’s imports of U.S. oil and gas. While specifics remained sparse, analysts suggest that liquefied natural gas (LNG) will likely dominate this trade, as it becomes a strategic element in negotiations. Helima Croft, a prominent analyst at RBC Capital Markets, remarked that…