Author: Graham Foster

The United States is about to see a significant increase in natural gas power plant construction as major technology companies seek fossil fuels to satisfy the growing electricity demands from artificial intelligence. This surge raises concerns about the country’s climate goals. Energy consultancy Enverus predicts that by 2030, up to 80 new gas-fired power plants will be established across the U.S., adding 46 gigawatts of capacity. This is comparable to the total electricity supply of Norway and represents nearly a 20% increase from what was added in the past five years. The construction boom is likely to coincide with the…

Public Citizen is raising concerns about a transmission project proposed by PJM Interconnection, which would cost ratepayers $546 million. The advocacy group argues that a recent settlement with the Federal Energy Regulatory Commission (FERC) reveals that the expenditures were imprudent, making the allocation of those costs to consumers “unjust and unreasonable.” The settlement reached on December 5 between Public Service Electric & Gas (PSE&G) and FERC’s enforcement office pertains to the same project that would be financed by ratepayers under PJM’s cost-sharing plan. Public Citizen highlights troubling fraudulent actions by PSE&G and a lack of oversight from PJM, indicating inadequate…

American Electric Power (AEP) is set to sell nearly 20% of its interests in two transmission companies to a partnership involving KKR and the Canada Public Sector Pension Investment Board. The total value of the deal is $2.82 billion, as announced recently by the company. This move is seen as a way for AEP to efficiently finance its expanding operations in the Midwest, while also addressing the rising demand from customers and ensuring reliable service. AEP plans to use proceeds from this sale to bolster its ambitious five-year capital growth plan, which is worth $54 billion. This plan includes significant…

The cost of fuel for nuclear reactors has reached new heights, largely due to the rising demand from artificial intelligence data centers. This surge in prices follows the disruptions in the market created by Russia’s invasion of Ukraine. Enriched uranium prices have climbed to an unprecedented $190 per separative work unit, which measures the effort needed to separate uranium isotopes. Just three years ago, the price was only $56, according to UxC data. Interest in nuclear energy is growing as governments and companies look for carbon-free power sources that can adequately support large industries and communities. Major technology firms like…

The Biden administration has recently announced significant sanctions aimed at the Russian energy sector, targeting Moscow’s oil revenue just days before Donald Trump is set to take office. This new set of sanctions includes restrictions on major Russian oil companies, such as Gazprom Neft and Surgutneftegas, as well as the blacklisting of 183 vessels linked to Russian energy exports. Several traders, oilfield service providers operating in Russia, and various energy officials have also come under sanction. According to the U.S. Treasury, the United Kingdom will collaborate with the U.S. on regulating these two key oil producers. UK Foreign Secretary David…

Poland’s largest chemicals firm, Grupa Azoty, is considering selling its German fertiliser unit as a way to improve its financial health amid ongoing challenges from competitively priced imports from Russia and Belarus. In a recent interview, Chief Financial Officer Andrzej Skolmowski mentioned that the state-owned company hopes to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. However, he acknowledged problems with cash flow and excessive debt. The firm reported a loss of 226 million zlotys (€53 million) for the third quarter, a significant improvement over a loss of 743 million zlotys during the same time last…

Constellation Energy announced its acquisition of Calpine in a significant deal valued at $16.4 billion. This merger of two major energy companies will create a powerhouse in the energy sector, with a combined capacity of nearly 60 gigawatts (GW) across various energy sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage. Following the announcement, the financial community reacted positively, with S&P Global Ratings highlighting that the new entity will emerge as the largest power generator in the U.S. However, concerns from investment banking firm Jefferies arose regarding potential market power issues and the likelihood of opposition…

In recent times, the power and utilities sector has experienced heightened demands to lower carbon emissions, influenced by government regulations and social expectations. According to the U.S. Environmental Protection Agency’s latest reports, power plants continue to be the largest stationary source of greenhouse gas emissions, with around 1,320 facilities contributing approximately 1.5 billion metric tons of carbon dioxide in 2023. Despite this, there has been a significant 7.2% reduction in reported emissions from power plants between 2022 and 2023, indicating a shift toward cleaner energy sources. The International Energy Agency has noted that while global energy-related CO₂ emissions rose by…

After years of challenges like excess production, low prices, and lack of investor interest, China’s solar industry is showing some signs of bouncing back. Back in 2010, Europe was the leader in solar panel production, with Germany topping the charts by a significant margin. However, China made a strategic move to enter the market and succeeded beyond expectations. While China gained a lot of ground against Germany, it also created problems such as overproduction and falling prices. Investors steered clear of this sector because of its uncertain future and poor growth potential, but recent indicators suggest it might be starting…

The UK’s main gas network operator has assured the nation that it is adequately positioned to secure the needed gas supply this winter. This reassurance comes after a prominent energy supplier warned that reserve supplies were dwindling due to recent cold weather, stating there was “less than a week” of gas left. National Gas, which manages the gas transmission system in Britain, stated that the overall situation remains stable across the eight major gas storage sites in the country. The operator highlighted that the UK sources its gas from a variety of channels, including pipelines from Europe and shipments from…