New York to build advanced nuclear power plant in upstate New York, Governor says
Kathy Hochul, the Governor of New York, announced on Monday that the state plans to build a nuclear power plant capable of producing at least one gigawatt, making it the first new reactor in the United States for a generation. After decades of stagnation in the U.S., nuclear power is experiencing an renaissance. This is due to the record-breaking…
As new gas plants become more expensive, renewable energy is still the cheapest way to build power.
Lazard, in a Monday report, said that renewable power sources like solar and onshore winds are the least expensive, and fastest, power generation methods to deploy in the United States. This is true even without any government subsidies. In its annual Levelized Energy+ analysis, Lazard, an international financial services firm, reported that the cost of building new gas-fired plants has reached a decade high.
German utility RWE announces partnership with tech giant Amazon
The German utility RWE announced on Thursday a strategic framework deal with tech giant Amazon, in which the utility will deliver clean energy and receive cloud services in exchange. Cloud services include artificial intelligence and data analysis in exchange for electricity provided by RWE's solar and wind facilities. Some of these are already operational and others are in construction.
World Bank will end nuclear energy ban, but still debate upstream gas
Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board.
GAIL India sells LNG cargo because early monsoons lead to weak power demand.
GAIL (India) Ltd resold a liquefied gas (LNG) shipment this week, according to three sources in the market on Friday. The state-run company's tanks are full due to the weak demand for power in India. GAIL, India's largest gas distributor could reduce India's appetite for super-chilled fuel by reducing the number of LNG imports. India was the fourth largest LNG purchaser in the world last year…
Coal India will invest $3 billion in clean energy projects for a boost to renewables
Coal India said it would set up clean energy project of around 4.5 gigawatts for a cost 250 billion rupees ($3 billion) as it strives to achieve zero net carbon emissions. As part of a larger national goal to achieve zero net carbon emissions by the year 2070, the state-owned miner is diversifying its business beyond the polluting fossil fuel that remains a key component for the country's energy needs.
Xcel Energy's first-quarter profit misses estimates due to higher costs
Xcel Energy, a U.S. utility, missed Wall Street expectations for the first-quarter profits on Thursday due to higher operating and interest costs. The high interest rates have made it difficult for utility companies to build and maintain vital infrastructure at a time of increasing electricity demand. Data centers are booming due to AI. Xcel Energy reported that its total operating costs increased 8.7% to $3.23 Billion…
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand, and dent plans for expansion by the country’s power companies.
Ember reports that renewables will provide 32% of the global electricity by 2024.
A report from the energy think-tank Ember on Tuesday revealed that renewable power generated a record 32% global electricity in 2017. The overall electricity demand increased 4%, driven by heatwaves, data centres, and other factors. Euan Graham, Ember's electricity and data analyst, said that energy security concerns, which are exacerbated by the…
Gas turbines from GE Vernova will be used in a new Missouri power station
GE Vernova announced on Friday that it has received an order for its aeroderivative GE Vernova gas turbines to be used in Springfield City Utilities (CU)'s new power generating plant in Missouri. The McCartney Generating Station, a 100 Megawatt (MW), is expected to begin operations in 2027. GE Vernova has not disclosed the value of the deal or the anticipated delivery date for the turbines.
German wind energy supply plummets on Monday
The German and French power prices for the following Monday were not traded on Friday. However, a tumbling wind output and a flagging solar output in the entire region was expected to have an upward effect on prices. LSEG data shows that the German and French baseload power prices for Monday were not traded by 0938 GMT. Naser Hashemi, LSEG analyst…
India's thermal coke imports fell for the sixth consecutive month in February
Ship tracking data shows that India's thermal coal imports, which are mainly used for power generation, fell in February for the sixth consecutive month. This is because coal-fired electricity generation increased at a slower pace due to a slowdown of manufacturing. It is the longest streak of decline since February 2022 when imports fell for eight consecutive monthly.
IEA: Global electricity demand will grow by 4% until 2027
The IEA released a report Friday that predicted the global electricity demand to increase by 4% – or more than Japan's total annual consumption – each year until 2027. However, the expansion of energy sources with low emissions should help counteract this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies.
IEA: Global electricity demand will grow by 4% until 2027
The IEA reported on Friday that the global electricity demand will grow more than Japan's total annual consumption through 2027. However, the expansion of energy sources with low emissions should help to offset this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate.
METI Japan says it is difficult to predict the impact of DeepSeek on electricity demand.
The Japanese industry ministry knows that the expansion of data centers may increase electricity demand, but it's difficult to predict what will happen with the advent of DeepSeek. The government published a draft version of its basic energy policy, which is a major document that is reviewed every three years. It projected an increase in electricity production between 10-20% from 2040, and also cited a higher AI usage.
Chevron will build gas plants for data centers in the AI boom
The oil and gas company Chevron announced on Tuesday that it will build natural gas power plants near data centers in the U.S. as the energy demand for artificial intelligence growth is expected to grow. The second largest U.S. oil and gas producer has partnered with Engine No. The project is a partnership between Engine No. 1 and electric service company GE Vernova.
Leading think tank: Wind is best for Sweden to achieve its climate goals.
A leading think-tank said that the cheapest way to help Sweden meet its projected rise in electricity demand and achieve net zero emissions by the year 2045 would be to build more wind farms onshore rather than increasing nuclear power plants. The Swedish government wants to build 10 new nuclear plants by 2045, as the transport and industrial sectors are moving away from fossil fuels.
Energean UK forecasts higher production in 2025 on the strong Israel growth
Energean, a UK-based producer of gas, said it expected higher production levels in 2025. The company is betting on increased sales in Israel, its main market. The company, which gets its main production from a gas field offshore Israel, wants to double production in the next few years. It will do this primarily by developing new prospects in Israel including the Katlan Field.
US PJM electricity demand hits preliminary winter records during winter freeze
PJM Interconnection, a power grid operator in the United States, said on Wednesday that it had set a preliminary winter record with a peak load exceeding 145,000 megawatts. It also exported 8,000 MW due to extreme cold across the country. This record is higher than the previous one of 143.700 MW, set in February 2015. Data verification will be conducted by PJM.
The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines.
