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Sources say that the EPA will withdraw its foundation rules for greenhouse gas regulations
Two sources with knowledge of the plan said that the U.S. Environmental Protection Agency plans to reverse the scientific conclusion that greenhouse gas emission endangers public health. This will remove the legal basis that supports all major climate regulations. The proposal to reverse "endangerment findings" undermines one of the most important federal standards, which had allowed the United States tackle climate change through regulation of vehicles, industries and energy-producing plants that emit heat trapping greenhouse gases. Sources said that a reversal of the findings would allow the EPA easily to undo major regulations that addressed greenhouse gas emissions based on this finding. A spokesperson for the EPA said that on June 30, the agency sent a proposal to reconsider the endangerment findings to the White House Office of Management and Budget, and other federal agencies are currently reviewing it. In an email, an EPA spokesperson stated that the proposal would be made public for public comment and notice once it had been approved by all agencies and signed by Administrator. The Washington Post was the first to report on this decision.
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Teachers die saving students in Bangladesh jet crash
Maherin Chowdhury, a teacher and student at her school, was saved by a Bangladesh Air Force fighter plane that crashed and ignited in a fiery ball on Monday. She put the safety of her students and staff before her own. Munaf Chowdhury told her brother that the 46-year old English teacher repeatedly went into a classroom in flames to save her students while her own clothes were on fire. Maherin died Monday morning after suffering almost total burns to her body. Her husband and her two teenaged boys survive her. When her husband called, begging her to leave and think about her children, she refused. She said, "They are also my kids, they are on fire." How can I leave? Chowdhury replied. The F-7?BGI, which crashed into the school and trapped them in debris and fire, killed at least 29 people - most of whom were children. The military claimed that the aircraft suffered mechanical failure. I don't remember how many students she saved but at least 20. He said that his sister had pulled the students out of the water with her hands. According to the military, the jet took off from an airbase nearby on a routine mission of training. The pilot attempted to divert his aircraft from populated areas after experiencing a mechanical failure. However, the plane crashed into a campus. The pilot was one of those who died. Maherin was described by Khadija Aker, headmistress for the primary section of the school, as a person who ran to help others. She was buried in her native district of Nilphamari in the north of Bangladesh on Tuesday. Reporting by Ruma in Dhaka; Writing by Shilpa jamkhandikar; Editing by William Maclean
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Maguire: Key US electricity prices and output trends to 2025.
In the first half of 2025, there were a number of milestones in U.S. power and electricity, including records for generation, retail prices, and demand. Here are some key data points to track the ongoing changes in the U.S. electricity and power sectors. These are being impacted by historical swings in federal policies, rapid deployment of clean energy and surging demand from consumers and businesses. GROWTH OF OUTPUT The U.S. electricity output between January and June 2025 will reach a new record as solar and wind farms produce at all-time levels. Data from Ember show that the total utility-supplied electric production from January to the end of June reached 2,188 terawatts hours (TWh), the highest ever for this period. This is also 4% higher than the same months from 2024. Solar output grew by 32% over the past year, and wind farm production reached a record. Clean energy electricity supply increased 6% from last year to 989 TWh. In the months of January to June 2016, clean power sources accounted for a record 45.2% of all electricity, up from 44.2% in the same period a year earlier. During January to June, fossil fuels produced 1,199 TWh or 54.8%. Gas prices increased in early 2025, resulting in a 4% decline in output from natural gas plants. In order to compensate for the drop in gas-powered power, utilities increased coal-fired electricity output by 17% from January to June compared with 2024. Coal generated 16% of all power, which is the highest level for the first half of this year since 2022. Price Gains The U.S. Federal Reserve System data shows that retail electricity prices in the U.S. also reached new heights this year. In recent years, the cost of electricity in the United States has steadily increased due to a combination of factors, including the growth in electricity demand from data centers and AI applications as well as electric vehicles, air conditioners, and electric cars. The average electricity rate in June of 2025 was 6.7% higher than the rate in the same month in 2024. This means that the cost of electricity for households has risen at a pace that is more than twice as fast as the overall consumer price inflation in the United States during that time period. Electricity costs are rising due to the increasing spending of utilities on upgrading aging grids that struggle to handle higher loads and growing amounts of renewable energy. BLAME GAME U.S. president Donald Trump blames the policies of former president Joe Biden, saying that the subsidies for renewable energy supplies have increased costs for utilities. Republican lawmakers cited high electricity costs in California, which has some of the most aggressive clean-energy targets in the nation, as proof that clean-energy goals increase consumer energy bills and as a justification for cutting clean-energy support from the latest budget. However, electricity prices have risen in states that have a strong opposition to clean energy. The U.S. Energy Information Administration's (EIA) data shows that electricity costs in California, the state with the highest prices, have been around 31.5 cents/kWh on average this year, compared to just under 32 cents/kWh by 2024. Electricity prices in Iowa, Kansas, and Nevada have also fallen from a year earlier. These states have all seen a dramatic increase in the supply of clean energy in electricity production so far in this decade. Electricity costs have increased far more in states that have energy systems which have suppressed the growth of renewable energy sources than the national average. Florida, which bans wind power and limits state support for solar energy, has seen its average prices rise by 5% this year to 14.94 cents/kWh compared to 14.25 cents/kWh a decade ago. Indiana, Tennessee South Carolina, Wisconsin and other states have seen their electricity prices rise more than the U.S. national average this year. They have also experienced a slower growth in clean energy than California this decade. Electricity prices in these states are still below the national average of 16.75 cents/kWh, which is what they were so far this year. All utilities are responsible for delivering grid upgrades in the next few years, as power demand is on the rise across the country. Some states that have large amounts of solar and wind power may be able avoid steep price increases in the near future, since generation costs for renewables are often lower than fossil fuel plants. In areas where there is little or no clean energy, utilities will have to increase the cost of electricity to consumers to continue operating fossil power plants. These utilities are also more exposed to fossil fuel prices in the future, as federal funding for clean energy is cut and policy measures continue to direct power expansion towards fossil fuels. This means that any additional increases in gas or coal costs due to increasing power demand could also be passed on by the consumers and could further increase the rise in energy bills for customers in areas lacking significant clean energy sources. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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INDIA RUPEE-Rupee dips but firmer yuan, exporter dollar sales cushion losses
The Indian rupee finished Wednesday slightly weaker, with the strength of the Chinese yuan helping to keep the currency above an important psychological support level. The rupee closed the session at 86.4075 against the U.S. Dollar, down from the previous close of 86.3675 but still holding above the 86.50 level. The offshore Chinese Yuan reached a three-week high, while the dollar index fell a bit to 97.4. A large private bank's dollar sales and exporter activity helped to contain the rupee's losses for the day. Positive regional cues were also helpful, according to a trader from a state-run banking institution. The BSE Sensex, and Nifty 50, India's benchmark equity indices, closed up by 0.6%, each. This was in line with gains made by global equities, which were boosted by the hopes that trade tensions would ease after a recent deal between the U.S. In a recent note, ING stated that "equity markets around the world are rallying because they believe that transactions reduce uncertainty." Donald Trump, the U.S. president, also announced a new trade agreement with Philippines. He released details of an earlier deal with Indonesia and stated that EU representatives would be coming to trade negotiations in Washington on Wednesday. Next week, officials from China and the U.S. will also meet to discuss a possible extension of the deadline to negotiate a trade agreement. India's chances of reaching a deal by the deadline of August 1 have diminished, as talks on tariff reductions for key agricultural and milk products are at a standstill. Dilip Parmar is a foreign exchange analyst at HDFC Securities. He said that the pressure on the rupee has been maintained by the outflow of portfolios from abroad and the failure to reach a conclusion on trade negotiations. Parmar believes the rupee will fall towards 86.70 within the next few months. (Reporting and editing by Jaspreet K. Kalra)
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Bulletin shows that India cenbank bought net $1.76 billion on the forex market in May.
In May, the Reserve Bank of India (RBI), according to data released Wednesday in its monthly bulletin, bought net $1.76 billion on the foreign exchange markets. The RBI reported that it had purchased $9.1 Billion and sold $7.3 Billion during the month. The central bank sold $1.66 billion in April. The Indian rupee fell by more than 1% in the month of May due to persistent uncertainty about U.S. Trade Policies, an armed conflict involving India and Pakistan and possible dollar buying interventions by central bank. Data showed that the RBI's outstanding net forward sales stood at $65.2 Billion at the end April, compared to a net sale at $72.6 Billion at the end the previous month. To reduce volatility in exchange rates, the central bank intervenes on both the spot and futures markets. The rupee was little changed on Wednesday, closing at 86.4075 US dollars. (Reporting from Jaspreet KALA)
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Hilton raises its 2025 profit forecast due to US demand recovery
Hilton Worldwide has raised its profit forecast for 2025 as the travel demand in America recovers after a dip in March and April. Domestic travel was hit earlier this year after aggressive tariff announcements by U.S. president Donald Trump sparked fears of a recession, which led consumers to cut back on discretionary spending. Delta Air Lines, United Airlines, and other travel companies have reported that the travel demand in America has stabilized. However, the recovery is slower than expected. Hilton, which is based in McLean, Virginia, now expects its full-year adjusted profits to range between $7.83 to $8 per share. This compares to an earlier forecast that was $7.76- $7.94. Waldorf Astoria's parent company posted an adjusted profit per share of $2.20 in the second quarter. This compares to $1.91 last year. (Reporting by Aishwarya Jain in Bengaluru; Editing by Shinjini Ganguli)
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Lobbies call for auction reforms as Germany's offshore-wind roll-out stagnates in H1.
In the first half 2025, Germany's installed offshore wind power capacity remained unchanged. Industry groups urged Wednesday the government to improve auction measures to encourage more turbine additions this year. According to the consultancy Deutsche WindGuard commissioned by lobby groups for data collection, as of June 30 2025, there will be 9.2 gigawatts of offshore installed capacity. This is unchanged from December 31, 2024. However, 1.9 GW are currently under construction. The offshore wind industry plays a key role in the success and energy transition of Germany, according to a joint statement by VDMA Power System and the German Wind Energy Association BWE. The industry must be able rely on the target expansion of 70 GW in 2045, it said. The law will theoretically include a 30 GW target by 2030. Germany wants to get 80% of the power it consumes from renewable sources such as solar and wind energy by 2030. This compares with 54% in the first half of 2025. Offshore wind made up 5% of this. WindGuard research shows that 3.6 GW offshore wind capacity received final investment decisions, and another 17.5 GW was awarded permits but has not yet been allocated by investors. The lobby groups said, however, that in order for these plans materialise the industry will need to have revenue models aligned across Europe and longer time horizons. These should be at least 12 instead of six months, reflecting the longer construction and sourcing times. A redesign of the auction should also include Contracts for Differences (CfDs), fixed-price contracts for power that provide long-term revenue streams. They said that developers were not happy with the risks associated with bottlenecks and "overplanting", a method of allocating proportionally more capacity to transmission cables in order to improve connecting cable utilisation. They said that overplanting is too rigid, and developers should have more flexibility to tailor their sites. (Reporting by Vera Eckert, editing by Alexandra Hudson)
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RUPEE INDIA-Raise in overnight swap rates, lower US bond yields increase forward premiums
The dollar-rupee premiums in India rose across all tenors due to a combination of an increase in the cost of borrowing rupees overnight and a drop in short-term U.S. Treasury rates, while the local currency remained flat on the spot market. The overnight dollar-rupee swap rate rose on Wednesday to 0.38 paisa, pushing near-tenor premiums up to a month-high and boosting long-term premiums, helped by a drop in the yield of one-year U.S. Treasury bonds. The 1-month forward premium increased to 12.50 paisa while the 1-year implied rate rose by 2 basis point to a 3-week high of 2,05%. The yield on the 1-year U.S. Treasury was at 4.08% last after it hit a 2-week low overnight. According to traders, tighter rupee liquidity within the banking system has pushed the overnight swap rate up. India's banking sector liquidity is at a low point for the past seven weeks, but is expected to rise in the next few days. This could help reduce near-tenor premiums. A trader from a large bank stated that "there is limited interest to run a position paid" citing the possibility of the Federal Reserve keeping rates unchanged for a longer period of time and the growing expectation of a rate reduction by the Reserve Bank of India at its policy meeting in August. The rupee, on the spot market, was almost flat at 86.37 U.S. dollars as of 12:15 pm, sandwiched between the positive signals from gains in many regional peers, and the routine dollar demand by local importers. The dollar index was steady at 97.5, while the Chinese yuan strengthened to a three-week high, buoyed by fresh signs of easing trade tensions and a persistently stronger-than-expected guidance fix by the country's central bank. U.S. officials and Chinese officials will discuss an extension of the August 1 deadline for negotiations on a trade agreement. (Reporting and editing by Jaspreet K. Kalra)
Equinor writes off $955 Million US Offshore Wind Costs
Equinor, of Norway, said that it had booked an impairment of $955 million on a project for offshore wind in the United States despite President Donald Trump's lifting an earlier ban.
Interior Secretary Doug Burgum stated in April that the former administration of President Joe Biden failed to perform enough environmental analyses before approving Empire Wind's development in New York State.
He stopped the project and dealt a serious blow to the U.S. Offshore Wind Industry.
Burgum lifted its stop-work order a month after the original date, as part of a compromise reached with the government that could see the canceled plans for a pipeline revived.
Equinor reported a lower net operating profit for the second quarter on Wednesday due to having booked a near billion dollar impairment in its U.S. off-shore wind projects.
Equinor released a statement Wednesday that said, "This is affected by an impairment amounting to $955 million as a result of regulatory changes which have caused loss of synergies for future offshore wind project and increased tariff exposure."
"Of these, $763 millions is related the Empire Wind 1/South Brooklyn Marine Terminal Project and the remaining is related the Empire Wind 2 Lease."
Equinor, owned by the Norwegian government, won a federal leasing contract for Empire Wind under Trump's initial administration in 2017. It also received approval for its 2023 investment plans when Biden was in the White House.
On the first day in his second term, Trump ordered an examination of offshore wind leasing and permitting, even though many analysts still believed that projects with full permits were safe.
It said that the total book value of the company after the latest impairments is $2.3 billion.
The project, which is expected to start operating in 2027, has an installed capacity of 810 Megawatts. This could provide enough electricity for half a million households per year.
Equinor reported lower core results for the second quarter, as expected due to lower oil price. (Reporting and editing by Terje Solsvik, Jacqueline Wong and Gwladys Fauche)
(source: Reuters)