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Hitachi invests $1 billion in US to manufacture power grid components
Hitachi's energy unit announced on Thursday that it would invest $1 billion in expanding its U.S. manufacturing of power grid infrastructure, as the nation faces record electricity demands from Big Tech building AI data centers. Hitachi's announcement comes in response to a call by U.S. president Donald Trump for a dramatic increase in electricity supply, to support the rapid expansion and development of artificial intelligence. This is happening at energy-intensive data centres around the world. In a recent statement, U.S. Secretary of Energy Chris Wright stated that "if we want to win the AI Race, reindustrialize and keep the Lights on, America will need a lot reliable energy." "Hitachi delivers." In less than three year, the U.S. is expected to have the largest concentration of data centers in the world. These centers are predicted to triple their energy consumption to consume approximately 12% of domestic power. Many utilities are increasing their spending on the electrical grid, which has been stagnant for a long time. Hitachi Energy will invest nearly half its latest investment of $457 million in a new manufacturing facility for large power transformers. The new facility will be built in South Boston, Virginia. Hitachi says the facility will become the largest U.S. manufacturer of massive transformers that can be as big as a two story home. The company stated that construction of the project will begin in this year and service will begin by 2028. Andreas Schierenbeck is the CEO of Hitachi Energy. It is a subsidiary company of Japan's Hitachi Ltd. Since the COVID-19 pandemic, global supply chains have been disrupted, transformers that help transport electricity are in short supply. Hitachi also invests in its facility near Pittsburgh, Pennsylvania, where it produces other types electrical equipment, such as breakers and switchgear. The U.S. investment is part of the more than $9 billion Hitachi has invested globally, primarily to expand its manufacturing capabilities. A Hitachi spokeswoman said that the White House has committed to accelerating the development of manufacturing capacity for power component components. The spokesperson did not elaborate, but said that Hitachi and the White House are working closely on other initiatives. (Reporting and editing by Christopher Cushing; Laila Kearney)
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The historic Gloria cable rail in Lisbon
In one of the deadliest accidents in Lisbon's public transport system, a car derailed on the Gloria funicular line and crashed. At least 17 people died. The authorities are investigating the cause for the accident. Here are some facts regarding the line: The street Calcada da Gloria is named after this railway. Gloria is the most famous funicular line, particularly among tourists. Gloria is a bridge that connects the downtown area of Lisbon, located at the intersection of Avenida da Liberdade, the main commercial street, and Restauradores Square. It also links the Sao Pedro de Alacantara terrace, which provides panoramic views of Lisbon, with Bairro Alto or the Upper Quarter. The cars have a yellow paint similar to the trams in Lisbon. The Gloria Line transports approximately 3 million passengers annually. The two cars of the line, which can each carry around 40 passengers, are connected to opposite ends on a haulage cord. Traction is provided by electric motors in each car that counterbalance one another. The line opened in 1885 and initially operated with a counterweight system of water. It then switched to steam power, before being electrified by overhead cables in 1914. - In 2002, the railway was designated as a National Monument. Two long wooden benches are arranged along the aisle, with their backs facing the windows. They are all at the same level. The bottom of the car has a higher base to compensate for a gradient of over 17%. The German company Maschinenfabrik Esslingen built the two identical cars with numbers 1 and 2. The route is approximately 265 metres long (290 yards), on a double rail track with a gauge of 90 centimetres (35 inches) and a slot in the middle for cable connections. The derailment happened about 50 metres from the bottom, at a 30 degree turn. In 2018, a derailment was caused by an unreported technical issue involving the cable. No injuries were reported. In a press release, the municipal public transport company Carris stated that "all maintenance protocol has been completed". In May, the line was closed for four days to perform maintenance. (Reporting and editing by Charlie Devereux, Alex Richardson and Andrei Khalip)
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Maguire: US gas capacity to jump by a lot as renewables slow down
According to data from the U.S. Power Capacity Pipeline, U.S. developers plan to increase natural gas and hydropower capacity and reduce plans to build new solar and wind farms. Global Energy Monitor data shows that by mid-2025 the U.S. had approximately 114,000 megawatts of natural gas power capacity in construction or so-called "pre-construction" according to Global Energy Monitor. This capacity total is over twice as big as what developers had planned a year earlier. GEM data show that gas plants are the largest source of power among all the planned capacity additions in the construction and preconstruction stages. The developers have also increased the planned capacity for nuclear and hydropower generation compared to a year earlier, and made significant cuts in solar and wind power plans as compared to mid-2024. The sudden change in energy policies of the federal government following Donald Trump's reelection is evident by the large changes made to the mix of power capacity planned. The schedule for gas-heavy developments also shows how utilities prioritize dispatchable energy sources over intermittent renewables in their scramble to keep electricity supplies up with the rapidly increasing demand. FIRE UP Around 46% of the U.S. electricity capacity is currently generated by natural gas plants, with 36% in construction or pre-construction. Around 16,300 MW are currently being built, and around 98,000 MW are in the pre-construction stage, where sites have already been identified, and permits have been obtained. U.S. utilities plan to add around 36,000MW of hydropower and nearly 8,000MW of nuclear power in addition to the 114,000MW of natural-gas-powered capacity. These diverse power sources share a common characteristic - they can all be dispatched by utilities to balance the system's power requirements. Around 159,000 MW of dispatchable capacity is currently in the developer pipeline, compared to 57,000 MW a year earlier. CLEAN CUTS The capacity pipeline of renewable energy is a lot smaller than the dispatchable power footprint. Renewable power is often called intermittent power, because it can only be produced when the wind and sun are blowing. The total solar capacity under construction or pre-construction currently is approximately 92,000 MW. This compares to around 112,000MW in 2024 at the same development stages. The current wind power capacity under development is approximately 65,000 MW. This is down from 74,000 MW one year ago. Around 155,000 MW in renewable energy capacity are currently being constructed, down from 186,000 MW one year ago. The fact that some capacity previously under construction is now operational can explain some of the apparent reductions in the renewables development pipeline. GEM data show that solar power capacity grows quickly. The total capacity of solar panels in operation has increased from 120,460MW in 2024, to around 121.31 MW at present. By mid-2025, the operating wind capacity in the United States increased from 150.592 MW. The growing wait time for new power assets, especially wind farms, to be connected to local grids and the increasing costs of parts and materials are also reasons for the reduction in the renewable pipeline. The Trump administration has cut back on future tax breaks and subsidys, which has led to a reduction in some renewable energy capacity plans. This is especially true for states that already have long waiting times to interconnect. RE-CHARGING Utilities are building new battery storage capacities rapidly to store excess power generated by renewable assets and discharge it during peak demand periods. According to Cleanview, the energy data portal, around 8,000 MW battery capacity will be added to U.S. utility networks by the end the year. This new battery capacity will bring the total U.S. utility scale battery capacity up to 46,000 MW this year. The expanded battery capacity allows utilities to better utilize the renewable energy capacity that is already in place. It also ensures that solar power that exceeds the system demand during sunny periods can be stored and used later. This will allow the U.S. power system to continue to become cleaner, even though the rate of growth in solar and wind energy capacity continues to be slower than previous years. The increased gas development pipeline ensures that natural gas will remain the main pillar in the U.S. power generation system after the current construction of all types of power is completed. STAYING GAS-HEAVY Once construction and pre-construction are complete, the share of gas capacity in the U.S. overall power system will be 44%. This is more than double that of any other source. Once the current construction frenzy is over, wind and solar will surpass coal. Wind and solar both have a 10% and a 12% contribution to the total capacity currently in operation. Wind and solar power will be around 14% of the total energy mix once projects currently in construction or pre-construction have been completed. Coal power will fall to about 12%. After the building is completed, clean energy sources will increase their share in the overall capacity mix of the grid from 39% to 44%. This means that, while the U.S. electricity system will continue to be primarily powered by gas, clean energy sources will make up the majority of the remainder and play a major role in the ongoing efforts of the U.S. system of energy to reduce pollution. These are the opinions of a columnist who writes 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 analysis. 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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Mercer predicts that US employee health insurance rates will rise by 6% in the next year.
According to Mercer, a consulting firm, Americans with employer-based insurance will likely see their monthly premiums increase by 6% to 7% between 2026 and 2028 due to the rising costs of specialty drugs and increased use of medical services. Even after benefit design changes, the cost of employer-sponsored health plans will rise by 6.5% in 2019. Mercer predicted that health plan costs would increase 9% for employers who do not make any changes. Sunit Patel is chief actuary for Mercer. She said that over half of U.S. companies plan to reduce their health care spending in the coming year because of this increase. Patel cited increased prices for treatments such as cancer and weight loss, and an increase in the use of medical services. Patel said that the rise of virtual health care - and consumer acceptance - in particular behavioral health, is also changing utilization patterns. It removes geographical barriers and makes it easier for patients to access care. According to Mercer, the report reveals that companies prioritized managing higher-cost claims as well as assessing the value healthcare programs. Two thirds of employers with more than 500 employees stated that they wanted to make behavioral healthcare more accessible. Patel said that the general economic inflation as well as higher salaries paid to healthcare professionals, and an increase in non-physician healthcare providers, all contributed to rising healthcare costs. Mercer surveyed 59% of employers who said they would cut costs more aggressively in 2025, compared to 48% in the previous survey. The changes could range from increasing the employees' share of cost to investing in programs that help members better manage costly conditions. Beth Umland, director of research at Mercer, explained that some measures may increase the out-of pocket costs for members. These include higher deductibles or a requirement to spend more before members can use their health insurance. Mercer's survey was conducted between June 11th and August 12th. (Reporting and editing by Amina Nasse)
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Cyprus: European prosecutors are investigating the east Med cable project
Cyprus's President said that European prosecutors are looking into possible criminal offenses relating to an EU-funded project worth 1.9 billion euros ($2.12 billion), which aims to build a submarine electric cable connecting Europe with the eastern Mediterranean. The Great Sea Interconnector is being built by the Greek grid operator IPTO to connect European and Cypriot transmission systems and extend it to Israel. Nicosia is seeking clarifications about the project's cost and viability. In March, Greece reaffirmed their commitment to the project following reports that it had been stopped due to financial and geopolitical issues. Nikos Christodoulides, the Cypriot president, told reporters that he was informed late Wednesday night that the European Public Prosecutor's Office opened an investigation into "possible crimes in relation to this specific project" following complaints. Christodoulides, when asked who the investigation was targeting, said: "It doesn't refer to anyone in particular." The EPPO didn't immediately respond to a comment request. IPTO Athens declined to comment. The Greek operator assumed control of the project in 2023 and replaced a project manager based in Cyprus. Piotr serafin, EU commissioner for budgetary matters and anti-fraud in Cyprus, declined to comment on the EPPO's independent nature, on Thursday. He claimed that he had not heard of any concerns raised by his office about the project. Project promoters claim that the 1,240 km cable will be the "world's longest", and it will also be the deepest, at 3,000 meters. (Reporting by Michele Kambas, Additional reporting by Angeliki Koutantou, Editing by Jan Harvey).
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UKMTO reports that a projectile fell into the Red Sea near a ship off Yemen
According to a British maritime agency, on Thursday, a projectile fell into the Red Sea, near a vessel in Yemen. The Houthis, who are backed by Iran, have been attacking shipping off Yemen since Israel's Gaza war began. According to United Kingdom Maritime Trade Operations, the vessel and crew are safe and have moved on to their next destination. The agency received a report about the incident 178 miles north-west of the port Hodeidah. The report did not mention when the attack took place. In what they call an act of solidarity for the Palestinians living in Gaza, the Houthis reserve the right to target ships that have any connection to Israel and are passing through the Red Sea. A few of their missiles and drones have reached Israel's targets, but most have not. Israel has responded by bombing Yemen and killing the Houthi Prime Minister last week. The attacks disrupted the flow of trade through the Red Sea, the Suez Canal and one of the busiest shipping routes in the world. (Reporting and editing by Sharon Singleton, Kevin Liffey and Jana Choukeir)
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European shares rise on Fed rate cut expectations; airline stocks fall
European shares rose on Thursday, as the markets were calmed by expectations that interest rates would be cut soon by the U.S. Federal Reserve. However, travel and leisure stocks dropped after British budget airline Jet2 announced a weak outlook. At 0835 GMT, the pan-European STOXX 600 index edged up by 0.18% at 547.74. Travel and leisure dropped 1%, leading declines across sectors. TUI Germany fell 2.1% and Easyjet nearly 4%. Jet2 shares have lost about a quarter after the British low cost airline predicted an operating profit for the full year that was at the lower end than expected. Chris Beauchamp said that the outlook for travel is still uncertain, as consumers are likely to cut back on their spending due to the possibility of higher prices in Europe during the remainder of the year. As dovish comments from Federal Reserve policymakers, and signs of weakness in the labor market, raised hopes for an early U.S. rate cut, concerns over debt-driven spending in developed countries, which returned this week, subsided. Beauchamp stated that "with the yields calmed down again today, it's possible there is a feeling of this early autumn/late summer panic seeming to have subsided a bit." The yields on longer-dated European bonds are still near multi-year highs. Next week, the focus will be France as it faces a possible collapse after pushing for a tightening of its budget in 2026. September has historically been a difficult month for the markets. Sanofi fell nearly 10% from the top of the STOXX after late-stage data of its experimental inflammatory disease drug, amlitelimab, failed to meet market expectations. The CAC 40 index in France fell 0.5%, while the broader healthcare sector declined by 0.2%. Volvo Cars' shares fell 2.3% following the automaker's announcement August Sales CVC Capital, a private equity manager, lost 3.8% following its quarterly report. First half results. Porsche fell 0.6%, as the luxury automaker's stock would be delegated to the German Mid-Caps Index following recent losses of its shares. The company was hurt by U.S. Import Tariffs and a weakening in demand in China, a key market. Investors will focus on the weekly U.S. jobless claims report later that day, ahead of Friday's pivotal nonfarm payrolls for August. Reporting by Tristan Veyet, Gdansk; Johann M Cherian, Bengaluru. Editing by Niveditarjee Bhattacharjee & Saumyadeb Chkrabarty
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As the investigation into the cable car accident begins, Lisbon mourns 16 deaths
After at least 16 people died in a crash involving a popular tourist funicular, flags were flown at half mast in Lisbon. The remaining two lines have been closed while Portuguese authorities investigate the cause of accident. Sao Jose Hospital reported that 23 people were injured and one died overnight. The footage from the scene showed the yellow tram-like funicular that carries people up a steep hillside of the Portuguese capital lying on the ground where it had hit a building. Eliane Chaves is a Brazilian living in Lisbon for the past 20 years. She said that she walks by the funicular each day. National mourning has been declared. "It is really sad," she said. "People say it was negligence, but it wasn't negligence," she said. They closely supervise the process. It was an accident just as a plane crash or car accident could happen. Manuel Leal, the leader of Fectrans, told local TV workers at the Gloria Railway - a symbol of the city – had complained of problems with the haulage cable tension on the funicular, which made braking difficult. However, it was still too early to determine if this was the cause of crash. Carris, the municipal public transport company, said in a press release that "all maintenance protocol has been followed", including weekly and monthly maintenance programmes as well as daily inspections. Electric motors mounted on each car counterbalance one another to provide traction. The cable appeared to snap, and the car, which was coming down a 265 metre slope, lost its brakes, and crashed into a building on the corner. The car in the middle of the line was thrown back several metres and appeared to be unharmed, but a video taken by passersby showed some passengers jumping from its windows. The line that opened in 1885 connects Lisbon's downtown near Restauradores square with Bairro Alto or Upper Quarter which is famous for its vibrant evening life. According to the city hall, the Gloria line transports approximately 3 million people each year. The authorities did not reveal the identities of the victims, nor their nationalities. However, they said that some foreigners were among the dead. Local media reported that the German family of three was one of the victims. The father was killed and the mother suffered serious injuries. In the last decade, Portugal and Lisbon have seen a boom in tourism, with tourists thronging the city's downtown during the summer. (Reporting and editing by Alex Richardson, Inti landauro, Sergio Goncalves, Andrei Khalip)
Hong Kong democrat Jimmy Lai trial delayed over heart problems
After his lawyer claimed that Jimmy Lai had heart palpitations, the closing arguments in a trial for national security against Hong Kong's pro-democracy entrepreneur Jimmy Lai was delayed until Friday.
Closing submissions will resume on Monday, after the court adjourned for Lai to get medication and a monitor. Lai has pleaded no contest to two counts of conspiracy to collude and one of conspiracy for publishing seditious materials. Lai founded the Apple Daily, a newspaper that had to be closed in June 2021 after a raid by police and an asset freeze. Lai has been called to release immediately by some Western governments including the U.S. They claim that the trial is political and part of a long-running crackdown on national security in the China-ruled financial center. In a Thursday media interview, U.S. president Donald Trump stated that he will "do all I can to rescue him." (Editing by Greg Torode & Saad Sayeed).
(source: Reuters)