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KKR and Kreate have completed the purchase of South Korea’s Cheongna Logistics Center
KKR, a global investment firm, and its Korean affiliate, Create Asset Management, announced on Tuesday that they had completed the acquisition of Cheongna Logistics Center. They claim this is South Korea's biggest single asset logistics deal. The companies did not reveal the financial details of the transaction. A person familiar with the matter said that the logistics asset in Incheon would be valued at a little?more than a trillion won ($696 millions), including debt. Sources could not be identified as the information is confidential. Brookfield Asset Management did not respond immediately to a comment request. Brookfield Asset Management sold the logistics center to the KKR led consortium. The 4.6-million-square-foot facility, completed in 2022, is fully ?leased and strategically located within the Greater ?Seoul metropolitan area, KKR said. In a press release, the New York firm stated that the acquisition was made through funds'managed by KKR & Kreate.' The latter took over the management and operation of?the?property. (Reporting from Kane Wu in Hong Kong, Ruchika Khanna and Rashmi ich in Bengaluru)
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Saudi agency reports that the coalition in Yemen has called on civilians to leave Mukalla.
According to the Saudi state news agency, on Tuesday, the Saudi-led coalition in Yemen announced that it had 'called on civilians in?the Yemeni Port of Mukalla located in Hadramout Province to evacuate until further notification in preparation for a military action. The coalition had said that it would "counter any military actions by the separatist STC?group?in Hadramout in order to protect civilians. Early December saw a major shift in power as the STC seized control of the southern provinces, forcing the government to leave Aden and seizing Hadramout, Al-Mahra, and the eastern provinces, Hadramout, Al-Mahra, as Saudi-backed forces retreated. Rashad al Ali, the head of Yemen's Presidential Leadership Council had asked if the coalition would take immediate action to protect civilians from "violations by armed group affiliated with STC". Reporting by Yomna ehab, Editing by Jacqueline Wong & Raju Gopalakrishnan
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Pentagon announces $8.6 Billion Boeing Contract for F-15 Jets for Israel
The Pentagon announced on Monday that Boeing had been awarded an $8.6 billion contract for the F-15 Israel Program, following a meeting between U.S. president Donald Trump and Israeli Prime Minister Benjamin Netanyahu. The Pentagon stated that the contract "provides for a design, integration and instrumentation of 25 new F-15IA airliners for the Israeli Air Force with an option to purchase an additional 25 F-15IAs." The Pentagon stated that the contract was for foreign military sales to Israel. The U.S. is by far its largest arms supplier in the Middle East. Pro-Palestinian, anti-war Protesters Around the?U.S. Washington's support for Israel was questioned after the devastating attack on But these?demands? have not been met by the administrations under President Donald Trump Former President Joe Biden The Pentagon announced that contract work would be completed in St. Louis by December 31, 2035.
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Winter Storm Ezra disrupts US travel, as Meteorologists warn of the 'bomb-cyclone'
Winter Storm Ezra caused holiday travel disruptions across the U.S. Northeast and Midwest for a third consecutive day on Monday. Airlines scrambled to recover, and forecasters warned of an upcoming "bomb-cyclone" which could further disrupt trips before the New Year holiday. As of 3:25 pm ET, there were 751 flights canceled and nearly 6,000 delayed. FlightAware, a flight tracking website, reports that as of 3:25 p.m. ET there were 751 canceled flights and nearly 6,000 delayed flights. Weather disruptions since Friday have caused more than 3,600 cancellations and delays. Storms hit during a time when airlines are operating at near capacity and have limited flexibility in rebooking passengers. As airlines dealt with the severe winter weather, holiday travelers were faced with long waiting times, difficulties rebooking and accommodations. AccuWeather's meteorologists said the storm was expected to intensify and become a "bomb-cyclone" by Monday night. The storm is expected to bring blizzard conditions as well as dangerous ice, heavy rain, and strong winds. Bomb cyclones occur when atmospheric pressure rapidly drops, causing hurricane-force wind and heavy rain. The arctic front that drove the storm caused a wild swing in temperature. The temperatures in Philadelphia were predicted to drop overnight from 60 degrees, where they had been on Monday. Travel disruptions, regional power outages, and hazardous conditions are expected to continue through Tuesday morning. Poor visibility, icy roads and blowing sleet contributed to multiple vehicle pileups. Authorities in some parts of the area urged drivers to avoid unnecessary travel. The Federal Emergency Management Agency has warned that driving can be hazardous as high winds, ice and blizzard conditions descend on the Upper Midwest and Great Lakes. The Federal Aviation Administration has issued a?ground stop' at Washington Dulles International Airport, until 4:15 pm. Due to high winds, the Federal Aviation Administration issued a ground stop at Washington's Dulles International Airport until 4:15 p.m. ET. Low visibility and high winds caused delays at Boston and Newark airports, which serve New York City. The FAA has ordered that all flights to Detroit be grounded at the Detroit Metropolitan Wayne County Airport until 8 am. ET on Monday. Only Delta Air Lines flights were affected by the halt. The reasons for this were not disclosed. Delays are expected to last until midnight. Delta's shares dropped nearly 3% in afternoon trading, as it had the highest number of cancellations and delay on Monday. United Airlines, American Airlines, and Alaska Air Group all saw their shares fall by about 2%. Ground crews were also clearing snow and ice off planes, according to the FAA. The operations of airlines are closely interconnected, so canceled flights may leave crews and aircraft out of place, making it difficult to get back on track. American Airlines, United Airlines and JetBlue Airways have all waived the change fee for passengers who were affected by weather-related delays. Reporting by Aatreyee dasgupta in Bengaluru, Shivansh Tiwary, and Abhinav parmar. Dawn Kopecki, Shilpa Majumdar and Dawn Kopecki edited the article.
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New England electricity prices increase in November, ISO reports
According to a U.S. power grid company, ISO - New England, wholesale electricity prices in New England increased in November due to?fuel prices and an increase in consumer demand. The operator said that the average real-time electricity price was $61, up 52% on a year ago, and that day-ahead power prices were $59.55/MWh. ISO noted that fuel is a major?cost of power generation in New England. Natural?gas, which will provide 55% electricity in 2024 typically sets wholesale power prices. This closely links electricity prices to the gas markets. The Massachusetts Natural Gas Index reported that the average natural gas price in November was $4.68 per million British thermal units, an increase of 107% over $2.26/MMBtu from a year ago. The operator reported that the demand for electricity increased by 3.9% in November 2024, as temperatures dropped, causing a rise in heating needs throughout the region. ISO reported that New England power plants produced an estimated 2,53 million metric tonnes of carbon dioxide during the month. This is about 2% higher than November 2024. The operator said that "estimated year-to date?emissions?through Nov. 30,?increased by 2% over the previous year. This was largely due to a 'colder winter, higher demand, and increased natural gas prices, resulting in more coal and oil-fired generators."
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Kazakh oil production falls after drone attack on Ukraine, but uranium prices remain stable
According to a source in the industry, Urals crude differentials remained stable on Monday, while Kazakh oil output fell by about 6% 'in December, following a Ukrainian drone strike that damaged Russia's Black Sea Exporting Terminal. According to the person who spoke on condition of anonymity because the situation was sensitive, oil and gas condensate production?from Kazakhstan has decreased in the period December 1-28 to 1,93 million barrels per a day. Sources say that production at Tengiz, an oilfield located in northwest Kazakhstan, on the northeastern coast of the Caspian Sea, has dropped by 10% in the period December 1-28 to 719.800?bpd. PLATTS WINDOW Traders said that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Monday. Government data released on Monday showed that India's crude imports increased?0.2% from one month to the next in November, reaching 21.06 millions metric tons. This is their highest level since last March. Tomasz Janovski, Reporter; Tomasz Janowski, Editor
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IndiGo, India's largest airline, will increase pilot compensations after a series of mass cancellations.
IndiGo introduced new pilot allowances, and raised some existing ones. This is a sign that India's biggest airline wants to?boost pilot morale after weeks of mass flight cancellations caused by a?poor schedule planning. According to Ashim Mittra's email to the pilots, the airline will increase its layover allowances. For captains it will go up to 3,000 rupees (33.37 dollars) and for first officers to 1,500 rupees. The email stated that allowances?for 'deadheading' - where airline crew members travel as passengers in order to prepare for future duties - would be raised to 4,000 rupees (from 3,000 rupees) for captains and by 500 rupees up to 2,000 rupees (for first officers). IndiGo did not respond immediately to a request for comment. According to government statistics, the airline employs approximately 5,000 pilots. The airline that commands a market share of 65% in India is now facing increased regulatory scrutiny as well as a competition investigation after cancelling 4,500 flights this month. This left hundreds of thousands of passengers stuck all over India, and caused airports to be in chaos. India temporarily relaxed some rules regarding night duty for its pilots in order to stabilize the airline's operations. This move was criticized by pilot unions and safety advocates. The civil aviation ministry announced that a committee set up by India's aviation regulator, to investigate the circumstances leading to the cancellations, submitted its report to it last week. Moody's Ratings warned that IndiGo may suffer "significant financial harm" due to revenue losses resulting from cancellations, refunds and penalties imposed by India. Mittra stated in an email that IndiGo executives had visited various bases to talk with pilots. Mittra said in an email seen by?that the?move to raise some allowances and introduce new ones, effective January?1, came after IndiGo executives visited different bases to hold talks with pilots, Mittra stated.
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Russian Railways to reduce spending by 20% by 2026
Russian Railways announced on Monday that the board of directors has approved spending for 2026 of 713.6 billion rubles ($9.15 billion), down from this year's 890.9 billion roubles. The Russian government is looking at ways to support the country's largest commercial employer. This company has accumulated a?debt pile of 4 trillion roubles ($50.8 billion), despite falling revenues caused by a sharp drop in Russia's war economy. Russian Railways announced that 531.4 billion rubles of the approved expenditure will go towards maintaining the 'infrastructure, safety and security. Another 161.7 billion roubles is earmarked for the purchase of railcars, and 120 billion will go toward the construction a high-speed rail link between Moscow and St Petersburg. In an interview, Andrei Kostin, the CEO of VTB and Russia's largest bank, Russian Railways, said that keeping investments high was one of the most important issues in debt restructuring discussions. Russian?Railways? 2025 spending is still very low compared to last year's record, when it was 1.5 trillion roubles.
The 2025 energy transformation in eight charts: Clean wins and dirty setbacks, Maguire
The year 2025 was a bad one for supporters of energy transition: there were wind droughts in Europe and the United States, corporate retreats away from wind power, and a rise in coal-fired electricity.
There were other developments worth celebrating, such as the record deployment of batteries storage systems and historic shares of power generated by solar farms in dozens countries. Also, electric vehicle sales continued to grow in important car markets.
Eight charts are provided below that show some of the major milestones and developments in global energy transition progress for 2025. They also include key data points to track going into 2026 and beyond.
CHINA'S CLEAN CLOUT GROWING
China is the leader in clean energy production, with more solar, wind, nuclear and bioenergy power deployed than any other nation.
The production of clean electricity is expected to grow for a seventh year in a row. Ember data show that the total output of clean electricity in 2025 has increased 15.4% compared to a year ago. In 2025, clean power sources will account for more than 40% (for the first time) of China's electricity supplied by utilities. Fossil fuels will see their share drop to an all-time low. The primary power source in China is fossil fuels, but clean energy has been growing four times faster since 2019.
Clean power is expected to continue to grow in China as Beijing continues to expand its solar, nuclear, and battery power capacities over the next decade.
According to Ember's customs data, China also makes its mark abroad with record clean-technology exports. These topped $180 billion in the first ten months of 2025.
Batteries storage systems are China's largest clean-tech export with sales of nearly $66 billion, followed by EVs at around $54 billion.
Exports of grid equipment, heating and cooling units and other hardware have also reached record highs by 2025. This cements China's position as the leading supplier for electrification in the world.
U.S. SETBACK
The U.S. clean-energy progress will reverse in 2025, compared to China's. This is because federal support for renewables has been slashed under the second U.S. administration of President Donald Trump.
Tax credits for power developers will be drastically cut in the coming years, resulting in a reduction of clean energy investment and a heavy reliance on fossil fuels.
The main source of electricity in the U.S. is natural gas. But in 2025 coal-fired power plants will deliver the largest jump in production, due to a surge in gas prices which squeezed utility margins.
According to Ember, coal-fired electric output increased by 13% between January and November compared to a year ago, the highest level in three years.
The U.S. power sector's emissions will also increase in 2025, because coal plants emit more CO2 than gas plants. They emit over 900,000. metric tons per terawatt-hour compared to about 550,000 tonnes for gas. Ember data show that total emissions from coal- and gas-fired plants reached 1,526 billion metric tonnes of CO2 between January and November. This is up 3% compared to the same period in the year 2024, and the highest level since 2021.
As U.S. natural-gas prices are expected to be 50% higher in 2025 than they were in 2024, utilities will likely rely more on coal to meet winter demand.
This means that the power sector will continue to pollute even more in 2026 and beyond.
BATTERY BOOM & STEALTHY PROGRESS
U.S. utilities increased coal consumption in 2025 but also installed record-breaking battery storage to store excess solar and wind energy for later use. According to the energy data portal Cleanview, total U.S. battery storage capacity exceeded 39 gigawatts by 2025. This is a 43% rise from 2024.
This surge is changing the power flow in important electricity networks. California and Texas both have enough battery capacity added to their grids during peak demand.
According to Grid Status, the California Independent System Operator (CAISO), which is the main grid of the state and the largest battery user in the country, uses batteries to provide around 15% to 18% of electricity at evening peak demand. This reduces the need for other power sources and gas.
Electric Reliability Council of Texas, a more recent adopter of batteries systems, supplied around 3% of its electricity during peak demand from battery storage system - a modest amount but up from a near zero share just one year ago.
In 2025, solar power systems will also be a major player in the electricity supply of several countries.
Solar power is usually associated with China and the U.S., but the widespread adoption of solar in recent years has allowed both developed and emerging economies to deploy it at scale. In 2025, Bulgaria, Pakistan and Hungary will be able to source around 20% of their electricity through solar farms. This will reduce both emissions and costs.
Solar's share of generation in 2026 will probably set new records for even more countries. This will help keep the global energy transition going even if major economies like the U.S. take a step back.
These are the opinions of the columnist, an author for.
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(source: Reuters)