Latest News
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Lala is downgraded from a tropical storm to more than 100,000 Hawaii residents without power
Nearly 130,000 utility clients in Hawaii were without power Sunday morning, after Hurricane Lala had brushed past the Big Island and was downgraded to tropical storm. As of 4:35 am, data from poweroutageus.com. According to HST (1435 GMT), the majority of the affected areas are on the Big Island. Honolulu County, and Maui County. Hawaiian Electric informed customers on Saturday night that repair efforts had been hampered due to the hurricane force winds and rain. They cited flooded roads and fallen trees. The Hawaii Department of Transportation released a video showing flood waters engulfing roads. Authorities reported that one person was killed in an automobile-related accident. According to the National Weather Service, two homes were washed away. Cynthia Totty Hefley, a resident of Big Island, said that she was "a little anxious" on Saturday about the rising water. She told KITV that she was most concerned about the ocean getting into her house. A?advisory by the National Hurricane Center, at 2 a.m. Hawaii Standard Time (HST), predicted 4 to 8 inches (10-20cm) more rain for the Big Island and Maui. This would be as much as 30 or 35 inches (76 to 89 cm) total since Lala began lashing Hawaii late Friday. Although the storm barely made landfall, Gov. Josh Green warned islanders to stay put as forecasters warned that there would be substantial damage. Lala was downgraded by U.S. meteorologists to a tropical cyclone, but its sustained winds of 70 mph (112km/h) are just below hurricane level. The hurricane center continues to warn about "life-threatening conditions". Lala's sustained maximum winds reached 120 km/h (75 mph) on Saturday, making it a Category 1. Hawaii Department of Transportation announced Saturday that it had closed the Hilo International Airport and Ellison Onizuka Kona International Airport. Both are expected to reopen on Sunday. State officials urged travelers to contact their airline for the latest information.
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Twelve dead and at least 10 injured after Polish bus crash in Hungary
In a post on Facebook, Peter Magyar, the Hungarian prime minister said that a 'Polish bus' overturned in the middle of the night in eastern Hungary. Police said that the bus rolled over and ran into a ditch early on Sunday morning near Mezokeresztes, in eastern Hungary. The bus was headed towards Nyiregyhaza, on the motorway, when the accident occurred. The state news agency MTI reported that there were 57 people and two drivers in the bus. "A Polish registered bus traveling on the M3 towards?Nyiregyhaza... veered into a ditch and?overturned." Police said that preliminary information indicates the driver "likely fell asleep". The police reported that 12 people had died and others were injured, while the driver of the bus was being taken into custody. The injured have been taken to the hospital. (Reporting and editing by David Goodman, Anita Komuves and Krisztina than)
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Vietnam Airlines Boeing 787 returns to Munich following takeoff incident
The airline and airport both confirmed that a Vietnam Airlines flight bound for Hanoi was diverted to Munich Airport on Saturday due to technical issues after takeoff. Flightradar24, a flight tracking website, reports that the Boeing 787 circled around for over two hours in order to burn off fuel. The plane had reportedly overrun the runway 'during takeoff. The video aired on ABC News in the U.S. showed a jet taking off, with a huge cloud of dust behind it. Vietnam Airlines issued a statement in which it said that the flight had returned to its departure terminal after takeoff due to a "technical problem". The airline did not give any further details. Munich Airport reported that after landing, the aircraft was unable to leave the runway on its own and remained stuck. The airport said that this forced it to close the north runway. Air traffic was then rerouted via the south runway. Vietnam Airlines reported that the crew had "followed all necessary procedures" and safely landed at Munich Airport. The airline stated that "the passengers and cabin crew members are safe." Vietnam Airlines said that it was working with relevant authorities to inspect the aircraft. It would provide updates once the results of the inspection and the specific operational plans are available. Reporting by Gnaneshwarrajan and Ananya Palyekar in Bengaluru, editing by Jamie Freed
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Flightradar24 reports that Vietnam Airlines Boeing 787 returned from Munich to Munich following a takeoff accident.
Flightradar24 reported that a Vietnam Airlines flight returned to Munich on Saturday, after spending more than two-hours circling to burn fuel. The Boeing 787 had reportedly overran its runway when it took off. According to Flightradar24, the passengers were evacuated by using slides. The fire brigade also was on site. Vietnam Airlines said in a press release that the Hanoi bound flight had "returned to the airport of departure after takeoff" due to a technical issue that it did not specify. The flight crew followed all the required procedures, and safely landed at Munich Airport. "The passengers and crew members are all safe," said the airline. Vietnam Airlines announced that it was working with relevant authorities and parties in order to inspect the aircraft. Munich Airport announced on its website that it has closed its north runway and warned of possible disruptions to air traffic. Flightradar24 data shows that the north runway was closed because the plane had landed there, not the south runway. Munich Airport and Boeing didn't immediately respond to comments outside of regular business hours. (Reporting and editing by Jamie Freed; Gnaneshwarrajan)
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Hurricane Lala causes thousands of Hawaiians to lose power amid 'life-threatening conditions'
Hurricane Lala blew into Hawaii on Saturday with high winds and heavy rain, leaving more than 40,000 utility users?without power? across the state. The National Hurricane Center issued a warning of "life-threatening conditions". According to the poweroutage.com site, 42,889 Hawaii customers were without power at 2:14 pm HST on Sunday (0014 GMT), including 31,792 Big Island residents and 7,203 Maui County residents, which include the islands of Maui Lanai and Molokai. The hurricane center issued an advisory at 2:pm. HST predicted rain of up to 25 inches on the Big Island and even more in some areas. It also predicted 8 to 12 inches for eastern Maui, as well as 4 to 6 inches for western Maui. The center stated that "this rainfall will cause life-threatening floods and mudslides in steep terrain areas." Hawaiian Electric warned its customers that "possible prolonged outages could occur overnight" as the storm system moved westward through Hawaii. Utility crews are assessing a 42 mile (67.6 km), or 67.6 kilometers, span of transmission lines on the Hamakua Coast, Big Island after fallen trees have knocked over multiple poles and other structures. The U.S. National Hurricane Center reported earlier in the day that Lala's sustained maximum winds?reached?75?mph (12 km/h), thereby making it a category 1 hurricane. Maunakea Weather Center on the Big Island recorded wind gusts exceeding 100 mph in the early afternoon, though winds would have been lower closer to the sea level. Hawaii Department of Transportation announced that it would close Hilo International Airport at Keahole and Ellison Onizuka International Airport at Keahole, both at 2 pm HST. The department closed commercial ports on Hawaii Island, Maui County and Kaua'i.
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Xi calls on China to improve disaster prevention after floods and landslides hit the country
After a series of deadly floods this summer, Chinese President Xi Jinping urged the country to improve its?ability? to prevent, reduce and respond to?natural?disasters. Xi made his remarks on 'Saturday' in Qiushi - a 'journal central to Communist Party messaging. They follow China's most powerful typhoon of the year, and a series landslides which killed dozens. This highlights the increasing impact of extreme weather conditions on the second largest economy of the world. According to an article, "Global warming is causing extreme weather events, such as floods, typhoons and droughts. Their destructive effects are intensifying." Xi stated. The article cited Xi's call for a shift to pre-disaster preparation, stronger monitoring and early warning systems, as well as efforts to fill in gaps in flood control and drainage infrastructure in the north of China. The article cited Xi's remarks from a speech he delivered on April 28 at a Politburo Study Session. The capital of China was hit by the strongest typhoon of this year, which brought torrential rains that inundated roads and left vehicles stranded. In the northwest, flash floods caused landslides in Gansu Province that killed 25 people. And in Chongqing, in southwest China, a mountain collapsed and led to another landslide, which left 51 dead. China has been battling more destructive weather that scientists have linked to climate change. This is especially true this year as an emerging "El Nino" pattern boosts temperatures, fueling more frequent and fierce typhoons. Xi stated that China would "continuously improve its ability and level of response to natural disasters and effectively safeguard the lives and properties of the people as well as social stability" Xi warned that disaster risks'must be prevented from affecting economic, energy and food security and urged the use technologies such as artificial intelligence, drones, and satellite remote-sensing to aid in rescue efforts. (Reporting and editing by Jacqueline Wong, Ryan Woo, Xiangming Hu and Ziyi Tang)
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South Africa is betting on renewable energy, but the power grid in place is not yet ready
Grid gridlock could stall the renewable energy transition * Many green energy plants cannot connect to an overloaded grid * Government plans major grid expansion over next decade By Kate Bartlett The President Cyril Ramaphosa launched the latest green energy projects last month. He called it part of a "clean-energy revolution" and a 155 megawatt wind farm located in Mpumalanga Province. He said that "electricity which is reliable, affordable and becoming increasingly clean is the 'lifeblood' of a growing economic system." South Africa plans to add 105 Gigawatts to its grid by 2039. This will include nuclear, wind, and solar energy. It is more than double the current capacity. Experts say that there is a major obstacle: a lack in transmission lines for all this energy. Many green energy projects cannot connect to the grid. The CEO of Energy Exchange South Africa (a private sector energy trader) wrote in June that "gridlock" was the biggest obstacle to unlocking the renewable potential of the country. It could even cause further economic and electricity crises. He said that the grid capacity of most areas with high green energy resources has reached saturation. This makes it difficult to provide renewable power to those in need. The government has said that to fix the problem, thousands of kilometers of power lines will need to be added in the next ten years. This is estimated to cost 400 billion rand (18 billion PS). EXTENDING GRID Last week, Kgosientsho RAMOKGOPA, Minister of Electricity and energy, admitted that "we need 14,500 km (9,000 miles)" of transmission lines and that we build on average 200km per year. Kevin Mileham, spokesperson for South Africa’s second largest political party, Democratic Alliance, was asked why it took so long. He said that part of the delay is due to redtape. They're considering a partnership model to build this portion of the grid. He said that they have to follow a procedure to appoint these private contractors. The components required are not produced locally. He said that many of these items were on backorder. "We will have to wait for two or three years before we get some of this." Ramokgopa, who was in Beijing to court investment last week, said that six Chinese companies have agreed to establish factories in South Africa for the manufacture of transformers and pylons required to support grid expansion. China, which is the largest producer of renewable energy in the world, has already invested heavily in South Africa's green sector. A Chinese company supplied the turbines for the new Mpumalanga Wind Farm. Mileham stated that there was almost no capacity on the grid in the areas where renewable energy is best suited, such as the sunniest parts of the northern Cape, which are ideal for solar, and the Eastern Cape and Western Cape, which are perfect for wind. He added: "In Mpumalanga and other places, we are able to increase grid capacity as coal plants close." It's not an ideal place to add renewable energy. Unbundling ESKOM South Africa has long struggled with power shortages, due to an aging infrastructure and damage. The state-owned power utility Eskom, however, has suffered from mismanagement and financial losses, and has for a very long time been unable to meet the demand. In 2023, the government began introducing daily power cuts, also known as "load-shedding", to conserve electricity. This was a major blow to the country's economy. Mileham explained that this is now mostly a thing in the past. He explained that rooftop solar doesn't require a connection to the grid. Mileham pointed out, too, that if mining companies built solar power plants next to coal mines "you wouldn't have to transmit this over the transmission infrastructure". Ramaphosa announced this year that he would break up Eskom to create a separate company to manage the transmission grid. Mileham says that this is desperately needed because Eskom, as it stands now, is both "player and referee" in the competition for grid access between independent power producers. Eskom, however, is not backing down. Mteto Ntyati, Eskom's board chairperson, urged the government last week to delay the transfer. Ramaphosa, however, told industrialists in this week that a "competitive electricity market requires a transmission network that is independent and efficient, capable of providing a fair access to all participants on the market." (Editing by Jonathan Hemming).
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Third Point discloses Warner Bros Discovery share, adding to Alphabet exposure
Third Point, the hedge fund of billionaire investor Daniel Loeb, has taken a stake in Warner Bros. According to a Friday regulatory filing, Discovery took a stake in Warner Bros. during the second quarter. According to LSEG, the fund's position of 20,000,000 shares would make it one of the 20 largest investors in the media company. This is at a time when the $110 billion Paramount Skydance acquisition has been halted due to court challenges. Third Point is a long-time investor in the media industry. In 2022, it will push for changes at The Walt Disney Company. The New York-based Fund also revealed that it increased its stakes in Google parent Alphabet as well as boosted their holdings of Union Pacific and Norfolk Southern,?as both railway operators pursue their $85 billion merger. The 13F filing also revealed a new investment in Riot Platforms. This made 'Third Point' one of the 25 largest bitcoin miners.
China's changing energy mix undermines global LNG growth
?China has been viewed as the main driver of future LNG demand by producers for years. This helped justify billions in investment infrastructure from?the U.S. Gulf Coast up to Qatar.
China's appetite is waning for super-chilled fuel, even though producers are preparing a new wave of supply in the coming years. This could undermine the viability of future projects that rely on long-term needs of imports from Asia and Europe.
The Iran 'war' has triggered a second global LNG supply crisis in four years, following Russia's invasion of Ukraine?in 2022. This is reinforcing China's push to prioritize domestic gas, pipeline gas, and renewable energy while reducing the share of imported LNG.
Megan Jenkins, S&P analyst, said: "Even if the Persian Gulf LNG supply eventually returns to China, we expect increased energy security concerns there will lead to a more cautious approach towards LNG."
She said that this would lead to efforts to increase energy independence, resulting in a lower LNG demand than we had anticipated before the war.
JPMorgan S&P Global Energy, and Wood Mackenzie all reduced their estimates for China's growth in LNG demand between the early 2030s. They have done so by 14 to 22 million tons. The demand is expected to grow between 19 and 53 millions tons from 2025 until early 2030.
Shell, the top LNG trader in the world, has released its latest outlook. It offers a variety of possible outcomes. The low-case scenario is that imports will peak at 120,000,000?tons (ton) by 2035. A high-case scenario would be near 150,000,000 tons by 2040. The 2024 outlook projected imports to peak around 2030-2035, at 146 millions tons.
UPCOMING NEW CAPACITY
Global producers face high stakes. The IEA predicts that by 2030 there will be around 217 millions tons of?export capacities, a 40% increase from the current levels. This is mainly due to expansions in Qatar and the U.S.
Up to 10% of the new capacity could be impacted by the weaker outlook on China's LNG consumption. This may affect final investment decisions for new projects.
Henning Gloystein is director of Energy, Climate and Resources at Eurasia Group. He said that China's rapid de-carbonization will "almost certainly" impact LNG FIDs and cause cancellations of certain projects, particularly those with long lead times and high costs.
As many Asian and European countries are still LNG import-dependent, it is likely that most U.S. project will go ahead.
According to Wood Mackenzie Research Director for Asia Pacific Gas and LNG, Huang Miaoru said that due to the U.S. China tariff dispute and Beijing's tax on U.S. LNG direct purchase agreements are unlikely between Chinese buyers, and U.S. developers.
Chinese buyers will instead be expected to purchase LNG from portfolio players that source LNG from different projects.
She said that "while?China will remain the dominant driver for Asian and global LNG through the mid-2030s," the commercial and geopolitical path to capture this demand has become significantly more complex for U.S. Project Developers.
Venture Global, a U.S. exporter of LNG, said that it continues to see a strong commercial demand in Asia which is growing.
Cheniere Energy declined to comment. QatarEnergy has not responded to a comment request.
Alternatives to LNG
China has many alternatives to LNG thanks to its years-long efforts to diversify and increase self-sufficiency. This helped it avoid the worst effects of the Iran War despite being the top energy importer in the world.
The development of unconventional gas resources, such as shale and coalbed methane, has driven the growth in domestic gas production by an average 9.5% per year over the past 25 years.
China also intensifies its energy relations with Russia by increasing pipeline gas imports. In 2027, the Far East pipeline will begin delivering gas. This will further reduce?incremental LNG consumption. Power of Siberia 2, a larger and more ambitious project, would be another major pipeline source.
JPMorgan analysts wrote in an email that recent developments had, in their opinion, accelerated China’s acceptance of Power of Siberia 2. China is more motivated to reduce LNG imports through this route, as Iran has been exploring new ways to control the transit via Hormuz and monetize it.
The continued expansion of coal-fired power capacity and the world's largest renewables buildout in China are reducing gas demand growth.
Zhang Yaoyu, global head of LNG at PetroChina International and new energies, said that renewable energy is a "structural obstacle" to LNG usage. This was stated in February during a conference held in Doha.
The levelized cost of solar and wind electricity has dropped dramatically. How do you compete? He said.
According to Rystad, ICIS, and S&P, China's LNG exports will fall between 61 and 64 million tonnes this year. This is the second consecutive decline.
Customs data show that China imported 68.4 millions tons of LNG last year, narrowly edging out Japan as the top LNG importer in the world.
According to Rystad energy analyst Xiong Wei, the competition from local gas production and pipeline supply last year pushed down the price that China would buy LNG on the spot markets to $8-$9 per million British thermal units.
This is a significant discount to the spot price of $25/mmBtu that was charged after Iran's attacks on the world's No. 2 LNG exporter, Qatar. Qatar is the world's No. 2 LNG exporter.
Sinopec, a state-owned energy company, halted the expansion of its Tianjin import terminal in March, instead using 590 million yuan (4 billion yuan) to increase domestic gas production, according to a statement released in March.
Analysts say that a surge in global LNG supplies could drive down prices and stimulate future demand in China where coal-to gas switching is expected to be the driving force behind future demand.
Gloystein, of Eurasia, said Beijing would be encouraged by its success with renewable-fueled electrification. He also noted that Beijing has been stockpiling fuel to protect itself against supply disruptions.
He said that the peak in China's gas and oil demand will come sooner than expected.
(source: Reuters)