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Maguire: US power pollution increases with increased coal use
The U.S. power industry has already reached its highest level in three years. However, emissions will continue to rise during the summer peak months due to increased use of air conditioners and coal and gas plants. According to Ember, the U.S. power industry's emissions due to the burning of fossil-fuels increased by 5% in the first five months 2025 to 640 millions metric tons. As gas prices have risen, power companies have reduced their natural gas usage. This has led to a 32 million ton increase in emissions. The increased use of air conditioners in homes and offices has led to a rise in electricity demand. These higher generation trends, in turn, will further increase the total pollution levels of the power sector even though electricity production from renewable sources like solar farms has reached record highs. COAL-HEAVY According to LSEG, the coal-fired electricity generation in the United States increased by 14% compared to the same period of 2024. This equates to 14,9 million megawatt hours. The main driver of this increase in coal usage was the steep rise in natural gas prices during the first quarter of the current year. This increased cost pressure for utilities and encouraged them to use cheaper coal in their generation mix. LSEG data indicates that Henry Hub natural Gas Futures, the main benchmark for U.S. Natural Gas, have averaged $3.53 per BTU (million British thermal units) this year. This compares with an average price of $2.15 BTU in the first half 2024. According to LSEG, the gas-fired electricity production from January to June decreased by 4.2%, to 31.8 millions MWh. The U.S.'s higher percentage of coal-fired power in the generation mix has a major impact on emissions. According to Ember, coal-fired power plants emit approximately 950,000 metric tonnes of carbon dioxide for every terawatt of electricity produced. This compares to about 540,000 tons CO2 per TWh for gas-fired power plants. It explains why fossil fuel energy output has risen much more than overall fossil fuel emission this year. Peak Period There are two distinct peak times of electricity use in the U.S. every year: heating during winter, and cooling during summer. Since more than a decade now, the amount of power used in the summer is greater than the amount needed for heating. This is because air conditioners use more electricity. The trend is expected to continue this year after the U.S. experienced record-breaking heatwaves in the second half of June. Further hot spells are predicted for July, August, and September. In order to meet this increase in electricity demand, utilities will require more power from all sources of production, but particularly from fossil fuels, which is needed to cover the majority of system usage at night, when solar generation ceases. Gas prices are still well above the levels of last year, so most power plants will continue to prefer coal over gas. This will lead to a new rise in power emissions. They are already at the highest level since 2022, and they are on track to reach their annual peak during the next few months as the power companies use all their power to meet the demand. 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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Google: EU tech regulations are holding back innovation
Alphabet’s Google warns its critics and EU antitrust regulators on Tuesday that European Union rules designed to rein in Big Tech are hampering the innovation of European businesses and users. The U.S. technology giant will also ask regulators for more detailed guidelines to help it adhere to the rules and its critics provide proof of costs and benefits in order to prove their argument. Google faces pressure from the EU Digital Markets Act to respond to allegations that it favors its own services, such as Google Shopping and Google Flights, over those of rivals. Fines up to 10% of Google's global revenue could be imposed. Google announced more changes in its search results earlier this month to showcase rival products. However, critics claim that these do not create a level playing ground. Clare Kelly, Google's lawyer, will speak at a workshop organized by the European Commission. The event is intended to provide Google critics with the opportunity to ask questions. According to a copy her speech, she will claim that the changes made by Google after discussions with critics and the Commission have led to European users paying higher prices for tickets because they can't directly access airline websites. Kelly will say that European airlines, restaurants and hotels have reported a loss of direct bookings up to 30%, while users complained about cumbersome workarounds. Oliver Bethell will be Google's second lawyer. He will ask regulators for specific details on what the company must do and critics for hard evidence. He will say, "If we understand exactly what compliance looks, not only in theory but also taking into account on-the-ground experience, we can quickly and confidently launch compliant services across the EEA." The EEA includes the 27 EU member states, Iceland, Liechtenstein, and Norway. "We need assistance in identifying areas on which we should concentrate. Bethell explained that this means providing real evidence about costs and benefits we can discuss with the Commission. The workshop begins at 0700 GMT. Reporting by FooYunChee, Editing by Mark Potter
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The INDIA RUPEE is on the rise, and near-tenor swap maturitys reduce central bank's forward books
The Indian rupee edged up Tuesday, following regional peers as well as the dollar index's fall to a 3-year low amid persistent concerns over U.S. fiscal policies and trade. The Reserve Bank of India released data after the close of the market on Monday showing that its FX forward book had shrunk to $65.2 billion by the end of the month, from $72.6 billion the previous month. Data is released one month after the event. Reserve Bank of India’s aggregate short dollar positions in FX futures and forwards reached a new record in February, amid dollar selling interventions by the central banks to support the rupee. The rupee is up about 2.5% from its all-time low in February of 87.95, thanks to the dollar's weakness. The central bank's short dollar position was likely affected by the maturity of the near-term swaps, which were worth $7.4 billion for the bucket up to one month in April. The RBI has opportunistically revalued some of its short dollar positions, while also allowing some positions to mature, said B. Prasanna. The dollar index fell to its lowest level in many years on the back of concerns over the U.S. budget deficit and the uncertainty surrounding trade agreements with major countries. As of 10:20 am IST, the rupee had risen 0.2% to 85.59 US dollars. U.S. Treasury secretary Scott Bessent warned Monday that as the deadline of July 9 approaches, countries may be informed about sharply increased tariffs. White House officials said an update was due "very soon" on the trade agreement with India. (Reporting and editing by Jaspreet K. Kalra)
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Sydney flights affected by heavy rain, winds and flood alert
The Australian weather bureau has warned that a low-pressure system off the coast could cause flash flooding to occur in certain parts of Australia's southeast. The Sydney Airport website shows that Qantas Airways has cancelled 11 domestic flights from Sydney, and Virgin Australia 12 flights. No international flights were affected. Virgin Australia sent an email to say that the weather conditions in Sydney and Newcastle had affected some services. The Bureau of Meteorology in Australia said that wind gusts of 125 kph, or 78 mph, may be experienced in Sydney's coastal areas later on Tuesday. Rainfall of 120 mm, which is roughly the average for July, can also fall in certain places within six hours. Gabrielle Woodhouse, a weather bureau forecaster, told reporters that the system was "quite dynamic and quite vigorous" and they expected conditions to worsen through the afternoon. This means we are at a higher risk of flash floods and the potential for heavy falls over a short time period. Woodhouse stated that the weather system will shift into the Tasman Sea and then ease off by Thursday. The state's emergency services have reported that more than 1,000 volunteers were mobilised to respond to this weather event. Renju Jose, Sydney; Jamie Freed, editing)
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France and Spain agree to tax private jets and premium flyers
On Monday, a group of countries, including France, Kenya and Spain, pledged to tax private jets and premium-class flights in order to raise money for climate action. Despite the fact that many wealthy nations are reducing their official development assistance to developing countries and extreme weather events are becoming more frequent, others have looked for new funding sources, such as taxing polluting industry. The announcement made on the first day of the U.N. Development Summit in Seville, Spain was the first from the "Sevilla Platform for Action", which aims to implement the new global financing framework that had been agreed before the event. In a press release, the Spanish Prime Minister Pedro Sanchez's office stated that "the aim is to improve green taxation as well as foster international solidarity through more progressive and harmonised taxes systems." The Global Solidarity Levies Task Force announced that the European Commission will provide technical support to the initiative. Sierra Leone, Benin and Antigua-Barbuda were also co-signatories. In November 2023, the task force will be launched to investigate new forms of taxation to support developing countries in their efforts to decarbonise themselves and protect themselves from climate change. In a recent task force report, they said that in addition to an aviation tax that could raise billions, other sectors could be taxed, including shipping, oil and gasoline, cryptocurrency, and the super-rich. Kenyan President William Ruto stated that "many of these ideas are not novel, as other countries have had levies like this." What we need is political will. We can't keep on talking about the need for change without actually implementing it. "The world is watching, and it expects real results." Rebecca Newsom, of the environmentalist group Greenpeace, called the move an "important step" towards making sure that those who abuse this sector and are not taxed fairly pay their fair share. She said that it was "obvious", the next step, to hold oil and natural gas companies accountable. Reporting by David Latona from Seville, and Simon Jessop from London; editing by Mark Potter and Paul Simao
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Trump administration sues Los Angeles over immigration enforcement
On Monday, the Trump administration filed a lawsuit against Los Angeles over city policies that limit city cooperation with federal authorities. This is part of a larger battle over Republican deportation attempts in a city dominated by Democrats. The U.S. Justice Department filed the lawsuit alleging that city policies prohibiting resources from assisting in immigration enforcement or collecting information on individuals' citizenship status are illegal under federal law. Chad Mizelle said in a social media post that the federal immigration laws will be enforced in Los Angeles regardless of whether the city government or residents are on board. "We will not tolerate interference in the federal government's duty of enforcing the law." The lawsuit was filed just weeks after Trump sent troops from the California National Guard to Los Angeles to quell anti-deportation protests. The demonstrations, which were limited to one section of Los Angeles, included instances of property destruction, looting and attacks against law enforcement. A spokesperson for Los Angeles mayor Karen Bass didn't immediately respond to an inquiry about the lawsuit. California officials, such as Bass, have accused Trump of inflaming tensions, and aggravating a situation that local authorities were able to control. The complaint was the latest example of the Justice Department, under Trump, challenging the so-called sanctuary policies that prohibit local jurisdictions from sharing or participating in raids on immigration. The lawsuit claims that Los Angeles' policies sparked the confrontations which led to this week's protests. This was after U.S. Immigration and Customs Enforcement raided workplaces throughout the city. Reporting by Jasper Ward, Andrew Goudsward and Sandra Maler; editing by Scott Malone and Sandra Maler
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France, Spain and others agree to tax private jets and premium flyers
On Monday, a group of countries, including France, Kenya and Spain, pledged to tax private jets and premium-class flights in an effort to raise money for climate action. Many richer countries are reducing their official development assistance to developing nations, even though extreme weather events are increasing in frequency. Some of these nations have looked for new sources of funding, such as taxing polluting industry. The "Sevilla Platform for Action", which aims to implement the global financing framework that was agreed upon before the event, made the announcement on the first day of the U.N. Development Summit in Seville, Spain. The office of Spanish Premier Pedro Sanchez released a press release that stated, "The goal is to improve green taxation as well as foster international solidarity through the promotion of more progressive and harmonised fiscal systems." It added that the European Commission will provide technical assistance to the initiative, which has been co-signed by Sierra Leone and Benin, as well as Somalia. The Global Solidarity Levies Task Force was launched in November 2023. Its aim is to investigate new taxation methods that can help developing countries to reduce their carbon footprint and to protect themselves from the effects of climate change. In a recent task force report, it was stated that in addition to an aviation tax that could raise billions, other sectors could be taxed, including shipping, oil and natural gas, cryptocurrency, and the super rich. Rebecca Newsom, of the environmentalist group Greenpeace, called the move an "important step" towards making sure that those who abuse this sector and are not taxed fairly pay their fair share. She said that the next "obvious step" was to hold oil companies accountable. Reporting by David Latona from Seville, and Simon Jessop from London. Mark Potter edited the story.
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US Senate bill's clean-energy cuts spark backlash from business, labor
Since they were announced over the weekend, the U.S. Senate has been criticized for its proposed cuts to clean-energy subsidies and introduction of a tax on wind and sun energy. Elon Musk, a Trump ally, also took a shot at the senators as they began voting on Monday on the long list of possible amendments. This gave renewable energy supporters on both sides of politics a final window to make changes. In a weekend post on X, Neil Bradley, the policy director of the U.S. Chamber of Commerce said, "Taxing the production of energy is never a good policy. "Electricity consumption is expected to grow at a rapid rate & the tax will raise prices." It should be removed." "This would be incredibly damaging to America!" Musk said in a post on X that the cuts would be detrimental to the development of artificial intelligence, which is energy-hungry. Trump said that he plans to maximize U.S. Energy production with a special focus on fossil fuels. This is partly to ensure that the AI industry has enough power to grow. He has promised to eliminate subsidies for renewables. The Senate bill would repeal incentives for wind, battery, solar and other clean technologies that were created by President Joe Biden’s 2022 Inflation reduction Act. It would also add a tax to these projects if the companies cannot prove they are not made with Chinese components. These provisions were more harsh on credits than either the Senate version or even the House version. On Monday, Energy Secretary Chris Wright seemed to dismiss warnings of a loss in generation capacity due to soaring demand. He posted the following on social media: "The more intermittent generation we add to our grid, the worse it performs at times of peak demand." The One Big Beautiful Bill is designed to end the wasteful subsidy system and provide more reliable energy for Americans. The grid operator in Texas, ERCOT, said last week at its Board of Directors' meeting that the The grid is in a strong state The new generation of solar energy and batteries has made it possible to be "ready for extreme weather challenges" this summer. JOB LOSSES AND HIGHER BILLS Sean McGarvey of the North America’s Building Trades Unions, which represents more than 3 million construction workers in the United States, has criticized the bill’s impact on the jobs. If passed, it would be the largest job-killing law in the history this country. It is equivalent to terminating 1,000 Keystone XL projects, he said, referring an oil pipeline project that was blocked by Biden’s administration. The bill was also attacked on the Senate floor by Republican Senator Thom Tillis, of North Carolina. He is one of the two Republicans that voted against it. Tillis has said that he will not run for reelection after Trump criticized him for voting against a motion to advance the Bill. He said, "You have created a blip on the power service because there won't be a generator powered by gas anytime soon." Tillis, a consultant in the utility industry, said that the bill ignored the reality of data centers' soaring power demand. Brian Schatz is a Democratic senator from Hawaii who also spoke out against the impact of the bill. This bill will raise prices. He said that the 500-GW of energy we'll need in the next decade to meet the rising demand is exactly what we'll need. He said: "You don't need to be an environmentalist or a fan of clean energy to realize that this is fundamentally a question of supply-and-demand." (Reporting and Editing by Margueritachoy)
Singapore port blockage reveals worldwide ripple impact of Red Sea attacks
Congestion at Singapore's container port is at its worst because the COVID19 pandemic, a sign of how extended vessel rerouting to avoid Red Sea attacks has actually disrupted worldwide ocean shipping with bottlenecks likewise appearing in other Asian and European ports.
Merchants, producers and other markets that rely on massive box ships are once again fighting surging rates, port backups and scarcities of empty containers, even as many consumer-oriented companies seek to develop inventories heading into the peak year-end shopping season.
International port congestion has reached an 18-month high, with 60% of ships waiting at anchor situated in Asia, maritime information company Linerlytica said this month. Ships with a total capability of over 2.4 million twenty-foot comparable container systems (TEUs). were waiting at anchorages as of mid-June.
However, unlike during the pandemic, it is not a purchasing flurry. by house-bound consumers that is swamping ports.
Rather, ship schedules are being interrupted with missed out on. sailing schedules and fewer port calls, as vessels take longer. paths around Africa to prevent the Red Sea, where Yemen's Houthi. group has actually been attacking shipping because November.
Ships are therefore offloading larger amounts at once at big. transhipment centers like Singapore, where freights are unloaded and. refilled on various ships for the final leg of their journey,. and forgoing subsequent trips to catch up on schedules.
( Shippers) are attempting to handle the situation by dropping. packages at transhipment hubs, stated Jayendu Krishna, deputy. head of Singapore-based consultancy Drewry Maritime Advisors.
Liners have been collecting boxes in Singapore and other. centers.
Typical Singapore cargo offload volume leapt 22% between. January and May, substantially affecting port efficiency,. Drewry said.
SERIOUS CONGESTION
Singapore, the world's second-largest container port,. has seen particularly severe congestion in recent weeks.
The typical wait time to berth a container ship was two to. three days, Singapore's Maritime and Port Authority (MPA) said. in end-May, while container trackers Linerlytica and PortCast. said hold-ups might last up to a week. Usually, berthing should. take less than a day.
Neighbouring ports are likewise backing up as some ships skip. Singapore.
The strain has actually moved to Malaysia's Port Klang and Tanjung. Pelepas, said Linerlytica, while wait times have actually also climbed up at. Chinese ports, with Shanghai and Qingdao seeing the longest. delays.
Drewry anticipates congestion at significant transhipment ports to. remain high, however anticipates some reducing as carriers add. capability and restore schedules.
Singapore's MPA stated that port operator PSA had actually re-opened. older berths and backyards at Keppel Terminal and would open more. berths at Tuas Port to tackle extended waits.
Maersk, the world's second-largest container. provider, stated this month it would avoid 2 westbound cruisings. from China and South Korea in early July due to serious. blockage in Asian and Mediterranean ports.
PEAK SEASON
The annual peak shipping season has also shown up earlier. than anticipated, exacerbating port congestion, carriers and. research companies stated
This seems to be driven by restocking activities,. particularly in the U.S., and by consumers delivering items early. in anticipation of stronger need, said Niki Frank, CEO of DHL. Global Forwarding Asia Pacific.
Container rates, meanwhile, have surged, raising the danger of. another spate of price boosts for purchasers like the. post-pandemic inflation spike which reserve banks are still. attempting to tame.
Rates had actually stabilised into April however in May there was a. significant boost in ocean freight exports of Chinese. e-commerce, electrical lorries, and sustainable energy-related. products, Asia-focussed freight forwarder Dimerco stated.
The peak season, which traditionally starts in June, was. advanced by a full month, causing ocean freight rates to skyrocket.
Container import volume at the 10 biggest U.S. seaports in. May increased 12%, sustained by the second-highest monthly import. volumes considering that January 2023, stated data service provider Descartes.
( U.S.) customers are continuing to spend more than last. year, and sellers are stocking up to fulfill demand, said. Jonathan Gold, a National Retail Federation vice president.
Ocean imports into Europe from Asia are likewise revealing signs. of a re-stocking season running into peak season - pressing rates. to 2024 highs, Judah Levine of freight platform Freightos stated.
Container freight prices from Asia to the U.S. and Europe. have actually tripled because early 2024.
Rates from Asia and Singapore to the U.S. East Coast are at. their highest considering that September 2022, while rates into the U.S. West Coast are highest because August 2022, freight platform. Xeneta stated.
Some industry players believe part of the reason for the. bottlenecks at China ports is sustained by U.S. importers rushing. to purchase Chinese items such as steel and medical products that. will go through steep tariff walkings from Aug. 1.
However recently enforced U.S. tariffs would impact only about 4% of. Chinese imports to the U.S., said Jared Bernstein, chair of the. Council of Economic Advisers.
Gene Seroka, executive director of the Port of Los Angeles,. the largest U.S. gateway for Chinese ocean imports, also anticipates. a restricted effect.
We might see some of this cargo been available in, but it is not going. to be a deluge, he said.
Issues about possible strikes at U.S. ports this year. could also be pulling the peak season forward, while DHL said. German port strikes were adding to the gridlock.
All of those interruptions will likely indicate higher rates for. consumers, specialists warn.
These are substantial monetary hits for carriers to take in,. stated Peter Sand, primary expert at Xeneta.
(source: Reuters)