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Maguire: The hydro-boom in Turkey helps to extend Europe's gas shortage.
Turkey's energy producers have gained an unexpected advantage: water. The surge in hydroelectric production has allowed utilities in the power sector to reduce natural gas use by over 75% from January to May. This is a significant reduction in emissions and eases the country's dependency on imported fuel. The change has been dramatic. According to data from the?think-tank Ember, between January and May, hydro production jumped by nearly 60% compared to a year ago, while gas-fired generators dropped more than 40%. The surge in hydro generation, along with record solar and wind production, enabled clean energy to account for over 60% of Turkey's electric mix for the first time. This marks a significant energy transition milestone for a fast-growing economy. The consequences of the coup extend beyond Turkey's borders. According to the Energy Institute's report, Turkey is Europe's fourth largest gas consumer. This pullback in demand reinforces a regional trend that sees a decline in gas consumption and reliance on renewable energy. Turkey's lower use of gas has allowed it to inject more into storage facilities rather than burning it in power stations, helping to limit Europe’s overall gas inventory drawdown in 2026. HYDRO TAKING CENTER STAGE This year, the Turkish power system has been dominated by a resurgence in hydropower. Hydro generation reached 46.33 Terawatt Hours (TWh) between January and May, which is the highest ever recorded for this period. This compares to 29.03 TWh in the same period of 2025. This increase was almost as much as Turkey's total electricity generated by gas from January to May (17.48TWh). It shows the impact of the surge in hydroelectricity on the Turkish power system. In the first five months of this year, hydro output outstripped both coal and natural gas generation. Water is now the largest power source in Turkey. Hydro's share in total electricity supplied by utilities grew to 33.2%, up from 20.8% one year ago. This is the highest level since January-May of?2020. The dam operators were able to maximize production due to favorable weather conditions and high reservoir levels, even as the electricity demand continued to rise. The total electricity generated in Turkey from January to May was 142.44 TWh, compared to 140.88 TWh one year ago. This means that Turkey produced more power while simultaneously reducing fossil fuel use. GAS SETBACK Natural gas has been the principal victim of the hydro boom. The gas-fired generation dropped to 17.48 TWh from 29.42 a year ago, a 40.6% drop. Gas's share in total generation fell from 20,7% to 11,9%, a record low. According to Ember data, in absolute terms, the gas generation has fallen by nearly?12TWh compared to the previous year. This is the biggest year-to date decline for at least seven consecutive years. The fall was most pronounced in the spring when hydro production increased. The average gas-fired generation was about 2 TWh per month between March and May, compared to more than 4TWh for several months during the same period in last year. The coal generators are also being squeezed. The coal-fired production fell 16.1% on an annual basis to 38.14 TWh. This is the lowest output in over a decade. CLEAN POWER MILESTONE Hydro is not acting alone. Turkey's wind power generation grew to 17.97 TWh in January-May from 14.95. Hydro, wind, and solar combined to produce 86.25 GWh of clean electricity, up from 65.52 GWh one year ago. Clean sources provided 61.2% all electricity in comparison to 46.8% for the same period in 2025. The fossil-fuel production fell more than 25% to 56.19TWh, down from 75.36TWh. The impact on the environment of the drastic cuts in fossil fuel generation is substantial. The power sector's emissions from fossil fuels have fallen by more than 21% to 47.91 metric tons CO2 equivalent, down from 61.01 metric tons the year before. Storage BOost The lower gas consumption has created another benefit: the fuel is now more readily available. Turkey is able to store additional gas underground instead of using large amounts of imported gas for power plants. According to LSEG, storage injections have reportedly been 18% higher than the previous year. This is a significant development, especially at a moment when Europe is working hard to replenish its inventories following a strong withdrawal season. By storing gas in Turkey, Turkey reduced the pressure on the European gas system as a whole and helped to limit the inventory drawsdowns throughout the region. This could be as significant as the decline of power-sector gas use. Turkey is a transit and consumption market, so any changes in the gas balance will have a greater impact on regional supply dynamics. BROADER TREND The experience of the Turkish people is also part of a larger story that's unfolding in Europe. Renewables continue to reduce the role of gas in electricity generation across the region whenever weather conditions are favorable. European policymakers spent years trying reduce exposure to volatile imported gases through increased renewable deployment, efficiency improvements and electrification. The gas consumption in Europe is still well below the pre-crisis level despite periodic increases tied to weather conditions and electricity demand. The transformation of Turkey's?power sector to hydro-driven is one of the most obvious examples of this trend by?2026. Turkey's gas demand has decreased despite an increase in total electricity production. This suggests switching fuels rather than demanding destruction. This is perhaps the most encouraging sign for a continent that still tries to reduce its dependence on imported gas. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Air India crash investigation enters final stage after cockpit recording and psychology reviews
A court filing revealed that India's 'aircraft accident investigation body' has completed a cockpit voice recording transcript, conducted a psycho-psychological autopsy, and is now in the final stages of their probe into last year’s deadly Air India crash. The filing failed to identify who conducted the psychological autopsy or reveal any findings about the crash of a Boeing 787 which killed?260 shortly after takeoff in Ahmedabad, India. The Aircraft Accident Investigation Bureau in India (AAIB), without providing more information, said that an analysis of the data from an engine monitor unit, retrieved late in May, was still awaited, and an assessment of some organisational factors is in progress. AAIB investigators interviewed Air India 787 crew members, pilots who previously flew with them, technical personnel involved in the preparation of the jet, and weather officials, as well as air traffic controllers and human factors specialists. AAIB's filing from Tuesday said that the families of the?flight crew?were also contacted at their homes during the initial stages of the investigation. AAIB officials visited the home of Pushkar Raj Saharwal last year. He was upset because they implied that his son had cut off the fuel supply to the engines of the plane after takeoff. The AAIB disclosed the information in a court filing after he filed a lawsuit. AAIB stated that media speculations and narratives blaming the pilots for their actions had led to some witnesses becoming "restrictive" and "non-responsive". The probe is now in its analysis phase. Findings and conclusions are being drawn from operational, technical and?human factors? areas. The?AAIB stated that it expects the remaining investigative activities to be concluded within six weeks. This is subject to "external dependents" still pending. The filing stated that a draft final report will be available in October. It will then be sent to the participating countries for comments, before it is finalised and published. The U.S. National Transportation Safety Board will receive the draft report. The U.S. officials' "early assessment" reported last year indicated that the cockpit recording of the dialogue between the pilots confirmed the belief that the captain had cut off the fuel flow to the engines. AAIB stated at the time that it was "too soon to draw any conclusions." (Reporting and editing by Abhijith Ganapavaram, Arpan Chaturvedi)
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You want to build a metal smelter of your own? Andy Home
The race to secure the critical minerals is opening up new opportunities for countries that have the fortune to possess the right deposits. The goal is to extract as much value from the metal?riches' in the earth as possible. The obvious answer is to process the ore. Smelters that convert ore to metal are not only more valuable, but also offer a path to economic and industrial development. It's a way for Western policymakers to loosen China's grip over midstream capacity in many critical metals. According to a joint study by the consultancy CRU, and the World Bank, the number of barriers to setting up a successful business in processing is "vast". (Technical and economic feasibility of smelting and refining in developing countries, June 2026). In order to be profitable during low-price cycles, power supply, infrastructure and logistics are all important. CONTROL THE ORE Of course, it helps if you already have the minerals. Integrating domestic mining with processing helps to build price resilience. It's hard to be in the zinc or copper smelting industry without a guaranteed source of feed. Spot treatment conditions are not favorable, making non-integrated smelters reliant on revenue streams from by-products to survive. The ore must be kept at home. Indonesia is the leader in using raw material bans to force miners to build processing facilities, first for nickel and now for aluminium. Other people are doing the exact same thing. Zimbabwe has placed export restrictions on lithium, while Guinea and the Democratic Republic of the Congo have imposed controls on cobalt. Angola is an interesting exception. It has no bauxite, but it is building a first-stage aluminium smelter at the port of Bara?do dande with a capacity of 120,00 metric tons annually. Have the Infrastructure The Angolan project has a deep sea port that is suitable for raw material handling. The free-trade area is also strategically located, with shared infrastructure and rates for business, as well as reliable power. Any aluminium smelter needs power at a competitive price. They can consume as much electricity in a single year as an entire city the size Boston. According to the report, Angolan electricity costs are comparable to global averages. South32? has put its Mozal power plant in care and maintenance because the costs are not comparable to those in Mozambique. The capacity to store and transport the sulphuric acids generated during the smelting processes is critical for both copper smelters and zinc smelters. Co-location of copper smelters with large acid users such as fertilizer factories or, as in Zambia, regional mines that use acid as a leaching agent is the most cost-effective. GET CHINESE HELP The project's low-cost construction is another advantage. The capital expenditure (capex), which is estimated at around $2,084 for every ton of aluminum, is higher than the domestic Chinese smelters, but "remarkably" lower relative to the rest the world. The project uses production equipment that was idled in China. The Chinese are also leading the massive expansion in Indonesia of aluminium smelting capacities, and it is a similar low capex at under $3,000 per tonne. Capex is rising for any type of smelter located outside China, due to the soaring costs associated with construction and equipment. The number of equipment providers has decreased as fewer smelters have been built in Western countries in the past decade. Prices have increased accordingly. The report's authors note that "Modular equipment with lower specifications and Chinese technology can offer more affordable solutions." Not everyone is a winner It is not possible to build processing capacity in a universal way. The success or failure of a project depends on a range of complex economic, technical, and institutional factors that vary depending on the country and metal. Zambia has built a successful copper processing capability, but Peru's mining sector and infrastructure are designed to provide raw materials via ocean ports to overseas smelters. Angola's aluminum project is more feasible that Ghana's hopes to revive its existing Volta Smelter. This project faces high modernisation cost, increased power prices and a lack vertical integration with an Alumina Refinery. Zimbabwe's lithium reserves are larger than those of Nigeria, but the latter is dependent on small-scale and artisanal mining. Turkiye’s Siirt Zinc Smelter Project benefits from the strong demand of the thriving country’s steel industry, and from a design which allows it to produce valuable by-products, such as nickel, cobalt, lead and cadmium. The economics of a site can make a huge difference in the success or failure of a product. The report concludes that "there is value to capture but developing countries must be careful which?metals they choose, where they locate themselves and what business models are pursued." The World Bank is interested in hearing from you if you are still?interested in building your own melting plant. The World Bank may be able help. Andy Home is a columnist at. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Pilot of 'Miracle on the Hudson" has Alzheimer's in early stages
C.B. "Sully Sullenberger", the airline captain, who successfully landed a?Airbus A320 in New York's Hudson River after hitting a flock o geese in?2009, announced on Tuesday that he had been diagnosed with early-stage Alzheimer’s disease. Sullenberger revealed 'the diagnosis' in a website statement and stated that he is receiving treatment. "For the moment, this may mean that a name is not easy to remember, I might forget a recent story, or I do not sleep well. But I am at the beginning of this journey," said Sullenberger. Since he saved all 155 passengers aboard a US Airways plane in distress on the Hudson River - a feat that experts praised as a "masterful" job done under pressure, the veteran pilot has become a vocal advocate for aviation safety. Tom Hanks played him in Clint Eastwood's 2016 film, "Sully," which was a huge success. Sullenberger briefly served in 2022 as the U.S. Ambassador to the International Civil Aviation Organization, based in Montreal. He raised his concerns before he left about regional airlines' attempts to reduce the pilot requirements, which he said would compromise safety. He said that he was "deeply committed" to aviation security and safety - the safety and well-being of everyone who flies. This commitment, he added, predated the flight "Miracle on the Hudson". It would "remain my focus" as he returned into private life. Sullenberger gave a testimony in 2019 before the U.S. Congress voted in favor of requiring new simulator training for pilots before Boeing 737 MAX flight resumes following two fatal crashes. Sullenberger stated that "our current system for aircraft design and certification has failed us." Congress will pass sweeping legislation in 2020 to reform the way that the Federal Aviation Administration certifies new aircraft. According to the Centers for Disease Control and Prevention, Alzheimer's will be the sixth leading cause of death in Americans aged 65 and over by 2024. (Reporting and editing by Jamie Freed; David Shepardson)
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US sanctions target Iran's shipping network
The U.S.imposed new sanctions on Tuesday to boost?efforts in disrupting a?Iranian?shipping?network that Washington claims helps Iran evade prior sanctions on oil sales, and other activities. Treasury Department: The latest U.S. effort to increase economic pressure on Tehran is the measures taken against the Mohammad Hossein Shamkhani network. Treasury stated that the?Shamkhani Network is "a major force behind Iran's crude oil exports, and has expanded into global containerized trading and commodities trade." Treasury Secretary Scott Bessent said his department was "shutting down the financial infrastructure" that allows the regime to threaten U.S. security and global shipping. The Iranian mission at the United Nations has not responded to a comment request immediately. Treasury said that the measures are a continuation of sanctions issued by the U.S. in April last year and more than 200 individuals, companies, and vessels working under Shamkhani. Treasury said that sanctions were aimed at individuals, entities, and vessels. It also permitted wind-down operations, "limited safety and environment transactions," and the offloading cargo for certain people or vessels on Tuesday. Sanctions block the assets of those?designated and prevent Americans from doing business with them. The sanctions block the assets of those who are?designated, and prohibit Americans from doing business.
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US official: US supports efforts to revive Iraq-Syria crude pipeline
A State Department official stated on Tuesday that the United States is supporting Iraq and Syria in their efforts to revive an oil pipeline between the two countries. This could reduce Iran's ability to block oil through Strait of Hormuz. The U.S. is expecting American companies to be involved in the construction of the Kirkuk-Baniyas Pipeline, which has been largely out-of-service since it was damaged during the 2003 U.S. led invasion?of Iraq. The pipeline will run from the Iraqi oilfields in Kirkuk all the way to 'Syria’s western coast. This is just one of several attempts by oil producers to reduce their dependence on the Strait. Before the U.S. and Israeli war against Iran, 20% of world oil and gas passed through the strait. After Washington blamed Iran for strikes on ships that were in the strait, the United States reimposed a blockade on this chokepoint. Bloomberg reported on Tuesday that Chevron might play a role in re-building the pipeline. Chevron responded to a comment request by saying: "As a policy, we don't comment on statements made by?third parties or commercial matters."
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PJM auction prices reach cap and hold near record levels
PJM Interconnection held its 'latest annual capacity sale on Tuesday,' with power prices nearing record highs of $325 per'megawatt-day. This is the maximum price allowed by a temporary cap set by the U.S. largest grid operator in order to reduce rising bills for businesses and households. The auction is aimed at securing sufficient electricity to cover high-demand days in the PJM grid, which covers 13 states of the Mid-Atlantic region and Midwest. Prices have risen in recent years largely because demand from data centres has outstripped supply. PJM failed to meet its reliability requirements for the second time in a row. This means that it faces a higher risk of electricity shortages, which could lead blackouts at times of high demand. Due to this imbalance in supply and demand, the so-called "capacity" prices that were determined by auctions have increased by over 1,000% since 2024. This has increased energy bills for people who live in PJM's?regions, which is about one fifth of Americans. PJM temporarily capped 'prices' in its auction under pressure from a group of governors in the area. Consumers are struggling with high utility costs and energy prices. This price cap was also in place during the auction last year, so this year's prices are essentially unchanged. Prices will be updated in 2028. POWER SUPPLY CUSHION Power plant operators are compensated for capacity prices that are included in power bills of homes and businesses within the PJM area. This is to ensure they can provide electricity at the peak times and days on the grid. The incentives are also intended to encourage the construction of new plants. After nearly two decades with a?flat growth of power consumption in PJM the region suffered net losses of energy supplies as 'demand for energy-intensive?"data centers" began to emerge. PJM failed to secure the power supply cushion it needed in its capacity auction held in December. For reference, one gigawatt is enough electricity to power approximately?750,000 households. The capacity price increase is also due to PJM recalculating its available supplies in the winter, when the electricity generated by natural gas-fired 'plants' and solar resources are lower than during the summer. PJM has added new rules and policies in order to meet the new electricity demand of data centers, advanced manufacturers and other large energy consumers. (Reporting from Laila KEARNEY in New York, with additional reporting from Anjana Anil. Emelia Sithole Matarise edited the story.
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Cuba's national electrical grid collapses for a third time in July
The national power grid of Cuba collapsed Tuesday, according to the energy ministry. This is the third major blackout in nine days on the island of about 10,000,000 people. The ministry announced on social media that "there has been a complete disconnection of electrical system." A U.S. oil blockade is causing frequent power outages on the island, which has an already aging energy infrastructure. Donald Trump, the U.S. president, imposed a blockade on the Caribbean island following Washington's ouster of Venezuelan President Nicolas Maduro?on?January 3rd. Venezuela was Cuba's main fuel supplier. U.S.-led pressure led Mexico to halt oil deliveries to the island. Traffic lights were out in Havana's capital and generators could be heard humming through the streets. Residents, who are accustomed to blackouts expressed frustration over their increasing frequency and duration. Julia Valdes, 70, said that because of the blackouts, she had to throw away all the meat and fish in her refrigerator, because they were spoiled. This is the third time this week that the national electricity system has collapsed. How long will this last? We can't continue?living this way anymore." Chronic power failures have led to frustration and anger with the government. Valdes said, "It is unfair that we are forced to deal with this situation."
Wall Street Journal, July 15,
These are the most popular stories from?the Wall Street Journal. These stories have not been?verified and we cannot vouch for their accuracy.
?Lucid Group?has hired AlixPartners to advise the electric vehicle startup on a turnaround. Uber Technologies has begun advanced discussions with German food delivery company Delivery Hero about a possible acquisition. This follows an approach Uber made in May, which valued Delivery Hero at approximately $11.38 billion. Ford Motors' executive chairman Bill Ford said at an Axios conference in Washington that U.S. carmakers must be ready to compete with China's?competitive?carmakers, and that they should expect them to break into America one day. Alcoa announced that it had reached a decision to invest with the governments in Australia, Japan, and the U.S. for the construction of a gallium plant at the company's Wagerup refinery located in Western Australia. The Writers Guild of America has sued Paramount for its $110 billion purchase of Warner Bros. Discovery, claiming that the merger would result in fewer jobs and lower wages for writers. Frontier Airlines announced that it will launch in-flight Wi Fi using SpaceX’s Starlink satellite Internet and begin installing it across its fleet by early 2027.
Starlink is also expected to?improve Frontier's operational performance, customer service, and flight attendants' and maintenance teams' connectivity. (Compiled by Bengaluru Newsroom)
(source: Reuters)