Latest News
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PJM, the largest US power grid, intensifies emergency measures to prevent blackouts
PJM, the largest U.S. power 'grid operator, said?Friday he was on a federal alert for reducing electricity consumption in his territory due to generator failures, massive overloading of?its transmission lines and a spike in ac usage from prolonged sweltering temperatures. PJM said it had told utilities that they could reduce the electricity supplied to customers if they were under contract. PJM serves 67,000,000 people in the Mid-Atlantic, South, and Washington, D.C. area. This week, spot wholesale electricity prices in Northern Virginia, the home of the largest 'collection of data centres in the world, soared past $2,000 per megawatt hour. This compares to a?about 40?per MWh if PJM was not in distress. According to industry analysts and PJM operations data, the surge in prices is mainly because it's becoming expensive to supply power accross congested high voltage power lines.
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Alupar and Axia win power transmission projects in Brazil
A consortium led by Brazilian power company Alupar secured the largest lot in Friday's power transmission auction in Brazil, while Axia Energy won the other three projects. The consortium of Alupar, the Infra II Investment fund and other partners'secured' the installation of underground transmission in the metropolitan area of Sao Paulo with a proposal that offered to take 48 percent of the maximum revenue the project could generate. The auctioned lots on Friday were the most expensive, with the highest?investment expected at 1.1 billion reais (212.9?million). Axia Energia was awarded the remaining projects in Sao Paulo state, Mato Grosso state, and Mato Grosso do Sul with 668 million reais of required investment. According to the results released in Sao Paulo by the B3 stock market, Axia's winning offers offered a discount of more than 50% on the?allowed revenue in three cases. Brazil reauctioned four 'power transmission projects' after MEZ Energia - a company which had won concessions for 2020 and 2021 - failed to progress with them.
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Ivory Coast increases renewable energy with new solar power station
Ivory Coast opened a solar power plant of 52.4 megawatts (MW) on Friday as part of its 'efforts' to increase the % share of regenerative energy in their electricity mix, and achieve climate goals by 2021. The world's biggest cocoa producer wants to be a major energy supplier in West Africa. It aims to use 46% renewable energy by 2035. Ivory Coast has an installed capacity of approximately 3,000 MW. Most of this power is generated by oil and gas plants. It exports electricity to Ghana, Burkina Faso. Benin, Togo, and Mali. At the opening ceremony, Mines Minister Mamadou Sangafowa Coulibaly stated that "Today's Ceremony fits perfectly with Ivory Coast's strategy... to accelerate its energy transition through diversifying the electricity mix by expanding renewable energy capacity." According to PFO Africa, which is a 100% Ivorian infrastructure investment group, the Ferke Solar Plant?will?supply electricity for 370,000 households and directly serve about 2,000,000 people in primarily?the northern Ferkessedougou Region?. Construction ?of the plant was ?financed by PFO ?Africa subsidiary PFO Energies and it will operate on a Build-Own-Operate-Transfer basis. (Editing by Ayen deng Bior, Editing by Emelia sithole-Matarise).
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Yemen's Armed Forces Threaten Saudi Targets over Iran Flight to Sanaa
According to a military spokesperson, Yahya Saarea, Yemen's armed force alleged that they had confronted Saudi 'warplanes' attempting to prevent an Iranian civilian aircraft from landing in Sanaa International Airport. Sarea reported that the Iran-aligned group had warned they would "target Saudi airports and vital interest on land and sea" if Saudi Arabia continued to violate Yemeni airspace. He added that flights between Sanaa, Yemen and Tehran would continue despite "possible" consequences. Houthi Al Masirah TV reported earlier on Friday, that an Iranian aircraft had arrived in Sanaa. The group's delegation was then flown to Tehran for the funeral of Iran's Supreme Leader Ayatollah Ali Khamenei. Among the passengers were more than 200 patients. Saudi Arabia led a coalition of military forces that intervened militarily in Yemen in 2015. This was after Houthis, who were aligned with Iran, seized Sanaa as the capital. The Houthis demonstrated their drone and missile capabilities in attacks against Saudi Arabia, which targeted oil installations and other vital infrastructure. (Reporting and editing by Louise Heavens, Philippe Fletcher and Eman Abouhassira)
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CMA CGM ship damaged by missile in the Hormuz Strait could be scrapped, CEO states
The CMA CGM container vessel that was damaged by a'missile' in the Strait of Hormuz early in May may be sent to scrapyard, according to its chief executive. The CMA CGM San Antonio was attacked by a missile. Several members of the crew were injured and evacuated. The ship was one of the dozens of commercial ships that were?struck' during the Iran War. Rodolphe Saade, Chairman and CEO of CMA CGM, said at a business meeting in southern France that the car was "so damaged" that they were considering scrapping it. San Antonio, which had been stuck in the strait since a few weeks, has now been brought to safety. He said that the group did not intend to send ships back to the Gulf at this time. The Iranian side was advising against it. Saade, whose family controls CMA CGM, has reiterated his opposition against transit fees to use the Hormuz Strait. These are a few of the?unresolved questions in U.S. - Iranian peace talks. CMA CGM was the third largest 'container shipping' line in the world at the beginning of the Iran War, which virtually closed the waterway. Saade stated that CMA CGM wants to see four more vessels leave the zone. In a French press interview, the CEO said that some of their vessels are intended to be used in the Gulf.
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Sources: Iran explores oil sales to Japan; buyers want longer sanctions waiver
Three Iranian and Western sources confirmed that Iran has started talks with Japanese companies as part of a U.S. sanction waiver, allowing it to resume its oil sales. However, 'prospective buyers' are asking for a longer waiver, and reassurances about ship safety. The waiver was part of the 60-day talks between Washington and Tehran, and it expires on August 21. Two Iranian sources declined to identify themselves due to the sensitive nature of the matter. They said that three Japanese buyers are considering possible crude oil purchases in Iran. This would be their first purchase since 2019. A Western industry source with knowledge of the situation said that Japanese and Iranian officials had begun initial discussions about oil sales. Unknown to him was any such issue. An official from Japan's Ministry for Economy, Trade and Industry (METI), the department that oversees fuel infrastructure. The U.S. Treasury and Japan's Foreign Ministry did not respond to requests for comment immediately. After President Donald Trump withdrew from the?nuclear agreement in Iran, U.S. sanctions were tightened. Japan, South Korea and European countries stopped purchasing Iranian oil. China is Iran's largest buyer in recent times. HORMUZ RISKS A separate METI official told a different reporter in June that any Japanese purchases were a private company's matter. However, the official said that it was uncertain whether such deals could proceed due to shipping times and current contracts. Officials added that the safety of all tanker trips would have to be guaranteed. According to a senior Iranian official, any agreement would require that the U.S. extend its current waiver due to the time it takes for shipping between Japan and Iran. The official also added that cargoes will be loaded on Iran's Kharg Island using Japanese-operated tanks. According to a senior Iranian oil official, Iran's national company NIOC has approached its traditional customers such as Japan and asked them to resume purchasing if a deal is reached and sanctions are lifted. The Iranian oil ministry has not responded to a comment request. The 'Strait of Hormuz Ship Passage' is far from being safe. It is also not known how the passage will work once a lasting deal is reached between Washington and Tehran. Last week, Iranian forces attacked a container ship in the Strait of Hormuz. The elite 'Revolutionary Guards' of Iran have stated that all transits of the strait must be cleared first with them. According to the U.N. shipping agency, there are an estimated 80 floating mines in the central part of a waterway. A senior official at a major Japanese oil refiner stated that securing insurance would be the greatest challenge. Trade sources and analysts said that the current temporary U.S. sanction waiver is unlikely to attract orders from Asian refineries with large inventories, which leaves independent Chinese refineries, as the primary buyer.
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IHC makes gains in India Aluminium Venture
The stock markets of the United Arab Emirates ended higher on Friday, following gains in global equities. A lukewarm U.S. employment report dampened expectations for a near-term Federal Reserve interest rate hike. The STOXX pan-European Index rose?0.2% while MSCI's broadest measure of global equity edged up by 0.1%. As more people left the workforce, the U.S. unemployment rates fell from 4.3% to 4.2% in May. Soft jobs data decreased expectations of an impending Fed rate hike and increased betting that rates will remain on hold until October. Changes in U.S. currency policy can have a major impact on Gulf markets, including the UAE. Dubai's main stock index rose 1.1% on Friday as gains in industrial and financial stocks helped to sustain the momentum. The Salik Company, a toll-gate operator, jumped by 2.4%. Meanwhile, blue-chip developer Emaar Properties as well as top lender Emirates NBD Bank both grew by 1.5%. Emirates Global Aluminium, owned jointly by Abu Dhabi's and Dubai's sovereign wealth funds, announced on Thursday that it had restored production earlier than expected at the Al Taweelah Complex, which was damaged in March by Iranian missile strikes. However, hot metal production may take up to one year to reach previous levels. Abu Dhabi's benchmark index rose 0.9% for the second time in a row. Alpha Dhabi Holding rose 4.3%, while property?giant Aldar?Properties rose 1.2%. International Holding Company (IHC), the UAE's biggest listed company based on market value, gained 0.6% following its announcement that it would invest $11.5 billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture with India's Adani Group. According to LSEG, the Abu Dhabi and Dubai indexes both gained 0.2% this week. (Reporting from Mohd. Edrees, Bengaluru. Editing by William Maclean.)
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Bloomberg reports that China's CMRG has extended the limits for Fortescue Super Special Fines.
Bloomberg News reported that China Mineral Resources 'Group Co. (CMRG), has widened the restrictions affecting iron ore purchased from a?Australian producer, Fortescue ltd. The restrictions now extend beyond port inventories and cover new purchases of the Super Special Fines products. The report stated that the'state-backed buyer' has also instructed several Chinese steelmakers and traders to refrain from purchasing any new cargoes priced in U.S. dollars of Fortescue Super Special Fines. I was unable to independently verify the Bloomberg report. CMRG verbally informed some domestic steel mills earlier this week that they'must' not take delivery of Fortescue’s?Super -Special Fines? and Fortune Fines? held in Chinese ports. The move was 'the latest indication of Beijing's attempts to increase its control over the iron ore market and tighten its influence. Reporting by Dagmarah Mckos. Mark Potter edited the article.
Heatwave disrupts Fourth of Jule events in eastern US
The Fourth of July celebrations were ruined by a 'dangerous heatwave' that swept through much of central and eastern U.S. On Friday, the heat wave forced officials to cancel or postpone dozens parades, concerts, and fireworks displays in celebration of the 250th anniversary of America.
The Great American State Fair, a centerpiece event of President Donald Trump's efforts to celebrate the 250th anniversary of the United States of America on the National Mall of Washington was temporarily closed on Friday afternoon due to temperatures of 101 degrees Fahrenheit.
Organisers have said that it is expected to reopen, weather permitting, at?5 pm, with modifications such as cooling tents and misting station.
The National Weather Service reported that record-breaking temperatures reached the east coast of the United States from the Midwest this week. Over 185 million people received heat alerts for Friday. In many areas, peak heat indexes could reach?up to 115 degrees Fahrenheit.
Forecasters and government officials warned that the heat wave was potentially deadly. They urged Americans to celebrate the Fourth of July outdoors, stay hydrated and seek shade, and be on guard for signs of heat illness.
At least seven states have reported event cancellations, including a "major Independence Day Parade" in Philadelphia, as well as "events" in Maryland's Takoma Park, and Loudoun County in Virginia. Ahmed Aboulenein reported from Washington, Nathan Layne from New York and Mark Porter edited the story.
(source: Reuters)