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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.
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ADNOC, the UAE's national oil company, says that one of its vessels was attacked while transiting Hormuz
The Emirati news agency WAM reported that the Abu Dhabi National Oil Company of the UAE said on Saturday one of its vessels was attacked while transiting the Strait of Hormuz the day before. According to WAM, the state oil company reported that no injuries were reported and that the situation is now under control. This was the 'third incident of this kind involving ADNOC vessels within a week. The UAE accused Iran of being behind the earlier attacks. However, the UAE made no comment on the attack that took place Friday. Before the conflict, a fifth the world's oil & liquefied natural gas was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war?with _Iran erupted on February 28. This has raised freight rates, as well as created security concerns. ADNOC, one of the largest energy producers in the world, exports crude oil and natural gas as well as refined products to other countries. Reporting by Menna alaa el-Din, Editing by Mark Porter & Rod Nickel
Maguire: ROI-America’s power grid chokes on expensive congestion
The congestion on the U.S. electric grid is becoming a costly bottleneck. It drives up power prices, delays new generation projects, and undermines reliability.
But the attention of the electricity industry is still largely focused on generation. Politicians debate?solar panel, natural gas turbines, and nuclear reactors, while utilities boast of billions of dollars in planned investments.
PJM Interconnection is the largest U.S. electricity market, spanning 13 states. It provides a stark example. According to Gridraven, transmission congestion cost market players $777.8 in June.
This was a drop from the?record-breaking $1 billion congestion bill during a heatwave in May, but it remains high.
In just two months, the combined congestion charges amounted to $1.8 billion.
GROWTH TREND
It is the direction of travel, not the headline figure. The direction in which things are going is what's most worrying.
In the coming years, congestion costs will likely become a greater burden for electricity producers and consumers if current trends continue.
This is important because congestion acts as a tax against economic growth.
Grid operators can't just dispatch the cheapest electricity available when transmission lines are overloaded.
They are forced to use generators that are more expensive and located nearer to the demand centers. These costs are eventually passed on to customers through wholesale markets.
Customers rarely see "congestion surcharges" on their electric bills. But they still pay.
The problem becomes more acute as the demand increases at exactly the wrong time.
Years ago, the U.S. demand for electricity was virtually flat. This allowed policymakers and utilities alike to put off difficult transmission decisions. This era is over.
Construction of data centers is on the rise. The number of manufacturers expanding their domestic production is on the rise. State and utility companies continue to promote electrification in transport and heating.
All of these trends are increasing demand for electricity and, more importantly, for the movement of it throughout the country.
MISMATCH IN SUPPLY AND DEMAND
Even more difficult is the geography of today's electricity system.
The cheapest new generation is often located away from the major population centers. In rural areas, wind resources are most abundant. Solar power is often more efficient in areas where there is plenty of land than in places where electricity is consumed.
The U.S. needs transmission infrastructure as much as they need generation infrastructure.
Transmission development is notoriously slow. Permitting and building new high-voltage lines can take up to a decade. Projects are often delayed by local opposition, disputes over permits and battles about cost allocation.
The demand for goods and services is growing, but it does not wait.
PJM PAINPOINTS
PJM is already experiencing the?consequences.
Congestion in June was concentrated primarily in Pennsylvania, Maryland and Northern Virginia. These regions are at the intersection between rising electricity demand and transmission bottlenecks.
Northern Virginia has been a major hub for the U.S. Data-center boom.
It is clear that the billion-dollar event in May was not an anomaly. It may instead offer a glimpse at what the future of electricity markets will look like.
This presents challenges to consumers and power producers alike.
Even when the electricity demand is high, generators behind transmission restrictions may not be able to access all lucrative markets.
Congestion can reduce revenues, distort signals of investment and reduce the value new generation projects.
Many renewable developers are vulnerable, as they are far away from urban demand centers and rely heavily on transmission.
DYNAMIC PROSPECTS FOR GROWTH
Ironically, America is investing heavily in power generation but failing to make the most of it due to grid bottlenecks.
This explains the interest in technologies which can extract more capacity from existing transmission infrastructure.
Gridraven estimates Dynamic Line Rate technology could have?increased the available transmission capacity in PJM on average by 13% in June, resulting in savings of approximately $88.3 millions in congestion.
The company, which models future transmission capacity using weather forecasts and AI, suggests that the most costly constraint in June was the?Graceton Manor 230-kilovolt Corridor, could have seen costs for congestion reduced by almost $36 million.
It is not as important whether these estimates are accurate or not, but rather the message. Because it is so difficult to build new infrastructure, the industry is looking for ways to maximize existing grid capacity.
Other firms have also developed hardware to increase capacity on existing transmission lines. These include Linevision which models transmission capacity using sensors and digital twins.
These technologies could be helpful. They are unlikely to eliminate the problem completely.
It's a sad fact that America's electric ambitions are growing faster then its transmission network.
The country is aiming for AI leadership, increased domestic manufacturing, cleaner energie, a wider electrification, and stronger economic growth. Each of these goals will require more electricity to be flowing through the grid.
Congestion costs will continue to rise until transmission expansion catches up. If PJM is any guide, then electricity consumers will soon find out that the most costly part of energy transition isn't producing power.
It's moving.
These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of 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.
(source: Reuters)