2025-09-19 05:09

LITTLETON, Colorado, Sept 19 (Reuters) - Texas and California are driving U.S. clean power supplies to record highs so far in 2025, and are building a widening lead over the rest of the country in terms of the share of total power generated from clean energy sources. Combined clean power output from the main power systems in California and Texas hit new highs during January to August and increased by 10% from the same months in 2024, data from LSEG shows. Sign up here. That clean output growth sharply exceeded the 2.6% rise in clean generation in the rest of the U.S., and helped total combined power generation levels in California and Texas expand by nearly twice as much as total power supplies elsewhere. Texas and California also lead the U.S. in new combined installations of solar and battery storage capacity so far in 2025, which looks set to further concentrate clean energy supply growth in those states. With federal support for building new clean energy generation capacity set to drop sharply, other states may now fall further behind Texas and California in terms of both clean and total power generation momentum. This could yield lopsided national power growth, with states that have already built out hefty clean capacity footprints outpacing states that have been slower to adopt clean generation capacity in recent years. FORGING AHEAD Close to 74% of the wholesale power supplies generated within the California Independent System Operator (CAISO) came from clean sources during January to August, according to data from LSEG. That was by far the highest clean generation share on record for California, and compares to a 68% clean share for the same months last year and a 60% share for that period in 2023. The Electric Reliability Council of Texas (ERCOT) - which covers most of Texas - generated 46.5% of its power from clean sources during January to August. That share was also a record and is up from 43% last year and a 41% share in 2023. The total volume of clean power generated by CAISO during January to August increased by 4% from the same months in 2024 to a record 3.8 million megawatt hours (MWh), LSEG data shows. ERCOT's clean generation during January to August was 6.4 million MWh, which was 14% more than the same months the year before and also a new high. The combined clean generation total from those two states was 10.2 million MWh, which marked a 10% rise from the year before. Clean power generation in the rest of the U.S. during January to August was 39.9 million MWh, which was a also a record but marked only a 2.6% increase from the same months in 2024. EXPANDING SHARE As California and Texas expanded clean power generation more quickly than the rest of the country, their combined share of total national clean power generation climbed to a new high of 20.4% so far in 2025. That share compares to a 19.3% for January to August in 2024, and to a 19% share during January to August of 2023. The steep growth pace of clean power supplies in CAISO and ERCOT means that clean power sources accounted for a record 54% of the combined total power generation in CAISO and ERCOT during January to August, while fossil fuels accounted for a 46% share. That compares to a 39% clean, 61% fossil fuel power generation mix within the rest of the U.S. generation system, LSEG data shows. The CAISO and ERCOT systems have also built out much of the new U.S. solar and battery storage capacity over the past year, accounting for 36% of new national solar and 66% of new battery storage capacity, according to data portal Cleanview. Those additions put CAISO and ERCOT in a strong position to continue outperforming the rest of the country in terms of harnessing and deploying clean power, just as power operators in other states grapple with reduced federal support for new clean power. That means there is a growing risk that Texas and California can more easily than other states keep up with the power demand growth seen nationally, which in turn could lead to a divergence in power market dynamics between ERCOT, CAISO and elsewhere. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/texas-california-widen-clean-power-lead-over-rest-us-2025-09-19/

2025-09-19 04:46

A look at the day ahead in European and global markets from Ankur Banerjee An expected hold from the Bank of Japan rounded out the central bank bonanza this week that has left stocks ripping higher and the currency market subdued, with the dollar staying soft as investors remain uneasy about the global rates outlook. Sign up here. The BOJ's decision, though, was not unanimous with two dissents suggesting policymakers are at odds over when to hike next. Focus will now be on BOJ Governor Kazuo Ueda's press conference where markets will look for clues on the rate outlook and more details on the central bank's plans to sell its holdings of ETFs and real-estate investment trusts (REIT). The yen firmed immediately after the decision although nothing to get out of bed for, while the Nikkei (.N225) , opens new tab slipped after touching another record high earlier in the session. Elsewhere, Asian markets tracked Wall Street higher after the Federal Reserve cut rates as expected earlier this week, although comments from Chair Jerome Powell were measured and did not hint at a rapid lowering of borrowing costs. Just don't tell the stock market that. Taiwan's benchmark index (.TWII) , opens new tab hit another record high on Friday after Wall Street's main indexes scaled record peaks. European futures indicate a subdued open after a strong session on Thursday. The Bank for International Settlements, which acts as an umbrella group for the world's central banks, warned this week that record global share prices appear increasingly disconnected from the rising concerns about government debt levels in bond markets. The dollar has been steady although investors expect the greenback to be weaker in the near term. Bear in mind, the U.S. currency is down more than 10% this year so how much further it falls from here might be limited. With little economic data on tap during European hours, the spotlight will remain on interest rates and some whipsawed reaction to the BOJ decision through the session. European tech stocks (.SX8P) , opens new tab will also be in focus after Nvidia (NVDA.O) , opens new tab said it would pour $5 billion into Intel (INTC.O) , opens new tab, throwing its weight behind the struggling U.S. chipmaker. Key developments that could influence markets on Friday: Economic events: UK retail sales for August, Germany August producer prices https://www.reuters.com/world/china/global-markets-view-europe-2025-09-19/

2025-09-19 03:13

MUMBAI, Sept 19 (Reuters) - The Indian rupee is poised to open lower on Friday, dragged by lingering strength in the dollar and higher U.S. Treasury yields following the mixed Federal Reserve outcome, while the previous session's unfavourable tone will further weigh on sentiment. The 1-month non-deliverable forward indicated the rupee will open in the 88.20-88.22 range versus the U.S. dollar, compared with 88.1275 in the previous session. Sign up here. The rupee came under renewed pressure on Thursday after a brief respite in the prior sessions, failing to sustain its climb past the 88 mark. The local unit's inability to sustain its advance underscored the fragile sentiment around the currency amid dollar strength, traders said. Price action on the rupee "remains whippy within a broad 88 handle", a currency trader at a bank said. Just when the setup had begun to look constructive for the rupee, momentum quickly turned against the currency. Meanwhile, in a positive development for the rupee, Bloomberg Index Services is seeking views from investors on whether Indian government bonds should be included in its flagship global aggregate index, according to a notice sent to investors seen by Reuters. The dollar index inched up in Asian hours to near 97.50, extending a 0.7% advance over the past two sessions. The dollar had initially slipped after the Fed's 25-basis-point rate cut on Wednesday and projections that signalled more reductions ahead. However, it soon found support from U.S. Treasury yields, which like the dollar, regained after their post-Fed decline. Analysts said the move reflected Fed Chair Jerome Powell's press conference, which they said sounded less dovish than the projections suggested. U.S. jobless claims data out on Thursday contributed to the selloff in Treasuries. The number of Americans filing new applications for unemployment benefits fell last week, reversing the prior week's jump. https://www.reuters.com/world/india/rupee-set-weaken-extended-climb-dollar-us-yields-after-fed-verdict-2025-09-19/

2025-09-19 00:53

Zijin Gold to offer shares in IPO at HK$71.59 apiece Cornerstone investors have subscribed to about half of shares Company's IPO in Hong Kong comes as gold price gains Zijin Gold will list on Hong Kong bourse on September 29 Sept 19 (Reuters) - China's Zijin Gold International, keen to make the most of bullish sentiment for the precious metal, is aiming to raise $3.2 billion in a Hong Kong IPO that is set to be the city's largest in four years. Adding to a strong recovery for Hong Kong's equity capital market, the offering could garner as much as HK$28.7 billion ($3.7 billion) at a valuation of $24.6 billion if an overallotment of shares is fully exercised. Sign up here. Gold, which tends to perform well during periods of uncertainty and in low-interest rate environments, has gained nearly 39% so far this year. "A $24 billion market cap for Zijin Gold is reasonable," said David Blennerhassett, a strategist of Ballingal Investment Advisors, who publishes on SmartKarma, in a Friday research note. "This is a total bull market for gold plays. Momentum is strong. You have long-only support," he said. Zijin Gold, a wholly owned unit of China's Zijin Mining (601899.SS) , opens new tab that operates all of the group's gold mines outside China, is selling 349 million shares at HK$71.59 apiece, its prospectus showed on Friday. Trading is set to commence September 29. It would be the largest IPO in Hong Kong since JD Logistics' (2618.HK) , opens new tab May 2021 float which raised $3.6 billion, Dealogic data showed. If the overallotment is exercised it would be the largest since Kuaishou Technology (1024.HK) , opens new tab raised $6.2 billion in January 2021. Its offering follows one from automaker Chery this week that aims to raise up to $1.2 billion. Hong Kong has seen total funds raised from new listings reach $18.5 billion so far this year, exceeding 2024's full-year figure of $11.3 billion, Dealogic data showed. Booming demand for Chinese AI and tech stocks has seen a raft of Chinese companies listed in the mainland also sell shares in Hong Kong. Zijin Gold said in the prospectus that it is planning to use the proceeds over the next five years to upgrade existing mines. It added that it expects global gold demand to grow steadily at a compound annual growth rate of 3.2% from 2024 to 2030. Cornerstone investors have subscribed to about $1.6 billion worth of shares, according to the prospectus. Singapore wealth fund GIC (GIC.UL) and private equity firm Hillhouse will each buy $150 million worth of shares while asset managers BlackRock (BLK.N) , opens new tab and Schroders (SDR.L) , opens new tab will each take $120 million worth. A wholly owned unit of industry peer Zhaojin Mining (1818.HK) , opens new tab has also subscribed to $30 million worth of shares. Morgan Stanley and CITIC Securities are the joint sponsors of the offering. Zijin Mining's shares in Shenzhen rose 0.8% while its shares in Hong Kong rose 0.5% in Friday afternoon trade. ($1 = 7.7771 Hong Kong dollars) https://www.reuters.com/markets/asia/zijin-gold-launches-32-billion-hong-kong-ipo-2025-09-18/

2025-09-18 23:20

LONDON, Sept 19 (Reuters) - Britons became more gloomy this month and the prospect of tax increases in finance minister Rachel Reeves' budget in November threatens to damage confidence levels further, a survey showed on Friday. Market research firm GfK said its consumer confidence index sank to -19 in September from -17 in August which had been its highest since December, and slightly below the -18 forecast in a Reuters poll. Sign up here. Neil Bellamy, consumer insights director at GfK, said all five measures of confidence dipped this month and a separate gauge of savings intention fell sharply. An index measuring sentiment about the economic outlook now stands at -32, way down from -11 in June last year, shortly before Prime Minister Keir Starmer's Labour Party won a parliamentary election. "With tax rises expected in the November budget, the risk is that confidence inevitably falls," Bellamy said. Reeves is expected to raise taxes in her annual fiscal statement on November 26 in order to remain on course to meet her budget targets, having ordered employers to pay higher social security contributions in October last year. The GfK survey was based on a poll of 2,003 individuals conducted between September 1 and September 11. https://www.reuters.com/world/uk/uk-consumers-turn-more-wary-economic-worries-mount-gfk-says-2025-09-18/

2025-09-18 23:19

LONDON, Sept 19 (Reuters) - British finance minister Rachel Reeves risks "a major fiscal issue" if she misses her ambitious plans to make public services more efficient, a think tank warned on Friday, underscoring yet another challenge for Reeves ahead of her November budget. The Institute for Fiscal Studies estimated that Reeves' spending plans implied average productivity growth in the public sector of 1.0% a year between now and the 2028/29 tax year. Sign up here. That compares with historical averages of 0.7% per year between 2009 and 2019 and just 0.2% per year between 1997 and 2019, the non-partisan IFS said. The economy's recovery from the coronavirus pandemic and possible efficiency gains from artificial intelligence offered some grounds for optimism, it said. "But it is very possible that productivity targets will be missed," the IFS said in a report published on Friday. "This would be a major fiscal issue since these plans underpin the departmental budgets set out at the June Spending Review." Failure to meet the efficiency targets would add to demands on public spending at a time when Reeves is struggling to meet her targets for improving the public finances. She is widely expected to increase taxes for the second time in just over a year when she announces her annual budget on November 26. https://www.reuters.com/world/uk/uks-reeves-faces-major-fiscal-issue-if-she-misses-efficiency-target-ifs-says-2025-09-18/