2025-08-07 21:53
Aug 7 (Reuters) - The U.S. Environmental Protection Agency will end a $7 billion Biden-era grant program that sought to expand solar energy to low-income communities, Administrator Lee Zeldin said in a post on X on Thursday. "EPA no longer has the authority to administer the program or the appropriated funds to keep this boondoggle alive," Zeldin said in a video post. Sign up here. The One Big Beautiful Bill Act signed into law by U.S. President Donald Trump last month eliminated the program's source of funding, Zeldin added. Cancellation of the "Solar for All" program had been widely expected. Since taking office in January, Trump has rolled back federal support for solar and wind energy, calling the renewable resources expensive and unreliable. The grants were awarded in 2024 during the administration of former President Joe Biden to 60 nonprofit groups, tribes and states. At the time, the EPA said the program would serve nearly 1 million households across most U.S. states, lowering electricity costs and reducing emissions. Michelle Moore, CEO of the non-profit Groundswell, said her organization's $156 million grant would help cut electricity costs for more than 17,000 households in eight Southern states by setting up solar projects that serve rural communities. She was hopeful that the program might be saved. "A tweet is not a termination," Moore said in an interview. "Last time I checked affordability, and energy affordability specifically, was a priority for this administration." https://www.reuters.com/legal/litigation/trump-administration-will-end-7-billion-solar-energy-grant-program-2025-08-07/
2025-08-07 21:53
NEW YORK, Aug 7 (Reuters) - U.S. President Donald Trump on Thursday said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor. Here are some investor comments about his impact on the Fed and markets: Sign up here. ANDREW BRENNER, HEAD OF INTERNATIONAL FIXED INCOME SECURITIES, NATALLIANCE SECURITIES, NEW YORK: "Our view is he is very controversial and will not pass the Senate. He will try to change the Fed. First he has no experience. No street. No business. Always politics." ROBERT TIPP, CHIEF INVESTMENT STRATEGIST, HEAD OF GLOBAL BONDS, PGIM FIXED INCOME, NEW YORK: "So far bashing the Fed this term has been fruitless, or possibly even counter-productive — it certainly appeared to be counterproductive in the December 2018 Trump/Powell episode … Presumably it (Miran's appointment) will have at least a marginal impact — but it will depend on the pliability of the rest of the committee members — which is certainly not a given. Furthermore, as situations evolve, and nominees become acting chairs, there is at least one prominent example of a Fed Chair -- the first appointee following the 1951 Accord, Martin, who worked on the Accord from the administration's side – (who) proceeded in his long tenure to anger more than one president with his tight money policies ... Again, while Trump is likely to choose someone more aligned with his thinking than Powell, the impact may not prove as material as some may fear." RYAN SWEET, CHIEF US ECONOMIST, OXFORD ECONOMICS, PHILADELPHIA: "I don't think it means too much in the context of altering the course of monetary policy. I think the biggest question mark is whether or not he gets confirmed in time to vote at the September meeting. If he does, then that increases the odds that we get three dissents if the Fed opts to not cut in September. I do think the odds of a September cut are rising, not because of this nomination, but just because of the recent data on the labor market." TOM DI GALOMA, MANAGING DIRECTOR OF RATES AND TRADING, MISCHLER FINANCIAL, PARK CITY, UTAH: "Stephen Miran will be good for the Fed because he will probably be inclined to lower rates. And I think he worked in the first Trump administration. So he has been in two Trump administrations. I think it's going to be a long-term deal for Miran and he will be Fed governor for a while. I don't think this is something that they want to do temporarily." JOHN VELIS, AMERICAS MACRO STRATEGIST, BNY, NEW YORK: "A bit of surprise to nominate Miran – he wasn't mentioned as a likely candidate by markets, although he is likely to be a reliable dove, given his current political position (as Chair of CEA) and his public comments to date. "This is a recess appointment, so it does not need Senate confirmation. As far as I understand about recess appointments, they remain valid until the next session of the Senate is complete. "This still doesn't remove the current chatter about Christopher Waller being named Fed Chair to replace Powell." JAY HATFIELD, CHIEF EXECUTIVE OFFICER, INFRASTRUCTURE CAPITAL MANAGEMENT, NEW YORK: "Miran is somewhat unconventional for this job because he was head of the Council of Economic Advisors and has made some controversial or hard to justify comments about forcing people to buy Treasuries, which doesn't make any sense. But I don't think this is going to be relevant to serving on the Fed board." "It's an insider, someone who's willing to take one for the team because it's not that great of a position to be the...governor for a short period of time. It's a fairly practical decision because you can't recruit someone from the private sector for such a short period." The main focus is on the Fed chair appointment, but he believes Miran will put more pressure on Powell to lower rates. MARC CHANDLER, CHIEF MARKET STRATEGIST, BANNOCKBURN GLOBAL FOREX, NEW YORK: "I don't think it really matters much because people like me have more or less decided that the Federal Reserve is most likely going to cut rates in September and probably at least one more cut before the end of the year." "At the end of the day does it really influence our outlook for the Federal Reserve? I'd say probably not." "Is he qualified? I'd say, yes... he is an economic advisor to the President. He obviously understands the markets. Broadly speaking, we should welcome the view that the Federal Reserve is not going to be picked from a very small inner circle of people." (This story has been corrected to fix the spelling of 'Brenner' in the first comment) https://www.reuters.com/business/investors-react-news-miran-picked-by-trump-be-fed-governor-2025-08-07/
2025-08-07 21:51
WASHINGTON, Aug 7 (Reuters) - The Trump administration on Thursday said it issued a fifth installment of a loan guarantee for Holtec International's Michigan nuclear plant, which the company hopes will be the first U.S. reactor to restart after shuttering. The Department of Energy said it has now disbursed more than $83 million of the up to $1.52 billion loan guarantee for the 800-megawatt Palisades reactor. Sign up here. The conditional loan guarantee was initiated by former President Joe Biden's Loan Programs Office to support nuclear energy, which generates virtually emissions-free power, to help satisfy rising electricity demand from data centers and artificial intelligence. Since then Constellation Energy (CEG.O) , opens new tab said it would reopen the former Three Mile Island nuclear power plant in Pennsylvania, widely known as the site of a partial meltdown in 1979 that chilled the nuclear industry. Constellation said in June that the plant could restart in 2027, about a year ahead of schedule. Power company Entergy (ETR.N) , opens new tab closed Palisades in 2022, after it operated for more than 50 years. It shut two weeks ahead of schedule over a glitch with a control rod, despite a $6 billion federal program to save reactors suffering from rising costs. U.S. President Donald Trump signed executive orders in May to fast-track new nuclear power licenses, and overhaul the Nuclear Regulatory Commission, which issues them. The NRC last month approved Holtec's request to load fuel into the reactor. But the NRC said then there are still several licensing actions under its review and requirements that need to be met before Palisades can restart under the original operating license, which expires in 2031. Holtec is repairing steam generators at Palisades as the standard procedure for maintaining the units was not followed when the plant went into shutdown. Holtec reiterated on Thursday it wants to restart the plant in the fourth quarter of 2025. https://www.reuters.com/business/energy/us-loan-disbursements-recommission-michigan-nuclear-plant-top-83-million-2025-08-07/
2025-08-07 21:34
LONDON, Aug 7 (Reuters) - Britain could offer households located near new electricity pylons a discount of up to 250 pounds ($334) a year on their bills, the government said on Thursday, as it seeks to encourage acceptance of infrastructure needed to upgrade the grid. Britain plans to largely decarbonise its electricity sector by 2030 which will require many new renewable power projects and infrastructure, including pylons to connect them to the grid. Sign up here. “As we build the infrastructure, we need to deliver homegrown, affordable energy, communities must be given a stake,” Minister for Energy Consumers Miatta Fahnbulleh said in a statement. Around twice as much new transmission network infrastructure will be needed by 2030 as has been built in the last decade, the government said, but in many regions, communities have opposed large pylon projects that critics say blight the landscape. Under the proposed scheme, households near new pylons could save up to 2,500 pounds over 10 years, via a 125 pound discount on bills every six months. Britain's energy regulator Ofgem on Thursday also set out tougher requirements for suppliers to install or fix broken smart meters. From 2026 suppliers would need to pay compensation to customers if they have to wait more than six weeks for an installation appointment, or if they are too slow in fixing problems with installed equipment. ($1 = 0.7483 pounds) https://www.reuters.com/sustainability/boards-policy-regulation/uk-give-financial-incentives-households-near-new-electricity-pylons-2025-08-07/
2025-08-07 21:24
Aug 7 (Reuters) - EOG Resources (EOG.N) , opens new tab on Thursday beat second-quarter profit estimates and raised its annual production forecast as the U.S. energy producer closed its $5.6 billion Encino deal. The company projected 2025 total production to average 1.224 million barrels of oil equivalent per day (boepd), up from its prior expectations of 1.1 million to 1.14 million boepd. Sign up here. "The expansion of our portfolio through the Encino acquisition, our entry into Bahrain and the UAE, as well as strong exploration progress across our domestic portfolio and in Trinidad, has significantly enhanced our industry-leading asset base," CEO Ezra Yacob said in a statement. For the full year, EOG expects total capital expenditure to range from $6.2 billion to $6.4 billion, higher than its previous forecast of $5.8 billion to $6.2 billion. In May, EOG agreed to acquire Encino Acquisition Partners to boost its presence in the Utica and Marcellus region, one of the most prolific natural gas basins in the world. EOG also topped estimates for second-quarter profit on Thursday, as a rise in output helped it offset a drop in crude prices. Brent crude fell nearly 20% on average in the quarter from a year earlier, dragged down by tepid global demand signals, mounting OPEC+ supply, and pressure from U.S. trade policies. While prices briefly spiked above $80 a barrel in June following Israeli strikes on Iranian nuclear facilities, they soon retreated to around $67 as geopolitical risk premiums faded and market focus shifted back to weak fundamentals. EOG said benchmark U.S. crude prices stood at $63.71 per barrel, down from last year's $80.55. The company's total quarterly production stood at 1.13 million boepd, compared with last year's 1.047 million boepd. The Houston-based company posted an adjusted income of $2.32 per share for the quarter ended June 30, compared with analysts' estimates of $2.21, according to data complied by LSEG. https://www.reuters.com/business/energy/eog-resources-raises-annual-production-forecast-encino-deal-profit-beats-2025-08-07/
2025-08-07 21:24
Aug 7 (Reuters) - Argentina's state-controlled energy company YPF (YPFDm.BA) , opens new tab on Thursday reported a nearly 90% plunge in second-quarter net profit to $58 million, dragged down by lower fuel prices. Revenues also dropped 6% to $4.64 billion, hit by weaker Brent-linked prices for refined products, especially local fuels, and lower seasonal demand for naphtha. Sign up here. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) – a key measure of profitability – came in at $1.12 billion for the April-June period, down 7% from a year earlier. Analysts polled by LSEG had on average expected an adjusted EBITDA of $1.17 billion from revenues of $4.49 billion. https://www.reuters.com/business/energy/argentinas-ypf-posts-90-net-profit-drop-second-quarter-2025-08-07/
