2025-03-12 12:50
Proxima Fusions targets test plant by 2031 Has collected $65 million to fund next steps Government-in-waiting supports the technology Europe competes with US, China MUNICH, March 12 (Reuters) - Proxima Fusion, a Munich-based nuclear fusion technology company, aims to start a test reactor in 2031 as it works towards commercial electricity production later in that decade, its chief executive said at a public event late on Tuesday. Unlike the burning of fossil fuels or the fission process of existing nuclear power plants, nuclear fusion offers the vision of abundant energy without pollution, radioactive waste or greenhouse gases, replicating with lasers or magnets the reaction that fuels the sun. Ideas for a prototype were researched by the Max Planck Institute for Plasma Physics before the company gathered $65 million in finance, CEO Francesco Sciortino said, pointing also to support from the energy agenda of the newly forming government in Berlin. "The target is for a pilot plant in 2031," he said. The test reactor is expected to cost 1 billion euros ($1.1 billion), said Sciortino, without giving details of funding plans. Worldwide, several initiatives are exploring nuclear fusion trying to prove its viability, namely Commonwealth Fusion Systems of the United States, and China, where the state planning agency has pledged support for research into nuclear fusion. A large-scale European experiment called ITER , opens new tab in southern France is, however, is years behind schedule and far from coming online. Germany's Christian Democratic party (CDU), which with its Bavarian sister party CSU will likely lead the incoming coalition government, said in energy plans last November it aimed to create a regulatory framework for fusion technology in Germany and Europe. Bavaria is also home to Proxima rivals Marvel Fusion and Gauss Fusion. The recent European Union Clean Industrial Deal also mentioned that proposals should be made for a fusion strategy to help promote next-generation energy. ($1 = 0.9158 euros) Sign up here. https://www.reuters.com/business/energy/german-nuclear-fusion-startup-envisages-test-plant-by-2031-2025-03-12/
2025-03-12 12:22
WASHINGTON, March 12 (Reuters) - The Trump administration has ended $20 billion in funding for greenhouse gas reduction projects in a move that climate advocates and Democrats say illegally seizes money allocated for clean energy and transportation for disadvantaged communities. Environmental Protection Agency Administrator Lee Zeldin had publicized his campaign to claw back money from the Greenhouse Gas Reduction Fund, which Congress appropriated under the Biden administration to kick-start projects aimed at curbing pollution. In a statement late on Tuesday, the EPA said it had clawed back the funds, saying the program did not align with the agency's priorities and citing concerns with potential fraud, waste and abuse, although it gave no details. The U.S. Justice Department and the FBI are reviewing the program, it added. The EPA said it would work to use the funds "with enhanced controls" within the law but did not say specifically what it would do with the money. "EPA will be an exceptional steward of taxpayer dollars dedicated to our core mission of protecting human health and the environment, not a frivolous spender in the name of 'climate equity'," Zeldin said. Congress appropriated the $20 billion through the 2022 Inflation Reduction Act under Democratic President Joe Biden. Under his successor, Republican Donald Trump, the EPA has sought to freeze funding related to climate change and environmental justice amid legal challenges. Over the weekend, the Climate United Fund advocacy group sued the EPA and Citigroup's (C.N) , opens new tab Citibank for withholding the funds and breaking what it called a legally-binding contractual agreement as an awardee, saying it and seven other recipients have been unable to access the money. Sign up here. https://www.reuters.com/world/us/trump-administration-claws-back-20-billion-climate-funds-2025-03-12/
2025-03-12 12:14
MOSCOW, March 12 (Reuters) - Oil supplies to Slovakia via Russia's Druzhba pipeline have resumed and oil is expected to arrive to the country later on Wednesday, Slovak pipeline operator Transpetrol said. Shipment of crude oil via the Soviet-built Druzhba pipeline Hungary, Slovakia and the Czech Republic have been interrupted over the past days. Hungarian foreign minister Peter Szijjarto said the suspension was due to a Ukrainian drone attack on a metering station. "According to our information, after the removal of technical causes on the Druzhba oil pipeline in the section outside Slovakia, the pumping of oil towards our territory has been resumed and the receipt of oil to Slovakia is expected today in the evening," Transpetrol said. It said on Tuesday that flows of oil to Slovakia through the pipeline were suspended, expecting it to resume later in evening of the same day. The southern section of the Druzhba pipeline, which transports oil from Russia to Europe, forks in Ukraine near the Slovak border, with one line supplying Slovakia and Czech Republic while the other reaches Hungary. Sign up here. https://www.reuters.com/business/energy/oil-supplies-slovakia-via-druzhba-pipeline-have-resumed-2025-03-12/
2025-03-12 11:53
Russia has attacked Ukrainian gas infrastructure Ukraine needs to import gas to compensate for lost production Ukraine imports pipeline gas via Hungary, Poland, Slovakia KYIV, March 12 (Reuters) - Ukraine may import large volumes of U.S. gas this year via terminals in Germany, Greece, Lithuania and Poland, its state gas operator said, as Kyiv struggles with the impact of Russian attacks on its infrastructure. The White House has spearheaded talks to end the more than three years of war that have followed Russia's invasion of Ukraine. Kyiv said it was willing to accept a ceasefire proposal on Tuesday, but Moscow has yet to agree to a deal. U.S. imports of gas into Ukraine have the potential to strengthen an economic partnership with Washington and the presence of U.S. gas in Ukraine's storage facilities could deter Russian attacks. Dmytro Lyppa, the head of Ukraine's gas operator, told Reuters in an interview Ukraine could import at least 4 billion cubic metres of gas between April and October. Reuters calculations based on average prices for gas find the total imports bill would be at least $1 billion. Of the total imported via Europe, up to half would be made up of LNG shipped to European terminals, rather than pipeline gas, and of this, Lyppa said as much as possible could be from the United States. "If we take the political aspect, it is better for us to bring as much (U.S. LNG) as possible to Poland and gradually bring it to us," Lyppa said in an interview cleared for publication on Wednesday. The geopolitical situation meant that U.S. LNG could be preferred over rival Qatari LNG, for instance, Lyppa said, provided the price difference was not significant. END TO RUSSIAN TRANSIT Ukraine was a major pipeline transit route for Russian gas until the beginning of this year, when the transit deal between the two countries expired, depriving Russia of revenues from transit fees. Ukraine also has large underground gas storage facilities, and President Volodymyr Zelenskiy said Kyiv and the White House have discussed using the sites to store U.S. LNG that could replace some of the western European gas on which Ukraine relies. Russian forces have intensified attacks on Ukrainian gas infrastructure - production and underground storage facilities - in recent weeks, reducing Ukraine's gas production and limiting its ability to remove fuel from storage. Ukraine was producing 52-53 million cubic metres of gas per day before the latest attacks, but a senior industry source said the attacks reduced production by up to 40%, forcing Kyiv to increase imports. Some output has been restored, but officials have declined to give updated figures. In preparation for the 2025-26 winter heating season, Ukraine typically starts pumping gas into storage when the current peak demand season ends around April as temperatures rise and consumption begins to decline. Energy officials have estimated Ukraine needs to have at least 13 bcm of gas in reserve by mid-October for the winter season to run smoothly. Lyppa said that LNG could be supplied to Ukraine from terminals in Germany, Greece, Lithuania and Poland. The Polish and Lithuanian routes were the cheapest, but Lyppa said Ukraine would also have to use other pipelines as the Polish interconnector allows the import of only up to 7 million cubic metres per day, compared with demand of 20-25 million. ($1 = 0.9158 euros) Sign up here. https://www.reuters.com/business/energy/ukraine-bets-us-lng-gas-import-needs-rise-2025-03-12/
2025-03-12 11:52
March 12 (Reuters) - Canada will announce C$29.8 bln in retaliatory tariffs on the United States on Wednesday in response to U.S. President Donald Trump's steel and aluminum tariffs, a Canadian official said. The official declined to be named. Trump's increased tariffs on steel and aluminum imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired, and as his campaign to reorder global trade norms in favor of the U.S. gains momentum. Canada is the biggest foreign supplier of steel and aluminum to the United States. The escalation of the U.S.-Canada trade war occurred as Prime Minister Justin Trudeau prepared to hand over power this week to his successor Mark Carney, who won the leadership race of the ruling Liberals on Sunday. On Monday, Carney said he could not speak with Trump until he was sworn in as prime minister. Trump again on social media said he wanted Canada "to become our cherished Fifty First State." Sign up here. https://www.reuters.com/world/americas/canada-announce-c298-bln-retaliatory-tariffs-us-2025-03-12/
2025-03-12 11:51
New platform will allow direct exchange of African currencies Continent's FX market dominated by local/hard currency pairs Aims to boost commerce with the system after ongoing tests NAIROBI, March 12 (Reuters) - A pan-African payments infrastructure provider designed to facilitate trade on the continent is piloting an African currency market platform to boost commerce across borders in the region, its chief executive said. The Pan-African Payments and Settlement System (PAPSS), backed by 15 central banks on the continent, expects to add the platform later this year to complement its payments infrastructure that it says is currently integrated with 150 commercial banks. Sign up here. "The rates will be market driven, and our system is able to do a matching based on the rates offered by the different participants in our ecosystem," Mike Ogbalu, the CEO of PAPSS, told Reuters in an interview from Cairo. Africa's foreign exchange markets are often shallow and liquidity is limited, with South Africa and Nigeria dominating geographically and much of the wider trading centred around local and hard currency pairs. Those seeking other African currencies must typically secure dollars first. However, the region has also seen some major currency reforms with countries such as Nigeria, Egypt and Ethiopia pushing ahead with efforts to move to more market-based regimes. The Africa Currency Marketplace, as the platform will be known, will allow parties to exchange local currencies directly, Ogbalu said. He cited the example of an Ethiopian airline selling naira-denominated tickets in Nigeria, which could then exchange its naira revenue with a Nigerian company trading in Ethiopia using the birr. "Our system will intelligently match them and then party A will get Naira in Nigeria and party B will get birr in Ethiopia. The transaction just completes without any third-party currency being involved at all," Ogbalu said. There have been frequent case of companies not being able to repatriate their revenue from other countries in the region, whenever violence or economic problems cause dollar shortages in markets like South Sudan or the Central African Republic. Companies operating in the region have been forced to take a writedown every financial year to account for currency revaluations in markets with volatile currencies, Ogbalu said. Others have invested in assets like real estate to try to preserve the value of their assets in such markets. There have been attempts to use cryptocurrencies like Bitcoin to get around that problem but their usage is still low, partly due to lack of legal frameworks to support their use in markets like Kenya. "Those are some of the things we think that this African currency marketplace will unlock," he said, saying it would be "transformational" without giving details on expected size or trading volumes. https://www.reuters.com/markets/currencies/african-payments-system-papss-plans-launch-fx-market-platform-this-year-2025-03-12/
