2025-11-07 12:22
Nov 7 (Reuters) - Enbridge (ENB.TO) , opens new tab missed third-quarter profit estimates on Friday, pressured by higher financing costs from capital investments including U.S. gas utility acquisitions, sending its shares down nearly 2% in premarket trading. The Calgary-based pipeline operator had bought three Dominion Energy (D.N) , opens new tab utilities last year — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — in a $14 billion deal, including debt. Sign up here. It reported adjusted core profit of C$2.31 billion ($1.65 billion) from its liquid pipelines unit, down from C$2.34 billion a year earlier, due to lower contributions from the Flanagan South and Spearhead pipelines. The company's Mainline system, the largest pipeline network in North America, saw third-quarter adjusted core profit marginally fall to C$1.34 billion due to lower toll pricing. The system has the capacity to move 3 million barrels per day of crude from Western Canada to markets in Eastern Canada and the U.S. Midwest. Enbridge sanctioned roughly C$3 billion in new projects during the quarter and its growth backlog now sits at about C$35 billion. It reaffirmed its 2025 adjusted core profit to be between C$19.4 billion and C$20.0 billion. The company said it did not expect tariffs to have a material impact on its current operations or deployment of capital, but would continue to monitor trade developments. Enbridge reported adjusted profit of 46 Canadian cents per share for the quarter ended September 30, missing analysts' average expectation of 51 Canadian cents per share, according to data compiled by LSEG. ($1 = 1.4024 Canadian dollars) https://www.reuters.com/business/canadas-enbridge-misses-third-quarter-profit-estimates-2025-11-07/
2025-11-07 12:07
Marshall Islands-flagged LNG tanker outruns pirate speedboat Incident occurs near site of pirate attack on Thursday EU dispatches warship as fears of piracy resurgence grow ATHENS, Nov 7 (Reuters) - A liquefied natural gas tanker successfully outran pirates approaching it in a speedboat off the coast of Somalia on Friday, maritime security sources said, as worries grow of a resurgence of piracy after years of calm. A recent spate of armed attacks on vessels in the region, including the first involving suspected Somali pirates in a year, has revived concerns over the security of shipping lanes used to transport critical energy and goods to global markets. Sign up here. Friday's incident occurred close to the area of an attack a day earlier targeting the Malta-flagged products tanker Hellas Aphrodite, an official with maritime security firm Diaplous said. The Marshall Islands-flagged LNG tanker, which maritime security sources identified as Al Thumama, reported an approach by a small craft with three people on board, British maritime risk management group Vanguard and maritime security sources said. The master reported that the tanker, which was en route from Ras Laffan, Qatar to Swinoujscie, Poland via the Cape of Good Hope, outran the speedboat, the sources said. The vessel's operator, Japan's NYK LNG Shipmanagement, declined to comment. EU DISPATCHES WARSHIP TO TROUBLED SOMALI WATERS It was unclear whether pirates remained on the Hellas Aphrodite on Friday. Its crew took refuge in a fortified safe room when it was boarded on Thursday, though they retained control of the vessel. The European Union's naval force despatched a warship to the area. It was expected to arrive on Friday. Though once a major menace around the Gulf of Aden and Indian Ocean, Somali pirate gangs have been relatively inactive in recent years following a coordinated crackdown by Western naval forces and military action targeting their onshore bases. More recently, Yemen's Iran-affiliated Houthi militia has posed a greater threat to shipping through the Red Sea, which leads into the Gulf of Aden. The group first launched attacks on commercial ships in November 2023 in solidarity with Palestinians over Israel's war in Gaza. While the Houthis have agreed to a truce on targeting U.S.-linked shipping, many shipping companies remain wary of resuming voyages through those waters. That diversion of maritime vessels has pushed traffic south along East Africa's Indian Ocean coastline, creating opportunities for attacks by Somali gangs, maritime security sources said. https://www.reuters.com/world/china/lng-tanker-evades-pirates-off-somalia-attacks-escalate-maritime-sources-say-2025-11-07/
2025-11-07 11:54
Nov 7 (Reuters) - Duke Energy (DUK.N) , opens new tab beat Wall Street estimates for third-quarter revenue and profit on Friday, helped by higher electricity rates and strong power demand, with the U.S. electric utility signing more deals to supply energy-intensive data centers. The technology industry's AI data centers, combined with the accelerating electrification of homes and businesses, are expected to push U.S. power demand to record levels in 2025 and 2026, according to the U.S. Energy Information Administration. Sign up here. Duke, which primarily operates in the Carolinas, has signed about three gigawatts worth of energy service agreements with data centers this year, including deals with Digital Realty and Edged in the reported quarter. The company has more data center deals in its pipeline, Chief Financial Officer Brian Savoy told Reuters, without disclosing the number of the potential agreements. "I think you’ll see the three gigawatts grow in a meaningful way as we move through the quarters," Savoy said. One gigawatt is enough to power about 750,000 homes. UTILITIES UPGRADE CAPACITY To meet this rising demand, power companies have accelerated plans to upgrade electrical systems, install electrical lines and build power plants. Duke plans to add over 13 gigawatts of energy capacity over the next five years, and the company expects to earn in the upper half of its 5% to 7% profit growth range starting in 2028, CEO Harry Sideris said during a post-earnings call. He added that the company's refreshed five-year capital plan, expected in February, will range between $95 billion and $105 billion. Duke is weighing the addition of large traditional reactors and next-generation nuclear reactors and extending some coal plants to meet surging power demand in the Carolinas. In Florida, Duke expects to recover around $1.1 billion in storm-related costs by February next year. Adjusted earnings from the company's electric utilities segment for the reported quarter were $1.69 billion, up from $1.46 billion in the year-ago quarter. Duke narrowed its full-year adjusted profit forecast to between $6.25 and $6.35 per share from its prior view of $6.17 to $6.42 per share. Quarterly revenue came in at $8.54 billion, ahead of analysts' estimate of $8.50 billion, as per data compiled by LSEG. The Charlotte, North Carolina-based company posted an adjusted profit of $1.81 per share for the three months ended September 30, compared with estimates of $1.75 per share. https://www.reuters.com/business/energy/duke-energy-beats-quarterly-estimates-higher-electricity-rates-2025-11-07/
2025-11-07 11:33
TOKYO, Nov 7 (Reuters) - Japan's industry ministry said on Friday it will temporarily raise gasoline and diesel subsidies from next week in an attempt to smooth the impact of planned tax cuts on the fuels. The country's ruling and opposition parties agreed this week to scrap the gasoline levy by December 31 and the tax on diesel by April 1 next year to ease the burden on households. Sign up here. By temporarily raising subsidies on gasoline and diesel, the government hopes consumers will not be tempted to delay purchases before the tax cuts are implemented. The move should also mean Japan avoids long queues at gas stations if there is a sharp overnight drop in prices. While referred to as provisional, the tax on gasoline and diesel has been in place since the 1970s, when it was introduced as a temporary step to fund road building and maintenance. The tax currently adds 25.1 yen ($0.17) per litre to the base rate of 28.7 yen on gasoline and 17.1 yen to the base rate of 15.0 yen on diesel. As part of efforts to ease the pain of rising inflation on households, Japan's government currently provides subsidies of 10 yen per litre for gasoline and diesel. These will rise to 15 yen on November 13, 20 yen for gasoline and 17.1 yen for diesel on November 27 and to 25.1 yen for gasoline and 17.1 yen for diesel on December 11. The subsidies will end when the fuel taxes are abolished. While lower prices could spur demand, a ministry official said Japan's gasoline consumption has been falling by more than 2% annually due to population decline and the wider use of hybrid vehicles, making a rebound unlikely. ($1 = 150.7800 yen) https://www.reuters.com/world/asia-pacific/japan-temporarily-hike-fuel-subsidies-smooth-tax-cut-impact-2025-11-07/
2025-11-07 11:29
Greece to import 0.7 bcm LNG annually from 2030 Deal part of US effort to replace Russian gas in Europe Greece expanding US LNG imports, infrastructure since 2020 ATHENS, Nov 7 (Reuters) - Greece has signed a deal to import 0.7 billion cubic metres of liquefied natural gas per year starting in 2030, its first long-term gas supply deal with the United States, which seeks to replace Russian gas inflows into Europe. The 20-year deal comes months after the Trump administration and the European Union signed a trade deal in July, with Europe pledging to buy $250 billion in U.S. energy - oil, LNG and nuclear technology - annually for the next three years as it seeks to phase out Russian gas from 2027. Sign up here. The supply will come under an agreement by Greece's biggest gas utility DEPA, energy company Aktor and U.S.-based Venture Global (VG.N) , opens new tab. Venture Global is building an export facility in Louisiana, its senior vice president Shaylyn Hynes told Reuters. U.S. officials hailed the deal on Friday at an energy conference in Athens in which Washington said it wants to replace every molecule of Russian gas coming into Western Europe in the coming years. "Greece had been at the end of a pipeline of as Russia-dominated energy supply system. Today, Greece becomes a launch point, the entry into Europe for American energy trade," U.S. Energy Secretary Chris Wright told a press conference in Athens. Greece has ramped up U.S. LNG imports since 2020, expanded gas infrastructure and backed a gas transportation scheme via a now underused gas pipeline to carry imported gas from its LNG terminals to Ukraine through Bulgaria and Romania as it seeks to bolster its role as a transit route into Europe. Wright promised to keep Ukraine supplied this year. https://www.reuters.com/business/energy/greece-signs-first-long-term-lng-supply-deal-with-us-2025-11-07/
2025-11-07 11:28
TSX ends up 0.2% at 29,912.19 For the week, the index loses 1.15% Materials group adds 1.4% as gold rises Tech sector falls 2.6% TORONTO, Nov 7 (Reuters) - Canada's main stock index ended higher on Friday as investors weighed prospects of an end to the U.S. government shutdown and stronger-than-expected domestic jobs data. The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 43.60 points, or 0.2%, at 29,912.19, after clawing back its earlier losses. For the week, the index was down 1.15%, its second straight weekly decline. Sign up here. The U.S. benchmark S&P 500 also ended higher following reports of progress on the congressional impasse that has resulted in the longest federal government shutdown in U.S. history. Still, worries about sky-high tech stock valuations have dampened risk appetite. "The volatility is back ... we're still seeing clients put their money to work, but they're more conservative," said Michael Constantino, CEO of Webull Canada. CANADA ADDS JOBS IN OCTOBER Canada's economy added 66,600 jobs in October, compared to expectations for a decline of 2,500, and the unemployment rate fell to 6.9% from 7.1%. The data vindicates for now "the BoC’s clear hold signal and the Carney administration’s resistance against heaping on cyclical stimulus," Derek Holt, head of capital markets economics at Scotiabank, said in a note. Canada's budget on Tuesday forecast that the fiscal deficit will more than double this year, but much of the additional spending was focused on measures to raise economic productivity rather than boosting demand. Last week, the Bank of Canada signaled a possible end to its easing campaign. The materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, rose 1.4% as the price of gold increased. Utilities (.GSPTTUT) , opens new tab rose 0.9%, led by a gain of 7.8% for the shares of Algonquin Power & Utilities Corp (AQN.TO) , opens new tab after the company reported quarterly earnings. Technology (.SPTTTK) , opens new tab was a drag, losing 2.6%, with shares of electronics equipment firm Celestica (CLS.TO) , opens new tab down 6.2%. Real estate fell 0.7%. Shares of Altus Group (AIF.TO) , opens new tab dropped 12% after the real estate services company's quarterly results missed estimates. https://www.reuters.com/business/tsx-futures-flat-ai-rally-wobbles-2025-11-07/
