2024-11-05 00:15

LONDON, Nov 5 (Reuters) - Britain faces a huge challenge to meet its goal of decarbonising the electricity system by 2030 with rapid reform required, the country’s National Energy System Operator (NESO) said in a report for the government on Tuesday. The decarbonisation target, which will mean moving away from fossil fuels and a rapid increase in wind and solar power, is part of Britain's efforts to reach its wider climate goals. The government asked the NESO to provide advice on how the power target can be met. "Clean Power is a huge challenge but is achievable for Great Britain by 2030," the report said. However, rapid reform of the system for connecting new projects to the grid is needed along with an overhaul to the planning process, the report said. Britain will need to contract more offshore wind capacity in its next two annual renewable auctions than it has done in the previous six, building an additional 28-35 gigawatts (GW) by 2030. A more than doubling of onshore wind capacity is needed, to 27 GW from 13 GW now, while solar capacity will need to treble to 47 GW from 15 GW, the report said. Britain’s Energy Secretary Ed Miliband said the report showed the target can be met. “The government is determined to ensure the significant reforms to planning and grid we need so we can back the builders and support investors to make this once in a generation upgrade of Britain’s energy infrastructure happen," Miliband said in a separate statement. The NESO said moving to cleaner power would not increase the overall cost of Britain's energy system and that it will help protect the country from future fossil fuel price shocks. Consumer energy bills hit a record high in 2022 following Russia’s invasion of Ukraine as global gas prices soared, pushing up gas costs for heating and also electricity generation. Sign up here. https://www.reuters.com/business/energy/britain-faces-huge-challenge-meet-2030-clean-power-goal-grid-operator-says-2024-11-05/

2024-11-05 00:00

Shell, Chevron removing some staff from offshore platforms Rafael forecast to become category 2 hurricane at mid-week HOUSTON, Nov 4 (Reuters) - A late season tropical storm predicted to intensify into a category 2 hurricane in the U.S. Gulf of Mexico this week could reduce U.S. oil production by about 4 million barrels, researchers said. Storm Rafael was in the Caribbean Sea late on Monday and expected to enter the Gulf of Mexico on a track that takes it through prime oil-producing areas. Winds could reach 100 miles per hour (161 kph) on Wednesday, the National Hurricane Center said. U.S. oil producers could lose between 3.1 million and 4.9 million barrels of oil, said energy analytics firm Earth Science Associates using a model that estimates volume losses to past storm intensity and track. Natural gas production losses could range between 4.56 billion and 6.39 billion cubic feet, according to its model. The upper end assumes structural damage that prolongs shut-ins, said Tony Dupont, Earth Science's chief operating officer. Shell (SHEL.L) , opens new tab and Chevron (CVX.N) , opens new tab on Monday said they were moving non-essential personnel to shore from several platforms ahead of the storm. Shell said it was pausing some drilling activity but there was impact on production. Chevron also said routine oil and gas production was not affected. Earth Science's model calls for Rafael to have the second-largest impact of this year's storms on offshore production, behind hurricane Francine, which shut in up to 42% of oil and 52% of natural gas production. Raphael, the 17th named storm of the Atlantic hurricane season, is on a track would take it through areas of the Gulf that are heavy with oil and gas platforms. The season runs through Nov. 30. There have been 10 named Atlantic storms formed this year since September 24, a record for the period, according to Colorado State University meteorologist Phil Klotzbach. Sign up here. https://www.reuters.com/markets/commodities/late-season-storm-could-disrupt-4-mln-barrels-us-oil-output-researchers-say-2024-11-04/

2024-11-04 23:41

Cuba still recovering from nationwide blackout and Hurricane Oscar Authorities evacuate over 66,000 Cubans from Guantanamo province NHC warns of uncertain storm track towards the United States HAVANA, Nov 4 (Reuters) - Tropical Storm Rafael gained steam late on Monday as it churned northward toward Cuba, which is still struggling to recover from a nationwide blackout and hurricane two weeks ago. The U.S. National Hurricane Center said Rafael would see "steady or rapid intensification" before plowing across western Cuba with maximum predicted winds of up to 100 mph (160 kph) by Wednesday. The Miami-based forecaster also warned of dangerous storm surge and destructive waves in the Cayman Islands, and said Rafael would intensify further late on Tuesday before heading toward Cuba. The timing could not be worse for the Communist-run island, which last month suffered a collapse of its national electric grid, leaving an estimated 10 million people without power for several days. Many of the island's residents still face hours-long outages daily due to generation shortfalls. Hurricane Oscar made landfall in Cuba around the same time as the blackout, throwing a one-two punch that has sapped precious resources in a country suffering from severe shortages of food, fuel and medicine. Rafael is predicted to pass near the capital Havana. Its decrepit and antiquated housing and infrastructure are particularly vulnerable to strong winds. On Monday evening, skies were mostly clear across western Cuba, but residents said they were preparing for the worst. "We are working together among neighbors ... taking in those who live in poorly built homes," said Natacha Velazquez, whose house fronts the ocean in Baracoa, just west of the capital. "But we are also worried for our lives." Authorities have already evacuated more than 66,000 Cubans from far-eastern Cuba, in Guantanamo province, ahead of predicted heavy rains and flooding early this week. Soils in the province were saturated by flooding and damage from Oscar, the government said. Plans were under way to evacuate thousands of residents in Pinar del Rio province, on the island's far-western end. Several Cuban provinces had partially or fully suspended classes, and the Ministry of Transportation had begun canceling some bus and train routes, officials said. The government encouraged residents, many still largely without communication because of power outages, to dial a government emergency phone number to follow the storm's progress. The NHC said much of Cuba's western half was under a hurricane watch, but warned that the storm's eventual track over the Gulf of Mexico, towards the United States, remained uncertain. The system is about 175 miles (280 km) south of Kingston, Jamaica, packing maximum sustained winds of 45 mph (75 kph). Sign up here. https://www.reuters.com/world/americas/cuba-braces-second-hurricane-amid-power-crisis-2024-11-04/

2024-11-04 23:16

Harris leads, Des Moines Register/Mediacom Iowa Poll shows Nvidia up on inclusion to the Dow Jones Industrial Average Russell 2000 outperforms, benefiting from lower bond yields Indexes down: Dow 0.61%, S&P 500 0.28%, Nasdaq 0.33% NEW YORK, Nov 4 (Reuters) - U.S. stocks closed slightly lower after a choppy session on Monday, as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its policy statement. Presidential candidates Donald Trump and Kamala Harris both scrambled for an edge in the last full day of a race that polls show as extremely close. It could take days to determine the victor. Some of the so-called "Trump trades" unwound after a recent poll showed Harris, the Democratic vice president, leading in Iowa, sparking a drop in the U.S. dollar , Treasury yields and bitcoin . Trump Media & Technology Group (DJT.O) , opens new tab closed up 12.37%, bouncing back from early losses of nearly 6%. In light of the Iowa poll, Harris' odds against the Republican former president improved on several betting sites, which many market participants eye as election indicators. "Since we're going to take until Thursday or so, at least, to figure out who won, unfortunately this is going to be a pretty volatile week," said Sam Stovall, chief investment strategist at CFRA Research in New York. "Earnings are going well, the Fed is still likely to cut interest rates, the only true uncertainty is the election, and hopefully that will be finalized sooner rather than later so investors can go back to investing." The Dow Jones Industrial Average (.DJI) , opens new tab fell 257.59 points, or 0.61%, to 41,794.60, the S&P 500 (.SPX) , opens new tab lost 16.11 points, or 0.28%, to 5,712.69 and the Nasdaq Composite (.IXIC) , opens new tab lost 59.93 points, or 0.33%, to 18,179.98. The benchmark 10-year Treasury note was last off 6.4 basis points (bps) at 4.299%, after initially dropping as much as 10 bps. Volatile trading was expected until the election is decided and investors are clearer on government policy. The 10-year yield had fallen for five straight months before surging about 48 bps in October. The Russell 2000 (.RUT) , opens new tab rose 0.4% as falling yields supported small cap stocks, seen as more likely to benefit from lower rates. CBOE's Volatility Index, (.VIX) , opens new tab also known as Wall Street's "Fear Gauge," inched up to 21.94 and remained above its long-term average of 19.46 as it hovered close to a near-two month high hit last week of 23.42. Investors were largely pricing in a Fed interest rate cut of 25 bps at its policy announcement on Thursday, with CME's FedWatch Tool , opens new tabshowing markets pricing in a 98% chance of a cut, with only a 2% chance the central bank keeps rates steady. The biggest gainer among the 11 major S&P sectors was energy (.SPNY) , opens new tab, up 1.87% as oil prices climbed after OPEC+ decided to delay plans for an output increase. Chip heavyweight Nvidia (NVDA.O) , opens new tab advanced 0.48%. On Friday, S&P Dow Jones Indices said the company would replace Intel (INTC.O) , opens new tab in the Dow Jones Industrial Average. Intel shares slipped 2.93% to weigh on the Dow. Hotel operator Marriott International (MAR.O) , opens new tab lost 1.59% after cutting its 2024 profit forecast on weak domestic travel demand in the U.S. and China. Constellation Energy (CEG.O) , opens new tab was the worst performer on the S&P 500, tumbling 12.46%. On Friday, the Federal Energy Regulatory Commission rejected an agreement to increase the power capacity of an Amazon data center connected directly to Talen Energy's nuclear power plant in Pennsylvania. The decision weighed on the utilities sector <.SPLRCU>, which fell 1.21%. Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE and by a 1.01-to-1 ratio on the Nasdaq. The S&P 500 posted 10 new 52-week highs and four new lows while the Nasdaq Composite recorded 66 new highs and 128 new lows. Volume on U.S. exchanges was 11.31 billion shares, compared with the 11.71 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/futures-gain-us-polls-fed-rate-decision-loom-large-over-markets-2024-11-04/

2024-11-04 22:43

HAVANA, Nov 4 (Reuters) - Hangzhou Duojia Technology, which distributes solar technology to Cuba, called a Cuban plan to dramatically boost solar generation a win for both countries, touting China's manufacturing heft and the island's sunny climate. Cuba is desperate to generate electricity on an island where demand is rising but generation by antiquated oil-fired power plants has plummeted. The country's grid collapsed last month, leaving 10 million people without power. Much of Cuba continues to face hours-long blackouts daily, as generation falls 50% short of peak demand. “We think solar panels are the definitive solution in this country where there is more than enough sun,” said Qiaoming Huang, president of Hangzhou Duojia Technology, on the sidelines of Havana's International Trade Fair. “As we say in China, with crisis comes opportunity,” Huang told Reuters in an interview. He said his company, which sources solar technology from China for small-scale commercial projects of up to 20 kilowatts in Cuba, had 10 containers of solar panels and lithium batteries on their way from China. Cuba agreed in April for China to help it boost solar power's role in its grid, though neither government elaborated on financing details. Soon after, Cuban authorities announced they would build 2,000 megawatts of solar energy by 2028, with the first 1,000 MW coming online by the summer of 2025 and the second tranche by 2028. After the October nationwide blackout, Cuba's top leadership appeared to double down on the plan, at least partially financed with Chinese development credits, according to state-run media. Currently less than 5% of Cuban energy comes from alternative sources. Cuba's goal for 2030 is 24%. Sign up here. https://www.reuters.com/business/energy/chinese-company-bullish-cuban-solar-drive-executive-says-2024-11-04/

2024-11-04 22:03

Nov 4 (Reuters) - A consortium of financial technology and cryptocurrency companies including Robinhood (HOOD.O) , opens new tab, Kraken and Galaxy Digital (GLXY.TO) , opens new tab on Monday introduced a joint stablecoin pegged to the U.S. dollar. The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said. WHY IT'S IMPORTANT Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional currencies such as the U.S. dollar or euro. As cryptocurrencies like bitcoin have rocketed in value this year thanks to forecasts for lower U.S. interest rates and the introduction of new crypto exchange-traded products, more companies have devoted resources to promoting stablecoins. Stablecoins are often used for converting crypto tokens into traditional currencies because they are shielded from the wild price fluctuations seen in other cryptocurrencies. CONTEXT The Global Dollar Network is based around a new stablecoin called USDG, which will be issued out of Singapore by crypto platform Paxos. The token will be governed by a committee made of representatives from the network's partners, which also include Anchorage Digital, Bullish and Nuvei (NVEI.TO) , opens new tab. USDG will face the uphill task of elbowing into a concentrated market where the two biggest players - Tether and USD Coin - account for nearly 90% of the total market capitalization, according to data from CoinGecko. The move from the firms involved comes as crypto players largely anticipate U.S. officials warming to digital assets, regardless of who wins the presidential election on Tuesday. KEY QUOTE "Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology," Paxos CEO Charles Cascarilla said. Sign up here. https://www.reuters.com/technology/crypto-firms-including-robinhood-kraken-launch-global-stablecoin-network-2024-11-04/