2025-09-17 07:26
LISBON, Sept 17 (Reuters) - Portugal's largest utility, EDP (EDP.LS) , opens new tab, wants faster licensing and higher returns on assets to expand its electricity grid, which is crucial for the country to carry out its planned multibillion-dollar green industrial projects, its CEO said. "Without more electricity grids, there is no energy transition. The difficulty in accessing the grid is creating uncertainty about the viability of (industrial green) projects," CEO Miguel Stilwell de Andrade told reporters late on Tuesday. Sign up here. A huge blackout that hit Spain and Portugal on April 28 reignited debates about investments in power networks - and their remuneration - to make sure they can cope with increased electrification, power demand growth from AI and data centres, and renewables integration. Stilwell de Andrade said the government must "simplify procedures and shorten licensing periods," which can often take several years. The regulator ERSE must also allow "adequate remuneration" on EDP's asset base in Portugal, which is low compared to its European peers, he said. The rate of return on its asset base is now around 5.5%, and EDP wants it to be in line with other European countries where investments are rewarded with returns as high as 7.5%. EDP owns the largest Portuguese distribution grid in high, medium, and low voltage, with over 228,000 kilometers (142,000 miles) serving more than six million domestic and industrial customers. It plans to invest 3.1 billion euros ($3.67 billion) in its grid between 2026 and 2030, up 50% from 2 billion euros in 2021-25, to address high demand for electricity connections from green industries and renewables spread across the country. According to the state agency that promotes investment, AICEP, in the Sines region alone, south of Lisbon, there are several projects, such as lithium batteries, green hydrogen, decarbonisation of refineries, planned or in early execution, totalling over 9 billion euros in investment. Environment Minister Maria da Graca Carvalho said investment in grids was a "high priority" and the government was working on a decree law to streamline grid connection procedures and environmental licensing, "which will simplify the creation of high-demand (electricity) zones". https://www.reuters.com/sustainability/boards-policy-regulation/portugals-edp-urges-faster-licensing-higher-returns-expand-grid-2025-09-17/
2025-09-17 07:12
Greece urges stricter sheeppox checks after latest outbreak Greece says if measures ineffective, movement ban looms Μore than 260,000 sheep, goats culled since August 2024 ATHENS, Sept 16 (Reuters) - (This Sept 16 story has been corrected to say sheeppox, not smallpox, in the headline and paragraphs 1 and 2 to give an official title of the illness, and to say pox, not smallpox, in paragraph 3) Farmers in Greece face the risk of a nationwide ban on the movement of goats and sheep if veterinarians and stockbreeders don't step up health checks and hygiene measures on livestock to contain an outbreak of sheeppox, the government said on Tuesday. Sign up here. The outbreak of sheeppox has already led to the culling of about 2% of the country's livestock of sheep and goats, data from the Greek agriculture ministry showed. Pox in sheep and goats doesn't spread to humans but it threatens to increase prices of sheep and goat meat for Greeks already suffering from a cost-of-living crisis and deal a major blow to the export of feta, Greece's trademark salty cheese made of goat and sheep's milk. More than 260,000 sheep and goats were culled and some 1,100 farms across Greece were forced to shut after authorities detected more than 2,400 cases of the highly contagious disease among sheep and goats in the 12 months to August, data from the agriculture ministry showed. Most cases were reported in July and August. A 10-day plan announced on Monday called on stockbreeders to tighten biosecurity measures for their flocks, veterinarians to step up on-site inspections at farms and local authorities to set up disinfection points to control the movement of flocks across the country. The next 10 days will be decisive to avoid a blanket ban on moving sheep and goat across the country, Deputy Agriculture Minister Christos Kellas told public broadcaster ERT on Tuesday. "This would mean a freeze on trade. They will not deliver milk, they will not deliver meat, there will be no slaughters across the country," Kellas said. https://www.reuters.com/business/healthcare-pharmaceuticals/greece-could-ban-movement-sheep-goats-if-sheeppox-outbreak-spreads-2025-09-16/
2025-09-17 06:58
Gold hit a record high of $3,702.95/oz US Fed statement due at 1400 GMT SPDR Gold Trust holdings rose 0.3% on Tuesday Sept 17 (Reuters) - Gold slipped on Wednesday due to a slight uptick in the dollar and profit-taking after bullion touched a record high in the previous session on expectations of a Federal Reserve interest rate cut. Spot gold fell 0.5% to $3,671.61 per ounce, as of 0646 GMT, after hitting a record high of $3,702.95 on Tuesday. Sign up here. U.S. gold futures for December delivery fell 0.4% to $3,709. "Gold's ascent to $3,700 was aided by the decline in the USD and by bets that the Fed may signal that follow-up rate cuts are likely to arrive before year-end," KCM Trade Chief Market Analyst Tim Waterer said. "Profit taking around the $3,700 level saw the precious metal dip back below this mark. But should the Fed adopt a particularly dovish tone in their meeting, gold could be making another move higher." The dollar (.DXY) , opens new tab edged up 0.1% after dropping to a more than two-month low on Tuesday. Meanwhile, the benchmark U.S. 10-year Treasury yields were hovering near a more than five-month low. Data on Tuesday showed U.S. retail sales increased more than expected in August, but a weakening labor market and rising prices because of tariffs pose a downside risk to continued strength in spending. The U.S. central bank is expected to deliver a quarter-percentage-point rate cut later in the day to support the labor market. Remarks from Fed Chair Jerome Powell will be closely watched to gauge the pace of further easing. Lower rates reduce the opportunity cost of holding non-yielding bullion. U.S. President Donald Trump has called for Powell to enact a "bigger" rate cut. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.32% to 979.95 metric tons on Tuesday, from 976.80 tons on Monday. Elsewhere, spot silver slipped 1.7% to $41.86 per ounce, platinum was steady at $1,391.15, and palladium dipped 1% to $1,164.66. https://www.reuters.com/world/india/golds-record-rally-takes-breather-spotlight-shifts-fed-rate-verdict-2025-09-17/
2025-09-17 06:55
HARARE, Sept 17 (Reuters) - Zimbabwe has agreed a $455 million, 15-year concession deal with the Africa-focused unit of India's Jindal Steel (JINT.NS) , opens new tab for the refurbishment of a 920 megawatt coal-fired power plant, the energy minister said. The work on six ageing units at the Hwange thermal power station is expected to take four years, July Moyo said during a post-cabinet briefing late on Tuesday. Jindal Africa will recover its investment from revenue generated by electricity sales from the plant. Sign up here. The Southern African nation currently only meets around half of its 2,000 MW electricity demand and experiences frequent, extended power cuts due to diminishing capacity at its ageing power plants. The 1,520 MW Hwange plant, the country's largest, was upgraded in 2023 with the commissioning of two units, which added 600 MW. But its older units were built in the 1980s and are operating at a third of their capacity due to breakdowns. The Kariba hydropower station, built in the 1960s, completed a 300 MW upgrade in 2018, which boosted its capacity to 1,050 MW. However, its generation capacity has in recent years been affected by drought. https://www.reuters.com/sustainability/boards-policy-regulation/zimbabwe-agrees-455-million-power-plant-refurbishment-deal-with-jindal-2025-09-17/
2025-09-17 06:50
GDANSK, Sept 17 (Reuters) - Polish power utility Tauron (TPE.WA) , opens new tab said on Wednesday it swung to a net profit in the second quarter, after posting a loss in the same period last year due to impairments on its generation and heat assets. The result was in line with the company's preliminary figures published on August 27. Sign up here. WHY IT'S IMPORTANT Tauron, as Poland's second-largest and state-controlled utility, plays a pivotal role in the country's planned transition to renewable energy sources. The company faces mounting pressure after the government directed it to prioritise affordable power over profits, compounding the financial challenges from its declining coal business. BY THE NUMBERS Tauron reported quarterly net profit of 923 million zlotys ($257.4 million), while revenue came at 7.35 billion zlotys. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) were in line with estimates at 1.89 billion zlotys. Last year, the company reported a net loss of 1.33 billion zlotys. CONTEXT Under its current strategy, Tauron plans to decommission all its coal-fired units by 2030 as it shifts towards greener energy sources. The company will invest 100 billion zlotys by 2035 to fund this transition and aims to restart dividend payments from 2029. ($1 = 3.7378 zlotys) https://www.reuters.com/business/energy/polish-utility-tauron-swings-net-profit-second-quarter-2025-09-17/
2025-09-17 06:48
CPI holds at +3.8%, in line with Reuters poll Underlying measures of inflation slow in August Bank of England seen holding rates on Thursday Food prices - felt by consumers - rise more quickly LONDON, Sept 17 (Reuters) - British inflation held at 3.8% in August, the highest of any major advanced economy, according to official figures that underscore why investors believe the Bank of England is unlikely to cut interest rates again this year. High inflation is a problem for Britain's government as well as the BoE. Finance minister Rachel Reeves said last week that fellow ministers should focus on helping the central bank to slow price growth as well as boosting economic growth. Sign up here. Inflation for consumer services - closely watched by the BoE as a gauge of domestic price pressures - slowed to 4.7% from 5.0% in July, the Office for National Statistics said on Wednesday. Core inflation, which excludes energy, food and tobacco prices, fell to 3.6% from 3.8%. Most economists polled by Reuters and the BoE had forecast that the headline measure of inflation would hold at 3.8%. Sterling and British interest rate futures were little changed by the ONS data. BANK OF ENGLAND CONSTRAINED ON RATE CUTS The BoE is expected to hold its benchmark interest rate steady at 4% on Thursday after lowering it by 25 basis points in August. The Monetary Policy Committee's 5-4 split vote last month suggested the central bank might slow its already gradual pace of rate cuts due to persistently above-target inflation. Wednesday's figures showed petrol prices and the cost of hotels and restaurants were the biggest contributors to August inflation. That was offset by a slower rise in transport costs, particularly airfares which have been volatile in recent months. Prices for food - which the BoE sees as key for the public's inflation expectations - and non-alcoholic drinks were 5.1% higher in August compared to a year ago, after a 4.9% rise in July. Last month, longer-term inflation expectations among the public rose to the highest since 2019. British inflation is higher than in the United States where it increased to 2.9% in August and in the euro zone where it rose to 2.1%, just above the European Central Bank's 2% target. The BoE has forecast that British inflation will reach 4% in September and stay above its 2% target until the spring of 2027. While Britain's labour market has loosened, it continues to put upward pressure on prices. British wage growth slowed in the latest data, but at 4.8% for basic pay it remains too high for the BoE to take much comfort from the inflation outlook. However, official data last week painted a downbeat picture of Britain's economy, recording just 0.2% growth in the three months to July. "We still expect the looser labour market to weaken wage growth and eventually bring down UK inflation to similar rates as in the U.S. and the euro zone," Paul Dales, chief UK economist at Capital Economics, said. That would allow the BoE to cut rates from 4.0% now to 3.0% by the end of next year, Dales said. "But we think the upside inflation risks are just too high for the Bank of England to cut interest rates tomorrow or, more significantly, at the following meeting in November," he added. https://www.reuters.com/sustainability/sustainable-finance-reporting/uk-inflation-holds-38-highest-among-big-rich-economies-2025-09-17/
