2024-06-06 07:31
June 6 (Reuters) - Around 428,000 customers in Santiago, Chile, faced a significant power outage after a fallen tree severely damaged a high-voltage transmission tower at midnight on Thursday, as reported by the national disaster prevention and response service (SENAPRED). The disruption caused an estimated loss of 260 MW of consumption, equivalent to about 10% of Santiago's total demand, according to the National Electric Coordinator, an independent operator of Chile's Electric System. Enel (ENEI.MI) New Tab, opens new tab, Chile's electricity distributor, confirmed the power outage and noted that the damaged tower is owned by another firm. Enel is currently collaborating with other transmission companies to restore power. The tree fell on a transmission tower in Santiago's southeastern region, causing a failure in the 110 kV Florida - Ochagavia line. This incident impacted power consumption at the Macul, Santa Elena, San Joaquin, and Club Hípico substations. Social media videos revealed a large part of the city plunging into darkness shortly after midnight, affecting multiple city areas. SENAPRED assured that efforts are underway to restore power and stated that, at the moment, no emergency situations has derived from the outage. Sign up here. https://www.reuters.com/business/energy/santiago-suffers-power-outage-after-tree-damages-transmission-tower-2024-06-06/
2024-06-06 07:28
June 6 (Reuters) - Fortescue (FMG.AX) New Tab, opens new tab has sued two of its former scientists and a former finance head alleging "misuse" of confidential information regarding the miner's green iron ore technology, a judgement by the Federal Court of Australia showed on Wednesday. The world's fourth-largest iron ore miner accused scientists Bart Kolodziejczyk and Bjorn Winther-Jensen of copying what the miner claims is confidential information regarding its green iron ore technology and taking it to their startup Element Zero after the two left Fortescue. The miner also named Michael Masterman, who departed as the chief financial officer of Fortescue's green energy arm in mid-2022 and later co-founded Element Zero with Kolodziejczyk, as one of the respondents in the lawsuit. Fortescue alleged that Kolodziejczyk and Winther-Jensen used the copied technology in the designing and engineering of an industrial pilot plant and sought search orders at the startup's two offices in Western Australia and one in Victoria, the judgement showed. "As a first mover, our intellectual property is critical to our ongoing success in this pursuit and must be protected at all times," Fortescue said in an email to Reuters, but declined to comment further saying the matter was sub-judice. Element Zero did not immediately respond to a Reuters request for comment. Sign up here. https://www.reuters.com/markets/commodities/miner-fortescue-sues-former-unit-cfo-scientists-alleging-green-technology-breach-2024-06-06/
2024-06-06 07:18
ST PETERSBURG, June 6 (Reuters) - OPEC Secretary General Haitham Al Ghais on Thursday defended the recent adjustments to the OPEC+ oil output deal, calling it a success. Speaking at an economic forum in St Petersburg, Russia, Al Ghais expressed optimism about continued strong oil demand, citing a rebound in travel. OPEC+ on Sunday agreed to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward. Investors were worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow. Sign up here. https://www.reuters.com/markets/commodities/opec-head-rejects-criticism-over-oil-deal-says-demand-is-good-2024-06-06/
2024-06-06 07:10
Mirova to pick projects in Africa, LatAm, Asia To invest $10-$20 mln each in up to 20 projects To invest for up to 10 years; NGO to track impact LONDON, June 6 (Reuters) - Asset manager Mirova and the non-profit Rainforest Alliance have signed an agreement to scale up regenerative agriculture and sustainable land use projects across Africa, Latin America and Asia, executives told Reuters. Mirova, a sustainability-focused unit of French investor Natixis Investment Managers, said funding for the projects would come from its previously announced Mirova Sustainable Land Fund 2 fund, which aims to raise 350 million euros ($381 million). The tie-up comes as policymakers across the world tighten rules governing companies' supply chains as part of efforts to combat climate change and protect and restore biodiversity loss. Doing so is increasingly important for the world's biggest companies as the health of the land needed to produce key crops such as coffee and cocoa is under threat. "If agriculture doesn't begin to restore the health in the soils, by 2050, 50% of the land for coffee will be gone," said Rainforest Alliance Chief Executive Santiago Gowland. "Regenerative agriculture is good for the producer, good for the market, good for the investor ... so funding that transition unlocks value for all." Drawing on the Rainforest Alliance's local presence, Mirova will pick around 10-20 projects in which it can invest up to $20 million, said Mirova Deputy Chief Executive and Head of Private Equity and Natural Capital Anne-Laurence Roucher. As well as the planetary benefit of helping companies adopt regenerative agriculture, the companies will be able to sell resulting products for a premium by being able to prove the higher quality production processes. Additional revenues could come from selling carbon credits for sequestering carbon emissions, all of which would help close a finance gap that has seen such projects only secure a third of the money needed by 2030, Gowland said. The fund would invest in equity or debt for up to 10 years to give the companies time to transition and Rainforest Alliance would track the environmental impact of the projects. ($1 = 0.9188 euros) Sign up here. https://www.reuters.com/sustainability/land-use-biodiversity/mirova-rainforest-alliance-scale-up-land-focused-projects-2024-06-06/
2024-06-06 07:08
LONDON, June 6 (Reuters) - Oil extended gains on Thursday, as support from growing expectations of an interest rate cut from the U.S. Federal Reserve in September outweighed higher U.S. inventories and OPEC+ plans to gradually increase supply. Brent crude futures were up 56 cents or 0.7% at $78.97 a barrel by 1150 GMT, while U.S. West Texas Intermediate crude futures were up 63 cents or 0.9% at $74.70. Oil benchmarks rose more than 1% on Wednesday, recovering after sliding by nearly $8 a barrel to four-month lows over the five sessions through Tuesday. Nearly two-thirds of economists are now predicting the Fed will cut interest rates in September, according to Reuters' May 31-June 5 poll, offsetting recent bearish supply news. Lower interest rates decrease the cost of borrowing, which can incentivise economic activity and boost oil demand. Prices were still headed for weekly declines of about 3%. Trading house Trafigura's chief economist Saad Rahim said that the decision by producer group OPEC+ to phase out some of its output cuts, combined with strong supply in the products market, has driven oil prices lower. OPEC+, which groups members of the Organization of the Petroleum Exporting Countries (OPEC) and allies, agreed on Sunday to extend most of their production cuts into 2025, but left room for voluntary cuts from eight members to be unwound gradually from October. "However, demand is holding up and product inventories remain relatively low. As such, if demand accelerates in line with normal seasonal trends it could result in tighter markets going forward," Rahim said. OPEC Secretary General Haitham Al Ghais and Russian Deputy Prime Minister Alexander Novak defended the OPEC+ deal, expressing optimism about continued strong demand for oil. "Oil markets have over-reacted to the mildly negative OPEC+ meeting outcome. Demand indicators have certainly softened somewhat recently, but are not falling off a cliff," Barclays analyst Amarpreet Singh wrote in a note. Meanwhile, U.S. crude stocks jumped by 1.2 million barrels in the week to May 31 while analysts had expected a drawdown of 2.3 million barrels, data from the U.S. Energy Information Administration showed. "Summer inventory draws should be enough to get Brent oil back into the high $80s-$90 range by September," but prices could come under pressure in 2025 from slower demand and non-OPEC supply growth, J.P.Morgan analysts wrote in a note. The bank forecasts Brent to average $83 this year and $75 next year. Sign up here. https://www.reuters.com/business/energy/oil-rises-strengthening-fed-rate-cut-expectations-2024-06-06/
2024-06-06 07:05
JAKARTA, June 6 (Reuters) - Indonesia and South Korea have signed a memorandum of understanding to incentivise a reduction of carbon emissions produced by companies from both countries, a senior Indonesian minister said on Thursday. Through the deal, companies are urged to collaborate in projects that could reduce carbon emission in Indonesia and in return, both countries would get carbon credits from ventures operated by those firms, minister Airlangga Hartarto said in a statement. The projects will get financing support from South Korea's Trade, Industry, and Energy Ministry, he added. Indonesia is aiming to achieve net zero emission by 2060 or sooner. Sign up here. https://www.reuters.com/business/environment/indonesia-south-korea-sign-agreement-carbon-emission-minister-says-2024-06-06/
