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Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ Two-thirds of North America could face power shortages this winter -NERC
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

In its 2023-24 winter outlook, the regulatory authority warned that prolonged, wide-area cold snaps threaten the reliability of bulk power generation and availability of fuel supplies for natural gas-fired generation. "Recent extreme cold weather events have shown that energy delivery disruptions can have devastating consequences for electric and gas consumers in impacted areas," NERC said. It put the U.S. Midwest, Northeast, Mid-Atlantic, and South, along with some Canadian provinces, at the highest risk for electricity supply shortages this winter. NERC also found that load forecasting in winter is growing in complexity, and underestimating demand is a risk to reliability in extreme cold temperatures. Flows of gas into pipelines were reduced during Elliott, while demand for the fuel for heating and power generation increased, dramatically lowering line pressures.

Persons: Greenlee Beal, NERC, John Moura, Storm Elliott, Elliott, Anjana Anil, Scott DiSavino, Leslie Adler, Marguerita Choy Organizations: PIKE Energy, REUTERS, North American Electric Reliability Corp, U.S ., PJM, Reliability Corp, Texas, Federal Energy Regulatory, Storm, Consolidated Edison, Thomson Locations: Texas, San Antonio , Texas, U.S, Canada, U.S . Midwest, Northeast, South, New England, MISO , New York, New York City, Bengaluru, New York

☆ California regulator proposes $45 mln penalty for PG&E over 2021 Dixie fire
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A firefighter continues to hold the line of the Dixie Fire near Taylorsville, California, U.S., August 10, 2021. REUTERS/David Swanson/File Photo Acquire Licensing RightsOct 10 (Reuters) - The California Public Utilities Commission (CPUC) on Monday proposed a $45 million shareholder-funded penalty against Pacific Gas and Electric Company (PG&E) for its connections to the destructive 2021 Dixie wildfire. The proposed penalty, pending CPUC Commissioner's approval, consists of a $2.5 million fine to the California General Fund, $2.5 million payment to tribes impacted by the fire for remediation, and $40 million for capital expenditures to transition records to electronic format. CPUC enforcement staff is recommending this penalty under an Administrative Consent Order (ACO) and Agreement, as per a release on the state regulator's website. Reporting by Anjana Anil and Swati Verma in Bengaluru; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: David Swanson, Anjana Anil, Swati Verma, Miral Organizations: REUTERS, California Public Utilities Commission, Pacific Gas and Electric Company, California General Fund, Thomson Locations: Taylorsville , California, U.S, California, Bengaluru

☆ Gold steadies as investors brace for key cenbank verdicts
▼ + stars: | 2023-09-18 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold was flat at $1,923.40 per ounce by 09:59 a.m. EDT (1359 GMT). Non-yielding gold tends to fall out of favour among investors when interest rates rise. [USD/Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan. "While the developments in China are worth watching, we currently do not believe that this will change the outlook for the gold market," said Julius Baer analyst Carsten Menke. Reporting by Brijesh Patel and Anjana Anil in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, CME's, Kazuo Ueda, Julius Baer, Carsten Menke, Brijesh Patel, Anjana Anil, Krishna Chandra Organizations: Wednesday, U.S . Federal Reserve, The Bank of, U.S, Treasury, Thomson Locations: requisitions, The Bank of England, China, Bengaluru

☆ U.S. forecaster sees 95% chance of El Nino prevailing through winter
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Earlier in the day, Japan's weather bureau forecast the chances of an El Nino through the northern hemisphere winter at 90%. The World Meterological Organization had in May warned that the weather pattern could contribute to rising global temperatures. "In July, El Niño continued as indicated by above-average sea surface temperatures across the equatorial Pacific Ocean," the CPC said. Given recent developments, forecasters are more confident in a "strong" El Nino event, with roughly two in three odds of temperatures rising by about 1.5 degrees Celsius (2.7 degrees Fahrenheit) or more in November-January, it added. It was also expected to bring drier weather across West Africa, South-East Asia and northern South America, and wetter conditions to southern South America in the second half of the year.

Persons: Feisal Omar, El Niño, El Nino, Brijesh Patel, Anjana Anil, Seher Dareen, Bernadette Baum, Mark Potter Organizations: El Nino, REUTERS, Meterological Organization, CPC, El, India, Thomson Locations: Marodijeex, Hargeysa, Somalia's, Somaliland, U.S, Pacific, El, El Nino, Asia, Africa, West Africa, South, East Asia, South America, Bengaluru

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