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Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Fawad, Bullion, Jim Wyckoff, Ashitha Shivaprasad, Anushree Mukherjee, Tasim Zahid, Shilpi Majumdar Organizations: Federal, Index, Reuters Graphics U.S, Federal Reserve, Treasury, Kitco Metals, Thomson Locations: East, India, Bengaluru

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

In top consumer China, premiums climbed to as high as $55 an ounce over global spot prices this week, traders said, from $20-$38 last week. The policy-measures to support the economy are expected boost physical gold demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. Official data on Thursday also showed that the People's Bank of China increased its gold holdings to 69.62 million fine troy ounces at end-August. Local gold prices were trading around 59,200 rupees per 10 grams on Friday, up nearly 2% in three weeks. In Japan, where domestic gold rates were trading at record levels this week, dealers charged $0.5 premiums.

Persons: Peter Fung, Bernard Sin, Harshad Ajmera, JJ, Anushree Mukherjee, Swati Verma, Rajendra Jadhav, Maju Samuel Organizations: Chinatown, Metals, People's Bank of China, U.S ., MKS, JJ Gold, Traders, Rajendra, Thomson Locations: China, Japan, India, Greater China, Kolkata, Local, Hong Kong, Singapore, Tokyo, Bengaluru, Mumbai

☆ 'Unrealistic' global offshore wind expansion target would require $27 billion by 2026, says Wood Mackenzie
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Violeta Santos Moura/File Photo Acquire Licensing RightsCompanies Wood Mackenzie Ltd FollowAug 17 (Reuters) - Government targets to increase wind power installations would see annual capacity additions reach 80 gigawatts (GW) per year by 2030, requiring $100 billion in secured investment in the supply chain by 2026, Wood Mackenzie said in a report. The research and consultancy firm forecast annual capacity is more likely to increase by 30 gigawatts (GW) a year by 2030, which would require $27 billion of secured investment by 2026. "The supply chain is struggling to scale up and will be an impediment to achieving decarbonisation targets if change does not happen," said Chris Seiple, vice chair, power and renewables at Wood Mackenzie. Wood Mackenzie noted that the low profit margins on offshore wind production and uncertainty about project timings resulting in very different supply-chain needs are making it hard to drum up investment in the sector. Target setting and plans for power market infrastructure to support offshore wind need to extend beyond 2030 to scale up the offshore wind supply chain, analysts at Wood Mackenzie said.

Persons: Violeta Santos Moura, Wood Mackenzie, gigawatts, Chris Seiple, Seiple, Anushree Mukherjee, Susan Fenton Organizations: REUTERS, Wood, World Energy, Thomson Locations: Viana, Castelo, Portugal, Wood, Bengaluru

☆ California grid warns heat wave will stoke power demand
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

High tension power lines with winter storm clouds behind them are seen in Sacramento County following multiple winter storms in Sacramento, California, U.S. January 9, 2023. REUTERS/Fred GreavesCompanies California Independent System Operator Corporation FollowAug 13 (Reuters) - California's Independent System Operator (ISO) warned of high temperatures and increased electricity usage during the coming week as the grid operator prepares for tight conditions works to ensure adequate supply. In a notice released on Saturday, ISO said it is closely monitoring the power grid as widespread heat waves can cause supply shortages, with resources stretched thin across multiple Western states. But if weather or grid conditions worsen, it may issue emergency notifications to secure additional resources, and prepare for potential shortages and conservation. Current demand stood at 35,472 megawatts as of Sunday evening in California, compared with an available capacity of 43,873 MW, the ISO website showed.

Persons: Fred Greaves, Anushree Mukherjee, Swati Verma, Gerry Doyle Organizations: REUTERS, Fred Greaves Companies, Thomson Locations: Sacramento County, Sacramento , California, U.S, Fred Greaves Companies California, California, Bengaluru

☆ US grid operator PJM declares level one emergency amid scorching heat
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] A general view of electric lines as demand for power surges during a period of hot weather in Houston, Texas, U.S. June 27, 2023. REUTERS/Callaghan O’HareCompanies PJM Interconnection LLC FollowJuly 27 (Reuters) - PJM Interconnection, the biggest U.S. electric grid operator, issued a level one emergency alert for Thursday as people crank up air conditioners to stave off the heat wave. The operator issued an Energy Emergency Alert Level 1 late on Wednesday for July 27, signaling that it had available resources to meet firm load and reserve commitments, and was concerned about sustaining its required Contingency Reserves. PJM oversees supply in a 13-state region, managing and paying on-call generators to keep power systems running. Demand is forecast to reach 153,286 MW as of 5:00 EPT on Thursday, and has approximately 186,000 MW of generating capacity.

Persons: Callaghan, Seher Dareen, Anushree Mukherjee, Kim Coghill Organizations: REUTERS, Callaghan O’Hare, U.S, PJM, Thomson Locations: Houston , Texas, U.S, Texas, Arizona, Bengaluru

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