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☆ Gold eases as firm dollar counters bets on peak US rates
▼ + stars: | 2023-11-15 | by ( Anushree Ashish Mukherjee | ) www.reuters.com time to read: +2 min

U.S. gold futures fell 0.2% to $1,961.10 . Denting bullion's appeal, the dollar index (.DXY) was up 0.4%, while benchmark 10-year U.S. Treasury yields rebounded after a revision of retail sales data showed strong gains in September. Bullion gained over 1% in the previous session after data showed that U.S. consumer prices were unchanged in October. U.S. producer prices fell by the most in 3-1/2 years in October, the latest indication of subsiding inflation pressures. While gold is considered an inflation hedge, rising interest rates dull non-yielding bullion's appeal.

Persons: Bullion, David Meger, Tai Wong, Anushree Mhukerjee, Emelia Sithole Organizations: Companies, U.S . Federal, Treasury, CPI, PPI, High, Investors, Thomson Locations: U.S, New York, Bengaluru

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

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

☆ AI boom could feed precious metals' demand - Metals Focus
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Ingots of 99.99 percent pure silver are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File photo Acquire Licensing RightsOct 25 (Reuters) - The artificial intelligence (AI) boom could support industrial demand for precious metals next year, although high interest rates and economic concerns may be near-term headwinds, Metals Focus said on Wednesday. Since most components used in conjunction with AI devices are sophisticated, "we expect to see widespread support for a range of precious metals bearing components," Metals Focus said in a note to investors. To cope with the evolution of AI algorithms, shipping growth for AI servers and switches will rise by double digits over the next few years and stimulate precious metals demand, Metals Focus said. Spot gold prices have climbed about 9% in the past two weeks, mainly fueled by safe-haven inflows triggered by the Israel-Hamas conflict, providing a tailwind for other precious metals as well.

Persons: Alexander Manzyuk, ChatGPT, Ashitha Shivaprasad, Arpan Varghese, Richard Chang Organizations: REUTERS, Metals, Nvidia, Thomson Locations: Novosibirsk, Siberian, Russia, Israel, Bengaluru

SummaryCompanies Markets await US PCE price index, Q3 GDP data this weekPalladium up 3%Oct 23 (Reuters) - Safe-haven gold eased on Monday, hitting pause after jumping to within striking distance of the key $2,000 level in the last session, as traders positioned for further developments on the Middle East conflict and U.S. economic data. Spot gold fell 0.3% to $1,976.19 per ounce by 1:41 p.m. Reuters Graphics"Safe-haven demand will continue to drive gold higher after a slight period of consolidation. Focus is also on the U.S. PCE price index on Friday— the Federal Reserve's favoured inflation gauge — and U.S. GDP figures for the third quarter on Thursday. Silver slipped 1.3% to $23.05 per ounce, platinum rose 0.3% to $897.58 and palladium gained 3% to $1,131.03.

Persons: David Meger, Bullion, Craig Erlam, Meger, Silver, BEV, Ashitha Shivaprasad, Sherin Elizabeth Varghese, Andrea Ricci, Aurora Ellis, Shailesh Organizations: Reuters, High, U.S, Thomson Locations: U.S, Israel, Bengaluru

SummaryCompanies Safe-haven buying pushes up goldFocus on Fed Chair Jerome Powell's speech on ThursdayOct 18 (Reuters) - Gold rose to a more than two-month peak on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal. Spot gold increased 1% to $1,950.67 per ounce by 2:48 p.m. "Gold could breach $2,000 in the near-term if there is an escalation of geopolitical conflict. "Gold will pull back if the Middle East situation simmers down, but right now the market place is expecting a further escalation," said Jim Wyckoff, senior analyst at Kitco Metals. Spot silver rose 0.2% to $22.87, platinum fell 1.4% to $884.89 and palladium fell 1% to $1,132.61.

Persons: Jerome Powell's, Ryan McIntyre, Jim Wyckoff, Fawad, Ole Hansen, Ashitha, Daksh Grover, Sharon Singleton, Shilpi Majumdar, Shailesh Organizations: East, Sprott Asset Management, Graphics, Kitco Metals, City, Reuters Graphics Reuters, Federal, Saxo Bank, Thomson Locations: Gaza City, Bengaluru

☆ New Mexico Governor to pursue EV tax credits to achieve zero-emission goals
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Michelle Lujan Grisham, Governor of the U.S. state of New Mexico, speaks during the 2023 U.S. Business Day and Taiwan-U.S. Supply Chain Partnership Forum in Taipei, Taiwan September 19, 2023. REUTERS/Carlos Garcia Rawlins./File Photo Acquire Licensing RightsOct 17 (Reuters) - New Mexico Governor Michelle Lujan Grisham on Tuesday said she will pursue electric vehicle (EV) tax credits and directed the state to transition to EV to achieve a zero-emission vehicle fleet by 2035. "We will pursue EV tax credits in the upcoming legislative session to make EVs more accessible and more affordable for all. I also directed the state to walk the walk by transitioning to a zero-emission vehicle fleet by 2035," Lujan Grisham said in a post on social media platform X. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Lujan Grisham, Carlos Garcia Rawlins, Lujan Grisham, Ashitha, Chizu Organizations: Business, U.S, Supply Chain Partnership, REUTERS, EV, Thomson Locations: U.S ., New Mexico, Taiwan, Taipei, Texas, Bengaluru

The Offshore Alliance union said it had called off strikes originally planned for Thursday at the U.S. energy major's Gorgon and Wheatstone projects in Western Australia, which supply around 6% of the world's LNG. Workers have showed "incredible patience" with Chevron, Offshore Alliance spokesperson Brad Gandy said in a statement, blaming the company for trying to back away from the tentative deal agreed last month. "There was some real compromises by Chevron at the 11th hour that enabled a deal to be re-struck and strikes withdrawn," energy analyst Saul Kavonic said. Kavonic said the agreement would end the risks of strikes across Australia's largest offshore LNG projects. The Offshore Alliance, a coalition of the Australian Workers' Union and the Maritime Union of Australia, said workers would vote on the proposed enterprise agreements.

Persons: Brad Gandy, Gandy, Saul Kavonic, Kavonic, Renju Jose, Lewis Jackson, Emily Chow, Stephen Coates Organizations: Reuters, Chevron, Handout, REUTERS, Union, SYDNEY, Offshore Alliance, Traders, Workers, Australian Workers ' Union, Maritime Union of Australia, Thomson Locations: Wheatstone, Western Australia, Australian, Chevron's, Australia, U.S, Asia, Norway, Sydney, Singapore, Bengaluru

SummaryCompanies Gold gains 5.2% so far this weekIsraeli military says troops make first ground raids into GazaPalladium set for weekly lossOct 13 (Reuters) - Gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets. Reuters GraphicsInvestors kept a tab on developments in the Middle East conflict, which has unnerved markets since the start of the week. "Investors are fleeing to safe havens as the risks of Middle East tensions grow," said Edward Moya, senior market analyst at OANDA. "If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. Platinum rose 1.4% to $880.42, while palladium dropped 0.3% to $1,141.24 and was set for a weekly decline.

Persons: Israel, Edward Moya, David Meger, Ashitha, Alexander Smith, Sherry Jacob, Phillips Organizations: Gaza, East, Reuters Graphics, High, Futures, Traders, Thomson Locations: Gaza, Israel, Bengaluru

Spot gold was up 0.6% at $1,831.09 per ounce by 1:41 p.m. EDT (1741 GMT) but on track for its second straight weekly loss, down 0.9% so far. Reuters GraphicsBenchmark Treasury yields headed for a weekly increase, denting the appeal of gold. The bounce in gold prices despite the strong jobs data indicates that selling pressure has been exhausted and there is covering of short positions, said Tai Wong, a New York-based independent metals trader. Spot silver gained 3.1% to $21.54 an ounce, platinum rose 2.6% to $876.73 and palladium firmed 1.8% to $1,161.72. All were on track for weekly losses.

Persons: サマリー, Tai Wong, Ole Hansen, Hansen, Ashitha Shivaprasad, Brijesh Patel, Rod Nickel, Kirsten Donovan 私たち Organizations: Graphics, U.S . Labor, Traders, Saxo Bank Locations: U.S, New York, Bengaluru

Reuters Graphics"There is a reckoning that interest rates are going to be higher for much longer, which has been the bearish element in the precious market. Gold prices could go below $1,800 in the near-term," said Jim Wyckoff, senior analyst at Kitco Metals. The appreciation of the U.S. dollar may not end anytime soon, pressuring the gold market." Traders are pricing in a 55% chance that the Federal Reserve will leave interest rates at the current range of 5.25%-5.50% this year, according to CME's FedWatch tool. Since powering above the key $2,000-per-ounce level in early May, gold prices have fallen more than 11%, or $230, pressured by a sharp rise in benchmark U.S. Treasury yields, which makes the non-yielding gold less attractive.

Persons: Silver, Fed's Bowman, Jim Wyckoff, Michelle Bowman, Tai Wong, Jerome Powell's, Ashitha, Nick Macfie, Christina Fincher Organizations: Reuters, Kitco Metals, U.S, U.S ., Federal Reserve, Treasury, Thomson Locations: New York, Bengaluru

☆ US Grid-Scale Energy Storage Installations Hit New Quarterly Record - Report
▼ + stars: | 2023-09-25 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - The U.S. grid-scale energy storage installations hit a new record in the second quarter of 2023, a report by Wood Mackenzie and the American Clean Power Association (ACP) said. Grid-scale energy storage is essential in helping balance and regulate energy supply in a grid that is increasingly reliant on intermittent wind and solar power. Across all segments of the industry, the U.S. energy storage market added 5,597 megawatt hours (MWh) in the second quarter this year, a new quarterly record. "We saw a huge bounce back in Q2 after consecutive quarterly declines in the market," said Vanessa Witte, senior analyst with Wood Mackenzie’s energy storage team. Meanwhile, community, commercial, and industrial (CCI) installations were at 107 MWh in the second quarter, according to the report.

Persons: Wood Mackenzie, John Hensley, Vanessa Witte, Wood, Ashitha, Eileen Soreng Organizations: Reuters, American Clean Power Association, Research Locations: U.S, California, Bengaluru

☆ Building begins on facility linking Canada hydropower to NYC
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

New York Governor Kathy Hochul speaks during a campaign rally with other New York Democrats, in Yonkers, New York, U.S., November 6, 2022. The 340 mile (547 km) transmission line is a proposed underwater and underground high-voltage direct current power transmission line to deliver the power from Quebec, Canada, to Queens, New York City. The converter station for the line will be the first-ever transformation of a fossil fuel site into a grid-scale zero-emission facility in New York City, its backers say. Once the construction is completed, it will convert 1,250 megawatts of energy from direct current to alternating current power that will be fed directly into the state's power grid. The converter station is a step towards New York’s target for 70% of the state’s electricity to come from renewable sources by 2030.

Persons: Kathy Hochul, Kevin Lamarque, Champlain, ” Hochul, Ashitha, Timothy Gardner Organizations: New, New York Democrats, REUTERS, Tuesday, Champlain Hudson Power Express, Hydro, Workers, Thomson Locations: Yonkers , New York, U.S, New, New York City, Quebec, Canada, Queens , New York City, Montreal, Astoria, Queens, Bengaluru

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

☆ Texas Power Grid to Resume Normal Operations, Cancels Emergency Alerts
▼ + stars: | 2023-09-06 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The Texas power grid operator said late on Wednesday it was resuming normal operations after lifting emergency measures, but still encouraged users to reduce power electric use. The Electric Reliability Council of Texas (ERCOT), which serves more than 26 million customers, had earlier declared an Energy Emergency Alert Level 2 (EEA 2), as operating reserves continued to drop. "No power outages associated with the ERCOT power grid were necessary," ERCOT said, adding that Texas had set a new September peak demand record of 82,705 Megawatts (MW). That was still below its all-time peak demand record of 85,435 MW hit on Aug. 10. Real-time power prices briefly hovered around $5,000 in most of ERCOT's Texas hubs, according to the ERCOT website.

Persons: ERCOT, Swati Verma, Rahul Paswan, Sherin Elizabeth Varghese, Ashitha, Richard Chang, Jamie Freed, Kim Coghill Organizations: Reuters, Reliability, of Texas, Energy, Texas Locations: Texas, EEA, ERCOT's Texas, Bengaluru

☆ Tropical Storm Lee to intensify into extremely dangerous hurricane -US hurricane center
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

Sept 5 (Reuters) - Tropical Storm Lee was forming east of the Lesser Antilles and was expected to rapidly intensify into an extremely dangerous hurricane by the weekend, the U.S. National Hurricane Center said in an advisory late on Tuesday. The storm was located about 1,315 miles (2,115 km) east of the Lesser Antilles in the Caribbean Sea, packing maximum sustained winds of 45 mph (75 kph), the Miami-based forecaster said. Reporting by Ashitha Shivaprasad in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Storm Lee, Ashitha, Jonathan Oatis Organizations: Lesser, U.S, National Hurricane Center, Thomson Locations: Lesser, Caribbean, Miami, Bengaluru

☆ Franklin very powerful Category 4 hurricane -U.S. NHC
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

Aug 28 (Reuters) - Franklin is a very powerful category 4 hurricane that is causing life-threatening surf and rip currents along the coast of the southeast United States, the U.S. National Hurricane Center (NHC) said in its latest advisory on Monday. Franklin was located about 440 miles (710 km) west-southwest of Bermuda with maximum sustained winds nearing 150 mph (240 kph), the Miami-based center said. "Some additional strengthening is possible tonight, but gradual weakening is expected to begin late Tuesday," the NHC added. Reporting by Brijesh Patel and Ashitha Shivaprasad in Bengaluru; editing by Jason Neely, Susan Fenton and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Franklin, Brijesh Patel, Ashitha, Jason Neely, Susan Fenton, Leslie Adler Organizations: U.S, National Hurricane Center, NHC, Thomson Locations: United States, Bermuda, Miami, Bengaluru

☆ Storm brewing in Gulf of Mexico to strengthen en route to Texas
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A graphic map shows a two-day tropical weather forecast above Atlantic ocean in this handout image obtained August 21, 2023. National Hurricane Centre/NOAA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY Acquire Licensing RightsAug 21 (Reuters) - A storm system brewing in the Gulf of Mexico could strengthen into a named storm as it takes aim at the Texas coast, the U.S. National Hurricane Center said on Monday. There are a total of five storm systems now swirling in the Atlantic Ocean, with U.S. forecasters recently saying they now expect a more dangerous Atlantic storm season than previously projected. Tropical storms are closely watched, especially in the Gulf of Mexico, because of the threat they pose to offshore oil and natural gas production in the United States and Mexico. Offshore operations in the U.S.-regulated northern Gulf of Mexico accounts for 15% of total crude oil production and 5% of total dry natural gas output.

Persons: Harshit Verma, Rahul Paswan, Jonathan Oatis, Sandra Maler Organizations: National Hurricane Centre, REUTERS, U.S, National Hurricane Center, Thomson Locations: Gulf, Mexico, Texas, Port Mansfield , Texas, Miami, Gulf of Mexico, United States, U.S, Bengaluru

☆ Texas grid operator deploys emergency response service as reserves drop
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

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’Hare/File Photo Acquire Licensing RightsAug 17 (Reuters) - The main grid operator in Texas said on Thursday it had engaged its emergency system after electricity reserves dropped below the critical 3,000 MW level due to increased power usage amid a heatwave. ERCOT said it also expected lower power reserves due to reduced wind generation. Real-time power prices rose above $5,000 in most of ERCOT Texas hubs, according to the ERCOT website. The grid operator had earlier urged consumers to conserve power between 3 p.m. CDT (2000 GMT) and 8 p.m. CDT on Thursday as demand surged.

Persons: Callaghan, ERCOT, Ashitha Shivaprasad, Rahul Paswan, Harshit Verma, Swati Verma, Chris Reese, Paul Simao, Diane Craft Organizations: REUTERS, Texas, Discount, NRG Energy, Thomson Locations: Houston , Texas, U.S, Texas, Houston, ERCOT Texas, Bengaluru

☆ Texas power use hits 3rd record this week in heat wave
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Callaghan O’Hare/File PhotoAug 10 (Reuters) - Demand for power in Texas hit a record high on Thursday for the third time this week and the tenth time this summer as homes and businesses cranked up air conditioners to escape a lingering heat wave. ERCOT said usage hit a preliminary 85,435 megawatts (MW) Thursday, which topped the record high of 83,961 MW hit on Wednesday. Thursday’s peak is 5,287 MW over last year’s demand record of 80,148 MW set in July 2022. The current demand record will likely be broken again on Friday with ERCOT forecasting usage will reach 86,621 MW. In the real-time market, prices briefly topped $4000 per megawatt hour in some Texas ERCOT hubs, according to its website.

Persons: Callaghan, ERCOT, Ashitha Shivaprasad, Rahul Paswan, Aurora Ellis, David Gregorio, Chris Reese Organizations: REUTERS, Reliability, of Texas, Thomson Locations: Houston , Texas, U.S, Texas, Houston, AccuWeather . Texas, Bengaluru

☆ Texas power use hits new high again amid heat wave
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

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’Hare/File PhotoAug 7 (Reuters) - Demand for power in Texas hit a record high on Monday for the eighth time this summer as homes and businesses kept air conditioners cranked up to escape a lingering heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state's power load, said it has enough resources available to meet soaring demand. After setting 11 new highs for demand last summer, ERCOT said usage hit a preliminary 83,854 megawatts (MW), which topped the most recent record high of 83,593 MW on Aug. 1. Rising economic and population growth have boosted electricity use in Sun Belt states such as Texas even though overall U.S. power demand is projected to ease in 2023 after hitting a record high in 2022.

Persons: Callaghan, ERCOT, Ashitha, Jacqueline Wong Organizations: REUTERS, Reliability, of Texas, Sun, Thomson Locations: Houston , Texas, U.S, Texas, Bengaluru

Three months ago, a Reuters poll predicted prices would average $1,950 in 2023. Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges". For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. "Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added. But silver could still find support from solar panels demand, analysts said.

Persons: Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis Organizations: Federal Reserve, U.S, Thomson Locations: China, Bengaluru

☆ Pacific Gas and Electric says it can meet California power demand this summer
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

July 21 (Reuters) - Pacific Gas and Electric Company (PG&E) on Friday said it is prepared to meet increased electricity demand in California this summer with new energy supply amid an ongoing heat waveThe company said it is bringing online new resources like battery energy storage, including an additional 700 megawatts (MW) than it had last summer. At the time, PG&E said it had just 6.5 MW of battery energy storage connected to the power grid. By September, it expects to have 1,700 MW online, or enough to meet the demand of 1.2 million homes at once, it said. PG&E said it is modifying programs that offer financial incentives for residential and business customers who reduce energy use during peak demand. PG&E also said it expects to have adequate hydropower to help meet peak summer demand periods.

Persons: Ashitha, Deepa Babington Organizations: Pacific Gas and Electric Company, Thomson Locations: California, Bengaluru

☆ Power demand breaks record in Texas again during heat wave
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

July 18 (Reuters) - Power demand in Texas hit a record high for a second straight day on Tuesday as homes and businesses cranked up air conditioners to escape a brutal heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state's power load, has said it has enough resources available to meet soaring demand. That is the fifth record high in ERCOT this summer. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas. Rising economic and population growth has boosted electricity use in Sun Belt states like Texas and Arizona even though overall U.S. power demand is projected to ease in 2023 after hitting a record high in 2022.

Persons: ERCOT, Scott DiSavino, Leslie Adler, Sonali Paul, Chris Reese Organizations: Reliability, of Texas, Sun, Thomson Locations: Texas, ERCOT, Houston, Dallas, Arizona

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