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China's cryptocurrency-mining crackdown spreads to Sichuan
  + stars: | 2021-06-19 | by ( Samuel Shen | Alun John | ) www.reuters.com sentiment -1.00   time to read: +2 min
SHANGHAI/HONG KONG (Reuters) - China’s crackdown on cryptocurrency “mining” has extended to the southwest province of Sichuan, where authorities ordered cryptocurrency mining projects closed in the major mining centre. FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this picture illustration taken June 7, 2021. But the State Council, China’s cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks. The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy Bureau issued a joint notice, dated Friday and seen by Reuters, demanding the closure of 26 suspected cryptocurrency mining projects by Sunday. Sichuan is China’s second-biggest bitcoin mining province, according to data compiled by the University of Cambridge.
Persons: Edgar Su, Friday’s, , Winston Ma, ” Ma Organizations: Reuters, REUTERS, State Council, Sichuan Provincial Development, Reform Commission, Sichuan Energy Bureau, Sunday, University of Cambridge, NYU Law Locations: SHANGHAI, HONG KONG, Sichuan, China, Mongolia, Xinjiang, Inner Mongolia, Yunnan
Searchers on Friday spent a second day scouring a North Carolina river for a 30-year-old woman and a 7-year-old boy missing since they went over a dam during a family float trip. Three people, including a 14-year-old, were found dead Thursday after nine relatives on inflatable tubes in the Dan River went over the dam around nightfall Wednesday, the Rockingham County Sheriff's Office said. Four people were rescued, and two others, Teresa Villino, 30, and Isiah Crawford, 7, remained missing, the office said. The dam is around 8 1/2 feet tall with no water, officials said said. The three people found dead Thursday have been identified by the sheriff's office as Bridish Crawford, 27; Antonio Ramon, 30; and Sophie Wilson, 14.
Persons: Dan River, Teresa Villino, Isiah Crawford, Sam Page, Rodney Cates, Cates, Bridish Crawford, Antonio Ramon, Sophie Wilson, Page Organizations: Sheriff's, Emergency, Duke Energy Locations: Carolina, Dan, Rockingham, there's, Eden
A photo shows the real prices for gasoline and diesel at a Chevron gas station in Los Angeles, contrary to suggestions by some social media users. Shared over 10,000 times, the post ( here ) from June 14, features a photo of a sign at a Chevron gas station showing that gas and diesel prices are at $5.89 to $5.99, with the caption “Los Angeles this morning. The post mentions KABC, or ABC-7, and the news channel did report on high gas prices on June 14 here . According to the fuel tracking firm GasBuddy, California is the state with the most expensive regular unleaded retail fuel prices. Reuters identified the gas station in the photo and Chevron confirmed the prices shown are correct.
Persons: Tyler Kruzich, Read Organizations: Chevron, Reuters, KABC, ABC, NBC, U.S . Energy Information Administration, EIA Locations: Los Angeles, Angeles, Los Angeles , California, NBC Los Angeles, LA, California, U.S
EIG-led consortium closes $12.4 billion Aramco pipelines deal
  + stars: | 2021-06-18 | by ( Reuters Staff | ) www.reuters.com + 0.80   time to read: 1 min
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah(Reuters) - U.S.-based EIG Global Energy Partners said on Friday a consortium it led has closed a deal to buy 49% of Saudi oil producer Aramco’s pipelines business for $12.4 billion. EIG said the co-investment process for the deal attracted a global group of investors from China, Saudi Arabia, Korea, the United Arab Emirates and the United States. It included Abu Dhabi’s Mubadala Investment Company, Silk Road Fund, Hassana and Samsung Asset Management, the company said.
Persons: Ahmed Jadallah, EIG, Abu Dhabi’s Organizations: Aramco, REUTERS, Global Energy Partners, United Arab Emirates, Abu Dhabi’s Mubadala Investment, Silk, Fund, Hassana, Samsung Asset Management Locations: Saudi, Saudi Arabia, China, Korea, United States
FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo(Reuters) - A near-record dollar amount of single stock equity options -totaling $818 billion - is set to expire at the close of trading on Friday afternoon, potentially driving sharp moves in some stocks throughout the day, Goldman Sachs analysts wrote. A recent surge in interest in options trading, fueled in part by droves of retail traders looking to place wagers on the swings in so-called meme stocks such as GameStop Corp and AMC Entertainment Holdings, has boosted trading in U.S. single stock options to record highs this year. The sheer volume of trading in some of these options is enough to move the stocks, analysts say. Stocks where a large percentage of contracts, relative to their average daily volume, are set to expire on Friday are worth watching, Goldman Sachs analysts wrote.
Persons: Brendan McDermid, Goldman Sachs, Vishal Vivek, John Marshall, Randy Frederick, Charles Schwab, Price Organizations: New York Stock Exchange, REUTERS, GameStop Corp, AMC Entertainment Holdings, GameStop, AMC, Hilton Worldwide Holdings Inc, Valero Energy Corp, Business Machines, General Motors Co, Inc, Salesforce.com Inc Locations: New York City, U.S, Austin , Texas
And that, in turn, comes at a time when the energy infrastructure faces growing demand from the electric vehicles expected to roll out by the millions over the course of the coming decade. Demand for battery-electric vehicles is growing at a record pace, spurred in part by the debut of an assortment of new models. Studies find consumers are still reluctant to buy electric cars due to high costs, lack of a nationwide charging network — and growing concerns about the energy grid. A 2019 study by the U.S. Department of Energy estimated that increased demand for electricity — much of that for electric vehicles — could see a 38 percent increase in energy demand by 2050. While there seems little doubt that electric vehicles will increase the nation’s grid load, “the transition…will be slow,” said Pat Romano, CEO of ChargePoint, one of the nation’s largest charging companies.
Persons: Mary Barra, she’s, Joe Biden, Jennifer Granholm, We’re, there’s, Jim Farley, Tesla’s, Elon, , Scott Hinson, ” Hinson, Pat Romano Organizations: Lone Star State, General Motors, , Benchmark Mineral Intelligence, Lithium Batteries, Department of Energy, Motors, Wednesday GM, Ford, Volkswagen, Nissan, Volvo, White, Colonial Pipeline, U.S . Department of Energy Locations: Texas, U.S, Michigan, China, Canada, Australia, Lordstown , Ohio, Spring Hill , Tennessee, Reno , Nevada, Tennessee, Mexico, Austin , Texas, California
CANADA STOCKS-TSX set for worst day in over 2 weeks as energy stocks weigh
  + stars: | 2021-06-18 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
* The energy sector fell 1.1% as U.S. crude prices were down 0.4% a barrel, while Brent crude lost 0.6%. The industrials sector fell 0.7%. * On the TSX, 53 issues were higher, while 166 issues declined for a 3.13-to-1 ratio to the downside, with 88.85 million shares traded. * The most heavily traded shares by volume were Toronto-Dominion Bank, Royal Bank of Canada and Bank of Nova Scotia. * Across all Canadian issues there were 14 new 52-week highs and five new lows, with a total volume of 104.00 million shares.
Persons: Brent, Amal S, Ramakrishnan Organizations: Toronto Stock, Westshore, Investment Corp, TSX, BlackBerry Ltd, Shopify Inc, Dominion Bank, Royal Bank of Canada, Bank of Locations: United States, Toronto, Bank of Nova Scotia, Bengaluru
CANADA STOCKS-TSX opens lower as energy stocks weigh on weaker crude
  + stars: | 2021-06-18 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
June 18 (Reuters) - Canada’s main stock index fell at the open and was set to mark its worst day in more than two weeks on Friday, dragged by energy stocks as crude prices dropped for a second straight day. * At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 119.16 points, or 0.59%, at 20,024.88.
Organizations: Toronto Stock
LONDON (Reuters) - OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. While there was general agreement on limited U.S. supply growth this year, an industry source said for 2022 forecasts ranged from growth of 500,000 bpd to 1.3 million bpd. U.S. shale oil output usually responds rapidly to price signals and U.S. crude has this week hit its highest since October 2018 at nearly $73 a barrel. “Investment discipline and free cash flow for the investor,” said one OPEC+ source on condition of anonymity, summarising one of the ECB meeting’s talking points. OPEC producers were sent reeling by a 2014-2016 price slide and global glut caused partly by rising U.S. output.
Persons: Dado, , Wood MacKenzie Organizations: REUTERS, OPEC’s Economic, Board, ECB, Investment, OPEC, International Energy Agency, Argus Media, U.S . Energy Information Administration, IHS, Energy Intelligence Locations: OPEC, Saudi Arabia
Energy Department Seeks to Keep Grant-Backed Technology Jobs in U.S.
  + stars: | 2021-06-18 | by ( Timothy Puko | ) www.wsj.com + 0.89   time to read: +1 min
The Biden administration is moving to end exemptions that allowed technology developed with U.S. government research funding to be exported for manufacturing overseas, Energy Secretary Jennifer Granholm said in an interview. The change affects billions of dollars of grant money allocated by the Energy Department and is the latest effort to boost the country’s competitiveness with China. It primarily blocks small companies and nonprofits—largely universities and their spinoff businesses—from exceptions that allowed them to outsource manufacturing of technology developed with federal help, according to the department. Those include semiconductors, rare-earth elements and large-capacity batteries used in electric vehicles, all industries in which Energy Department grants often feed key research and development. The goal is to ensure the U.S. becomes a world leader in several nascent or evolving industries, especially clean energy and low-emissions transportation.
Persons: Biden, Jennifer Granholm, Biden’s, Ms, Granholm, Mr Organizations: U.S, Energy, Energy Department Locations: China, U.S
(Reuters) -A slide in bank and energy stocks hit European shares on Friday, with a hawkish policy outlook from the U.S. Federal Reserve also casting a dampener on the STOXX 600’s fifth straight weekly gain. [.N]Insurers, telecom stocks and energy stocks lost between 0.8% and 1.2%, while industrials and real estate stocks were among the biggest gainers. By 0824 GMT, the pan-European STOXX 600 index was down 0.2%. Germany’s DAX index fell 0.3% as data showed a bigger-than-expected jump in May producer prices. The European mining index slipped 0.1%, bringing its weekly decline to more than 5% due to lower metal prices.
Persons: , Andrea Cicione, “ We’ve, Germany’s DAX, Niemann Organizations: Reuters, U.S . Federal Reserve, REUTERS, Staff, Lombard, European Central Bank, Fed, Orphazyme, U.S . Food, Drug Administration, Tesco, Britain’s Locations: Frankfurt, Germany, Danish, U.S
Three people are dead and two others are missing after a group floating a North Carolina river on inner tubes went over a dam, officials said Thursday night. Four people were rescued from the Dan River, officials said. Four were rescued when authorities arrived Thursday and they told officials that others from their group were missing. The dam by the Duke Energy plant is around eight feet over the water, Cates said, but the water going over it creates pressures in the area. The Duke Energy plant and the dam is in Eden, near the North Carolina-Virginia border.
Persons: Dan, Rodney Cates, Cates Organizations: Duke Energy, Rockingham County Emergency Locations: Carolina, Rockingham County, Eden, North Carolina, Virginia
China new energy vehicle sales to grow over 40%/yr in next 5 yrs -industry body
  + stars: | 2021-06-18 | by ( ) www.reuters.com sentiment -0.64   time to read: +1 min
A charging cable is seen hooked to a car at a State Grid Corporation of China charging point for electric vehicles in Beijing, China March 3, 2018. REUTERS/StringerSHANGHAI, June 18 (Reuters) - China's new energy vehicle (NEV) sales are expected to grow more than 40% each year in the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said on Friday. Fu Bingfeng, executive vice chairman of CAAM, made the remarks at a conference held by the industry body in Shanghai. Fu's presentation showed that CAAM forecasts sales of NEVs, including battery electric, plug-in hybrid and hydrogen fuel cell vehicles, to hit 1.9 million units this year and 2.7 million vehicles in 2022. Reporting by Yilei Sun and Tony Munroe; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Stringer SHANGHAI, Fu Bingfeng, BYD, Yilei Sun, Tony Munroe, Muralikumar Organizations: State Grid Corporation of China, REUTERS, China Association of Automobile Manufacturers, Tesla Inc, Nio Inc, Xpeng Inc, Wan Gang, Hunan Zhongke Electric Co Ltd, Ningbo Rongbay New Energy Technology Co, Materials Technology Co, Thomson Locations: Beijing, China, Shanghai, Hunan, Ningbo, Guangzhou
North Korea hackers target S.Korea nuclear think tank - lawmaker
  + stars: | 2021-06-18 | by ( Hyonhee Shin | ) www.reuters.com sentiment -1.00   time to read: +2 min
SEOUL, June 18 (Reuters) - A North Korean hacking group known as Kimsuky broke into the network of South Korea's state-run nuclear think tank last month, the latest in a series of cyberattacks by the North, a South Korean lawmaker said on Friday. Affiliated with North Korea's Reconnaissance General Bureau spy agency, the group had previously targeted South Korean COVID-19 vaccine developers and a state-run nuclear reactor operator, among others. North Korea has been developing nuclear weapons using plutonium from spent reactor fuel. U.S.-led negotiations aimed at dismantling North Korea's nuclear programme have been stalled since 2019. In November, South Korean lawmakers said the intelligence agency had foiled North Korean attempts to hack into companies developing coronavirus vaccines.
Persons: Ha Tae, Ha, Simon Choi, Kimsuky, Choi, Hyonhee Shin, Robert Birsel Organizations: South, Korea Atomic Energy Research Institute, North Korea's, Bureau, Reuters, Thomson Locations: SEOUL, Korean, South Korea's, South Korean, Seoul, North, North Korea, Korea, U.S
BP to buy solar projects for up to 500 mln euros in Spain -Expansion
  + stars: | 2021-06-18 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
A BP logo is reflected in a car window at a petrol station in London January 15, 2015. REUTERS/Luke MacGregor/File PhotoMADRID, June 18 (Reuters) - Energy giant BP (BP.L) is close to buying solar power projects for between 400 million euros and 500 million euros in Spain from conglomerate Grupo Jorge, Expansion newspaper reported on Friday, citing unidentified industry sources. Lightsource bp, BP's solar power unit, would take over a portfolio of photovoltaic power projects with a total potential capacity of 700 megawatts from Grupo Jorge, a privately held company with assets in pork meat, agriculture and renewable energy, Expansion said. BP itself had announced in February the acquisition of a portfolio of solar projects with a potential capacity of 845 megawatts. Spokespeople at BP and Grupo Jorge did not answer emails and calls seeking comment.
Persons: Luke MacGregor, Grupo Jorge, Inti Landauro, Cristina Galan, David Evans Organizations: REUTERS, Energy, BP, Grupo Jorge, Grupo, Thomson Locations: London, MADRID, Spain
Part of a transformer substation hosted by 50Hertz Transmission Company is pictured in Neuenhagen, March 6, 2014. REUTERS/Tobias SchwarzSummary Quicker exit from reliable power supplies poses risksNext government must review market set-up - 50HertzSome of Germany's neighbours run back-up power marketsFRANKFURT, June 18 (Reuters) - Tougher climate targets have made it more urgent for Germany's next government to revamp energy regulations to protect the stability of power supplies and encourage much-needed investments, grid operator 50Hertz said on Friday. But a total 80 GW of power can be needed on winter days, of which 60 GW must be firm. Germany's energy regulator is due to review permitted returns on capital for power grids by July for the five-year period from 2025 and could curb potential income to protect consumers. read more )($1 = 0.8394 euros)Reporting by Vera Eckert Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Persons: Tobias Schwarz, 50Hertz, Stefan Kapferer, Consentec, Hertz, Vera Eckert, Mark Potter Organizations: 50Hertz, REUTERS, Energy, Thomson Locations: Neuenhagen, FRANKFURT, Germany, France, Poland, Belgium, Britain
Acciona IPO wilts under green energy discount
  + stars: | 2021-06-18 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Acciona Windpower 1.5 MW wind turbine generators are seen on Tatanka Wind Farm as the coronavirus disease (COVID-19) outbreak continues in Brandt, South Dakota, U.S., October 27, 2020. REUTERS/Bing Guan - RC2DRJ9H7AMMLONDON, June 18 (Reuters Breakingviews) - Spain’s Acciona (ANA.MC) IPO has blown a fuse. That’s some 2 billion euros short of what deal advisors, including Citi, Morgan Stanley, JPMorgan and Goldman Sachs, had mooted . A selloff read more in green energy stocks since January forms part of the reason for the discount, as does the Entrecanales family’s continued control. Like its rivals, however, Acciona has an impressive track record and ambitious plans to nearly double its capacity to 20 gigawatts by 2025.
Persons: Bing Guan, Morgan Stanley, Goldman Sachs, Acciona, Christopher Thompson, JBS, Hong Kong, Jessica Alba’s, Ed Cropley, Katrina Hamlin Organizations: REUTERS, Reuters, Citi, JPMorgan, Locations: Brandt , South Dakota, U.S, Madrid, Hong, Frankfurt, SPAC
It will take a $140 trillion investment to decarbonize the global energy supply chain by 2050, according to UBSCapital goods, chemicals and energy services sectors could benefit the most from the transition, while airlines, cement and steel sectors could be disadvantaged. In a recent analyst report, UBS' investment research team outlined what it will take for the world's energy system to transition from one based on fossil fuels to one on clean power. "Structural growth in renewable power generation will favour generators and their supply chain, and we see capital goods, chemicals and energy services sectors delivering the energy transition," UBS analysts said. We think the airlines, cement, steel sectors are at risk from being unable to pass higher costs on to end-users." The bank's global team of analysts have put together a list of 'most preferred' industry winners who stand to gain from the movement to decarbonize the energy system.
Organizations: UBS Capital, Volkswagen, UBS
Work from car: Long queues for fuel force Lebanese to adapt
  + stars: | 2021-06-18 | by ( ) www.reuters.com + 0.00   time to read: +2 min
BEIRUT, June 18 (Reuters) - Stuck in a stationary queue of cars waiting for fuel in Beirut, game designer Ali Kattouaa works the phone to make the most of the long holdup. he said wearily, listening to a conference call on speaker while monitoring the queue for any hint of progress. Local media reported an exchange of fire at a petrol station in the northern city of Tripoli on Friday. "Every day the same story - if there's fuel we go to work. "I work as a web developer and I've been waiting for half an hour," Jad Kouzi said in the capital this week.
Persons: Ali Kattouaa, Alaa Saade, Marie Kevorkian, Raymond Ghajar, I've, Jad Kouzi, Issam Abdallah, Dominic Evans, Mike Collett Organizations: Energy, White, Thomson Locations: BEIRUT, Beirut, Lebanon, Tripoli
Big Oil Takes a Beating, but Its Investors Are Riding High
  + stars: | 2021-06-18 | by ( Jeff Sommer | ) www.nytimes.com + 0.00   time to read: +3 min
Six of the 10 top performers in the S&P 500 this year are energy companies, led by Marathon Oil, which has nearly doubled in value in 2021 alone. Propelled by an increase in the price of oil, the stock returns for the big energy companies have been extraordinary, despite the public chastisement. At the same time, the oil supply has been limited by a decline in production during the recession, when people stopped driving and flying and major oil companies lost billions of dollars and began to retrench. OPEC Plus has already announced that its members are beginning to increase production a bit, which could keep prices from rising much further. The public pressure on big oil companies may be a harbinger of fossil fuel production declines.
Persons: , Ed Crooks, Wood Mackenzie, Crooks, Conoco Phillips Organizations: Marathon Oil, Exxon, Chevron, Shell, Brent, AAA, Organization of, Petroleum, OPEC, International Energy Agency, Companies, Eni, Total, BP, Carbon Locations: United States, Americas, Russia, Europe
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Officials from OPEC's Economic Commission Board (ECB) and external presenters attended a meeting on Tuesday focused on U.S. output, the sources said. While there was general agreement on limited U.S. supply growth this year, an industry source said for 2022 forecasts ranged from growth of 500,000 bpd to 1.3 million bpd. "Investment discipline and free cash flow for the investor," said one OPEC+ source on condition of anonymity, summarising one of the ECB meeting's talking points. OPEC producers were sent reeling by a 2014-2016 price slide and global glut caused partly by rising U.S. output.
Persons: Dado, Wood MacKenzie, Elaine Hardcastle Organizations: REUTERS, OPEC, OPEC's Economic, Board, ECB, International Energy Agency, Argus Media, U.S . Energy Information Administration, IHS, Energy Intelligence, Thomson Locations: OPEC, Saudi Arabia
The 4.3 MW "typhoon-class" turbines have been designed to cope with the "very high wind speeds" seen in Japan, Siemens Gamesa explained. The 339.7 megawatt Dohuku project will be located on the island of Hokkaido, Siemens Gamesa said in a statement Wednesday, and consist of four facilities set to be developed by Japan's Eurus Energy. Siemens Gamesa Renewable Energy is to supply 79 "typhoon-proof turbines" to a major onshore wind development in Japan, as the country attempts to reduce its reliance on fossil fuels and develop more renewable energy installations. Last October, Japan's Prime Minister, Yoshihide Suga, said the country would target net zero greenhouse gas emissions by the year 2050. This year has still seen a number of interesting renewable energy projects take shape in the country, however.
Persons: Siemens Gamesa, Yoshihide Suga Organizations: Siemens, Japan's Eurus Energy, Siemens Gamesa Renewable Energy, Japan's, Agency, Natural Resources, Energy, Japan, International Energy Agency, Mitsui Locations: Japan, Hokkaido, Scotland
Energy stocks roar toward their best year in three decades amid recovery in oil
  + stars: | 2021-06-18 | by ( Pippa Stevens | ) www.cnbc.com sentiment -0.98   time to read: +1 min
It's six months into 2021, and energy stocks are already on pace for their best year in more than three decades, leading some to believe the run may be due for a pullback. The group pulled back on Thursday and Friday, but is still up more than 40% for the year. That's almost double the 23% return for the real estate sector, which is the second-best sector. The surge in energy stocks comes on the back of a recovery in oil prices, and as investors return to areas of the market that were left out of 2020's rebound from the pandemic lows. In 2020, the group fell 37.3% for its worst performance since inception in 1989.
Persons: That's, Jonathan Krinsky Organizations: Crest Partners
REUTERS/Denis Balibouse/File PhotoJune 18 (Reuters) - Commodity merchants and investment firms such as Citadel, Gunvor (GGL.UL) and Trafigura (TRAFGF.UL) are bolstering U.S. teams that specialize in trading renewable fuels as demand soars, according to people familiar with the matter. Renewable fuels account for roughly 12% of U.S. energy consumption, according to government data, and are growing every year. In April, hedge fund Citadel made its first entry in the U.S. renewable fuels trading space, a source close to the firm said. McCall previously was director of environmental commodities trading at DTE Energy Trading (DTE.N). Last year, Trafigura hired Scott Adair in Calgary, Alberta, to trade power, renewable energy and environmental commodities.
Persons: Denis Balibouse, Jay McCall, McCall, Gunvor, Shane Foster, Trafigura, Scott Adair, Laura Sanicola, Devika Krishna Kumar, Matthew Lewis Organizations: REUTERS, Citadel, North America Environmental Products, DTE Energy Trading, Reuters, refiner Valero Energy, Thomson Locations: Geneva, Europe, United States, U.S, San Francisco, New York, Calgary , Alberta
Goldman advises investors to get in on this early-stage energy opportunity
  + stars: | 2021-06-18 | by ( Pippa Stevens | ) www.cnbc.com sentiment -0.80   time to read: +1 min
Homeowners' interest in solar power is driving a boom in the U.S. residential energy storage market, and Goldman Sachs believes wider adoption will drive upside for companies in this nascent industry. The firm said this market is still in the early stages, but that thus far its growth has exceed expectations. The firm expects the market to cross $1 billion for the first time in 2022. Each state has experienced devastating natural disasters over the last year, exacerbating issues for an already fragile grid. Consumers are turning to solar plus storage options as a way to ensure power reliability.
Persons: Goldman Sachs, Goldman Locations: U.S, Texas, California
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