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☆ A historic and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Claims from the container ship Dali's crash into Baltimore's Key Bridge could cost insurers a lot. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are updating those books as a picture of the true cost of damages emerges. Economists told Business Insider the port closure itself will cost $15 million a day in lost economic activity, with other disruptions pushing the total into the tens of millions a day. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Marcos Álvarez, Edward, doesn't, Lloyd's, John Miklus Organizations: Service, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

The canary in the coal mine for Republicans on the issue of abortion is becoming a full symphony in this cycle's elections. In a stunning turn, a Democrat handily won an Alabama race in a blowout Tuesday night after campaigning almost entirely on reproductive rights. Marilyn Lands, a licensed mental health counselor, emerged from the special election for a state legislative seat with 62% of the vote, compared with 37% for Republican Teddy Powell. Typically with IVF, multiple embryos are created to improve the chances of conception, and unused ones can be destroyed. After the IVF ruling, Alabama lawmakers moved quickly to protect patients and doctors from legal liability for destruction of embryos.

Persons: Marilyn Lands, Republican Teddy Powell, Republican David Cole, doesn't, Trump, Joe Biden, Kamala Harris, Powell, Kay Ivey, Roe, Wade Organizations: Republicans, Democrat, Alabama, Republican, Republican Gov, U.S, Supreme Locations: Alabama, Montgomery, California, Michigan, Vermont, Kansas , Kentucky, Montana and Ohio

☆ The Dali, the ship that brought down the Baltimore bridge, ran into a problem with its propulsion system months before the crash
▼ + stars: | 2024-03-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

The ship that struck a key bridge on Tuesday was reported to have an issue with its propulsion in June. The Dali lost propulsion on Tuesday, but it's unclear if this was related to the June issue. AdvertisementThe 984-foot container vessel that lost power and crashed into the Francis Scott Key Bridge on Tuesday had issues with its propulsion system just months before, records show. AdvertisementClay Diamond, the executive director of the American Pilots' Association, told The Washington Post that the Dali lost power at around 1:20 a.m., around eight minutes before the crash. AdvertisementThe Francis Scott Key Bridge was Baltimore's biggest bridge, and the loss of such critical infrastructure will likely cause supply chain issues across multiple industries.

Persons: Dali, —, Francis Scott Key, Wes Moore, it's, Clay Diamond, Diamond, We've, BI's Dominic Reuter, BI's Erin Snodgrass Organizations: Service, Port Authority, Synergy Marine, American Pilots ' Association, Washington Post, USA, REUTERS Authorities, Business, Maryland Transport Authority, Port, Maersk Locations: Singapore, Patapsco, Baltimore, Maryland, Asia Pacific, San Antonio, Chile, Harford County, Antwerp, Port, Port of Baltimore, Danish, Copenhagen

☆ A complex and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are duly updating those books as a picture emerges of the true cost of damages. Economists told Business Insider the port closure itself will cost $15 million per day in lost economic activity, with other disruptions pushing the total into the tens of millions per day. All told, Barclays said insurance companies could be looking at claims as high as $3 billion as a result of the crash, Bloomberg reported. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Morningstar, Marcos Alvarez, Edward Lloyd, doesn't, Lloyd's, John Miklus Organizations: Service, Business, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Kelsey Vlamis | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore. The port is a key shipping point for cars, construction and farm equipment, and coal. The Port of Baltimore is the top US port for roll-on/roll-off cargo, like cars and construction machinery. halbergman/Getty ImagesCoal, gypsum, and sugarIn 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. A research briefing from Oxford Economics said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level.

Persons: Francis Scott Key, —, Dali, Daraius Irani, Anirban Basu, Ford, Basu, Domino, Sugar, Irani Organizations: Service, Industry, Regional Economic Studies, Towson University, Sage Policy, General Motors, Caterpillar, Port, Baltimore Refinery, Oxford Economics Locations: Port of Baltimore, Port, Baltimore, Patapsco, India, West Virginia

☆ A staggering amount of money is slipping away due to the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. Ryan Peterson, the CEO of global logistics firm Flexport, told Business Insider that 800 containers of his were destined for Baltimore, and are now being rerouted. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said. A risk for Baltimore will be whether those route changes are temporary, or if they'll have a lasting impact on the port's business.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Business, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port of Baltimore, Baltimore, East Coast, West Coast

☆ What the Baltimore bridge collapse means for the US economy
▼ + stars: | 2024-03-27 | by ( George Glover | Pete Syme | ) www.businessinsider.com time to read: +5 min

Read previewThe collapse of the Francis Scott Key Bridge on Tuesday is a reminder that the economy remains vulnerable to sudden supply-chain shocks, experts say. Here's how the catastrophe could affect the economy, trade, and the city of Baltimore. "This event will have greater economic implications for the Baltimore economy than nationally," Oxford Economics' chief US economist Ryan Sweet said on Tuesday in a research note. The container ship Dali collided with a key bridge in Baltimore on Tuesday. The port of Baltimore is the busiest for "roll-on/roll-off" cargo, which includes cars, light trucks, and agricultural and construction equipment.

Persons: —, Francis Scott Key, Dali, Ryan Sweet, Michael A, McCoy, Sweet, Michael Tamvakis, Tamvakis, Ioannis Moutzouris, Moutzouris Organizations: Service, Business, Maersk, Oxford Economics, Washington Post, Getty, JPMorgan, International Monetary Fund, City , University, London's Bayes Business, Maxar, University of London Locations: Baltimore, Norfolk, New York, New Jersey, Suez

☆ Baltimore’s Port Handled a Record Amount of Cargo Last Year
▼ + stars: | 2024-03-26 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +2 min

The port handled a record amount of cargo last year, making it the 20th biggest port in the nation ranked by total tons, according to the Bureau of Transportation Statistics. Around the world, about 40 ships, including 34 cargo vessels, have Baltimore listed as a destination, including 10 commercial ships with anchors dropped in nearby waters, according to MarineTraffic, which tracks ships. The arrival of large container ships to the port “continues to demonstrate Baltimore’s capabilities of handling supersized vessels,” Governor Moore said in the statement. The port handled nearly 850,000 cars and light trucks last year, more than in any other U.S. port for the past 13 years. It was the ninth-busiest port in the nation last year for receiving foreign cargo, in terms of volume and value.

Persons: Francis Scott Key, Wes Moore, Georgios Hatzimanolis, ”, Dali, Governor Moore Organizations: Port, Bureau of Transportation Statistics, Gov, Maryland Port Administration, Cruise Line Locations: Port of Baltimore, United States, Maryland, Baltimore, New Jersey, North Carolina, Baltimore’s, State

☆ ‘A Lot of Chaos’: Bridge Collapse Creates Upheaval at Largest U.S. Port for Car Trade
▼ + stars: | 2024-03-26 | by ( Peter Eavis | Jenny Gross | ) www.nytimes.com time to read: +1 min

The Baltimore bridge disaster on Tuesday upended operations at one of the nation’s busiest ports, with disruptions likely to be felt for weeks by companies shipping goods in and out of the country — and possibly by consumers as well. The upheaval will be especially notable for auto makers and coal producers for whom Baltimore has become one of the most vital shipping destinations in the United States. “It’s going to cause a lot of chaos,” said Paul Brashier, vice president for drayage and intermodal at ITS Logistics. Last year, 570,000 vehicles were imported through Baltimore, according to Sina Golara, an assistant professor of supply chain management at Georgia State University. “That’s a huge amount,” he said, equivalent to nearly a quarter of the current inventory of new cars in the United States.

Persons: Francis Scott Key, It’s, ”, Paul Brashier, Sina Golara, “ Organizations: Baltimore, Baltimore . Ships, ITS Logistics, Georgia State University Locations: Baltimore, United States, Port of Baltimore, Panama, Suez, Red

☆ Cars, sugar and cruises: How the Port of Baltimore closure could hurt the economy
▼ + stars: | 2024-03-26 | by ( Mark Thompson | Chris Isidore | ) edition.cnn.com time to read: +8 min

The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.

Persons: Dali, Judah Levine, ” Maersk, “, VW, Oren Klachkin, Levine, Mark Zandi, ”, Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, “, Norway, Royal Caribbean

☆ Logistics companies scramble after bridge collapse closes Port of Baltimore until further notice
▼ + stars: | 2024-03-26 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.

Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S

☆ A global gold rush for buried hydrogen is underway — as hype builds over its clean energy potential
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Geologic hydrogen, sometimes referred to as white, gold or natural hydrogen, refers to hydrogen gas that is found in its natural form beneath Earth's surface. Last year, researchers found what may be the world's largest geologic hydrogen deposit to date in France's eastern Lorraine region. The unexpected discovery further boosted interest in its clean energy potential. Some have expressed skepticism about the clean energy potential of natural hydrogen. Grey hydrogen — produced using natural gas and the most common form of hydrogen production — leads to large greenhouse gas emissions.

Persons: Alex Halada, Le, Canada's Hydroma, Ousmane Makaveli, Geoffrey Ellis, Ellis, we've, Minh, Energy's Le, Ana Maria Jaller, Makarewicz, Sebastien Salom Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Afp, Getty, Research, Rystad Energy, CNBC, Energy Resources Program, . Geological Survey, U.S . Department of Energy, Institute for Energy Economics, videoconference, Carbon Trust Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Canada, Australia, France, Spain, Colombia, South Korea, Gampern, Upper Austria, Mali's, Bamako, Malian, Bourakébougou, France's, Lorraine, Niger, Mali, gomis

☆ Baltimore port closure could cost $15 million per day in lost economic activity
▼ + stars: | 2024-03-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The Port of Baltimore is closed "until further notice" following the collapse of a major bridge. Experts say the closure alone will bring some $15 million of daily economic activity to a halt. Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port, Baltimore, Port of Baltimore, East Coast, West Coast

☆ Baltimore bridge collapse would have been much worse if the ship hadn't called in 'mayday'
▼ + stars: | 2024-03-26 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

The cargo ship that crashed into the Baltimore bridge called in a 'mayday' moments before. Wes Moore said. AdvertisementThe Baltimore bridge collapse could have been deadlier had the crew of the swerving cargo ship not called in a "mayday" before hitting the bridge's support. Maryland Governor Wes Moore told reporters at a news conference Tuesday morning that before the Singapore-tagged Dali cargo ship crashed into Baltimore's Francis Scott Key Bridge, crew members called in a distress signal. The crew told authorities that they had lost power on the ship and were in trouble, Moore told reporters.

Persons: Wes Moore, Moore, —, deadlier, Francis Scott Key, " Moore, Chris Van Hollen, Paul Wiedefeld Organizations: Maryland Gov, Service, Maryland, Amazon, Fedex Locations: Baltimore, Maryland, Singapore, Patapsco

☆ Electrification could overwhelm energy grids. Startups are betting on AI to make sure that doesn't happen
▼ + stars: | 2024-03-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

Today's energy grids are unable to keep up with the intense demand being heaped upon them. Globally, energy projects struggle to overcome permitting hurdles. Making smart grids a realityData was transmitted across a national energy grid for the first time in 2016. Startups selling them are hoping to alleviate pressure from physical grid infrastructure and allow operators to do more with the infrastructure they have. Victoria McIvor, an advisor to energy startups who was formerly an investor at the European climatetech firm World Fund, imagines a future where energy tariffs dictate when energy-intensive appliances run.

Persons: Rajesh Swaminathan, it's, Andrés Dancausa, Dancausa, Swaminathan, Victoria McIvor, Timothy Barat, Barat, Duncan Turner, SOSV, Turner, McIvor Organizations: Infrastructure, Service, International Energy Agency, Paris, Investors, Khosla Ventures, US Department of Energy, Fund, Octopus Energy, Continuum Industries, Software Locations: Europe, Ukraine, Portuguese, Amsterdam, California, London, VCs, Scottish

☆ Former Ohio House Speaker Hit With 10 Additional Felony Charges
▼ + stars: | 2024-03-25 | by ( Michael Wines | ) www.nytimes.com time to read: +1 min

A former speaker of the Ohio State House of Representatives, now serving a 20-year federal prison sentence, was indicted on 10 more state felony charges on Monday in connection with a sprawling bribery scheme that handed a $1.3 billion bailout to a major regional energy utility. The charges against the former speaker, Larry Householder, followed an inquiry by the Ohio Organized Crime Commission that also produced indictments last month of two former executives of the Akron-based utility, FirstEnergy Corporation. The two men — Chuck Jones, a former FirstEnergy chief executive officer, and Michael Dowling, a senior vice president — were charged with funneling $4.3 million in bribes to the former chairman of the Ohio Public Utility Commission, Sam Randazzo. They and Mr. Randazzo, who was also indicted, have pleaded not guilty to a total of 27 charges. The FirstEnergy case has been called the largest political scandal in Ohio history.

Persons: Larry, Chuck Jones, Michael Dowling, —, Sam Randazzo, Randazzo Organizations: Ohio State House of Representatives, Ohio, Commission, FirstEnergy Corporation Locations: Akron, Ohio

RICHMOND, Va. (AP) — A federal appeals court rejected a bid Monday from former coal executive Don Blankenship, who argued that Donald Trump Jr. defamed him by calling him a “felon.”The 4th U.S. Circuit Court of Appeals in Richmond, Virginia, left in place a lower court's ruling in West Virginia against Blankenship, the former CEO of Massey Energy. He served a year in prison on a misdemeanor charge after he was found guilty of conspiring to violate safety standards at a West Virginia mine before an explosion in 2010 that killed 29 men. Blankenship sued the son of then-President Donald Trump after Donald Trump Jr. posted the comment in May 2018 on social media. The high court also previously turned away Blankenship’s appeal of his misdemeanor conviction.

Persons: Don Blankenship, Donald Trump Jr, ”, Blankenship, Donald Trump, Trump, Jr Organizations: —, U.S, Circuit, Massey Energy, CNN, Fox News, Senate, Supreme, Associated Press Locations: RICHMOND, Va, Richmond , Virginia, West Virginia

☆ What the US Army should learn from Ukraine's hasty retreat from a Russian assault
▼ + stars: | 2024-03-24 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

And it should be a wake-up call for the US Army, which could find itself in the same situation, according to a US Army intelligence officer. With the potential for large-scale ground operations against well-armed Chinese or Russian forces, it's a topic that the US military cannot afford to neglect. The Ukrainian retreat suffered from poor coordination between the 110th Mechanized Brigade that had been defending the city, and the newly arrived 3rd Assault Brigade that was supposed to cover the 110th's withdrawal. The other lesson of Avdiivka is ensuring adequate support for a retreat, especially for the covering force that screens the withdrawal of the rest of the army. AdvertisementTo their credit, and despite a lack of ammunition, Ukrainian commanders were able to provide some fire support for the retreat.

Persons: It's, Ryan Forte, —, Forte, Corbis, Avdiivka wasn't, Michael Peck Organizations: Service, US Army, Business, Modern, Institute, 3rd Assault Brigade, Zenit, US, Union Army, Army, Marine Corps, 110th Mechanized Brigade, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Ukraine, Avdiivka, West, Donetsk, Russian, Russia, Moscow, Tunisia, Bull, Korean, America, Korea, Ukrainian, Forbes

☆ Republican lawmakers say green transition 'cheerleader' IEA has strayed from mandate
▼ + stars: | 2024-03-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Nick Oxford | ReutersSenior U.S. lawmakers believe the International Energy Agency has "strayed from its core mission" of safeguarding energy security and has emerged as a "cheerleader" for the green transition. "We would argue that in recent years the IEA has been undermining energy security by discouraging sufficient investment in energy supplies — specifically, oil, natural gas, and coal. Consequently, the IEA must conduct its energy security mission in an objective manner. "It should disturb you that biased parties are exploiting the IEA's forecasts and other products to advocate for policies that undermine energy security." The IEA on Thursday confirmed receipt of the letter to CNBC and stressed that its mandate remains maintaining energy security and accelerating clean energy transitions.

Persons: Nick Oxford, Republican Sen, John Barrasso, Cathy McMorris Rodgers, Fatih Birol Organizations: Midland , Texas U.S, Reuters Senior U.S, International Energy Agency, Republican, U.S ., Energy, Natural Resources, U.S . House, Commerce, IEA, U.S, CNBC, U.S . Congress, Organization of, Petroleum, OPEC, Congress Locations: Midland , Texas, Wyoming, Saudi Arabia

☆ U.S. energy secretary tells skeptical executives natural gas export pause will be short-lived
▼ + stars: | 2024-03-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

US Energy Secretary Jennifer Granholm speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024. HOUSTON — The Biden administration this week sought to reassure skeptical oil and gas executives that a pause on liquified natural gas exports from new projects would be short-lived and would not alter the industry's meteoric growth. Secretary of Energy Jennifer Granholm indicated in Houston on Monday that the pause would be relatively short-lived. The energy secretary reiterated the pause has no impact on the 48 billion cubic feet per day that is currently authorized for export. The 48 Bcf/d of currently authorized LNG is three times the current export capacity of the U.S., according to the Department of Energy.

Persons: Jennifer Granholm, HOUSTON —, Biden, Joe Biden, Energy Jennifer Granholm, Granholm Organizations: US, HOUSTON, Industry, Department of Energy, Energy, Global Locations: Houston , Texas, U.S, Ukraine, Houston

☆ Billionaire Gautam Adani got rich off coal. Now his company is building a green energy plant the size of Chicago.
▼ + stars: | 2024-03-20 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

Coal billionaire Gautam Adani is building the world's largest power plant, and it's all renewable. Adani's nephew, who's in charge of the project, says there's "no choice" but to go big on green energy. Still, the Adani Group makes 62% of its revenue from fossil fuel. Adani Green Energy Limited (AGEL) is building the solar and wind power plant in a salt desert in the western Indian state of Gujarat. AGEL is the clean energy unit of the Adani Group, the biggest coal miner and importer in India founded by billionaire Gautam Adani in 1988.

Persons: Gautam Adani, who's, Adani Organizations: Adani, Service, Green Energy, Forbes, Business Locations: Belgium, Chile, Switzerland, Chicago, Gujarat, AGEL, India, Asia

☆ A Bill Gates company is about to start building a nuclear power plant in Wyoming
▼ + stars: | 2024-03-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

TerraPower, which Bill Gates founded, plans to build its first nuclear power plant in the US. CEO Chris Levesque told the Financial Times it wants to start work on a site in Wyoming in June. AdvertisementA company cofounded by Bill Gates is about to start building next-generation nuclear power plants in the US. AdvertisementMost of the initial work at the Kemmerer site won't be related to nuclear activity, Levesque said. AdvertisementIn October last year TerraPower missed out on making the shortlisted for the next round of the UK government's competition for small nuclear plants.

Persons: Bill Gates, Chris Levesque, TerraPower, —, hasn't, Levesque, Gates Organizations: Financial, Service, Financial Times, Department of Energy, CRV, Khosla Ventures, Reuters, Royce Locations: Wyoming, Kemmerer , Wyoming, Ukraine, Britain

☆ India’s Adani Green Energy Limited is building world’s biggest clean energy plant five times the size of Paris
▼ + stars: | 2024-03-19 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.

Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, ”, haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, “, that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia

☆ Saudi Aramco CEO says energy transition is failing, world should give up 'fantasy' of phasing out oil
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Amin Nasser, chief executive officer of Saudi Aramco, speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should give up the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years. "In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities," Nasser said during a panel interview at the CERAWeek energy conference in Houston, Texas. The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser suggested that the IEA is focusing on demand in the U.S. and Europe and needs to focus on the developing world as well.

Persons: Amin Nasser, Nasser Organizations: P Global, International Energy Agency Locations: Saudi Aramco, Houston , Texas, HOUSTON, Paris, U.S, Europe

☆ Schumer discusses ‘long-shot scenario’ with Manchin: Last-ditch Senate run in West Virginia
▼ + stars: | 2024-03-14 | by ( Manu Raju | ) edition.cnn.com time to read: +3 min

Senate Majority Leader Chuck Schumer recently discussed a long-shot idea with Sen. Joe Manchin: Making a late entry into the US Senate race in West Virginia to try to hold on to his seat as an independent. Manchin, who threw cold water on the idea and is still planning on retiring from the Senate, confirmed to CNN that he’s discussed the last-ditch bid with Schumer. “I think that’s a long, long, long-shot scenario,” Manchin said of running as an independent candidate. Blankenship ran as a Republican but lost in the 2018 Senate primary, later switching parties in 2024 to run in the contested Democratic primary to fill Manchin’s seat. “I understand the scenario,” Manchin told CNN.

Persons: Joe Manchin, Manu Raju ”, Chuck Schumer, Sen, he’s, Schumer, ” Manchin, ”, Don Blankenship, Blankenship, Jim Justice, Manchin, Gary Peters of Michigan, He’s, ” Peters, “ Chuck, “, Sam Fossum Organizations: Senate, CNN, ”, Democratic, Democrat, Republicans, Republican, Gov, GOP, Democratic Senatorial Locations: Sen, West Virginia, Washington , DC

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