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NRG Energy CEO Exits Amid Board Shakeup
  + stars: | 2023-11-20 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Photo: CALLAGHAN O’HARE/REUTERSNRG Energy is replacing its chief executive and adding new members to the board, after a push for new leadership by activist investor Elliott Investment Management. The power company said Monday that Mauricio Gutierrez has stepped down as CEO and resigned from the board. Chairman Lawrence Coben will take over as interim president and chief executive while the board searches for a permanent successor.
Persons: CALLAGHAN O’HARE, Mauricio Gutierrez, Lawrence Coben Organizations: REUTERS NRG Energy, Elliott Investment Management
Shell’s shrinking green pledge risks backfiring
  + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com   time to read: +4 min
REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).
Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE
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
Chartbook: Texas electricity consumptionBut the primary driver of record consumption has been the rapid growth in the state’s resident population and economy rather than the weather. Power consumption increased at a compound annual rate of 1.7% between 2003 and 2022 – broadly in line with the compound population increase of 1.6%. Rising population explains almost all the structural increase in power consumption over the last two decades, based on data from the U.S. Energy Information Administration. Given underlying load growth, consumption will continue hitting new records each summer unless temperatures are well below average. Related column:- Don’t blame the weather for Texas power shortages (July 14, 2022)John Kemp is a Reuters market analyst.
Persons: Callaghan, John Kemp, Emelia Sithole Organizations: REUTERS, Electric, of Texas, Climate Prediction, U.S . Energy Information Administration, Thomson, Reuters Locations: Houston , Texas, U.S, Texas, Chartbook
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
[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
Meanwhile, in Chicago, children, the elderly and people with respiratory diseases were being cautioned to stay indoors for a wholly different reason: polluted air. "It is essential to have a way to cool down and interrupt your heat exposure." The stationary high pressure system across the South that is trapping the heat and humidity, known as a heat dome, has been lingering for the last few weeks, causing the sweltering weather. The heat wave claimed the life of a 14-year-old boy who was hiking in the Big Bend National Park in Texas on Friday when the temperature reached 119 degrees. Reporting by Brendan O'Brien in Chicago; Editing by Chizu Nomiyama and Mark PorterOur Standards: The Thomson Reuters Trust Principles.
Persons: Callaghan, LaToya Cantrell, Brendan O'Brien, Chizu Nomiyama, Mark Porter Organizations: U.S, National Weather Service, NWS, REUTERS, New, Big, Thomson Locations: Chicago, Arizona, Texas, Florida's, Dallas, New Orleans, Mobile , Alabama, Houston , Texas, U.S, Canada, United States, Arkansas , Tennessee, Oklahoma
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