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☆ Deutsche Bank says buy GE Vernova, sees 30% potential upside
▼ + stars: | 2024-10-21 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

The firm initiated its coverage of the energy company with a buy rating and $354 price target, implying upside of nearly 30%. Analysts are generally bullish the stock, with the majority of those covering the name rating it either as a strong buy or buy. GEV YTD mountain GEV YTD chart As a catalyst, analyst Nicole DeBlase cited a strong outlook in investments towards power generating assets. Additionally, the analyst pointed out that GE Vernova's gas power business is increasingly turning into a growth story. "Gas turbine orders have picked up in recent quarters, as increasing electricity consumption pressures existing grid infrastructure, requiring more baseload capacity.

Persons: Nicole DeBlase, DeBlase Organizations: GE Vernova, Deutsche Bank, General Electric, GE, Gas

☆ Google inks deal with nuclear company as data center power demand surges
▼ + stars: | 2024-10-14 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Google said Monday that it will purchase power from small modular reactor developer Kairos Power, as tech companies increasingly turn to nuclear power as a way to fulfill the growing energy demands from data centers. Monday's announcement is another example of the growing partnership between tech companies and nuclear power. Data centers need 24/7 reliable power, and right now nuclear is the only source of emissions-free baseload power. Many hyperscalers have ambitious emissions-reduction targets, which is why they're turning to nuclear power. Constellation Energy is restarting Three Mile Island to power Microsoft data centers, while Amazon bought a data center from Talen Energy that's powered by the Susquehanna nuclear power plant.

Persons: Kairos Power, Michael Terrell, SMRs, Bill Gates, Sam Altman, Jeff Bezos, Terrell Organizations: Google, Kairos, U.S, Department of Energy, —, Constellation Energy, Microsoft, Amazon, Talen Energy, Susquehanna Locations: Mountain View , California, Oak Ridge , Tennessee

☆ The U.S. wants to triple nuclear power by 2050. America's coal communities could provide a pathway.
▼ + stars: | 2024-09-27 | by ( Spencer Kimball | Gabriel Cortés | Gabriel Cortés Is A Data Visualization Journalist For Cnbc. | ) www.nbcnews.com time to read: +7 min

The U.S. needs to add 200 gigawatts of nuclear, Goff told CNBC in an interview. “A lot of the data centers are coming in and saying they do need firm, 24/7, baseload clean electricity,” Goff said. But restarting reactors in the U.S. will only provide a small fraction of the nuclear power that is needed, he said. From coal to nuclearCoal communities across the U.S. could provide a runway to build out a large number of new nuclear plants. Between coal and nuclear sites, the U.S. potentially has space for up to 269 gigawatts of additional nuclear power.

Persons: Mike Goff, Goff, “, ” Goff, Goldman Sachs, ”, “ It’s, Doug True Organizations: of Nuclear Energy, Department of Energy, U.S, CNBC, Bank of America, Microsoft, DOE, Holtec, Palisades, Nuclear Regulatory Commission, Nuclear Energy Institute Locations: U.S, New York City, Georgia, Michigan

A bulldozer moves coal that will be burned to generate electricity at the American Electric Power coal-fired power plant in Winfield, West Virginia. The U.S. currently maintains the largest nuclear fleet in the world with 94 operational reactors totaling about 100 gigawatts of power. The U.S. needs to add 200 gigawatts of nuclear, Goff told CNBC in an interview. "A lot of the data centers are coming in and saying they do need firm, 24/7, baseload clean electricity," Goff said. But restarting reactors in the U.S. will only provide a small fraction of the nuclear power that is needed, he said.

Persons: Mike Goff, Goff, Goldman Sachs Organizations: American Electric Power, of Nuclear Energy, Department of Energy, U.S, CNBC, Bank of America, Constellation Energy, Microsoft Locations: Winfield , West Virginia, U.S, New York City

☆ Three Mile Island is reopening and selling its power to Microsoft
▼ + stars: | 2024-09-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Three Mile Island, the site of worst nuclear disaster in the United States, is reopening and will exclusively sell the power to Microsoft as the company searches for energy sources to fuel its AI ambitions. Microsoft will purchase the carbon-free energy produced from it to power its data centers to support artificial intelligence. Clean energy advocates and businesses alike are looking towards nuclear energy as a source of zero-carbon power that is a reliable baseload source. Three Mile Island, located near Harrisburg, is best known for being the most serious accident at a commercial nuclear power plant in US history when it experienced the partial meltdown of one of its two reactors. Demand for energy is expected to surge as tech giants need more sources of power to fuel their AI needs, especially nuclear power, which is carbon-free and helps them maintain their lofty climate goals.

Persons: weren’t, ”, Joe Dominguez, It’s, Joe Biden’s, Biden, Bobby Hollis, CNN’s Ella Nilsen Organizations: New, New York CNN, Microsoft, Constellation Energy, Constellation Locations: New York, United States, Harrisburg

☆ The US is dismantling nuclear warheads to power next-gen reactors
▼ + stars: | 2024-09-09 | by ( Ella Nilsen | ) edition.cnn.com time to read: +8 min

This fuel is set to power the next generation of America’s nuclear reactors — small, modular power stations that are easier and cheaper to build. They require far less upkeep and physical space than the aging fleet of large nuclear power plants. “In order to meet our energy security needs and our climate goals, we do need significantly more nuclear energy deployed.”The nuclear power industry is increasingly looking to smaller reactors, which run on HALEU. The uranium for conventional reactors is enriched up to 5% and HALEU is uranium enriched between 5-20%. Highly enriched uranium is anything more than 20% and is used in weapons or naval submarines.

Persons: —, Michael Goff, Bill Gates, ”, Jeff Navin, “, hasn’t, Benjamin Rasmussen, Jeff Chamberlin, Goff, Dan Leistikow, Josh Jarrell, Leistikow, Centrus, TerraPower’s Navin, ” Navin Organizations: CNN, Manhattan Project, National Nuclear Security, US, Energy, of Nuclear Energy, Idaho National Laboratory, Department of Energy, New York Times, United, US Energy Department, Miller, Centrus Energy, Idaho National Laboratories, Idaho National Labs, Energy Department, DOE Locations: Oak Ridge , Tennessee, Oak Ridge, Tenneseee, United States, Russia, Ukraine, Idaho, Wyoming, Kemmerer , Wyoming, Congress

☆ Finland will soon bury nuclear waste in a geological tomb that’s built to last for 100,000 years
▼ + stars: | 2024-08-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +7 min

Jonathan Nackstrand | Afp | Getty ImagesFinland is on the cusp of burying spent nuclear fuel in the world's first geological tomb, where it will be stored for 100,000 years. The pioneering project has been hailed as both a watershed moment for the long-term sustainability of nuclear energy and "a model for the entire world." Nuclear energy currently provides about 9% of the world's electricity, according to the World Nuclear Association. Finland is poised to bury spent nuclear fuel in the world's first geological tomb. KBS-3 is based on a multi-barrier principle, where several engineered barriers seek to ensure the long-term safety of the spent nuclear fuel.

Persons: Jonathan Nackstrand, Posiva, Gareth Law, University of Helsinki Tuohimaa, Tuohimaa, Kai Mykkänen Organizations: Afp, Getty, CNBC, videoconference, University of Helsinki, World Nuclear Association, Nordic, KBS, Swedish Nuclear, Waste Management Company, U.S Locations: ONKALO, Eurajoki, Finland, Finnish, Olkiluoto, Helsinki, Europe, Asia, Sweden

☆ These nuclear energy stock plays could rise as much as 50%, analysts say
▼ + stars: | 2024-08-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Constellation has surged 62% year to date to become the sixth-best performing stock in the S & P 500 , while Vistra has more than doubled to become the second-best performing stock, only slightly behind AI chipmaker Nvidia . Constellation owns the largest nuclear fleet in the U.S., operating 21 of the country's 93 reactors. Campanella sees the recent pullback of Constellation's stock, down 12% over the past month, as an attractive buying opportunity. Constellation and Vistra have substantial catalysts on the horizon that are not factored into their guidance, as tech companies shop for nuclear reactors to power their energy-hungry data centers , according to the analysts. Constellation is also exploring the possibility of restarting reactor Unit 1 at Three Mile Island in Pennsylvania, which ceased operations in 2019, as demand for nuclear energy grows.

Persons: Vistra, Barclay's, Nicholas Campanella, Campanella, James Thalacker, Joe Dominguez, Jim Burke Organizations: Constellation Energy, Vistra Corp, Constellation, Nvidia, Barclays, BMO Capital Markets, BMO Locations: U.S, Pennsylvania

☆ How a shuttered power plant in Michigan could pave the way for more nuclear energy
▼ + stars: | 2024-08-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

The Palisades Nuclear Generating Station in Covert, Mich. John Madill | The Herald-Palladium | APThe Palisades Power Plant on the shores of Lake Michigan had become a piece of history, a relic of an era when nuclear energy was viewed as the future. The new technology, which could become the first of its kind on the U.S. grid, promises to speed deployment of nuclear plants in the future. The U.S. and a coalition of more than 20 other countries pledged in December to triple nuclear energy by 2050. But building new nuclear plants is slow and expensive. SMRs are viewed as an important path to expand nuclear power because they promise to reduce capital costs, a major hurdle to building new plants.

Persons: John Madill, Kelly Trice, Holtec, Gretchen Whitmer, Whitmer, Trice, Jennifer Granholm, Kristen Norman, Chris Womack, " Trice, We've Organizations: Herald, Palladium, Palisades Power, Holtec, Department of Energy, Nuclear Regulatory Commission, Michigan, Training, Bloomberg, Getty, Rystad Energy, Energy Information Administration, Southern Company, Big Tech, Holtec's SMR Locations: Covert, Mich, Lake Michigan, Covert , Michigan, Grand Rapids, U.S, Michigan, Palisades, Pennsylvania, Florida, Turkey

☆ This utility is one of the best performing stocks in the market with room for more AI demand upside
▼ + stars: | 2024-07-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

A Texas-based power company that only joined the S & P 500 two months ago is the third-best performing stock in the index this year, boosted by the same demand for everything connected to artificial intelligence. Fast forward to today and Vistra stock has soared 139% this year, adding $18.5 billion to its market cap, which now totals $32 billion, according to FactSet data. "We are always surprised when you see a move the size that we've seen, but I think it's been a long time building," Jim Burke, CEO of Vistra, told CNBC's "Closing Bell" Tuesday. Vistra also owns nuclear power plants, one of the most in-demand power sources in the 2024 market because reactors burn no fossil fuel and emit no greenhouse gases . Guggenheim has a buy rating on Vistra stock with a price target of $133, implying 44% upside from Wednesday's close of $92.31.

Persons: Jim Burke, CNBC's, we've, Burke, Vistra, Shahriar Pourreza, Pourreza, they'll, Guggenheim, Vistra hasn't, Mark Nelson, Joseph Dominguez, Constellation's, aren't Organizations: Vistra Corp, Texas Utilities Co, Dynegy Inc, Computer, Nvidia, Nuclear, Guggenheim Securities, Energy, Guggenheim, CNBC, Amazon Web Services, Talen Energy, Constellation Energy, Wall Street, Radiant Energy, Constellation Locations: Texas, Irving , Texas, Dallas, Ohio, Pennsylvania, Energy Harbor, U.S, East Coast

☆ These stocks are the biggest bargains in the S&P 500 heading into the second half
▼ + stars: | 2024-06-24 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

A collection of stocks with strong earnings potential and discounted valuations may be a good way for investors to find value in the market. CVX YTD mountain Chevron stock. FDX YTD mountain FedEx stock. Altria Group is the most discounted stock on the list, with the stock's trailing 12-month P/E representing a 116% haircut compared with its five-year average. MO YTD mountain Altria Group stock.

Persons: Peer, haven't, Mike Wirth, Thomas Wadewitz Organizations: Nvidia, Broadcom, Qualcomm, CNBC Pro, CNBC, Stock, ., Chevron, Exxon Mobil, FedEx, UBS, U.S . Postal Service, Altria, U.S . Food, Drug Administration, Conagra Brands, Marathon Petroleum Locations: U.S

☆ Nuclear energy back in favor with coming AI data center demand surge. Citi sees two stocks to play it
▼ + stars: | 2024-06-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Data centers are expected to drive 31 gigawatts of incremental power demand through 2030, according to Citi. The tax credit could lead to modest earnings growth that regulated utilities can use to improve their long-term financial outlook, according to Citi. "U.S. regulated utilities with nuclear assets are likely to receive PTC cash flow benefits that gradually ramp from 2024 through 2027 before reversing in 2032," the analysts wrote. Duke Energy is up 12% over the past three months, while Southern Company has gained 17%. Duke operates about 9 gigawatts of nuclear capacity, while Southern Company operates 5.4 gigawatts.

Persons: Arkady Gevorkyan Organizations: Citigroup, Duke Energy, Southern Company, Citi, Energy, Duke Locations: U.S

☆ Meet nuclear power's newest fans: data centers
▼ + stars: | 2024-05-06 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +11 min

The deal illustrates data centers' new-found interest in nuclear power. Joe Dominguez, the CEO of Constellation, the nation's largest operator of nuclear plants, said in a March earnings call that powering data centers with nuclear energy was "kind of a perfect marriage." AdvertisementVistra, another nuclear owner, also indicated it was arranging data center deals for a nuclear plant it owns in Ohio and one in Texas. Greg Poulos, the executive director of a PJM watchdog group, said that "one of my highest priority, highest radar items" is how data centers could push costs onto consumers and also whether nuclear data centers deals could reduce grid reliability. Beyond the nuclear optionNot all data centers, of course, are seeking out nuclear power to seize their energy independence.

Persons: —, Wes Swenson, Swenson, Joe Dominguez, Jim Burke, Ralph La Rossa, La Rossa, Steve Helber, Burke, Dominguez, PJM, Michael Jacobs, Brian Janous, Greg Poulos, Poulos, Biden Organizations: Service, Susquehanna, Amazon, Business, US Energy Information Administration, Nuclear, Constellation, Public Service Enterprise Group, Microsoft, International Energy Agency, Dominion Energy, Talen Energy, Energy, Union of Concerned Locations: Pennsylvania, Salt Lake City, Ohio, Texas, New Jersey, Our, Jersey, Virginia, Chester , Va, Susquehanna, Chicago, New York City

☆ How the U.S. Became the World’s Biggest Gas Supplier
▼ + stars: | 2024-02-03 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +8 min

Became the World’s Biggest Gas SupplierTop exporters of liquefied natural gas 12 billion cubic feet per day U.S. Qatar 10 Australia 8 6 Russia 4 Malaysia 2 2014 2023 12 billion cubic feet per day United States Qatar Australia 10 8 6 Russia 4 Malaysia 2 2014 2023 Source: S&P Global Note: Data reflects annual average liquefied natural gas exports by country. But climate activists worry that soaring exports of liquefied natural gas could make global warming worse. In the early 2000s, natural gas was relatively scarce at home, and companies were spending billions of dollars to build terminals to import gas from places like Qatar and Australia. In the mid-2000s, U.S. drillers perfected methods to unlock vast reserves of cheap natural gas from shale rock. The process of making and shipping liquefied natural gas adds complexity and cost, but if the difference between U.S. natural gas prices and overseas prices is big enough, it is profitable.

Persons: Biden, Fracking, ”, Kenneth Medlock, —, Ben Cahill Organizations: U.S, drillers, Cheniere Energy, Center for Energy Studies, Rice University, “, Asia, Department of Energy, Energy Department, . Energy, Energy Information Administration, Clearview Energy Partners, Center for Strategic, International Studies Locations: U.S, Qatar, Australia, Russia, Malaysia, United States Qatar Australia, United States, Japan, Europe, Asia, Ukraine, China, India, Pakistan, Bangladesh, Vietnam, Texas , Louisiana, Maryland, Georgia, Mexico

☆ AI is fueling global power demand. Morgan Stanley sees opportunities for these 'underappreciated' winners
▼ + stars: | 2024-02-01 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Power demand from generative AI will soar from 46 terawatt hours to 224 TWH between this year and 2027, according to the firm's base case scenario. That's equivalent to more than 75% of the total global data center power use in 2022, or close to Spain's entire power consumption in 2022, the firm said. "We believe the rapid power demand growth from GenAI is not well understood, and not priced into a number of stocks." Among large-scale renewable developers in the U.S., AES has the largest commercial and industrial market share, according to Morgan Stanley. Apart from data center infrastructure and power providers, utilities are another part of the data center servicing ecosystem.

Persons: Morgan Stanley, Morgan Stanley's, Andrew Percoco, Bloom, Percoco, NextEra, Max Yates, Sharon Shih Organizations: CNBC, Bloom Energy, AES Corp, NextEra Energy, Google, Microsoft, Bank of America, AES, Big Tech, Stocks, Delta Electronics, Mitsubishi Electric, Analysts, Dominion Energy Locations: GenAI, U.S

REUTERS/Jonathan Ernst//File Photo Acquire Licensing RightsLITTLETON, Colorado, Dec 5 (Reuters) - U.S. electricity generation from wind power is on course to surpass coal-fired electricity generation, potentially by 2026, as wind supply growth expands at a record pace just as coal-fired generation is cut across the country. U.S. wind power generation on track to surpass coal-fired generationBut with wind power generation rapidly rising in most regions while utilities steadily cut coal capacity, wind output is on track to eventually overtake coal output within the U.S. electricity generation mix, which will mark a significant milestone in U.S. energy transition efforts. In 2015 - before U.S. power producers accelerated renewable power development - coal-fired electricity generation was nearly 700% greater than electricity output from U.S. wind farms. PEAKS AND TROUGHSU.S. wind generation already briefly surpassed total coal-fired power output in April this year, when wind electricity generation totalled 42.85 terawatt hours compared to the 39.8 TWh generated by coal plants, according to Ember. That means that within the current decade U.S. wind power will be able to surpass coal-fired power in the electricity generation mix, and help accomplish a major U.S. energy transition target.

Persons: Jonathan Ernst, Gavin Maguire, Stephen Coates Organizations: REUTERS, Institute for Energy Economics, U.S, P Global, Reuters, Thomson Locations: Iowa, Latimer , Iowa, U.S, LITTLETON , Colorado, United States

Chartbook: India electricity generationTotal electricity demand met increased by 24 billion kilowatt-hours (kWh) (+21%) in October compared with the same month a year earlier. Wind increased by 0.3 billion kWh (+10%) while solar was up 1.3 billion kWh (+16%). Instead the electricity system turned to gas (1.6 billion kWh, +103%) and especially coal (28 billion kWh, +33%) to meet demand. Coal-fired generators produced a seasonal record of 111 billion kWh in October 2023 up from 84 billion kWh in October 2022. Over the same period, coal generation capacity has increased by just 9 million kilowatts (1% per year) and gas-fired capacity has been essentially unchanged.

Persons: Adnan Abidi, John Kemp, Barbara Lewis Organizations: REUTERS, UN, Central Water Commission, Thomson, Reuters Locations: New Delhi, India, Dubai, Himalayas, Tibet, baseload

— Lisa Kailai Han 7:07 a.m. — Lisa Kailai Han 6:48 a.m. "At current levels, we believe the risk/reward skews to the downside," wrote analyst Paul Lejuez. — Lisa Kailai Han 6:05 a.m. — Lisa Kailai Han

Persons: Robert Ford Aguilar, Aguilar, Lisa Kailai Han, Rachel Vatnsdal, GeoMx, Vatnsdal, skews, Paul Lejuez, — Lisa Kailai Han, Nik Modi, Raymond James, Matt Roberts, headwinds, Roberts, Ashwani Verma, Verma, Morgan Stanley, Micron Morgan Stanley, Joseph Moore's, Moore, Amit Mehrotra, Mehrotra, Sangita Jain, Jain, Fred Imbert Organizations: CNBC, Monday, UBS, Teva Pharmaceutical, Bloom Energy, Bank of America, Arcos Dorados Bank of America, Arcos Dorados, ARCO, JPMorgan downgrades, JPMorgan, U.S, District, Prognosys, 10X Genomics, Citi, RBC, RBC Capital Markets, UBS downgrades Jazz Pharmaceuticals, Jazz Pharmaceuticals, Digital, Micron, Western, Deutsche Bank, BE Locations: America, Caribbean, Argentine, Delaware, NSTG, U.S, Europe, Mondelez, narcolepsy

☆ Rare earth discoveries mean coal mines could have a key role to play in the energy transition
▼ + stars: | 2023-11-24 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

Boy_anupong | Moment | Getty ImagesFrom Pennsylvania to the north of England, coal mines helped to power the Industrial Revolution, turbocharging the economic growth of countries around the world. SubscribeIn May, U.S. firm Ramaco Resources offered some insight into how coal may have a role to play in the years ahead. "It is expected they can be mined using normal surface mining techniques and processed in a more economic and environmental manner than conventional REE mines." Elsewhere, researchers at Penn State have also been focusing on ways to source rare earths and critical minerals via waste from coal mines. Across the Atlantic, efforts to repurpose old coal mines so that they can be used for many more years to come have also been taking shape.

Persons: Ramaco, REEs, CNBC's Kelly Evans, Randall Atkins Organizations: Greenpeace, UN, International Energy Agency, CNBC, Ramaco Resources, Weir International, U.S . Department of Energy's National Energy Technology Laboratory, China, West Virginia University, U.S . Department of Energy, Penn State, Geothermal Engineering Limited Locations: Pennsylvania, England, U.S, REE, Wyoming, United States, China, Scotland

They said some battery operators are already supplying back-up power to grids at a price competitive with gas power plants, meaning gas will be used less. British independent Carlton Power dropped plans for an 800 million pound ($997 million) gas power plant in Manchester, northern England, in 2016. MODELS UNDER SCRUTINYDevelopers can no longer use financial modelling that assumes gas power plants are used constantly throughout their 20-year-plus lifetime, analysts said. Many countries world-wide, but especially in Europe, provide payments for standby power plants through capacity markets. In Europe, 40 million electric vehicles are expected by 2030, capable of displacing around one third of the region's gas power capacity, according to Kaluza.

Persons: Andrew Boyers, Carlton Power, Keith Clarke, Clarke, Carlton, Nigel Scott, Banks, Simon Virley, Helen Sanders, Sanders, Carlton's Clarke, Sarah McFarlane, Susanna Twidale, Simon Webb, Barbara Lewis Organizations: REUTERS, U.S, Global Energy Monitor, Power Ventures, Carlton, Carlton Power, Reuters, Sumitomo Mitsui Banking Corporation, Investors, Electricity, KPMG, Union, Octopus Energy, Thomson Locations: Finedon, Britain, Europe, United States, New Jersey, Manchester, England, London

☆ US, Philippines sign landmark nuclear deal
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria Acquire Licensing RightsMANILA, Nov 17 (Reuters) - The United States and the Philippines on Friday signed a landmark deal that would allow Washington to export nuclear technology and material to Manila, which is exploring the use of nuclear power to decarbonise and boost energy independence. "Nuclear energy is one area where we can show the Philippines-U.S. alliance and partnership truly works." U.S. Congress approval is needed for the deal, which will allow a peaceful transfer of nuclear material, equipment and information in adherence with non-proliferation requirements. The Philippines wants to tap nuclear power as a viable alternative baseload power source as it seeks to retire coal plants to help meet climate goals and boost energy security. Completed in 1984, the Bataan Nuclear Power Plant was mothballed two years later following the ouster of the older Marcos, the deadly Chernobyl nuclear disaster, and corruption allegations.

Persons: Ferdinand Marcos Jr, Carlos Barria, Antony Blinken, Marcos, Neil Jerome Morales, Kanupriya Kapoor Organizations: Economic Cooperation, REUTERS, Rights, APEC, International Atomic Energy Agency, Bataan Nuclear, Thomson Locations: Philippines, Asia, San Francisco , California, U.S, Rights MANILA, United States, Washington, Manila, San Francisco, Taiwan

MANILA, Philippines (AP) — The United States and the Philippines have signed a nuclear cooperation pact under which U.S. investment and technologies are to help the Southeast Asian nation transition to cleaner energy and bolster its power supply. He said the pact, known as a Section 123 agreement, would support the development of reliable, affordable and sustainable power in the Philippines. It will also open doors for U.S. companies to invest and participate in nuclear power projects, he said. With its peak energy demand expected to quadruple by 2040, nuclear energy will help it meet its needs in a sustainable way, he said. The United States has 23 Section 123 agreements in force that govern peaceful nuclear cooperation with 47 countries, the International Atomic Energy Agency and Taiwan.

Persons: Ferdinand Marcos Jr, Antony Blinken, ” Marcos, Blinken, ”, “, ___ Ng Organizations: Asia Pacific Economic Cooperation, U.S . Atomic Energy, Bataan Nuclear, United, International Atomic Energy Agency Locations: MANILA, Philippines, United States, Philippine, San Francisco, U.S, Taiwan, Kuala Lumpur, Malaysia

☆ US, Philippines Sign Landmark Nuclear Deal
▼ + stars: | 2023-11-16 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

MANILA (Reuters) - The United States and the Philippines on Friday signed a landmark deal that would allow Washington to export nuclear technology and material to Manila, which is exploring the use of nuclear power to decarbonise and boost energy independence. "Nuclear energy is one area where we can show the Philippines-U.S. alliance and partnership truly works." U.S. Congress approval is needed for the deal, which will allow a peaceful transfer of nuclear material, equipment and information in adherence with non-proliferation requirements. Previous attempts to pursue nuclear energy in the Philippines were halted over safety concerns, but Marcos has discussed the possibility of reviving a mothballed nuclear power plant, built in response to an energy crisis during the rule of the late Philippines strongman and his namesake father. Completed in 1984, the Bataan Nuclear Power Plant was mothballed two years later following the ouster of the older Marcos, the deadly Chernobyl nuclear disaster, and corruption allegations.

Persons: Antony Blinken, Ferdinand Marcos Jr, Marcos, Neil Jerome Morales, Kanupriya Kapoor Organizations: APEC, International Atomic Energy Agency, Bataan Nuclear Locations: MANILA, United States, Philippines, Washington, Manila, San Francisco, U.S, Taiwan

JOURNEY STARTSIron-flow batteries were developed decades ago but have yet to be deployed as a grid-scale energy storage solution. ESI Managing Director Stuart Parry believes iron-flow batteries are an idea whose "time has come." Parry doesn't see iron-flow batteries replacing lithium-ion units, rather they are complementary with lithium batteries able to arbitrage power prices by acting rapidly, while iron-flow units are more likely to act as baseload firming for the grid when renewables tail off. Parry also says iron-flow batteries work out about a third cheaper than lithium ion units when looking at the cost on a MWh basis. On the surface, iron-flow batteries seem like a solid solution to how to run an electricity grid dominated by variable renewables.

Persons: Stuart Parry, Parry, Lincoln Organizations: Stanwell Corp, Energy Storage Industries Asia, Reuters, Thomson Locations: Greenough, Walkaway, Perth, Australia, LAUNCESTON, Queensland, Rockhampton

These include power plants built by industrial firms such as nickel smelters for their own consumption. Under JETP, Indonesia is committed to cap and peak power sector's carbon emissions at 290 million metric tons by 2030. How does Indonesia plan to deploy JETP funds? Indonesia also wants JETP to finance the early retirement of some of its coal power plants, however some banks are reluctant to finance these early retirement for fear of being seen as financing coal projects. Indonesia is also considering expanding the green label to loans for coal power plants used by industries that make products considered sustainable, such as batteries for electric vehicles (EV).

Persons: JETP, Quoc Khanh, Tran Hong Ha, Fransiska Nangoy, Khanh Vu, Florence Tan Organizations: Association of Southeast Asian Nations, Natural Resources, Deputy, EV, Marine Spatial, Thomson Locations: JAKARTA, HANOI, Indonesia, South Africa, Vietnam, INDONESIA Indonesia, JETP, VIETNAM

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