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☆ Column: US offshore wind goals need policy help to reach potential
▼ + stars: | 2023-08-31 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LITTLETON, Colorado, Aug 31 (Reuters) - The weak showing at the first auction for offshore wind development rights in the Gulf of Mexico highlights the critical role that policymaking must play in making ambitious long-term climate goals compatible with current commercial realities. SMALL SCALE IMPACTOne of the biggest faults of the Gulf of Mexico wind leases is the absence of a viable pathway for wind power generators to profitably sell their power to electricity providers given current market conditions. In contrast to several utilities in the Northeast, which have state-level mandates to purchase certain volumes of power from offshore wind generators, the power systems covering Texas and Louisiana do not allow for similar power purchase agreements to be drawn up. Currently, there is a policy planning chasm between the Gulf Coast's power market systems and the long-term strategies of that region's largest employers and tax payers. But if legislators and corporate planners can recognise they may both gain from the emergence of a vibrant offshore wind energy sector that could cut power sector emissions and generate green hydrogen in abundance, there may be scope for closer collaboration and planning.

Persons: Joe Biden's, Gavin Maguire, Miral Organizations: Reuters, Thomson Locations: LITTLETON , Colorado, Gulf, Mexico, United States, Joe Biden's U.S, Texas, Louisiana

☆ UBS says this is how to play China right now — and shares its top stock picks
▼ + stars: | 2023-08-31 | by ( Lucy Handley | ) www.cnbc.com time to read: +4 min

Analysts at UBS have detailed how to play a volatile Chinese market in the short term. Chinese internet giant Alibaba is on UBS' list, with the bank expecting it to grow faster than the overall Chinese stock market. "Potential stock price catalysts include growth from the cloud business, overseas expansion and greater operational discipline," the analysts wrote. Insurers with full pension licenses, such as Ping An, will likely enjoy a first mover advantage," the analysts wrote. Consumer stocks In consumer stocks, UBS likes Topsports International , which is Adidas ' largest retail partner globally, the bank said.

Persons: Gina Raimondo, — CNBC's Michael Bloom Organizations: UBS, Baidu, Ping An Insurance, Consumer, Topsports, Adidas, Shenzhou, Nike, KFC, China Longyuan Power, China Resources Power Locations: Asia, China

☆ Chinese banks should step up lending to private sector, central bank official quoted
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half. The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.

Persons: Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Shenzhen

☆ Wind Energy Giant Orsted Says Delays in U.S. May Cost $2 Billion
▼ + stars: | 2023-08-30 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The company said that the projects were being hit by delays and increased costs on suppliers, like wind turbine component manufacturers and the specialized ships needed to install the large machines, whose blades are as long as football fields. “There is a continuously increasing risk in these suppliers’ ability to deliver on their commitments and contracted schedules,” Orsted said in a statement on Tuesday. The company said that the sharp rise in interests rates would increase costs in the United States. Orsted also said that it might not be able to achieve tax credits from the United States as large as it previously anticipated. The impairments amount to about half of the $4 billion that Orsted said it had invested in its offshore portfolio in the United States but are only a fraction of the value of these projects and the company’s overall American plans.

Persons: ” Orsted, Orsted Locations: United States

[1/2] Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. With Mukesh Ambani in his late 60s, "the time is probably right ... "This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord." He is already the chairman of Reliance Jio Infocomm Limited, the telecom arm of Reliance. Akash's twin sister Isha is driving the expansion of Reliance Retail into new categories and geographies, and is already a director on the boards of the retail unit, Reliance Retail Ventures, which houses the conglomerate's bets in India's brick-and-mortar and e-commerce industries.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Isha, Akash, Ambani, Anant, Arun Dasmahapatra, Dhirubhai Ambani, Mukesh, Anil, Nita, Munsif Vengattil, Aditya Kalra, Tom Hogue, Mark Potter Organizations: Reliance Industries, REUTERS, India's Reliance Industries Ltd, Monday, Reliance, Brown University, Meta, Infocomm, Reliance Retail, Reliance Retail Ventures, Qatar Investment Authority, Investors, giga, Thomson Locations: Mumbai, India, BENGALURU, Jio, Bengaluru

☆ S.African municipalities' unpaid dues to Eskom rise to $3.3 bln-minister
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Aug 20 (Reuters) - The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion rand since the start of this year. Eskom supplies power to 238 municipalities with the top 20 of them accounting for 77% or 48.9 billion rand of the total overdue debt, Ramokgopa said. The government is exploring ways to resolve the municipal debt crisis and is looking at funding from various means to upgrade the distribution infrastructure, Ramokgopa said, without giving any timeline. ($1 = 18.9890 rand)Reporting by Promit Mukherjee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Eskom, Promit Mukherjee, Susan Fenton Organizations: Thomson Locations: JOHANNESBURG, South Africa

☆ America's wealthiest 10% are responsible for 40% of its climate-crisis-causing emissions. Tax them, researchers say.
▼ + stars: | 2023-08-17 | by ( Morgan Mcfall-Johnsen | Marianne Guenot | ) www.businessinsider.com time to read: +6 min

The richest 10% of Americans' income has generated 40% of US carbon emissions, a new study found. Tax shareholders rather than focusing on consumers, the study authors argue. How much carbon emissions are produced in the supply chain to create the earnings of each income group, pre-tax. Not only was the top 10% earners' income generating over 40% of emissions, but the income of the top 1% was responsible for 15%-17% of emissions, they found. In the US, multiple proposals for a carbon tax have been introduced in Congress.

Persons: Peter Unger, Patrick T, Fallon, Jared Starr, Starr, Carlo Allegri, That's Organizations: Investments, Service, Getty Images, Getty, University of Massachusetts Amherst, International Monetary Fund Locations: Manhattan

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ Bank of America breaks down the repercussions of Biden's Inflation Reduction Act a year after its contentious passage, and the 37 stocks that will see the biggest benefits in the years to come
▼ + stars: | 2023-08-16 | by ( Mark Reeth | ) www.businessinsider.com time to read: +6 min

It has been one year after President Biden's Inflation Reduction Act went into law. Passing the Inflation Reduction Act last August was anything but easy. One year to the day after President Biden's Inflation Reduction Act was passed seems like the perfect time to look back on its effects — and to look forward at which stocks could reap the benefits. Bank of America: The Inflation Reduction Act is WorkingIn mid-July, Bank of America ESG strategists Dimple Gosai and Megan Mantaro took a deep dive into the Inflation Reduction Act and the stocks that will feel the greatest impact from increased manufacturing spending. Within these themes, the strategists found 37 stocks that they believe will see the biggest benefits of the Inflation Reduction Act.

Persons: Biden's, Sen, Joe Manchin, Dimple Gosai, Megan Mantaro, Mantaro Organizations: Bank of America, GOP, Infrastructure Investment, Jobs, EVs, EV Locations: Georgia, South Carolina , Tennessee, Kentucky

☆ Focus: Colombia's potential renewables boom short circuits on Indigenous resistance
▼ + stars: | 2023-08-15 | by ( Nelson Bocanegra | ) www.reuters.com time to read: +7 min

Solar photovoltaic array is seen at a solar power field of the company Celsia, in Yumbo, Colombia, February 6, 2019. Joanna Barney, a researcher at non-governmental organization Indepaz said she was aware of the deaths associated with conflicts over renewables projects. Renewables - even if ostensibly more environmentally-friendly - are facing hurdles similar to those confronted by oil and mining companies, long Colombia's top sources of income. Wind and solar provide less than 1% - about 300 megawatts - of Colombia's current energy generation. "The projects aren't operating and it doesn't seem like they will start in the next two years," said Alejandro Lucio of Optima Consultores, which advises renewables companies.

Persons: Julia Symmes Cobb, Gustavo Petro, Italy's, Petro, Jose Silva, Silva, Enel, Colombia Erik Hoeg, Hoeg, Joanna Barney, Indepaz, Alexandra Hernandez, Alejandro Lucio, Optima, Nelson Bocanegra, Christian Plumb Organizations: REUTERS, University of La, EDP Renewables, Brookfield Asset Management, AES, El, Nacion, Reuters, Renewables, Colombian Renewable Energy Association, Thomson Locations: Yumbo, Colombia, BOGOTA, Colombia's La Guajira, Guajira, University of La Guajira, Energi, Brookfield, La Guajira, Colombia's, Europe, Chile, Mexico

☆ This international stock picker beats the market long term by mastering downside risk
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Now the manager of the Goldman Sachs' International Equity Income Fund (GSTKX) , as a young man Deladerriere was surrounded by farmers and government employees, not investors. Deladerriere sought out companies with good business fundamentals, saying many of the firms he invested in back then have survived and are "actually thriving." One was French energy technology provider Schneider Electric, still a holding in his Goldman fund. He landed a research internship at Goldman Sachs Asset Management, and is now a partner and head of international developed markets equity. Good times and bad In 2012, Deladerriere started managing Goldman International Equity Income, a $1.1 billion fund with a five-star rating from Morningstar.

Persons: Alexis Deladerriere, Goldman Sachs, Deladerriere, Goldman, that's, Morningstar Organizations: International Equity Income, Schneider Electric, Ecole Superieure de Commerce de Paris, Goldman Sachs Asset Management, Goldman International Equity, Morningstar, Vinci, Schneider, Stock, Zurich Insurance Group, Singapore Locations: France, French, Europe, Australasia, London, New York, U.S, Swiss

Such was the first day of DeSantis' "reboot" of his campaign in New Hampshire, the No. Before DeSantis began his speech, Michael Lunder, a 67-year-old businessman, said he was "probably going to support (DeSantis) financially." "I learned a few things that I didn't agree with, but, in general, I think I might support him," Lunder concluded. CAMPAIGN REBOOTIn the last two weeks, the DeSantis campaign has undergone a shake-up both in style and personnel, according to several people close to the campaign. He disagreed with DeSantis' position that support for Ukraine in its war with Russia is not a vital U.S. national security interest.

Persons: Ron DeSantis, sidled, Donald Trump, DeSantis, Scott Brown, Michael Lunder, Lunder, Frank Cimler, Joe Biden, Cimler, Gram Slattery, Ross Colvin, Howard Goller Organizations: Republican, U.S, Reuters, Democratic, Ukraine, Thomson Locations: RYE , New Hampshire, Florida, New Hampshire, Iowa, Trump's, COVID, Russia, U.S

☆ Trump hits Mitch McConnell for 'destroying our oceans' with 'windmills' when asked about the GOP leader's health scare
▼ + stars: | 2023-07-31 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Trump weighed in on Mitch McConnell's recent health scare, in which he froze up at a podium. Trump said it was a "sad thing to see" — but spent most of his time bashing the GOP leader. "It was also sad that he gave trillions and trillions and trillions of dollars to the Democrats," he said. "That was a sad thing to see. So that's a very sad thing also."

Persons: Trump, Mitch McConnell's, Donald Trump, Mitch, Breitbart, McConnell, Joe Biden Organizations: GOP, Service, Kentucky Republican, Green New, Green, Infrastructure Law, Trump Locations: Wall, Silicon, Scotland

☆ These are the 10 American states that are the most prepared for extreme weather
▼ + stars: | 2023-07-28 | by ( Scott Cohn | ) www.cnbc.com time to read: +9 min

But NOAA puts the Ohio Valley at the low end of its Climate Extremes Index, which considers temperatures, precipitation, drought and hurricanes. 2023 Infrastructure score: 205 out of 390 points (Top States grade: C+) Climate Extremes Index: 8.7% Properties at risk: 2.1% Renewable energy: 12.3%8. 2023 Infrastructure score: 231 out of 390 points (Top States grade: B) Climate Extremes Index: 23.68% Properties at risk: 4.2% Renewable energy: 42.5%5. 2023 Infrastructure score: 254 out of 390 points (Top States grade: A-) Climate Extremes Index: 8.7% Properties at risk: 2.7% Renewable energy: 34.6%2. 2023 Infrastructure score: 193 out of 390 points (Top States grade: C) Climate Extremes Index: 19.78% Properties at risk: 9% Renewable energy: 84%1.

Persons: Jeremy Porter, they're, Porter, John Boyd , Jr, Seth Herald, Joe Biden, Adam J, Brian Snyder, Jim Mracek, Andrew Lichtenstein, Helen H, Richardson, Marshall, Jewel Samad, James McGath, Cole Ruud, Nicole Neri, Scott Olson, Biden, Daniel Acker Organizations: Street Foundation, The Boyd Company, Micron, CNBC, First, Atmospheric Administration, U.S . Department of Energy, Tennessee, NOAA, Seth, AFP, Getty, Volunteer State, Michigan, Dewey, Anadolu Agency, Great, Great Lakes State, FEMA, Green, Nebraska, Corbis, Cornhusker, Colorado Firefighters, National Center for Atmospheric Research, Denver Post, Centennial, Kansas, Oklahoma Electric, Sooner State, Energy Department, Washington Post, North Star State, Mount, Iowa, Bloomberg Locations: New York, States, Memphis , Tennessee, Tennessee, Ohio, Royal Oak, MI, Metro Detroit, Royal Oak , Michigan, United States, Great Lakes, Michigan, Vermont, Montpelier , Vermont, Nebraska, Cass County, Boulder , Colorado, Colorado, Dodge City , Kansas, Kansas, Moore , Oklahoma, Sooner, Oklahoma, Minnesota, Stillwater, Stillwater , Minnesota, St, Croix, Dakota, Salem , South Dakota, Mount Rushmore, South Dakota, Gowrie , Iowa, U.S

☆ UBS names its 'best single stock ideas' in the U.S. right now
▼ + stars: | 2023-07-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Swiss bank UBS has revealed a list of "key investment ideas," selecting stocks based on factors such as market conditions, economic trends and government policy. "We focus on the equity asset class and highlight our best single stock ideas in the US tied to select messages," the bank's Chief Investment Office stated in a July 17 research note, adding that its ideas are updated monthly. It also chose wind energy company Xcel Energy , which it said is "well positioned to outperform the S & P Utilities index over the next 12 months." Green investment, infrastructure ideas "Green investment, decarbonization commitments, consumer sentiment, and regulation will continue to drive the case for investing sustainably," UBS said in the note, picking several stocks under the "go sustainable" theme. "The stock ideas listed under key investment ideas reflect current views as of publication," the bank stated.

Persons: Burger King, Carey, telco, — CNBC's Michael Bloom Organizations: UBS, Investment, Brands, Xcel Energy, TJX Companies, Air Products, NextEra Energy, Constellation Energy, U.S Locations: North America, China

Solar and wind power generation is set to triple by 2030, according to a new report from the Rocky Mountain Institute, leading to a disruption in the global electricity sector. According to the report, solar and wind power will fuel 33% of electricity generation in 2030, up from 12% in 2022. RMI predicts solar energy, which is already the cheapest energy source in history, will halve in price by 2030, continuing the dramatic downward trajectory of solar and wind energy costs. CNBC Pro used FactSet data to screen for companies that are well-positioned to outperform from the rise of solar and wind energy production. Maxeon shares have popped 68% in 2023 and could jump another 50%, per the average price target on shares.

Persons: Morgan Stanley, Andrew Percoco, Percoco, MAXN, — CNBC's Michael Bloom Organizations: Rocky Mountain Institute, RMI, CNBC, New York Stock Exchange, Nasdaq, Technologies, SolarEdge Technologies, Enphase Energy

☆ What to know about nuclear power in the US
▼ + stars: | 2023-07-06 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

Those developments, which might give anyone pause about the future of nuclear power, are counteracted by other headlines. The question of nuclear energy splits governmentsGermany made the decision to decommission all of its nuclear plants after disasters like Chernobyl and Fukushima. Nuclear power in the USAs of 2022, about 18% of US electricity is generated by nuclear power, according to the US Energy Information Administration. First, be very carefulI talked to one nuclear expert who said the US should be slow and methodical about nuclear power and another who argued there are multiple, public misperceptions about nuclear power that should be corrected. The more circumspect voice is Rodney Ewing, a Stanford University professor and expert on nuclear waste who was chairman of a federal review of nuclear waste procedures.

Persons: CNN’s Clare Sebastian, Larry, Joe Biden, Rodney Ewing, ”, I’ve, ” Ewing, “, David Ruzic –, Ruzic, we’ve, ” Ruzic, “ It’s, it’s, Ewing Organizations: CNN, International Atomic Energy Agency, US Energy Information Administration, FirstEnergy Corp, Department of Energy, Stanford University, Bulletin, Atomic Scientists, University of Illinois, Lawmakers Locations: Russia, Ukraine, Europe’s, Japan, Georgia, Germany, Fukushima, France, CNN’s, China, Tennessee, California, Illinois

☆ Exclusive: Brazil aims to pass offshore wind, green hydrogen laws by year-end, energy minister says
▼ + stars: | 2023-06-27 | by ( Catarina Demony | Thomson Reuters | Portugal-Based Multimedia Correspondent Reporting On Politics | ) www.reuters.com time to read: +3 min

LISBON, June 27 (Reuters) - Brazil aims to pass a regulatory framework for offshore wind and green hydrogen by the end of this year, the country's energy minister told Reuters on Tuesday, as Latin America's largest nation seeks to unlock new sectors to power its energy transition. With a floor of 16 billion reais, the auction could unlock 200 billion reais ($41.79 billion) in investments, he said. Currently, Brazil has no legislation in place to regulate offshore wind and green hydrogen. In early January, Brazil's government issued a decree that opened space for the development of offshore wind power generation in the country. "Green hydrogen is a real possibility for us to greatly expand our position in clean and renewable energy," he said.

Persons: Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Alexandre Silveira, Brazil's, Silveira, Lula's, Catarina Demony, Miguel Pereira, Gabriel Stargardter, David Evans Organizations: Leftist, Energy, Shell, Petrobras, Reuters, Thomson Locations: LISBON, Brazil, Foz de Amazonas, Angra, Lisbon

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

Another factor that several conference participants identified as vital is that the projects must have customers signed up before FIDs are made. GREEN METHANOLMethanol is shaping up as having the best potential for Tasmanian hydrogen projects, since it can be used to decarbonise shipping, one of the sectors deemed hardest to shift away from fossil fuels. Methanol in Tasmania would be made from combining green hydrogen with wood waste or wood chips. The state-owned grid operator, TasNetworks, needs to build some new transmission lines and refurbish others to meet the additional electricity requirements. And finally, some wind power projects need also to get to FID, with the 1,000-MW Bass Offshore Wind Energy project now looking set to be the first cab off the rank.

Persons: ABEL, Marinus Organizations: Tasmanian Energy Development Conference, FIDs, ABEL Energy, Hydro, Energy, Reuters, Thomson Locations: LAUNCESTON, Australia, Australia's, Tasmania, Devonport, Bell, Tasmanian, Hydro Tasmania, Victoria, FID

☆ El Salvador partnership to build $1 billion bitcoin mining farm
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SAN SALVADOR, June 5 (Reuters) - A public-private partnership in El Salvador will pump $1 billion into creating one of the world's largest bitcoin mining farms, the group called Volcano Energy announced on Monday. Volcano Energy said the funds would go toward an estimated 241 MW power generation park using solar and wind energy in the northwestern municipality of Metapan, which will eventually power the bitcoin mining farm. Bitcoin mining uses high-power computers hooked up to a global network, sucking up massive amounts of electricity in the process. The El Salvador government will have "a preferred participation equivalent to 23% of the revenues" in the project, Volcano Energy said, with private investors holding 27%. Reporting by Nelson Renteria in San Salvador and Kylie Madry in Mexico City; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Nayib Bukele, Josue Lopez, Max Keiser, Nelson Renteria, Kylie Madry, Aurora Ellis Organizations: SALVADOR, Volcano Energy, Salvadoran, Reuters, International Monetary Fund, El, U.S ., Thomson Locations: El Salvador, Salvador's, Metapan, San Salvador, Mexico City

☆ Chile's Boric to insist on shelved tax reform bill by end of July
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/10] Chile's President Gabriel Boric gestures on the day of his annual speech at the National Congress, in Valparaiso, Chile June 1, 2023. REUTERS/Rodrigo GarridoSANTIAGO, June 1 (Reuters) - Chilean President Gabriel Boric said on Thursday his government will insist on pushing through a tax reform bill that was shelved by Congress earlier this year. "Everyone in this room knows, that neither this government or any other, can advance responsibly in making these rights a reality without tax reform." The government has also seen key parts of its agenda, like tax reform bill shelved by Congress in March, stalled by a divided legislature. During his speech, Boric also announced that the government will send a bill to Congress this year seeking bids for large scale energy storage requiring $2 billion in investments.

Persons: Gabriel Boric, Rodrigo Garrido SANTIAGO, Boric, We've, Alexander Villegas, Fabian Cambero, Alistair Bell Organizations: National Congress, REUTERS, Thomson Locations: Valparaiso, Chile, Latin America

☆ Wind energy has a massive waste problem. New technologies may be a step closer to solving it
▼ + stars: | 2023-05-28 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It’s a problem that’s vexed the wind energy industry and provided fodder for those who seek to discredit wind power. But in February, Danish wind company Vestas said it had cracked the problem. It announced a “breakthrough solution” that would allow wind turbine blades to be recycled without needing to change their design or materials. Wind energy has been growing at a fast pace. It is the world’s leading renewable energy technology behind hydropower, and plays a vital role in helping countries move away from fossil fuel energy, which pumps out planet-heating pollution.

☆ The remote islands that are critical to a UK bet on wind energy
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Scotland offers some of the windiest conditions in Europe, making the Shetland Islands, located in the northernmost region of the U.K., the best place to develop and harvest wind energy. To that end, British power firm SSE has invested millions into what will be the country's largest onshore wind farm when it is completed in 2024. The Viking wind farm, with its 103 turbines, could power almost half a million homes. However, a lack of capacity in the U.K.'s power grid could derail its ambitious goal of being carbon-free by 2030. We visited the Viking wind farm that has been in the making for more than 15 years to find out more.

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