Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $571.4 million, down from $613.6 million in Q3 2024, primarily due to lower coal sales prices and transportation revenues, partially offset by higher coal sales volumes [4][5] - Average coal sales price per ton decreased by 7.5% year-over-year to $58.78, but increased by 1.5% sequentially [5] - Net income attributable to the company was $95.1 million, including a $3.7 million favorable increase in the fair value of digital assets [10] - Adjusted EBITDA for the quarter was $185.8 million, up 9% year-over-year and 14.8% sequentially [10][11] Business Line Data and Key Metrics Changes - Total coal production in Q3 2025 was 8.4 million tons, an increase of 8.5% compared to Q3 2024, while total coal sales volumes increased by 3.9% to 8.7 million tons [5][6] - In the Illinois Basin, coal sales volumes increased by 10.8% year-over-year but decreased by 0.8% sequentially [6] - Coal sales volumes in Appalachia decreased by 13.3% year-over-year but increased by 21.8% sequentially due to improved mining conditions [6][7] - Total revenues from royalty segments were $57.4 million, up 11.9% year-over-year, driven by higher coal royalty tons sold [9] Market Data and Key Metrics Changes - Year-to-date utility coal consumption increased by 15% in MISO and 16% in PJM, reflecting strong demand fundamentals [17] - Analysts project 4% to 6% annual growth in electricity demand in PJM and other markets over the next several years [18] - The recent PJM capacity auction cleared at maximum allowable prices, indicating a need for every available megawatt of dispatchable generation [19] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, investing prudently in core operations, and positioning for long-term growth while delivering attractive returns to unitholders [20] - The company has secured additional contract commitments for 2026, with 29.1 million tons contracted, up 9% from the previous quarter [13] - The company plans to reduce sustaining capital needs in coal segments, enhancing free cash flow visibility for 2026 and beyond [20] Management's Comments on Operating Environment and Future Outlook - Management noted that favorable federal energy policies and rising electricity demand are supporting coal demand [17] - The company expects to increase production at Tunnel Ridge and in the Illinois Basin in 2026 to meet anticipated demand [18] - Management expressed confidence in the sustainability of lower costs in Appalachia due to improved mining conditions [86] Other Important Information - Total liquidity at the end of Q3 2025 was $541.8 million, including $94.5 million in cash [11] - The company declared a quarterly distribution of $0.60 per unit, unchanged from the previous quarter [20] Q&A Session Summary Question: Duration and structure of supply contracts - Most contracts are for two to three years, primarily fixed pricing with some tariff protection [26][27] Question: Pricing guidance for 2026 - Pricing is expected to decline around 5% year-over-year due to contracts rolling off, but improved conditions at Tunnel Ridge may help maintain margins [34][36] Question: Impact of Department of Energy investments - Increased interest from utilities in extending the life of coal plants could enhance demand for coal [38][40] Question: Equity method investment income - Modestly positive numbers are anticipated for Q4, with some investments starting to yield distributions [45][46] Question: Production increase logistics - No new staffing is required; existing personnel will be utilized more efficiently due to favorable conditions [63] Question: Confidence in uncommitted met coal sales - Anticipation of selling uncommitted met coal based on current pricing trends [67] Question: Coal vs. gas competition - Competition between coal and gas is less significant due to increasing electricity demand and data center growth [72][75] Question: Capital expenditures outlook - Full year CapEx is expected to be closer to the midpoint of guidance, with Q4 anticipated to be higher [81] Question: Future M&A outlook - Focus is more on minerals rather than expanding coal operations, with limited expectations for coal M&A [59][84]

RT Bloomberg Live (@BloombergLive)"Infrastructure projects are getting more expensive - the new assets that come into infrastructure includes data centres which are huge," Macquarie Asset Management's Gabriel Jimin Ho at #BBGAsean.⏯️ https://t.co/lk6EOTKDwQ https://t.co/nWBDNwq13K ...

As demand for electricity from data centers grows, Arbor Energy has made its power plant capable of burning natural gas in addition to biomass. https://t.co/z2C60nw6uZ ...

On Energy and AI:We are all aware of the urgent need for massive new energy infrastructure for data centres and other general needs. The grid is old and the supply is constrained.Investor capital is pouring into nuclear soluations, new gas plants and other opportunities and the bottleneck will be better solved in 5 years+However, the need for the extra energy is URGENT and IMMEDIATE...The AI race is the most important technology race that will ever occur. It is not just about hyperscalers and their profits, ...

Core Viewpoint - NANO Nuclear Energy Inc. is celebrating the commencement of real-world work on its micro modular reactor prototype, the KRONOS MMR Energy System, in partnership with the University of Illinois Urbana-Champaign, marking a significant milestone in the development of advanced nuclear energy solutions [1][4][8]. Company Overview - NANO Nuclear Energy Inc. is a publicly listed advanced nuclear energy company focused on developing clean energy solutions, including portable microreactor technologies and nuclear fuel fabrication [11][12]. - The company aims to become a diversified and vertically integrated entity across five business lines, including nuclear applications for space and consulting services [11]. Project Details - The KRONOS MMR is designed to deliver 15 MWe (45 MWth) of carbon-free power, suitable for various applications such as artificial intelligence, data centers, and military uses [4][12]. - The reactor utilizes meltdown-resistant TRISO fuel and passive helium cooling, ensuring automatic safe shutdown without human intervention [4]. Milestone Ceremony - The milestone ceremony at the University of Illinois Urbana-Champaign includes remarks from key executives and stakeholders, emphasizing the project's importance for energy sovereignty and modernization of clean power infrastructure [5][9]. - The event highlights the collaboration with AECOM for site characterization and geotechnical activities, paving the way for construction and regulatory licensing [3][10]. Future Plans - NANO Nuclear plans to submit a construction permit application for the KRONOS MMR Energy System in the first quarter of 2026, utilizing geotechnical data from the ongoing site work [10].

Are AI data centers sucking up resources from US manufacturers? Spending on factory construction is down 2.5% so far this year, while that for data centers is up almost 18% https://t.co/OONIflF9HP ...

Load Growth & Grid Investment - First Energy anticipates significant load increases due to data centers and electrification, necessitating investment in the transmission grid [2] - The company plans to increase its 5-year capital expenditure (CAPEX) plan for transmission by approximately 30% [3] - A strong and growing transmission grid is crucial to support AI, data centers, and chip investments [3] Labor Force & Training - First Energy is addressing labor needs through apprenticeship programs and hiring experienced line workers [5] - The company is actively training its workforce to support infrastructure investments and economic growth [5] Investment & Demand - First Energy ensures that hyperscalers and data center developers commit to paying for infrastructure investments to serve them [7] - This commitment provides confidence in sustained load and prevents existing customers from bearing the cost of potential overbuilding [7] Electricity Prices & Regulation - Generation accounts for 85% of the year-over-year increase in customer bills in four of First Energy's five states, where it operates as a wires-only company [9] - In the state where First Energy is fully integrated, year-on-year rates for customers were flat [9] - First Energy is working with regulators, governors, and customers to mitigate the impact of increasing generation costs [10]

I'm private equity giant Blackstone out with the third quarter results just a short while ago. Want to tell you about the company's performance uh and bring in John Gray. He's of course the president and chief operating officer of the Blackstone Group.Uh good morning to you. There's so much to talk about both in these earnings and as we've been discussing and describing what seems like a lot driven by the world of AI and data centers uh just where all of that is going. Uh but let's walk through the earnings ...

Core Insights - GE Vernova reported a Q3 2025 revenue of $10 billion, reflecting a 10% year-over-year increase [1] - Total orders reached $14.7 billion, marking a significant 55% year-over-year growth, primarily driven by the power and electrification segments [2] - The gas turbine backlog increased to 62 GW, up 7 GW from Q2 2025, which includes 29 GW in order backlog and 33 GW in slot reservations [3] Electrification Segment - The electrification segment experienced a remarkable 102% growth, making it the fastest-growing segment for GE Vernova [4] - GE Vernova plans to acquire the remaining 50% of Prolec GE for $5.3 billion, which is expected to close by mid-2026, enhancing its capabilities in the North American market [4][5] - Prolec's data center sales grew from 10% of total sales in 2024 to nearly 20% in 2025, indicating a strategic shift towards integrated solutions for new customer types, such as data centers [6] Revenue Growth and Projections - Revenue in the electrification segment surged by 32% year-over-year, with equipment orders more than doubling [7] - GE Vernova anticipates 25% organic revenue growth for the year, an increase from previous forecasts of around 20%, with a target of 10% annual growth through 2030 [7] - Key growth drivers include data centers, widespread electrification, increased grid flexibility needs, utility-led transmission investments, and heightened national security interests [8] Data Center Impact - Hyperscale data centers have contributed $900 million in orders since January, positioning the segment to potentially double the total orders of $600 million from 2024 [9]

On a daily, you get a sense that many stocks have indeed gotten ahead of themselves after very strong rally. When you've had major run and companies report terrific quarters, yet their stocks go down. That tells you something is wrong with those stocks, not with the companies themselves.A broken stock and a broken company are two very different things. And there are plenty of stocks today that broke with the Dow tumbling 334 points, SB sinking 0.53% and the NASDAQ losing 0.99% 93% although we did climb out ...