Power lines in California. Getty ImagesMeta, the company that owns Facebook, are planning a new AI data center, the company’s largest yet, in Richland Parish, Louisiana. The local utility company, Entergy, has plans to build three new gas-fired power plants to supply the additional electricity needed for the data center.Also reported last week was that Meta got some pushback from a U.S. Senator, who challenged the benefits of using natural gas to power the new data canter.The new data center is an enormous ...

If I saw us adding a terowatt of electricity production capacity per year in the US, I would shut the up about the debt. The critical lynch pin for all of those other points of abundance being unleashed is the energy equation. And this is where I look very clearly and plainly at what China's doing versus where we're at today.We've got stated intentions, but the actions are where we're still, you know, we got to start showing up. So the number of watts that the US can make in any given point in time or is ma ...

ab 16 May 2025 Powered by YES UBS Evidence Lab Global Research The market is likely undervaluing the long-term value in NZ electricity retail, with household electricity prices capable of growing at +5% p.a. over the next 5 years, exceeding CPI. With the retail segment comprising ~30% of demand, this should benefit sector profitability, particularly for bundled (MCY) or low cost to serve (CEN) operators. However, we expect retail EBITDA margins to only gradually increase from -20% in FY25e back towards +4% ...

Industry Overview - The Trump administration aims to accelerate the deployment of nuclear reactors in the U.S., reflecting a global shift in sentiment towards nuclear energy, especially after the Fukushima disaster in 2011 [1] - The International Atomic Energy Agency projects nuclear production capacity to increase 2.5 times by 2050, from 372 gigawatt-electric (GWe) in 2023 to 950 GWe by 2050, necessitating new reactors to achieve this growth [2] Company Analysis: Constellation Energy - Constellation Energy is the largest producer of carbon-free electricity in the U.S., focusing on nuclear power, which provides a stable electricity source unaffected by weather [4] - The demand for energy from data centers, particularly from tech companies like Microsoft, has enhanced Constellation's market position, with a power purchase agreement to supply nuclear energy for data centers [5] - Constellation's extensive nuclear plant operations and renewable energy focus position it favorably for future growth [6] Company Analysis: Cameco - Cameco is one of the largest uranium producers, operating mines in Canada and involved in the nuclear fuel cycle, which includes uranium conversion and enrichment [7] - The rising global demand for nuclear energy positions Cameco to benefit from increasing uranium prices and new reactor constructions, supported by long-term contracts with utility companies [8][9] - Cameco has significant uranium deposits in Saskatchewan and Australia, allowing for expansion as nuclear energy demand grows [9] Company Analysis: NuScale Power - NuScale Power specializes in small modular reactors (SMRs), which are designed for efficiency, safety, and scalability, making them suitable for decentralized power generation [10][11] - The company holds a first-mover advantage in the SMR market, with its 50 MWe SMR being the first approved by the U.S. Nuclear Regulatory Commission, and plans to upsize to 77 MWe [12] - NuScale is developing an SMR power station in Romania, targeting a launch date of 2029, making it a long-term investment opportunity for aggressive investors [13]

算力电力协同发展研究报告 (2025 年) 中国信息通信研究院云计算与大数据研究所 2025年5月 版权声明 本报告版权属于中国信息通信研究院，并受法律保护。 转载、摘编或利用其它方式使用本报告文字或者观点的，应 注明"来源：中国信息通信研究院"。违反上述声明者，本院 将追究其相关法律责任。 前 言 算力作为数字经济时代的新质生产力，已成为推动经济社会发展 的核心力量，对现代生产和生活产生了深远影响。在碳达峰碳中和战 略背景下，我国积极推动算力的绿色低碳发展，并促进能源电力领域 的清洁转型。在此契机下，算力电力协同成为新时代发展的必然趋势。 为推动算力电力协同的科学发展，助力算力产业绿色低碳转型和 新型电力系统构建，中国信息通信研究院云计算与大数据研究所编制 《算力电力协同发展研究报告（2025 年）》。报告剖析了算力电力协同 发展的背景与需求，预测了未来算力用能的发展趋势和特征，阐述了 算力电力协同的内涵、要素与发展阶段，探讨了算电协同发展所面临 的挑战，提出了算电协同发展的六大关键举措，最后从政策支持、标 准制定、产业协同、市场机制等维度，提出了推动我国算力电力协同 高质量发展的策略建议。 算力电力协同相 ...

而且，今年出现负电价的不止山东。 早在年初1月19日至20日，浙江电力现货市场日前、实时市场就相继出现出现-0.2元/度的负电价，这一价格相较山东-0.08元/度的负电价低出1.5倍。1月27 日，浙江更是创下全天负电价的记录。根据国网浙江电力调度控制中心相关数据，今年"五一"期间，浙江也出现了负电价。内蒙古（蒙东、蒙西市场）可能 也出现了接近零电价或负电价的情况。不过，相关市场并未更新电力现货市场交易具体情况，还需后续更多数据加以验证。但预计全国各区域市场负电价出 现频次加总会创下新高。 随着新能源装机的不断增加，电力市场运行、交易规则的不断调整，负电价离我们已不再遥远。 2022年，山东电力现货市场全年近半天数出现过负电价，引发业内关注。2023年"五一"假期，还是山东，罕见地连续22小时负电价，更是让这一话题"破 圈"，在泛财经甚至社会领域被广泛讨论。 今年"五一"小长假，负电价不仅仍未缺席，而且更加"凶猛"。 最突出的还是山东，5天假期120个小时中，山东电力现货交易市场发电侧出现了约46个小时的负电价（5月1日至4日取实时市场数据，5日实时市场数据暂未 公布，取日前市场数据，用电侧约45小时），几乎 ...

AB “Ignitis grupė” (hereinafter – the Group) informs that on 30 April 2025 the National Energy Regulatory Council (hereinafter – NERC) passed a resolution “On the amendment of the National Energy Regulatory Council's Resolution No. O3-229 of 14 September 2012 ‘On the approval of the methodology for determining the electricity price and the price for reserve capacity and isolated system operation services’” (link in Lithuanian) (hereinafter – the Resolution), which adopted the new mechanism for distributing ...

电力市场近况更新 20250428 摘要 • 新能源机制电价政策由中央政府发布，各地方细节预计 5 月底前出台，6 月 1 日开始竞价。存量项目机制电量比例与当前非市场化比例衔接，增量 项目则通过竞价机制形成，与现有状态平稳过渡。 • 136 号文使风光调节性成本显性化，通过用户补贴的机制电价展示社会成 本，并挤出新能源中的非技术成本。增量项目机制电量竞价可明确新投产 项目的实际成本及合理回报率。 • 容量市场改革方向包括市场化定价和细分功能，不区分技术路线，满足容 量市场要求即可获得容量电价，利好储能。细分爬坡、二次备用、快速调 频等功能，使系统运行费更加复杂。 • 今年以来全国平均加权年度长协价格略降，但火电竞争辅助服务收入增长 及发电利用小时数下降导致度电容量补偿提升，火电竞争结算收入远高于 平均降幅。各地月度价格相对稳定。 • 煤炭价格下行对各地月度交易价格有影响，但江苏和广东交易价格坚挺。 今年广东未出现跌停板，江苏 5 月价格反弹，表明电力市场受多种因素影 响。 Q&A 当前电力市场的整体情况如何，特别是水电和火电的发展趋势？ 电力市场整体较为平稳，尤其是水电和火电。火电的发展与电力改革密切相关， ...

Core Viewpoint - Fingrid's financial performance in the first quarter of 2025 showed a decline in turnover compared to the previous year, but improvements in net cash flow and a strong financial position were noted, alongside significant developments in the electricity market and infrastructure [2][4][9]. Financial Performance - Turnover for January–March 2025 was €370.7 million, down 21.6% from €472.9 million in the same period of 2024 [3]. - Operating result was €119.5 million, slightly down from €119.8 million year-on-year [3]. - Result before taxes decreased to €115.9 million from €118.1 million [3]. - Net cash flow from operations surged to €220.8 million, a 502% increase from €36.7 million [3]. - The result for the period improved to €81.6 million from €64.9 million, marking a 25.7% increase [3]. Operational Highlights - Electricity consumption in Finland decreased to 23.8 TWh from 24.6 TWh, attributed to a mild winter [4][9]. - Fingrid's transmission accounted for 79.0% of Finland's total electricity consumption, transmitting 18.8 TWh [9]. - The system security rate remained high at 100% [3][4]. - Renewable production capacity connected to the main grid was 432 MW, down from 528 MW [3][9]. Market Developments - The transition to a 15-minute electricity market progressed, with the new market time unit introduced successfully in January and March [9]. - The Nordic mFRR energy action market was rolled out, experiencing significant price volatility [9]. - Fingrid's share of accrued congestion income was €71.4 million, down from €75.0 million [4]. Capital Expenditure and Investments - Fingrid estimates gross capital expenditure of approximately €1.7 billion from 2025 to 2028, with €623 million already committed [4]. - Capital expenditure for the first quarter was €93.0 million, up 20.8% from €77.0 million [3]. Legal and Regulatory Matters - Fingrid has appealed against the Energy Authority's decisions regarding balance service terms and profit specification methods for electricity transmission operations [11][12]. - Ongoing legal proceedings concern the connection of the Olkiluoto 3 nuclear power plant to the grid, with Fingrid asserting compliance with its obligations [13]. Governance and Leadership - The Annual General Meeting approved the financial statements for 2024 and decided on dividend distribution, with Eeva-Liisa Virkkunen elected as the new Chair of the Board [17].

Investment Rating - The report does not explicitly provide an investment rating for the electricity distribution industry Core Insights - The operations concession model is presented as a viable alternative to full privatization, allowing for private sector efficiencies while retaining government ownership of assets [22][25] - The report emphasizes the importance of private sector participation (PSP) in improving operational performance and addressing challenges faced by state-owned utilities [15][20] - Case studies from Côte d'Ivoire and India illustrate the successful implementation of operations concessions, highlighting the model's adaptability to local contexts [58] Summary by Sections 1. Introduction - The report discusses the historical context of power sector reforms initiated in the 1990s, aimed at creating commercially viable utilities through restructuring and private sector involvement [13][14] 2. The Operations Concession Model in Electricity Distribution - The operations concession model allows a private concessionaire to manage electricity distribution while the public utility retains ownership and responsibility for power procurement [27] - A comparison of various private sector participation models indicates that operations concessions provide a balanced risk allocation between public and private sectors [40][41] 3. Case Studies: Existing Operations Concessions - Côte d'Ivoire's concession model evolved from a public utility to a private operator, demonstrating the effectiveness of the operations concession in managing electricity distribution [59][60] - India’s input-based distribution franchises serve as another example of successful operations concessions, showcasing the model's flexibility [58] 4. Structuring Options and Parameters for Operations Concessions - Key parameters for structuring operations concessions include setting performance targets, treatment of assets, and regulatory oversight [4][38] - The remuneration model for concessionaires typically includes compensation for operations and maintenance costs, with performance incentives linked to operational improvements [38][72] 5. Limitations and Extensions - The report notes that while operations concessions can improve efficiency, they should be part of a broader reform strategy to address systemic issues in the electricity sector [52][53]