美国数据中心规划容量已激增至245吉瓦，其开发战略正发生根本性转变。由于对电网供应能力失去信心，开发商正绕开公用事业公司，转向在 德克萨斯州等能源产地直接利用天然气自建发电厂。截至第三季度，德州数据中心规划容量已达67吉瓦。但这种趋势将加剧天然气需求，可能推 高全美能源价格，并对电网可靠性构成挑战。 在人工智能热潮的推动下，美国数据中心正以前所未有的规模扩张，其对电力的渴求正在重塑能源格局，开发商的策略也从"接入电网"转向"自 建能源"。 根据咨询公司伍德麦肯兹（Wood Mackenzie）最新数据显示，截至10月中旬，美国数据中心的规划总容量已飙升至245吉瓦（GW），仅第三 季度就增加了45吉瓦。 而德克萨斯州成为此轮投资的焦点，其规划容量占全美超四分之一，并以获取二叠纪盆地的天然气资源为主。截至第三季度，德州数据中心规 划容量已达67吉瓦。 这一趋势的核心是开发商策略的根本性转变。报告指出，由于对公用事业公司满足其庞大电力需求和紧迫时间表的能力日益失去信心，数据中 心开发商正积极转向建设自有发电设施，尤其是天然气发电。 同时，如果这些项目独立于电网之外，将加剧电力涡轮机的供应紧张，给依赖电网的其他行业 ...

Northland Power (OTCPK:NPIC.F) 2025 Investor Day November 20, 2025 09:30 AM ET Company ParticipantsToby Edmonds - EVP of Offshore RenewablesAdam Beaumont - Head of Capital MarketsRebecca Teltscher - Portfolio ManagerMadison Goshani - Senior Specialist of Global CommunicationRob Hope - Director of Equity ResearchIan Pearce - Chair of BoardChristine Healy - CEOPierre-Emmanuel Frot - EVP of Project Management OfficeJeff Hart - CFOSean Steuart - Managing DirectorCalvin McCormick - EVP of AmericasConference Call ...

Core Insights - The U.S. added nearly 26 GW of new power generation capacity in the first eight months of this year, a slight increase from approximately 23 GW during the same period last year, with renewable energy continuing to grow despite federal emphasis on fossil fuels and nuclear energy [1] - Solar power dominated the new installations, accounting for about three-quarters of the new capacity, totaling 19 GW, with 2.7 GW added in August alone [1][2] - The Federal Energy Regulatory Commission (FERC) has reapproved the Northeast Supply Enhancement project by Williams Companies, allowing the expansion of the Transco natural gas pipeline from New Jersey to New York, which has sparked controversy [1][3] Renewable Energy Growth - Solar power has consistently led new generation resources over the past two years, with 19 GW of new solar capacity representing about 75% of total new installations in the first eight months of this year [2] - Significant renewable energy projects that began operations in August include the 517 MW Outpost solar storage project in Texas, the 280 MW Gibson Solar project in Indiana, and the 254 MW expansion of the Roadrunner Crossing wind farm in Texas [2] - Wind energy follows solar as the second-largest source of renewable energy installations, with solar and wind together accounting for the majority of new capacity in August [2] Natural Gas Project Approval - FERC's reapproval of the Northeast Supply Enhancement project has raised concerns, as it allows for the construction and operation of the Transco natural gas pipeline expansion [3] - Several small natural gas generation units also came online in August, totaling 888 MW, including the 248 MW A.B. Brown expansion in Indiana and the 245 MW Pioneer expansion in North Dakota [3] Future Projections - FERC forecasts that by August 2028, renewable energy will account for nearly 84% of the 136 GW of "high probability new capacity," while natural gas will only represent about 15% [1][4] - Despite federal challenges, solar and wind continue to add more generation capacity than fossil fuels and nuclear energy, indicating a significant shift in the energy landscape [4]

Group 1 - Chevron is entering a new business line focused on supplying natural gas power to data centers, with a project base in West Texas [1] - The project aims for a power generation capacity of up to 5,000 megawatts by 2027, with full operational capacity expected in the third year at approximately 2,500 megawatts [1] - Chevron's CFO stated the company has ample natural gas resources and is well-positioned to create a competitive project [1] Group 2 - Chevron has partnered with Engine No. 1, a key step in its AI initiative, and has secured orders for seven large gas turbines from GE Vernova [2] - The company plans to detail its power business strategy at its investor day, projecting an average annual free cash flow growth of 14% over the next five years, reaching $30 billion by 2030 [3] - Chevron aims to reduce its annual capital budget from $19-22 billion to $18-21 billion by 2030, while maintaining a stock buyback target slightly above $10 billion [3]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 gigawatts, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [6] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities by focusing on near-term growth opportunities and maintaining affordability [10][25] - The strategy includes proactive community engagement and investments in renewable energy and energy storage to meet growing customer demand [12][18] - The company is committed to maintaining competitive rates for both new and existing customers through economic development success and cost controls [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a compound annual growth rate of 12% in rate base and construction work in progress, reinforcing long-term growth objectives [18] - The company is optimistic about future growth opportunities, particularly in data centers, and is focused on minimizing regulatory lag [56][58] - Management highlighted the importance of timing in load growth and the potential for earnings to exceed current guidance based on new contracts [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][20] - The company plans to finance capital expenditures through a combination of cash from operations and new debt, hybrid, and common equity issuances [19][20] - Future regulatory filings are expected to enhance reliability and diversify energy resources to meet growing customer needs [24] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [29] Question: What are the assumptions regarding earned returns in Iowa? - Management confirmed that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for exceeding those returns [32] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [36][66] Question: What is the expected FFO to debt ratio by the end of 2025? - Management aims for a cushion of 50-100 basis points in the FFO to debt metrics to support growth [41] Question: How will the timing of rate cases affect future growth rates? - Management noted that Wisconsin's forward-looking test years minimize regulatory lag, while Iowa's structure allows for annual earnings growth [56][58]

Core Insights - The International Energy Agency (IEA) projects strong global electricity demand growth of 3.3% in 2025 and 3.7% in 2026, driven by industrial demand, air conditioning, data centers, and electrification, despite a slowdown in global economic growth [19][36] - Renewable energy sources, particularly wind and solar, are expected to dominate the increase in electricity supply, covering over 90% of new demand, with renewable generation surpassing coal-fired generation as early as 2025 [2][25] - Regional electricity prices are experiencing significant variations, with wholesale prices in the EU and US rising by 30-40% due to higher gas prices, while prices in India and Australia are declining by 5-15% [3][31] Demand - Global electricity demand is forecasted to grow at an average annual rate of 3.3% in 2025 and 3.7% in 2026, which is a moderation from the 4.4% surge in 2024 but still among the highest rates in the past decade [36] - China and India are expected to contribute 60% of global electricity demand growth, with China's demand projected to increase by 5% in 2025 and India's by 4% [20][49] - The United States is experiencing above-trend electricity demand growth, projected at 2.3% in 2025, driven by data center expansion and electrification [21][51] Supply - Renewable energy sources are set to cover over 90% of the increase in global electricity demand, with wind and solar generation expected to surpass 5,000 TWh in 2025 and 6,000 TWh in 2026 [24][25] - Global coal-fired generation is forecasted to decline slightly in 2025 and further in 2026, while gas-fired generation is expected to increase by 1.3% in 2025 [26][28] - Nuclear power generation is on track to reach a record high in 2025, driven by plant restarts and new reactor commissioning [29] Emissions - Global carbon dioxide emissions from electricity generation are expected to plateau in 2025, with a slight decline forecasted for 2026 as low-emission sources displace fossil fuels [30] - The rapid deployment of renewables is limiting increases in fossil fuel power generation, contributing to a decrease in carbon emissions intensity [30] Prices - Wholesale electricity prices in the EU and US rose by 30-40% in the first half of 2025, while prices in India and Australia decreased by 5-15% [31][33] - The occurrence of negative electricity prices is increasing, highlighting the need for greater flexibility in supply and demand [32] Security and Infrastructure - Recent blackouts in regions like Chile and Spain underscore the importance of electricity security, necessitating robust grid infrastructure and diverse flexibility resources [34]

Group 1 - The company plans to enhance short-term cash flow through hedging a portion of its natural gas production to stabilize cash flow for 2026 [1] - The estimated AECO 5A price for 2025 is approximately CAD 1.62 per gigajoule, with expectations for a higher price in 2026 [1] - The company aims to hedge over 50% of its 2026 production at a price above CAD 3.00 per gigajoule, with about 40% of the 2026 capacity already hedged at an average price of CAD 3.06 per gigajoule [1] Group 2 - The company is advancing a 9.6 MW natural gas power generation project, which is undergoing necessary regulatory approval processes [1] - The board has also approved the development of a 4.7 MW natural gas power generation project, which will consist of five 0.94 MW generator units [1] - The project will enhance the overall value of natural gas production by allowing the company to generate and sell electricity independently [1] Group 3 - The estimated cost for the engineering, procurement, and construction (EPC) phase of the project is approximately CAD 3 million, subject to adjustments based on market conditions [2] - The company plans to raise funds for the project development through equity financing, including the issuance of new shares, pending board and regulatory approvals [2] - As of the announcement date, the company has not entered into any agreements regarding the fundraising plans [2]

Group 1 - The company plans to enhance short-term cash flow through hedging a portion of its natural gas production to stabilize cash flow in 2026, with over 50% of 2026 production already hedged at an average price of CAD 3.06 per gigajoule [1][2] - The estimated AECO 5A price for 2025 is approximately CAD 1.62 per gigajoule, while the expectation for 2026 is higher [1] - The company is developing a 4.7 MW natural gas power generation project, which will consist of five 0.94 MW generator units, enhancing the overall value of natural gas production [1] Group 2 - The estimated cost for the engineering, procurement, and construction (EPC) phase of the project is approximately CAD 3 million, subject to adjustments based on market conditions [2] - The company intends to raise funds for the project development through equity financing, including the issuance of new shares, pending further approvals [2] - As of the announcement date, no agreements or arrangements have been made regarding the fundraising plan [2]

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不作任何陳述，並明確聲明概不承擔因本公告全部或任何部分內容而 產生或因倚賴該等內容所引致之任何損失之任何責任。 JX Energy Ltd. （吉星新能源有限責任公司）* （ 根據阿爾伯塔法例註冊成立的有限責任公司） 本公司於2025年7月25日（香港時間）披露其9.6兆瓦天然氣發電項目，該項目正按計劃進 行必要的監管審批程序。除該項目外，董事會已批准開發4.7兆瓦天然氣發電項目（「本項 目」）。本項目將建造五台0.94兆瓦發電機組－其中四台位於本公司現有井場，一台位於 吉星能源（加拿大）場址。本項目竣工後，本公司將可獨立發電並對外銷售，從而提升天 然氣產量的整體價值。 （股份代號：3395） 自願性公告 短期現金流提升策略及批准新建4.7兆瓦天然氣發電項目 - 1 - 本項目無需額外監管批准。根據中國境內獨立供應商報價及管理層過往經驗，董事會現 估計工程、採購及施工（「EPC」）階段成本約為300萬加元（相當於約16,540,200港元）。 EPC成本將分階段支付，並可能根據其他獨立供應商後續報價及現行市場情況作進 ...

Core Insights - The U.S. energy sector is undergoing significant transformation driven by AI-induced electricity demand, with a surge in renewable energy projects in the short term and remarkable growth in natural gas and storage planning in the long term, constrained by labor shortages [1][4] Group 1: Current Energy Capacity Expansion - As of September 2025, the U.S. is expected to add approximately 32 GW of new power generation capacity, primarily from 19 GW of solar and 11 GW of battery storage, achieving 54% of Goldman Sachs' annual forecast [1][2] - Over 90% of the new capacity added in the first nine months of the year comes from solar and battery storage, indicating strong growth momentum [2] - However, project delays are a significant challenge, with 36.5% of planned solar projects and 38.6% of planned wind projects facing delays of over six months, compared to only 11.2% for natural gas projects [2] Group 2: Long-term Planning Trends - Future electricity project timelines show a clear shift, with most renewable energy projects expected to come online between 2026 and 2027, while a sharp decline in renewable project reserves is anticipated post-2028 [3] - Approximately 65% of planned natural gas projects are expected to be operational between 2028 and 2030, with 2028 alone projected to account for 103% of Goldman Sachs' forecast for new natural gas capacity that year [3] - Storage project planning capacity has also reached 67 GW, growing in parallel with natural gas projects [3] Group 3: Labor Shortages as a Key Constraint - Labor shortages are identified as a critical constraint to achieving electricity growth targets, with over 500,000 additional jobs needed in the electricity and grid sectors by 2030 [4] - The aging workforce is a concern, with 30% of electricians nearing retirement, and it takes 3-5 years to train a skilled technician [4] - Worker shortages are reported as the second-largest reason for project delays, following government approval delays, potentially impacting project execution and increasing labor costs [4]