South Africa's Eskom Plans Rolling Power Blackouts to Thursday
Eskom Holdings SOC Ltd. will start so-called stage 2 loadshedding at 4 p.m. Tuesday, it said in a statement. Its decision follows the delayed return of units that generate 3,120 megawatts, as well as an additional loss of capacity in the past day due to unplanned breakdowns.
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Fast Company
19 minutes ago
- Fast Company
Who's paying for big tech's energy binge? You might be
If cooling your house down during the summer's heat waves is costing you an arm and a leg, you can blame AI. Tech companies plan to spend trillions to feed AI's voracious appetite for energy, but normal Americans are eating the cost of that increased demand. Earlier this summer, OpenAI CEO Sam Altman declared that a 'significant fraction of the power on Earth' should be dedicated to running AI. OpenAI and its competitors have been raising and spending mind-boggling sums on data centers capable of powering their near-future AI plans, which stand to make the world's richest companies even richer. Unfortunately, all of that energy consumption is starting to trickle down to the average American. Compared to last year, consumers paid 5.5% more for electricity in 2025, a rate increase that outstrips inflation during the same period. The average American paid $144 in 2024 for their electric bill compared to $122 in 2021, and those increases are expected to speed up. Subscribe to the Daily newsletter. Fast Company's trending stories delivered to you every day Privacy Policy | Fast Company Newsletters Myriad factors contribute to rising electricity costs, but the major trends behind the energy use spike aren't hard to spot. 'Energy experts did expect electricity demand to rise, given the drivers of U.S. economic growth,' according to a recent report from ICF, an energy consulting firm. 'However, the rapid spikes due to data center use and industrial demand were not predicted to occur as quickly as they have.' The report notes that after two decades of consistent energy use, the country's appetite for energy is suddenly spiking, sending electricity costs up too. 'Rising electricity demand is expected to lead to higher electricity bills for Americans,' the report states, noting that residential rates are expected to go up by 15 to 40% over the next five years. By 2050, electricity bills could double in some markets. While the national average residential price for a kilowatt hour of electricity rose 6.5% from May 2024 to May 2025, Americans aren't feeling those cost increases evenly. In Maine, that price increase was a whopping 36%. In Connecticut, residential rates rose by 18%, while Utah residents saw their bills go up by 15%. Rates only dropped or hovered around their existing price in five states. New problems, fewer solutions Many obvious solutions that could offset soaring power costs are off the table now. In his second term's early months, the Trump administration moved swiftly to undercut U.S. investment in wind and solar, delete clean energy tax credits and slash other climate adaptation measures set in motion in Biden's signature legislative package, the Inflation Reduction Act. Trump's decision to point the U.S. economy away from renewable energy and back toward burning fossil fuels is too recent to be reflected in your home energy bill, but those reversals do mean that no relief is in sight unless something else changes dramatically. That change is unlikely to come from tech companies, which are scrambling to build more electricity-guzzling data complexes before their competitors can. Amazon, Google, Meta, Microsoft, Apple and OpenAI are all pouring billions into new data centers that will dot the country. Amazon is even trying to build its own set of small nuclear reactors to meet its power needs – an option that many Washington state residents aren't thrilled about. Data centers often come packaged with grand promises about revitalizing local economies, but once built they don't actually require much of a human workforce to operate. Communities are also becoming more aware of environmental concerns associated with inviting Amazon or OpenAI to town, though those worries are likely to do little to slow down tech companies. 'You should expect OpenAI to spend trillions of dollars on infrastructure in the not very distant future,' Altman told reporters on Thursday. 'And you should expect a bunch of economists to say, 'This is so crazy, it's so reckless, and whatever. And we'll just be like, 'You know what? Let us do our thing.''
Yahoo
an hour ago
- Yahoo
More outages, aging infrastructure, and a bicoastal dysfunction: BofA warns America's grid is 30%-46% ‘beyond its useful life'
The electrical grid is the backbone of modern America. It powers powers everything from homes and hospitals to data centers and electric vehicles. But according to a detailed analysis from Bank of America Institute, the grid is straining under the pressures of surging demand, chronically aging infrastructure, and a growing east-west divide, leaving 31% of transmission lines and an even more alarming 46% of distribution infrastructure 'beyond its useful life.' The implications are stark: more outages, higher prices, and a heightened risk of dysfunction at both ends of the grid. The most alarming fact from BofA's deep dive is just how much of the grid is overdue for replacement. In 2024, 67% of utility spending on transmission and distribution—$63 billion—went to replacements and upgrades, dwarfing the $32 billion allocated to new lines and substations. This lopsided investment signals a network fighting to keep up, not just with basic maintenance, but with the exponential strain of new users and devices. The consequences are already being felt by everyday Americans: power outages are occurring more frequently, with transmission failures climbing steadily. Data from the North American Electric Reliability Corporation (NERC) points to a clear decline in grid reliability, leaving many consumers with a system less dependable than the one their parents knew at the start of the millennium. Put simply, BofA says, 'grid reliability is worse today than in the early 2000s.' A surge in demand—from EVs to AI Why is demand rising so sharply? The BofA report identifies four main forces pushing load growth into uncharted territory, projecting that overall U.S. electrical demand will grow at a 2.5% compound annual rate through 2035, far outpacing the 0.5% annual growth seen in the previous decade. First is building electrification. As cities across states such as California, Massachusetts, and Colorado ban fossil fuels in new construction, homeowners are using far more electricity for heating and hot water. Second is the boom in data centers, super-charged by the thirsty AI sector. In a world driven by cloud computing, artificial intelligence, and streaming services, data centers are emerging as 'super-consumers' of energy. These facilities already account for up to 2% of global electricity, but BofA projects them growing into the 15%-23% range annually by 2030. Thirdly, after years of offshoring, American manufacturing is in comeback mode. Driven by domestic and federal policy support, construction spending on factory infrastructure hit $234 billion in 2024—a 21% jump over the prior year, and double the average of previous years. Finally, electric vehicles are changing the game for both residential and public grid demand. Nearly 5 million EVs are already on American roads, a figure that represents 2% of the total passenger vehicle fleet. BofA notes EVs were 9.7% of new vehicle sales in 2024 and, even if this figure remains flat, the number of EVs in use will rise at a roughly 15% compound annual growth rate to 22 million on the road by 2030. Not only are these vehicles likely to be charged in residential areas, which have little spare capacity on substations, but BofA notes more public EV charging stations will be needed, and 'that will require significant grid investments.' If every US household went 'all-electric'—replacing gas-powered heating, hot water, and vehicles—the monthly consumption would triple, from 875kWh to 2,803kWh. Such a seismic shift would overwhelm large swaths of the existing grid without massive upgrades. Geography matters: West makes, East takes A less-discussed but critical issue is the split in production and consumption between the east coast, the west coast, and the southwest. While the grid is a national asset, its parts don't always match up with population centers. Most renewable energy is generated in states including Texas, California, and Oklahoma, and their neighbors. These 'energy-producing states' deliver over half the country's wind and solar power, yet the consumption hot spots are overwhelmingly on the East Coast. This geographic mismatch means long-distance transmission lines are under mounting pressure. Many are aging, and few are being replaced at the pace required. Long-distance, high-voltage transmission lines—already old and unreliable—must bridge this gap, compounding the strain as demand grows. Outages and reliability: Why Americans should care The net result of all these factors? More outages and less reliability. Even as utilities invest almost $100 billion a year in basic infrastructure, BofA's analysis shows customer satisfaction is likely to hit new lows if the current pace of replacement and expansion isn't accelerated. Transmission outages have become more frequent, and the resiliency of the grid—especially against weather events or cyber-attacks—is declining. Notably, the Department of Energy's National Transmission Needs Study warns U.S. transmission capacity must grow 64% by 2040 to meet 'moderate' load forecasts, assuming the country continues targeting ambitious clean energy adoption. While national prices for electricity have stayed mostly stable after inflation adjustments, California offers a glimpse of what happens when infrastructure stress meets rising costs. Over the last seven years, retail electricity prices in the Golden State have soared by 68%, now averaging nearly twice the national norm. This has led to a 5% drop in demand as consumers and businesses adjust, highlighting the real-world elasticity of energy use in response to price spikes and reliability concerns. The political response: deregulation vs. investment Policymakers are keenly aware of the tightrope the grid is now walking. On the first day of his term, President Trump declared a national energy emergency, aimed at streamlining infrastructure permitting and accelerating grid modernization—especially for traditional energy projects like natural gas. While this marked a pivot from the climate-focused policies of the previous administration, funding for the grid remains bipartisan, in BofA's view: the Grid Deployment Office, formed under President Biden, awarded $14.5 billion in grants through 2023 and 2024, matched by $36.9 billion in private investment. Artificial intelligence, which powers everything from chatbots to autonomous vehicles, poses a unique challenge. The International Energy Agency estimates that AI servers used around 63TWh of electricity in 2024, or 15% of total data center demand—a number anticipated to surpass 300TWh by 2030 as the technology scales. But most data up till now has been used on AI training, whereas running models, also known as 'AI inference' or Gen Z's well-known love of talking to their chatbots all day as a kind of intimate companion, is projected to overtake it in coming years. The verdict from BofA's research is clear: without sweeping upgrades and expansion, America's grid will buckle under the weight of growing demand and obsolete hardware. 'Gigawatt-scale growth' will necessitate increased investment not just in new capacity, but in modernizing transmission and distribution channels. Until then, expect more outages—and a widening gap between where power is produced and where it's needed most. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
East Africa Metals Inc. Announces MOU for the Development of the Magambazi/Handeni Mining Project in Tanzania
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2025) - East Africa Metals Inc. (TSXV: EAM) ("EAM" or the "Company"), is pleased to announce that the Company has entered into a binding Memorandum of Understanding ("MOU") with Ubora Minerals Company Limited ("Ubora") to acquire and develop the Company's Magambazi and Handeni mining project in Tanzania. Ubora is a subsidiary company of Anchises Capital Precious Metal Fund LLC ("Anchises"), which holds 50,200,000 common shares of the Company, representing approximately 18.66% of the Company's issued and outstanding shares. Accordingly, Ubora is a "Non-Arm's Length Party" of the Company, as defined under the policies of the TSX Venture Exchange. Terms of the MOU include: Cash payment of US$1.0 million upon signing of a definitive agreement that replaces the MOU (a "Definitive Agreement"), in lieu of US$1.7 million owed to EAM by PMM Mining Company Limited ("PMM"). 4% Net Smelter Returns royalty, subject to annual minimum royalty, advanced royalties, and cumulative 10-year guarantee payment terms. Buyout of PMM's interest in the Magambazi/Handeni project. Project development within 48 months after obtaining all necessary approvals and acquiring control of the project, as required by applicable regulatory authorities. A minimum annual production rate of 40,000 ounces of gold within 48 months of commercial production. In October 2020, the Company signed a Share Purchase Agreement and Gold Purchase Agreement with PMM, a Tanzanian private company, to develop the Magambazi mining project. In December 2022 due to PMM's lack of performance, non-compliance with the terms and conditions of the Mining License Agreement respecting the project and a litany of breaches to PMM's agreements with the Company, the Tanzanian Ministry of Minerals suspended PMM's operations at the project site and the renewal of the mining licenses. Since that time EAM's management has been engaged with the Tanzanian government and PMM to resolve issues inhibiting the development of commercial mining operations at Magambazi. In August 2024, the Tanzanian Government intervened again to mediate a resolution to PMM's non-compliance. The Minister of Minerals imposed a process under which EAM and PMM were instructed to engage in discussions and develop an MOU to mutually agree on appointing a third-party developer to advance the Magambazi Project. The MOU and the transaction represented thereunder is subject to a number of conditions, including approval by the Tanzanian Mining Commission and other relevant government authorities, the entering of a Definitive Agreement, and approval of the TSX Venture Exchange. As noted above, Ubora is an affiliate of Anchises, and accordingly the transaction contemplated in the MOU is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation requirement under MI 61-101 because no securities of the Company are listed on any of the markets specified in Section 5.5(b) of MI 61-101 and is exempt from the minority shareholder approval requirement under MI 61-101 because the aggregate fair market value of the transaction does not exceed 25% of the Company's market capitalization. About East Africa Metals Inc. The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively "Adyabo Property") and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania. EAM has invested US$66.8M in African exploration since 2005 and has identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24. More information on the Company can be viewed at the Company's website: For further information please contact: Nick Watters, Business DevelopmentTelephone +1 (604) 488-0822Email investors@ Cautionary Statement Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: timing of receipt of mining permit; timing of mining development; projected heap leach recoveries ; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in in East Africa's management's discussion and analysis for the three months and nine months ended December 31, 2024 and for the year ended March 31, 2024, and East Africa's listing application dated July 8, 2013. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing of the financing; the timely execution of the Handeni Property Definitive Agreement and closing thereunder; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
