Iraq Orders Floating Power Plants to Ease Electricity Crisis
Karpowership unit BKPS signed a contract with Iraq's Ministry of Electricity to supply as much as 590 megawatts of power from two vessels to be moored in the southern port of Basra, according to an emailed statement from the Turkish company.
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Ituran Location and Control Ltd (ITRN) Q2 2025 Earnings Call Highlights: Navigating Challenges ...
This article first appeared on GuruFocus. Release Date: August 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ituran Location and Control Ltd (NASDAQ:ITRN) reported a solid quarter with steady growth despite geopolitical challenges, such as the war between Israel and Iran. The company celebrated its 30th anniversary, marking 20 years as a public company, highlighting its long-term stability and success. Ituran Location and Control Ltd (NASDAQ:ITRN) added 40,000 net subscribers in the second quarter, with a target of reaching 220,000 to 240,000 new subscribers by the end of 2025. The company launched new telematics products, including a successful product for motorcycle owners, expanding its market reach. Ituran Location and Control Ltd (NASDAQ:ITRN) generated $22.4 million in operating cash flow and declared a $10 million dividend, reflecting strong shareholder value creation. Negative Points The war between Israel and Iran led to a two-week suspension of economic activities, impacting new car sales and product sales. The strengthening of the US dollar against local currencies had a deflating impact on financial results when denominated in US dollars. Product revenues decreased by 6% year over year, affected by the cessation of new sales during the conflict. Operating expenses were slightly higher due to a one-time expense related to the company's 30-year celebration. Finance expenses increased to $1.3 million due to currency fluctuations, specifically the strengthening of the Israeli shekel against the US dollar. Q & A Highlights Is ITRN fairly valued? Test your thesis with our free DCF calculator. Q: How should we be looking at growth into the second half, and would you say you've seen a bounce back in Israel? A: We are still on track with our forecast of 220,000 to 240,000 subscribers. We believe this will be the growth in subscribers in the second half of the year. Q: Can you provide more details on the BMW deal? What's the potential scope of customers and when might we see impact? A: BMW motorcycles in Brazil have signed a partnership agreement with us to install our motorcycle solution. While OEM contracts usually provide rough projections, we are confident that we are looking at tens of thousands of new subscribers annually in the coming years. Q: How should we be looking at the financial expenses going forward? A: Financial expenses are typically around break-even or slightly positive, but they are linked to FX rates and our cash deposits. This quarter, the strengthening of the Israeli shekel affected our financial expenses, but this is non-cash flow related. It's hard to predict future expenses precisely. Q: What was the impact of the war between Israel and Iran on your financial results? A: The war led to a two-week suspension of economic activities in Israel, impacting new car sales and causing a slight delay in product sales. However, the high car theft rate in Israel continued to drive strong demand for our services. Q: Can you elaborate on the dividend policy and shareholder value creation? A: We issued a dividend of $10 million this quarter, representing $0.50 per share, with a dividend yield of around 5%. This is part of our focus on shareholder value creation, rewarding our shareholders for their loyalty and long-term support. For the complete transcript of the earnings call, please refer to the full earnings call transcript. 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
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Gas power plants approved for Meta's $10B data center, and not everyone is happy
When Meta selected a site in Louisiana for its largest data center to date, it signed a deal with Entergy to power the site with three massive natural gas power plants. Yesterday evening, a state regulator approved Entergy's plans. The power plants are expected to come online in 2028 and 2029, and at full strength, they'll generate 2.25 gigawatts of electricity. Ultimately, the AI data center could draw 5 gigawatts of power as its expanded. The power plant project has been controversial among Louisianans. One industry-affiliated group is concerned that Meta and Entergy will receive special treatment for a second part of the data center project, which involves building 1.5 gigawatts of solar power across the state, the Louisiana Illuminator reports. The group was formed by large companies, including Dow Chemical, Chevron, ExxonMobil, and others after they struggled to procure renewable power for their own operations. The other issue is that Meta's deal with Entergy lasts for 15 years, and at least one Louisiana Public Service Commission member expressed concern that ratepayers will take on the cost after the contract expires. Natural gas power plants typically operate for 30 years or more. Plus, power projects of this size tend to run over budget, according to the Union of Concerned Scientists, and ratepayers are often left with the bill. Ratepayers will also pay for a $550 million transmission line running to the data center, the organization said. Meta has been on a renewable power-buying spree, including a 100-megawatt purchase announced this week. However, these natural gas generators will make the company's 2030 net zero pledge significantly harder to achieve, locking in carbon dioxide emissions for decades to come. To offset the pollution on its balance sheet, Meta will have to buy credits from carbon removal projects. Sign in to access your portfolio
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Trump blames renewable energy for rising electricity prices. Experts point elsewhere
WASHINGTON (AP) — With electricity prices rising at more than twice the rate of inflation, President Donald Trump has lashed out at renewable energy sources such as wind and solar power, blaming them for skyrocketing energy costs. Trump called wind and solar power 'THE SCAM OF THE CENTURY!' in a social media post and vowed not to approve wind or 'farmer destroying Solar' projects. 'The days of stupidity are over in the USA!!!' he wrote on his Truth Social site. Energy analysts say renewable sources have little to do with recent price hikes, which are based on increased demand, aging infrastructure and increasingly extreme weather events such as wildfires that are exacerbated by climate change. The rapid growth of cloud computing and artificial intelligence has fueled demand for energy-hungry data centers that need power to run servers, storage systems, networking equipment and cooling systems. Increased use of electric vehicles also has boosted demand, even as the Trump administration and congressional Republicans move to restrict tax credits and other incentives for EV purchases approved under the Biden administration. Natural gas prices, meanwhile, are rising sharply amid increased exports to Europe and other international customers. More than 40% of U.S. electricity is generated by natural gas. Trump promised during the 2024 campaign to lower Americans' electric bills by 50%. Democrats have been quick to blame him for the price hikes, citing actions to hamstring clean energy in the sprawling tax-and-spending cut bill approved last month, as well as regulations since then to further restrict wind and solar power. Advocates say renewables provide the extra energy needed 'Now more than ever, we need more energy, not less, to meet our increased energy demand and power our grid. Instead of increasing our energy supply Donald Trump is taking a sledgehammer to the clean energy sector, killing jobs and projects,' said New Mexico Sen. Martin Heinrich, the top Democrat on the Senate Energy and Natural Resources Committee. The GOP bill will cost thousands of jobs and impose higher energy costs nationwide, Heinrich and other critics said. A report from Energy Innovation, a non-partisan think tank, found the GOP tax law will increase the average family's energy bill by $130 annually by 2030. 'By quickly phasing out technology-neutral clean energy tax credits and adding complex material sourcing requirements,' the tax law will 'significantly hamper the development of domestic electricity generation capacity,' the report said. Renewable advocates were more blunt. 'The real scam is blaming solar for fossil fuel price spikes,' the Solar Energy Industries Association said in response to Trump's post. 'Farmers, families, and businesses choose solar to save money, preserve land, and escape high costs of the old, dirty fuels being forced on them by this administration,' the group added. Wind and solar offer some of the cheapest and fastest ways to provide electric power, said Jason Grumet, CEO of the American Clean Power Association, another industry group. More than 90% of new energy capacity that came online in the U.S. in 2024 was clean energy, he said. 'Blocking cheap, clean energy while doubling down on outdated fossil fuels makes no economic or environmental sense,' added Ted Kelly, director of U.S. clean energy for the Environmental Defense Fund, a nonprofit advocacy group. Partisanship anchors debate on rising energy prices Energy Secretary Chris Wright blamed rising prices on 'momentum' from Biden-era policies that backed renewable power over fossil fuel sources such as oil, coal and natural gas. 'That momentum is pushing prices up right now. And who's going to get blamed for it? We're going to get blamed because we're in office,' Wright told POLITICO during a visit to Iowa last week. About 60 percent of the state's electricity comes from wind. Not all the pushback comes from Democrats. Iowa Sen. Chuck Grassley, a Republican who backs wind power, has placed a hold on three Treasury nominees to ensure wind and solar have 'an appropriate glidepath for the orderly phase-out of the tax credits' approved in the 2022 climate law under former President Joe Biden. Grassley said he was encouraged by new Treasury guidance that limits tax credits for wind and solar projects but does not eliminate them. The guidance 'seems to offer a viable path forward for the wind and solar industries to continue to meet increased energy demand,' Grassley said in a statement. John Quigley, senior fellow at the Kleinman Center for Energy Policy at the University of Pennsylvania, said the Republican tax law will increase U.S. power bills by slowing construction of solar, wind, and battery projects and could eliminate as many as 45,000 jobs by 2030. Trump administration polices that emphasize fossil fuels are 'an extremely backward force in this conversation,' Quigley said. 'Besides ceding the clean energy future to other nations, we are paying for fossil foolishness with more than money — with our health and with our safety. And our children will pay an even higher price.' ___ Matthew Daly, The Associated Press
