Google inks $3 billion US hydropower deal in largest clean energy agreement of its kind
The deal between Google and Brookfield Asset Management includes initial 20-year power purchase agreements, totaling $3 billion, for electricity generated from two hydropower facilities in Pennsylvania.
The technology industry is intensifying the hunt for massive amounts of clean electricity to power data centers needed for artificial intelligence and cloud computing, which has driven U.S. power consumption to record highs after nearly two decades of stagnation.
Ruth Porat, president and chief investment officer at Google parent company Alphabet, is expected to discuss the news at an AI summit in Pittsburgh. U.S. President Donald Trump is scheduled to attend the event, where $70 billion in AI and energy investments are expected to be announced.
"This collaboration with Brookfield is a significant step forward, ensuring clean energy supply in the PJM region where we operate," Amanda Peterson Corio, Google's head of data center energy, said in a statement.
Over roughly the last year, Google has struck several first-of-a-kind power purchase agreements, including for carbon-free geothermal energy and advanced nuclear. The company is also working with the country's largest electricity grid operator, PJM Interconnection, to use AI to speed up the process of hooking up new power supplies to the grid.
In the latest deal, Google said it has signed an initial framework agreement with Brookfield, owner of Brookfield Renewable Partners, which develops and operates renewable energy plants.
Its two hydropower sites in Pennsylvania will be upgraded and relicensed as part of the arrangement, the companies said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Tylenol maker Kenvue ousts CEO amid board's strategic review
Band-Aid and Tylenol maker Kenvue has fired its CEO Thibaut Mongon, the consumer health company said on Monday (Jul 14), laying what some investors expect will be the groundwork for an eventual sale of the entire company or pieces of it. Kenvue also said that an ongoing review of strategic alternatives is advancing. The company has been seen as an acquisition target this year as it faced mounting investor pressure to boost performance or consider a sale. Kenvue named director Kirk Perry as interim CEO, while Mongon also stepped down from the board. Perry, who worked at Procter & Gamble for 23 years, most recently served as CEO of technology and data analytics firm Circana. "The appointment of Perry increases the chance of a sale of a part or all of the portfolio," said Canaccord Genuity analyst Susan Anderson. The company's share price slowly climbed around 2.25 per cent on Monday after it struggled in early trading as some investors said they used the news as a reason to liquidate positions. Others were encouraged by the strategic review news, something many of them had long pushed for. Activist investors Third Point and Toms Capital were big buyers of the stock earlier in the year, according to regulatory filings, with Toms specifically pushing for a sale. Kenvue settled a proxy fight with activist investor Starboard Value in March, appointing its CEO Jeffrey Smith to the board. Kenvue, which was spun off from Johnson & Johnson in 2023, has been working to shore up profitability, especially in its struggling skin health and beauty unit, which includes brands like Neutrogena and Aveeno. "This change in leadership does not come as a surprise to us (and most likely many investors) given the company's fundamental performance," said RBC Capital Markets analyst Nik Modi, adding that a brand divestiture now appears more likely. The company said it had created a strategic review committee, advised by investment bank Centerview Partners and consulting firm McKinsey, to weigh portfolio simplification and potential divestitures. The company was already exploring the sale of some of its non-core skin health and beauty brands, Reuters reported in June. Mongon's ouster follows the departure of CFO Paul Ruh in May, who was replaced by Amit Banati from Kellanova.
CNA
an hour ago
- CNA
Trump moves to end crypto week legislation snag
WASHINGTON :U.S. President Donald Trump on Tuesday stepped in to broker an agreement among Republican lawmakers after a snag cast doubt on the fate of long-awaited cryptocurrency legislation that would mark a major victory for the digital assets sector. A failed procedural vote in the House of Representatives earlier on Tuesday sent shares of crypto firms lower. But the Republican president said in a statement late on Tuesday that he was meeting in the Oval Office with 11 of 12 members of Congress needed to pass the legislation. "After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump said on his social media platform. House Republicans had billed this week as "Crypto Week," and were keen to advance numerous pieces of legislation aimed at providing clarity to the digital asset industry and long-sought legitimacy to the sector. Several conservative Republicans on Tuesday earlier joined with Democrats in blocking a procedural vote to allow consideration of three crypto bills as part of a dispute over how the measures should be packaged and considered. Shortly after that vote, House Speaker Mike Johnson told reporters that he planned to continue discussing the matter with members and hoped to vote on it again shortly. Shares of crypto-related stocks including Circle Internet and Coinbase Global fell on the news of the vote but then pared losses. The House is attempting to pass a series of crypto-related bills, most notably a bill that would establish a regulatory framework for stablecoins. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1-to-1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. That bill - and another the House is considering that would define when a crypto token is a commodity - would be a huge win for the crypto industry. The House also was set to consider a bill that would prohibit the U.S. from issuing a central bank digital currency. Republicans say there is a risk this could give the government too much control over Americans' personal finances.
Straits Times
3 hours ago
- Straits Times
Trump unveils investments to power AI boom
Find out what's new on ST website and app. US President Donald Trump during the inaugural Pennsylvania Energy and Innovation Summit in Pittsburgh, Pennsylvania, on July 15. PITTSBURGH - US President Donald Trump went to Pennsylvania on July 15 to announce $92 billion in energy and infrastructure deals intended to meet big tech's soaring demand for electricity to fuel the AI boom. Mr Trump made the announcement at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, with much of the talk about beating China in the global AI race. 'Today's commitments are ensuring that the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and I have to say, right here in the United States of America,' Mr Trump said at the event. The tech world has fully embraced generative AI as the next wave of technology, but fears are growing that its massive electricity needs cannot be met by current infrastructure, particularly in the United States. Generative AI requires enormous computing power, mainly to run the energy-hungry processors from Nvidia, the California-based company that has become the world's most valuable company by market capitalisation. Officials expect that by 2028, tech companies will need as much as five gigawatts of power for AI – enough electricity to power roughly five million homes. Top executives from Palantir, Anthropic, Exxon and Chevron attended the event. Top stories Swipe. Select. Stay informed. Singapore Las Vegas Sands' new development part of S'pore's broader, more ambitious transformation: PM Wong Singapore 'Kpods broke our marriage, shattered our children': Woman on husband's vape addiction Business US tariffs may last well after Trump; crucial for countries to deepen trade ties: SM Lee World Trump says Indonesia to face 19% tariff under trade deal Multimedia Telling the Singapore story for 180 years Life Walking for exercise? Here are tips on how to do it properly Singapore CDL's long-time director Philip Yeo to depart after boardroom feud Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years The funding will cover new data centres, power generation, grid infrastructure, AI training, and apprenticeship programs. Race to beat China Among investments, Google committed US$25 billion (S$32 billion) to build AI-ready data centres in Pennsylvania and surrounding regions. 'We support President Trump's clear and urgent direction that our nation invest in AI... so that America can continue to lead in AI,' said Ms Ruth Porat, Google's president and chief investment officer. The search engine giant also announced a partnership with Brookfield Asset Management to modernise two hydropower facilities in Pennsylvania, representing 670 megawatts of capacity on the regional grid. Investment group Blackstone pledged more than US$25 billion to fund new data centres and energy infrastructure. US Senator David McCormick, from Pennsylvania, said the investments 'are of enormous consequence to Pennsylvania, but they are also crucial to the future of the nation'. His comments reflect the growing sentiment in Washington that the United States must not lose ground to China in the race to develop AI. 'We are way ahead of China and the plants are starting up, the construction is starting up,' Mr Trump said. The US president launched the 'Stargate' project in January, aimed at investing up to US$500 billion in US AI infrastructure – primarily in response to growing competition with China. Japanese tech investor SoftBank, ChatGPT-maker OpenAI, and Oracle are investing US$100 billion in the initial phase. Mr Trump has also reversed many policies adopted by the previous Biden administration that imposed checks on developing powerful AI algorithms and limits on exports of advanced technology to certain allied countries. He is expected to outline his own blueprint for AI advancement later in July. AFP
