Latest news with #LITTLETON
Reuters
7 hours ago
- Business
- Reuters
US energy investors juggle exposure as tax bill debate rolls on
LITTLETON, Colorado, June 18 (Reuters) - Energy equity investors are adjusting positions across the U.S. power sector in an attempt to pick winners and cut losers ahead of the final passing of President Donald Trump's tax-and-spending bill. The "One Big, Beautiful Bill Act" contains aggressive cuts to several tax credits and incentives tied to clean power generation from renewable energy sources, and has sparked an aggressive selloff in stocks tied to the sector. The bill would also accelerate the phase-out of federal support for electric vehicles, clean energy component manufacturing and wind farm development. However, the latest U.S. Senate proposals - which tweaked the version previously passed by the U.S. House - preserve support for nuclear, geothermal and battery storage projects, and sparked gains in stocks tied to nuclear power. Additional adjustments to the bill proposals are likely before it can be passed into law by Congress, sparking more position jostling by energy investors in the weeks ahead. Below is a breakdown of the key energy sector exchange-traded funds (ETFs) and equities that have and will be most impacted by the proposed budget. Stocks tied to companies engaged in the production of solar panels and inverters and in the installation of solar systems stand to be among the biggest losers once the proposed bill is passed, regardless of its final make-up. The Trump administration and many Republican lawmakers are against federal subsidies for solar power for several reasons, including concerns about its intermittency and its heavy reliance on components made in China and elsewhere. The Senate's recent budget bill proposal phases out several key solar tax credits and subsidies from 2026, and would eliminate them entirely from 2028. As the solar sector has already been hit by rising interest rates - which lifted the cost of system installations - the speedy gutting of federal support has greatly dimmed the prospects for several companies in the space. Stocks in solar inverter manufacturer Enphase (ENPH.O), opens new tab and panel makers First Solar (FSLR.O), opens new tab, Sunrun (RUN.O), opens new tab and SolarEdge (SEDG.O), opens new tab have all dropped by 20% or more within the past month as ramifications of the bill proposals were digested. Shares in the Invesco Solar ETF plumbed five-year lows in April, and are down more than 50% over the past two years as investors jettisoned positions and the sector's outlook darkened under the anti-renewables Trump administration. Several energy investors looking to get out of the solar space have pivoted their funds into the nuclear power sector, which has gained support under the current Trump administration. The Global X Uranium ETF (URA.P), opens new tab has gained more than 35% in value over the past month, and recently scaled its highest levels in more than a decade. Investors have been drawn to the fund by the likelihood of a tightening in the supply of uranium - the main fuel used by nuclear power plants - should more reactors get commissioned once the tax bill becomes law. Stocks in companies tied to geothermal energy production have also rallied recently as provisions tied to supporting the sector were preserved in the latest round of bill wrangling. Shares in Nevada-based Ormat Technologies (ORA.N), opens new tab, which makes power converters for geothermal plants, are up more than 30% since early May. Energy investors have also recently increased positions in funds and companies within the traditional oil and gas sector, as the gutting of clean energy subsidies will likely increase demand for fossil fuels. Shares in the SPDR Energy Select Fund - which holds several major oil and gas producers - have rallied on the recent tensions in the Middle East and due to the brighter outlook for U.S. gas demand if renewable generation is stalled. Firms with large natural gas production businesses stand to gain further if the proposed bill slams the brakes on renewable power growth and increases the U.S. power sector's dependence on gas. Shares in the companies tied to the liquefied natural gas (LNG) sector have also fared well lately due to the Trump administration's support for expanding LNG exports. Shares in Cheniere Energy (LNG.N), opens new tab - the top U.S. LNG exporter - are up around 10% year-to-date and over 50% over the past year. Investors have also increased their exposure to ETFs and companies dedicated to upgrading the U.S. power grid, which have upbeat outlooks regardless of how the final tax bill looks. The First Trust Smart Grid Infrastructure Fund (GRID.O), opens new tab is up around 12% year-to-date, while the First Trust North American Energy Infrastructure Fund is up about 4%. Going forward, investor interest is likely to also grow in the battery storage sector, with the iShares Energy Storage and Materials ETF (IBAT.O), opens new tab already on investors' radars. The fund has dropped around 5% in value so far this year due in part to the dimmed outlook for solar power growth, which utilities pair with battery systems to ensure round-the-clock supplies. But in the months ahead utilities will still likely increase their use of battery systems even if they slow their uptake of new solar systems, as the solar-plus-battery combination remains the fastest route to deliver new power to U.S. grids. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
Business Recorder
a day ago
- Business
- Business Recorder
Pakistan's solar surge lifts it into rarefied 25% club
LITTLETON: Pakistan is rapidly emerging as a key leader in solar power deployment, and not just within emerging economies. The South Asian country has boosted solar electricity generation by over three times the global average so far this year, fuelled by a more than fivefold rise in solar capacity imports since 2022, according to data from Ember. That combination of rapidly rising capacity and generation has propelled solar power from Pakistan's fifth-largest electricity source in 2023 to its largest in 2025. Pakistan's cement sector joins solar wave as Gharibwal doubles down on renewable What's more, so far in 2025 solar power has accounted for 25% of Pakistan's utility-supplied electricity, which makes it one of fewer than 20 nations globally that have sourced a quarter or more of monthly electricity supplies from solar farms. Exclusive club Over the first four months of 2025, solar farms generated an average of 25.3% of Pakistan's utility electricity supplies, Ember data shows. That average compares with a solar share of 8% globally, around 11% in China, 8% in the United States and 7% in Europe. And while the average solar shares in the Northern Hemisphere will climb steadily through the summer months, very few countries will even come close to securing a quarter of all utility electricity supplies from solar farms any time soon. Indeed, only 17 countries have ever registered a 25% or more share of monthly utility electricity supplies from solar farms, according to Ember. Those nations are: Australia, Belgium, Bulgaria, Chile, Cyprus, Denmark, Estonia, Germany, Greece, Hungary, Latvia, Lithuania, Luxembourg, the Netherlands, Pakistan, Portugal and Spain. That list is heavily skewed towards Europe, where the power sector shock from Russia's full-scale invasion of Ukraine in 2022 sparked urgent and widespread power-sector reform and the rapid roll-out of renewable generation capacity. Pakistan's solar boom continues as govt proposes 18% tax Indeed, Australia and Chile are the only nations aside from Pakistan that are outside Europe, and all included nations boast a far higher gross domestic product (GDP) per capita than Pakistan. Import drive The chief driver of Pakistan's solar surge has been an accelerating import binge of solar capacity modules from China. Between 2022 and 2024, Pakistan's imports of China-made solar components jumped fivefold from around 3,500 megawatts (MW) to a record 16,600 MW, according to Ember. Pakistan's share of China's total solar module exports also rose sharply, from 2% in 2022 to nearly 7% in 2024. And that import binge has continued into 2025. Over the first four months of the year, Pakistan imported just over 10,000 MW of solar components from China, compared with around 8,500 MW during the same period in 2024. That rise of nearly 18% in imported capacity has lifted Pakistan's share of China's solar exports to new highs too, with Pakistan accounting for around 12% of all of China's solar exports so far this year. Solar-centric The frantic deployment of imported solar modules across Pakistan in recent years has upended the country's electricity generation mix. So far in 2025, solar is by far the single largest source of electricity, followed by natural gas, nuclear reactors, coal plants and hydro dams. From crisis to clean energy: Pakistan emerges as top solar market in 2024 As solar farms were the fifth-largest supply source for electricity just two years ago, solar's pre-eminence so far this marks a sharp swing towards renewables within the country's utility network. In addition, the country is committed to much more growth in renewable energy generation capacity through the rest of this decade. Pakistan is targeting 60% of electricity supplies to come from renewable sources by 2030, according to the International Trade Administration. Through the first four months of 2025, renewable energy sources generated 28% of the country's electricity, so energy planners are aiming for a more than doubling in that share by the end of the decade. With solar modules representing the quickest and cheapest means to meet those goals, further rapid build-out of the country's solar farm system looks likely, which will cement Pakistan's status as a global solar superpower.
Reuters
07-05-2025
- Business
- Reuters
Global energy product exports slow as trade worries mount: Maguire
LITTLETON, Colorado, May 7 (Reuters) - Shipments of most widely-traded energy products are slowing in sync with the global economy, which has been stunned by the tough new tariffs imposed by U.S. President Donald Trump so far this year. Exports of crude oil, gasoline, diesel and thermal coal all contracted during the January to April window from the same months in 2024, as the economies of importer nations drop down a gear in response to heightened trade uncertainty. The liquefied natural gas and chemicals sectors have registered export volume gains so far this year, but are at risk of a slowdown if the malaise already chilling demand for oil, coal and fuels also cools the power and manufacturing sectors. Below is a breakdown of how major energy product markets are faring so far in 2025. CRUDE CUTS Global export volumes of crude oil from January through April totalled 4.93 billion barrels, according to data from commodity intelligence firm Kpler. That total was 1.3% lower than during the same period in 2024, and was driven mainly by a 9% drop in imports by China, the world's largest crude importer and consumer. Other major crude importers that also registered a year-over-year drop in purchases include the United States (-14%), South Korea (-3%), Italy (-12%) and the Netherlands (-1%). Somewhat offsetting those declines were import increases into India (up 1%), Japan (up 5%) and Taiwan (up 7%). India's crude imports were a record for the January through April window, as were those into Malaysia, Lithuania, Myanmar and Oman, Kpler data showed. Rising sales into those markets bode well for crude exporters, and all those economies should continue to register growth in crude purchases over the coming years. However, it is unclear whether those growth markets will be able to offset the declines seen in East Asia (China, Japan, South Korea and Taiwan). East Asia has arguably been the most critical importer bloc for the crude market for the past decade or so, and has accounted for around 40% of total crude imports since 2019. So far in 2025, however, East Asia purchased only 37% of total crude exports, which is the lowest share for that region in six years. If China, Japan and South Korea in particular continue to post small annual declines in crude purchases, global crude exporters may need to steepen sales increases to new emerging markets in order to replace those lost East Asia volumes. FUELS & COAL Gasoline exports during January through April declined by 5% from the same months a year ago, as economic worries combined with the ongoing electrification of car fleets ate into demand. Among the 10 largest gasoline importers, only Singapore and Pakistan have posted year-over-year increases in import volumes so far in 2025, Kpler data shows. All other major markets, including the United States, Mexico, Malaysia, the United Arab Emirates and Nigeria, posted declines. The diesel, or gasoil, market has also contracted so far this year as global trucking mileage took a hit from the reduced shipment of goods. Between January and April, total diesel exports dropped by 3% from a year ago to the lowest volume for that period since 2022. Steep import contractions were registered in France, Turkey, Malaysia and Mexico, revealing a wide span in the downturns in gasoil use. Further contractions in goods production and movement will further cut diesel flows. Thermal coal exports dropped by 6.7% during January to April from the same months a year ago, as all major traditional importers including China, India, Japan, South Korea and Taiwan cut back on purchases. Import volumes expanded in Vietnam, Turkey and the Netherlands - the main entry point for bulk commodities into mainland Europe - and also in Bangladesh and Morocco. Southeast Asia and North Africa look set to remain growth markets for coal exporters over the near-term, due to the need for more cheap power in those economies. But if China and India both continue to scale back overall coal import dependence, total coal shipments look set to continue to contract over the coming years. LNG & CHEMICAL GROWTH In contrast with the trends seen in crude oil, refined fuels and coal, the export volumes of LNG and chemicals have been on an expansionary path so far in 2025. Total exports of LNG hit a record for the January to April period, with just over 143 million tons of the super-chilled gas shipped out during that window. That volume figure was only 1% more than during the same months in 2024, and so any sustained dips in LNG shipments over the coming months could easily knock year-to-date volumes into reverse. A sharp rise in natural gas costs in key markets - especially compared to coal - has served to curb demand for LNG in Asia so far in 2025, and any sustained downturn in industrial activity will further cut into LNG demand going forward. Chemical export volumes climbed 4% to three-year highs during January to April, on the back of stronger import demand in India, Brazil, South Korea and Australia. However, any further economic weakening - especially within manufacturing - would likely reduce demand for chemical imports, and ensure that the pain now being felt mainly in the oil and fuels arena is spread throughout the energy industry. The opinions expressed here are those of the author, a columnist for Reuters.
Globe and Mail
01-04-2025
- Business
- Globe and Mail
UR-ENERGY ANNOUNCES DELAY FILING YEAR-END REPORTING DOCUMENTS
LITTLETON, CO , /CNW/ - Ur-Energy Inc. (NYSE American: URG) (TSX: URE) ("Ur-Energy" or the "Company") announces there is a delay in the filing of its annual financial statements for the year ended December 31, 2024 and related management's discussion and analysis (collectively, the "Financial Statements") and the annual information form and Annual Report on Form 10-K, and the CEO and CFO certificates relating to the Financial Statements (the "Required Filings") beyond the prescribed filing deadlines. The delay in filing the Required Filings is due to an accounting issue identified by the Company, resulting in the need for the Company to classify certain stock options awarded under its Amended and Restated Stock Option Plan (2005), as amended, as a liability. The non-cash reclassification from equity to liabilities and a possible adjustment to stock compensation expense will impact the Company's outstanding options in the latter half of 2024. For clarity, the Company does not currently anticipate a restatement of its Consolidated Financial Statements for the year ended December 31 , 2023. Management is undertaking the required work to expeditiously complete this accounting matter and to obtain final consents from its external auditors and proceed to file the Required Filings for 2024 within the prescribed timeframe. The Company expects to be in a position to issue and file the Required Filings by no later than April 14, 2025 . As a result of the Required Filings not being filed by March 31, 2025 , the Company has made an application for the imposition of a management cease trade order ("MCTO") as contemplated under the Canadian National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"); however there is no assurance that it will be granted. An MCTO provides a mechanism restricting the Company's CEO and CFO from trading in the Company's securities while allowing the common shares to continue trading on the TSX and the NYSE American. The Company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the Required Filings. In the event an MCTO is not granted, or the Company fails to file the appropriate Default Status Reports as prescribed by NP 12-203, applicable Canadian securities regulatory authorities may impose an Issuer Cease Trade Order. The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date herein. About Ur-Energy Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming . We have produced and shipped approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin , the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 'go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States . The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario . Cautionary Note Regarding Forward-Looking Information This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future ( e.g., the anticipated timing of the filing of the Required Filings and the scope of the non-cash reclassifications; whether the Company will satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203; and the timing and outcome of the MCTO) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at and Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
