Latest news with #MISO
Business Wire
11-08-2025
- Business
- Business Wire
Net Power Reports Second Quarter 2025 Results and Provides Business Update
BUSINESS WIRE)--Net Power Inc. (NYSE: NPWR) ('Net Power' or the 'Company') today announced its financial and operational results for the second quarter ended June 30, 2025. Key Highlights for the Quarter Integrated Product Configuration: Completed techno-economic analysis for integrating cost-effective gas turbine capacity (50MW-200MW) into Net Power projects. Results indicate significant operational, economic, and commercial synergies. This configuration will be implemented at Project Permian, targeting a levelized cost of energy (LCOE) below $100/megawatt hour (MWh). SN1 Cost Reduction: Identified further cost reductions for SN1, with projected total installed cost of $1.6-1.9 billion while preserving product performance. OBBBA Enhances Economics: Recent tax legislation, including expanded 45Q credits for Class II sequestration and reinstated bonus depreciation, improves project economics, yielding approximately $20/MWh LCOE improvement at Project Permian. Robust financial position: Ended the quarter with approximately $475 million in cash, cash equivalents and investments. Danny Rice, President & Chief Executive Officer of Net Power, stated, 'Over the past several months, we have conducted an in-depth engineering, operational, and commercial analysis to optimize Net Power's deployment amid unprecedented demand growth for reliable power generation. Today, we are excited to share the initial positive results, including a strategy that integrates simple cycle gas turbines into the project design, unlocking significant operational synergies through heat integration with our Net Power Cycle. This configuration allows us to deliver power sooner and at a lower cost per unit of power by installing gas turbines first and then integrating that equipment directly with the Net Power Cycle. We believe this solution perfectly aligns with the market's need for reliable power today with the embedding of credible pathways to decarbonize over time—we are seeing this prioritization directly from customers. We plan to demonstrate this integrated product at Project Permian, where LCOE has improved by over 33 percent, driven by the integrated product synergies, ongoing cost reduction efforts, and recent enhancements to 45Q. The world needs the reliable, clean electricity that Net Power can provide and that can catalyze a decarbonized power system. The integrated product gives us the best pathway to get our first projects built and deliver on the technology's promise.' Other Updates: At its La Porte test facility, the Company completed site repairs and resumed technology validation work, achieving over 150 hours of testing in July. Phase 1 testing is expected to be completed in 2025 and the Company expects to begin phase 2 testing this year with completion in early 2026. Preparations continue for testing Phases 3 and 4, expected to be completed in 2026 and 2027, respectively. Net Power continued the development of its MISO project, which remains on track for early deployment. Net Power's 300MW interconnect application is subject to the progress timeline of the MISO DPP-2023 cycle. The Company's sequestration providers are progressing their Class VI sequestration applications through the EPA's Class VI permit process. Similar to Project Permian, Net Power is evaluating the integrated product configuration at this location. Conference Call Net Power will host a conference call to share second quarter 2025 results and related matters beginning at 8:30 AM ET on Tuesday, August 12. To access the live audio webcast of the conference call, please visit Net Power's investor relations website at To participate by phone, dial 877-407-8014 (domestic) or +1 201-689-8053 (international). An archived webcast will be available following the call. About Net Power Net Power (NYSE: NPWR) is a clean energy technology company developing its proprietary Net Power Cycle, which transforms natural gas into clean, reliable and affordable power. The Company is on a mission to deploy its utility-scale plants across the world by partnering with electricity generators, energy producers, technology providers, local communities, and other stakeholders. Net Power was founded in 2010 and has offices in Durham, North Carolina (HQ) and Houston, Texas. Cautionary Note Regarding Forward-Looking Statements and Projections Certain statements in this release may constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as 'anticipates,' 'believes,' 'expects,' 'intends,' 'plans,' 'projects,' or other similar expressions may identify such forward-looking statements. Forward-looking statements may relate to the development of Net Power's technology, the anticipated demand for Net Power's technology and the markets in which Net Power operates, the timing of the deployment of plant deliveries, and Net Power's business strategies, capital requirements, potential growth opportunities and expectations for future performance (financial or otherwise). Forward-looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which Net Power has no control. These factors, risks and uncertainties include, but are not limited to, the capital-intensive nature of Net Power's business model, which will likely require Net Power to raise additional capital in the future; Net Power's ability to adequately control or accurately predict the costs associated with its projects and the development and deployment of its technology; barriers that Net Power may face in its attempts to deploy and commercialize its technology; the complexity of the machinery Net Power relies on for its operations and development; potential changes and/or delays in site selection and construction that result from regulatory, logistical, and financing challenges; the ability of Net Power to integrate other energy technologies in its projects to meaningfully improve the efficiency and cost-effectiveness of its own technology; Net Power's ability to establish and maintain supply relationships; risks related to Net Power's arrangements with third parties for the development, commercialization and deployment of its technology; risks related to strategic investors and partners; Net Power's ability to successfully commercialize its operations; the availability and cost of raw materials; the impact of potential delays in discovering manufacturing and construction issues; the possibility of damage to Net Power's facilities as a result of natural disasters; the ability of commercial plants using Net Power's technology to efficiently provide net power output; Net Power's ability to obtain and retain licenses; Net Power's ability to establish an initial commercial scale plant; governmental regulations or actions; legal proceedings; and other risks and uncertainties described under the headings 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in Net Power's Annual Report on Form 10-K for the year ended December 31, 2024, its subsequent quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC's website at Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Net Power assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Net Power does not give any assurance that it will achieve its expectations.
Indian Express
11-08-2025
- Business
- Indian Express
South Korean woman says Gurgaon mall cut utilities at her restaurant; police play mediator
For over a decade, South Korean national Hyeyoung Lee has been running her restaurant, MISO, at Global Foyer Mall on Gurgaon's Golf Course Road. Earlier this week, to her shock, she received a demand notice of Rs 9 lakh from the mall management for damage to the building caused by alleged water leakage from her restaurant. She refused to pay the amount — resulting in the disconnection of her electricity and water supply, police said. On Thursday, Lee lodged a written complaint against the mall management alleging harassment over wrongfully calculated unpaid dues. The firm that runs the mall refuted the claims. In a video posted by the woman on Instagram Friday, she said she's been running her restaurant for 12 years. 'For the last 24 hours, my light and water have been disconnected. I have made so many requests, but no one is listening. I had given a written complaint at Sushant Lok Police Station, but till now no one has come to help me out,' she stated in the video. On Friday, police arranged a meeting between the parties concerned at the Sushant Lok police station to discuss the issue. 'Despite the matter being of a civil nature, Gurugram police facilitated a meeting between the two sides. The dispute over electricity and water was resolved during the meeting. Both parties agreed to hold another meeting on Monday, in the presence of their legal teams, to address the pending Rs 9 lakh dispute,' a Gurgaon Police spokesperson said. The electricity connection was restored (for now) around 12.30 pm Saturday, the woman told The Indian Express. Lee (43), who has been living in Gurgaon since 2011, said she has been facing issues with the mall management since last October, when they allegedly began sending her inflated water bills. 'I've been receiving water bills of Rs 25,000 per month. When my restaurant was on the ground floor, it never exceeded Rs 5,000,' she claimed. She also alleged that the management is harassing her so that she vacates the premises, adding that she has three years left on her current lease. On August 5 (Tuesday), the realty company operating the mall issued a 'final and non-negotiable' notice to the restaurant alleging multiple breaches — that its water leakage caused Rs 9.5 lakh damage to passenger lifts, and Rs 2 lakh damage to the false ceiling, risking collapse. It demanded that the payment be made within 24 hours and threatened disconnection of services, legal action, and eviction if it was not met. Lee refuted the allegations. 'The leak is from one of their pipelines. There are no pending bills, our accountants have tallied and verified multiple times.' The water leak has also destroyed parts of her restaurant, she claimed. Dhirendra Singh, director of Rajdurbar Buildcon Private Limited, which runs the mall through a holding company, told The Indian Express Saturday that the matter has been resolved. He rejected all allegations, particularly of wrongful bills being demanded and plans to evict the restaurant. 'They have accepted their dues amounting to around Rs 12 lakh+GST,' he claimed. 'There are a hundred other shops in the mall, and no one else has ever filed any complaint against us. Why would I create issues towards getting rental income?' he added.
Hindustan Times
09-08-2025
- Hindustan Times
Korean woman accuses Gurugram mall authorities of harassment: ‘Disconnected electricity, water supply'
A South Korean woman has accused the management of the Global Foyer Mall in Gurugram's Golf Course Road of harassment by cutter supply of water and electricity to her restaurant, PTI reported on Saturday, citing officials. She also filed a complaint regarding the mall management at the Sushant Lok Police Station.(HT Photo/Vipin Kumar) Hyang Lee posted a video on social media on Friday to share her side of the story, prompting the police to intervene. In the video, Lee alleged that despite paying rent and maintenance charges, the mall authorities repeatedly cut off the water and electricity connections to her restaurant 'MISO'. 'I have been running my restaurant legally for 14 years, complying with all Indian laws and licenses. For the past three years, the mall management and builder have been harassing me by illegally disconnecting essential services,' Lee said in the video, according to PTI. 'If no action is taken, I'll be forced to return to my country with a bitter experience.' She also filed a complaint regarding the mall management at the Sushant Lok Police Station and also wrote to the South Korean Embassy, claiming the mall management want her to vacate the leased premises. Gurugram Police issues statement In a statement, the Gurugram Police said a meeting was held between both the parties at the police station on Friday, where it was revealed that she has been running the restaurant at the mall for around 14 years, according to PTI. According to the police, the mall management had issued Lee a notice demanding ₹9 lakh in damages, alleging that water leakage from her restaurant caused damage to the mall building. However, Lee did not pay this amount, resulting in a dispute over the utility cut-offs. "The dispute regarding electricity and water was resolved in the last meeting, but a meeting is scheduled for Monday to address the remaining ₹9 lakh dispute. This meeting will take place in the presence of the legal teams for both parties," a spokesperson for the Gurugram Police said.
Yahoo
06-08-2025
- Business
- Yahoo
Riot mines 484 bitcoin in July amid 160% surge in power credits
Riot Platforms (NASDAQ: RIOT) announced today that it produced 484 Bitcoin in July 2025, marking an 8% increase from June's 450 coins and a 31% gain year-over-year compared to July 2024. Average daily production rose to 15.6 BTC, up 4% month-over-month and 31% year-over-year, reflecting the company's operational resilience even during seasonal constraints. Riot participates in ERCOT's Four Coincident Peaks program in Texas and MISO's demand response programs in Kentucky, so when heatwaves stress the grid's electricity supply in summer months, Riot's hashrate utilization declines depending on how much it curtails power draw. Despite the usual seasonal curtailment, Riot increased its bitcoin production in July and achieved a self-reported direct power cost of $28/MWh (–37% MoM) after netting $13.9 million in total power credits, up 160% from June. As of July 31, Riot held 19,287 bitcoin in its treasury (+0.1% MoM) and sold 475 Bitcoin for net proceeds of $54.8 million at an average realized price of $115,411 per coin. The company's deployed hashrate remained steady at 35.5 EH/s, while average operating hashrate inched up 1% to 30.2 EH/s as a result of uptime improvements across its Rockdale, Corsicana, and Kentucky sites. Riot also said that it made progress on its AI/HPC expansion last month. The company closed on an additional 238-acre parcel adjacent to its Corsicana, Texas facility, expanding its landholding to 858 time of publication, RIOT is down 0.5% from yesterday's close.
Indianapolis Star
01-08-2025
- Business
- Indianapolis Star
Despite warnings of energy shortages, Hamilton County rejects plans for battery storage plant
An energy company is mum on whether it will appeal a zoning board's rejection of a battery storage complex in rural Hamilton County near the White River, but warned that the county could soon face a dire energy supply shortage. That means even if Aypa Power doesn't appeal the decision, a similar facility could pop up elsewhere in the county. The Hamilton County Board of Zoning Appeals voted unanimously to deny Aypa Power a land use change that would allow the Kingfisher Battery Energy Storage System (BESS) to move forward on 70 acres of farmland at 21598 Overdorf Road. Aypa asserted the storage was needed to answer increased energy demand as the county is being developed. The power from gas, solar and wind sources would be sent to the Midcontinent Independent Systems Operator (MISO) grid when needed at times of high consumption such as heat waves. 'We need infrastructure growth to meet business growth and an energy shortfall in the MISO territory, ' Aypa lead developer Brandon Grahman told the board. The rows of tall container cubes would use lithium batteries to store enough electricity to power 60,000 homes for four hours. That stoked the fears of residents nearby who said the risk of environmental and health damage caused if a fire broke out made the plant unsafe. The lithium batteries burn for a long time and can be difficult to extinguish; a fire in a California battery plant in January burned for three days. 'Our current fire department is not equipped to have a fire that involves this complex industrial technology,' said Alicia Kiovsky, of Arcadia, at the recent BZA meeting. 'We should not approve a project that puts first responders and the community at risk.' Sondra Pearson, who lives in a cluster of homes blocks from the proposed site, said a tornado could pick up the boxes and drop them anywhere. 'Hazardous components will leak in the soil,' she said. 'It is an unsafe environment for the species that live there and the humans that live there.' Noblesville resident Danny Ariaga said he worried that the county did not have qualified inspectors to make sure the company was complying with the terms of operation, such as the voltage and amount of energy being stored. 'What effect will they have on the White River and wells? he asked. 'It is about preserving the safety, beauty and character of our rural community.' Though the plant would be on land that is currently zoned for agriculture, a Duke Energy substation is already nearby, next to the proposed site. Grahman said that makes sending power to the grid easier, faster and safer and the storage containers would be non-intrusive. 'This is using zero panels and zero wind turbines,' Grahman said. 'We need infrastructure growth to meet business growth and an energy shortfall in the MISO territory.' Aypa has two other battery storage projects in Indiana, in Jefferson and Decatur counties. The BZA's staff had recommended that the board approve the plan but the panel's members appeared concerned about safety during questioning. Grahman told them that the company would supervise emergency training and had one training session already and a couple of meetings with local fire departments and emergency management employees. He said the high-profile Moss Landing fire in California, at a facility owned by Vistra Corp., was made worse because of improper planning by the company. 'It was a blueprint for how you do not want to construct and battery storage system,' he said. Moss Landing was indoors with all the battery containers under one roof and nothing to stop the fire from spreading, Grahman said. The Hamilton County project would have have separate containers so fires would be restricted to them. Vistra also used a more volatile battery type, which wouldn't be used here, Grahman said. All four board members voted against the zoning variance, with two saying it didn't comply with the county's long range comprehensive plan. The company can appeal the decision to the Hamilton County Superior Court but officials declined to answer IndyStar inquiries into whether it planned to do so. Could energy shortage lead to rolling blackouts? In a recent report, MISO said its 14-state region could face a shortage of 32% of needed power by 2040. That could lead to rolling blackouts of three to four hours, 13 to 26 days a year. 'Such interruptions would most likely occur after sunset on hot summer days with low wind output and on cold winter days before sunrise and after sunset,' concluded the report, titled 'MISO's Response to the Reliability Imperative,' released in February 2024. Kerwin Olsen, executive director of the utility watchdog group Citizens Action Coalition agreed there is a need for energy storage — and it is growing more urgent because of the proliferation of data processing centers in Indiana. 'It's all connected,' he said. 'The centers and AI (artificial intelligence) will substantially increase energy demand.' The CAC has called for a moratorium on approval of the data centers, which use an inordinate amount of electricity to operate and water to cool the plants. The center's hoarding of utilities could force other economic development projects to be delayed or scrapped. The centers themselves provide few jobs, though they get large tax subsidies, the CAC said. At leas t 20 data centers are either under construction or have been proposed in Indiana, including those in Boone, Hendricks, Morgan and Hancock counties. Google is building a center in Fort Wayne and plans one on the southside of Indianapolis. Citing a study by Indiana Michigan Power, Olsen's organization said the data centers will use more electricity per year by 2030 (35 million MWh per year) than all 6.8 million Hoosiers use in their homes today. Olsen said the risk of fires at battery storage plants are relatively minor and get overblown and 'exploited by the anti-renewable crowd,' because they store mostly wind and solar energy in reserve. Hamilton County Commissioner Mark Heirbrandt said the public needs to get 'educated' on the need for energy storage. 'The energy needs need to be conveyed better,' said Heirbrandt, a water and energy industry consultant. 'Once they see that they are losing power during high usage they'll see we don't have enough.' But Heirbrandt said the BZA made the right call in this case. 'I don't think the company showed why it needed to happen there,' he said. 'We'll end up putting something somewhere.'
