Latest news with #energyCosts
Bloomberg
2 days ago
- Business
- Bloomberg
Data Centers Added $9.4 Billion in Costs on Biggest US Grid
By and Mark Chediak Save The rapid development of data centers connected to the largest US electric grid raised costs by $9.4 billion, a 180% increase, according to a report published by a market observer. The growing energy needs of data centers was the primary cause of tight supply-and-demand conditions, as well as high prices, in the PJM Interconnection capacity market, which serves customers from Illinois to Washington D.C, said the grid's independent market monitor.
BreakingNews.ie
2 days ago
- Business
- BreakingNews.ie
Ireland losing ground to Europe and US due to high energy costs, IDA says
The IDA said Ireland was losing ground to other EU countries and the United States because of the high cost of energy. In a series of briefings for the government, the investment agency said strong security of power supply was 'imperative' for enticing companies into Ireland. Advertisement It said the operating environment for foreign direct investment was becoming more difficult, more aggressive, and with a 'relentless focus on competitiveness.' The IDA briefing said that traditional drivers of investment like market access, tax, and talent were still important. However, it added: 'New drivers such as digital/green, subsidies/incentives, and friendly nation status make the environment more complex. 'Adding to the challenge for IDA in sustaining/winning investments are constraints to the carrying capacity of Ireland's economy and utilities - which are causing significant delay, backlogs and reputation risks to winning new investments.' Advertisement The briefings were prepared last summer for the Department of the Environment as the investment agency warned Ireland's financial position was heavily dependent on foreign direct investment (FDI). They said any reduction in FDI would lead to a significant reduction in tax revenues. It said energy prices needed to decrease and become much more competitive as Ireland looked to attract in semiconductor and life sciences investment. One briefing said: 'Ireland is not sufficiently competitive with most other EU locations or the US.' Advertisement It said a significant increase in electricity supply was urgently needed to meet a sizable growth in demand from data centres, and other sectors. A separate briefing said uncertainty over connections to the national grid for data centres was 'of concern.' Ireland Mother of Irish soldier Sean Rooney gets permissio... Read More It said: 'With respect to overall energy connection policy, there needs to be a transitional period for data centres (and enterprise in general) to achieve decarbonisation and net zero.' The briefing said the government should look to tap into the expertise of data centre operators around opportunities for innovation. The IDA also said there was a risk to Ireland's offshore renewable energy industry which was 'underpinned by the large data centre demand and potential demand.' It added: 'A slowdown or cessation in data centre investment could adversely affect the economics for offshore wind developers, which in turn could impact the country's ambition and targets in renewable energy development and climate action.'
Irish Times
2 days ago
- Business
- Irish Times
Ireland losing ground to US and Europe, IDA warns
The IDA said Ireland was losing ground to other EU countries and the United States because of the high cost of energy. In a series of briefings for the Government, the investment agency said strong security of power supply was 'imperative' for enticing companies into Ireland. It said the operating environment for foreign direct investment was becoming more difficult, more aggressive, and with a 'relentless focus on competitiveness.' The IDA briefing said that traditional drivers of investment like market access, tax, and talent were still important. READ MORE [ IDA chief plays down threat to Ireland from Trump's tax move Opens in new window ] However, it added: 'New drivers such as digital/green, subsidies/incentives, and friendly nation status make the environment more complex. 'Adding to the challenge for IDA in sustaining/winning investments are constraints to the carrying capacity of Ireland's economy and utilities - which are causing significant delay, backlogs and reputation risks to winning new investments.' The briefings were prepared last summer for the Department of the Environment as the investment agency warned Ireland's financial position was heavily dependent on foreign direct investment (FDI). They said any reduction in FDI would lead to a significant reduction in tax revenues. It said energy prices needed to decrease and become much more competitive as Ireland looked to attract in semiconductor and life sciences investment. One briefing said: 'Ireland is not sufficiently competitive with most other EU locations or the US.' It said a significant increase in electricity supply was urgently needed to meet a sizable growth in demand from data centres, and other sectors. A separate briefing said uncertainty over connections to the national grid for data centres was 'of concern.' It said: 'With respect to overall energy connection policy, there needs to be a transitional period for data centres (and enterprise in general) to achieve decarbonisation and net zero.' The briefing said the government should look to tap into the expertise of data centre operators around opportunities for innovation. The IDA also said there was a risk to Ireland's offshore renewable energy industry which was 'underpinned by the large data centre demand and potential demand.' It added: 'A slowdown or cessation in data centre investment could adversely affect the economics for offshore wind developers, which in turn could impact the country's ambition and targets in renewable energy development and climate action.'
E&E News
7 days ago
- Business
- E&E News
Williams restarts push for major Northeast gas pipelines
Pipeline giant Williams Cos. said Thursday that it's reviving two abandoned natural gas pipeline projects in the Northeast, seeking to capitalize on President Donald Trump's support for fossil fuel projects. The Oklahoma-based company said it has renewed discussions with state and federal regulators once again on the Constitution pipeline — which would run from central Pennsylvania into upstate New York — and the Northeast Supply Enhancement project, an expansion of the Transcontinental pipeline network serving the Eastern Seaboard. 'The NESE and Constitution projects are essential to address persistent natural gas supply constraints in the Northeast, constraints that have led to higher energy costs for consumers and increased reliance on higher-emission fuels like fuel oil,' Williams said in an emailed statement. Advertisement Williams had previously signaled it could be interested in reviving its Constitution project, but only if there was customer demand and the company saw support from Northeastern governors.
Times
23-05-2025
- Business
- Times
Trump tells Starmer to dump windmills and increase North Sea drilling
Donald Trump has urged Keir Starmer to stop backing renewable energy from windmills and focus on North Sea drilling. The president said the recently negotiated trade deal was 'working out well for all', but said the UK should 'get their energy costs down'. In a post on TruthSocial he said: 'Our negotiated deal with the United Kingdom is working out well for all. 'I strongly recommend to them, however, that in order to get their energy costs down, they stop with the costly and unsightly windmills, and incentivize modernized drilling in the North Sea, where large amounts of oil lay waiting to be taken. 'A century of drilling left, with Aberdeen as the hub. The old fashioned tax system disincentivizes drilling, rather than the opposite.
