Latest news with #energyindependence
Reuters
14 hours ago
- Business
- Reuters
US implements emergency permitting procedures to speed geothermal energy development
WASHINGTON, May 30 (Reuters) - The U.S. Department of the Interior said on Friday it was implementing emergency permitting procedures to accelerate reviews of geothermal energy development projects. The projects that will be fast-tracked include three in Nevada led by Ormat, which received funding in 2020 during the first Trump administration for research and development. 'Geothermal energy is a reliable energy source that can power critical infrastructure for national security and help advance energy independence,' Interior Secretary Doug Burgum said. 'We're fast-tracking reliable energy projects while strengthening national security and supporting American workers.' The Trump administration declared an "energy emergency" in President Donald Trump's first days in office, allowing him to use a series of steps to fast-track or skip over lengthy environmental reviews and permitting processes for oil and gas production as well as mining. His emergency orders did not apply to renewable energy like solar power or wind but now applies to geothermal, a form of renewable energy which harnesses heat generated within the Earth for heating, cooling and electricity generation.' It is a technology that enjoys support from Energy Secretary Chris Wright, who has previously invested in geothermal company Fervo Energy. Last week, the U.S. Geological Survey produced a report that said that geothermal energy in the Great Basin of Nevada and adjoining states could produce electricity equivalent to 10% of the current U.S. power supply.
The National
3 days ago
- Business
- The National
Why energy should be at the centre of emerging countries' economic policymaking
Energy needs to be at the heart of policymaking if developing nations want to navigate the current geopolitical turmoil and tectonic shift in the global economy, experts at the World Utilities Congress told The National on Wednesday. The sector has emerged as a keystone of economic policy, and countries should realign their strategies to attain energy independence, which will help them cope with future uncertainties, they said. Emerging economies, in particular, should pay close attention to opportunities within the energy industry and attract more investment, said Roberto Bocca, head of the World Economic Forum's Centre for Energy and Materials. 'If you have a strategic view and approach, you can reposition yourself for the future of your country in line with the new energy system,' he said at the event in Abu Dhabi. Countries in blocs will benefit if they take a united front, he said, giving the example of the Asean Power Grid, which is being positioned as a resilient electricity infrastructure to drive regional economic growth. Such initiatives are strategic ways to 'make an opportunity out of this [sustainable energy] challenge', Mr Bocca said. Emerging economies need to strike the right balance between 'affordability and sustainability', while the developed world is more focused on sustainable energy, Karim Amin, executive board member of Germany's Siemens Energy, said. That balance will allow emerging economies to 'embark on their own journey of economic development and industrialisation', Mr Amin said. Data centres 'jumping the energy queue' The rapid growth of the data centre industry is making striking the right energy balance much more complicated. It is expanding at breakneck speed alongside artificial intelligence and cloud requirements. 'Data centres are making the discussion even more complex because they are jumping the queue,' Mr Amin said. 'They want to have all the energy that they can get as fast as possible, and money is not exactly the main hurdle,' he said, alluding to the major investment in data centres by some of the world's biggest technology names. In general, the bigger the data centres, the bigger their energy need. On a monthly basis, small, medium and large-size data centres are estimated to consume as much as 36,000kWh, 2,000MW and 10MW, respectively, according to industry tracker Data Centre World. Data centres were thrust into the spotlight again with the recent announcement of Stargate UAE, a mega data centre project to be built in Abu Dhabi by AI major G42, OpenAI, Oracle, Nvidia, Cisco and SoftBank Group. The one-gigawatt compute cluster will operate in the recently established five-gigawatt UAE – US AI Campus. 'When you look at data centres or the AI related to them, a lot of the conversation is around, indeed, the growing demand,' Mr Bocca said. 'The other side of the equation that is maybe less spoken about is [what kind of] optimisation AI can bring [to data centre systems]. There will be adjustments, but in the short run, definitely in some locations there will be increasing demand of energy for data centres.'
Globe and Mail
4 days ago
- Business
- Globe and Mail
U.S. Nuclear Push and AI Demand Ignite Uranium ETF Rally
Washington's Nuclear Turn Changes the Game Uranium markets are getting a jolt from Washington. In a major policy pivot, the Trump administration has unveiled a series of executive orders aimed at reviving the U.S. nuclear industry. The ambitious roadmap includes quadrupling domestic nuclear capacity from 100GW to 400GW by 2050, reactivating dormant plants, fast-tracking reactor approvals, and deploying advanced modular reactors for national security and AI infrastructure. This regulatory shift marks a stark reversal from past inertia. Crucially, it also includes plans to boost uranium conversion capabilities—an area where the U.S. currently relies heavily on imports, particularly from Kazakhstan and Canada. With tariffs still hovering at 27% and 10% respectively, the geopolitical undertones are clear: the U.S. wants to secure its energy independence and reduce reliance on adversarial supply chains. Such developments have triggered renewed optimism in uranium equities, but not without turbulence. The sector has remained volatile throughout 2025, whipsawed by shifting expectations around tariffs, macro uncertainty, and the potential loosening of sanctions on Russian uranium production. AI's Energy Appetite Fuels a Nuclear Renaissance Parallel to policy shifts is a structural surge in energy demand, largely driven by artificial intelligence. Data centers powering AI applications are ravenous consumers of electricity, and tech giants like Microsoft, Google, Amazon, and Meta are scrambling to secure reliable, low-carbon power sources. Nuclear energy—stable, abundant, and carbon-free—has quickly emerged as a preferred solution. To meet the needs of these AI titans, companies have signed long-term power deals and invested directly in small modular reactor developers. Microsoft, for instance, is backing the restart of a shuttered reactor at Three Mile Island, while Amazon and Google have partnered with X-Energy and Kairos Power, respectively. The trend is unmistakable: tech and nuclear are converging. Still, not all signals are bullish. Reports suggest some tech firms are reassessing their energy strategies following developments in more energy-efficient AI models. Microsoft has reportedly canceled some data center leases, and Chinese firms are advancing AI training with lower energy footprints. This has added a layer of complexity to uranium demand forecasts. Volatility Continues to Cloud the Outlook Earlier this year, uranium prices plunged over 30% from their 2024 highs, rattled by ceasefire speculation in Ukraine and uncertainty surrounding Trump's trade agenda. Investors, hesitant to lock in long-term contracts, largely stepped to the sidelines. Even positive headlines—like supply-chain disruptions at Kazakhstan's Kazatomprom—weren't enough to dispel doubts entirely. But sentiment appears to be stabilizing. Uranium has now recovered from its April lows, trading above $71 per pound, and investors are starting to price in a longer-term structural recovery. HURA ETF Posts Double-Digit Weekly Gain For Canadian investors, the clearest way to tap into this rebound has been the Global X Uranium Index ETF (HURA). The ETF, which tracks a basket of uranium miners and nuclear technology firms, surged 10.79% over the past week—its strongest performance in months. While year-to-date returns sit at a modest 1.15%, the ETF's recent move reflects growing conviction in the nuclear revival narrative. HURA hasn't seen major inflows in the last week, suggesting broader sentiment remains cautious. But with policy tailwinds, geopolitical urgency, and AI-driven demand all converging, the uranium story is regaining momentum. In a market still weighed down by uncertainty, HURA offers Canadian investors a targeted play on one of the few energy sectors with bipartisan U.S. support and clear structural drivers. The volatility may persist—but so might the upside. Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
Yahoo
6 days ago
- Business
- Yahoo
Couple shares candid review after going solar to slash their energy bills: 'Financially, it seemed silly...'
A couple from Arizona has reduced their energy bills to around a third of what it was before by installing solar. In a candid review, they explained how easy it was to make the switch and why they would never go back. As reported by Solar United Neighbors, Phoebe and Ben made the switch to solar when they bought their home. The couple joined a solar co-op in Tucson operated by Solar United Neighbors and qualified for financial support, where they were able to take advantage of a grant program that gave them $7,000 toward making the switch. Additionally, they received Solar Renewable Energy Credit (SREC) payments and federal solar tax credits, which helped make going solar affordable. Since making the switch, Phoebe and Ben's energy bills have dropped on average to 32% of what they were before solar, and they are now able to take control of their energy independence. The couple was quick to admit that the federal credits were a big reason why they could make the switch to solar, due to the savings they offered. If you're interested in learning more, EnergySage is a great place to start. EnergySage (not affiliated with Solar United Neighbors) offers free tools to get quick solar installation estimates and compare quotes. It can also explain all the different types of solar incentives available and any savings you can make on installation. Going solar is one of the best ways to save money on home energy and increase your energy independence. When paired with storage batteries, solar energy can be used any time and is a great option for keeping the lights on during extreme weather events that knock out access to the grid. In addition to saving money, installing solar panels is much better for the environment because they reduce the amount of pollution produced by dirty energy that typically provides electricity for the grid. This can help improve air quality and reduce water pollution. While cost is often the main barrier to people adopting solar technology, with EnergySage's help, the average person can receive close to $10,000 in incentives for solar purchases and installations, which makes going solar affordable and in reach for everyone. "Financially, it seemed silly to keep buying electricity when there was another alternative to generate our own power," Phoebe explained to Solar United Neighbors when talking about their reasons for making the switch. If you were to install home solar panels, which of these factors would be your primary motivation? Energy independence Lower power bills Helping the planet No chance I ever go solar Click your choice to see results and speak your mind. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
7 days ago
- Business
- Yahoo
Trump to push for 'nuclear renaissance' in US energy production
US President Donald Trump aims to support a massive expansion of nuclear power in the United States - which he has dubbed a "nuclear renaissance" - with a series of new decrees. The goal, according to a senior US government official, is to quadruple the amount of electricity generated by nuclear energy within the next 25 years. "Under President Trump's leadership, America will usher in a nuclear energy renaissance," a statement from the White House said. "We are restoring a strong American nuclear industrial base, rebuilding a secure and sovereign domestic nuclear fuel supply chain, and leading the world towards a future fuelled by American nuclear energy," said White House Office of Science and Technology Director Michael Kratsios. "These actions are critical to American energy independence and continued dominance in [artificial intelligence] and other emerging technologies," Kratsios said. The goal of increasing the installed power plant capacity from the current approximately 100 gigawatts to 400 gigawatts by 2050 seems hardly realistic given the necessary investments and approvals required. Additionally, it is unclear where the large numbers of energy-hungry consumers for such a massive production expansion would come from. The decrees signed by Trump are intended to facilitate the construction of new nuclear power plants of various sizes, significantly speed up the necessary approvals, ease credit provision and support new research into reactor design. Furthermore, the production of the necessary nuclear fuel for the reactors is to be increasingly carried out in the US, both in terms of uranium mining and enrichment. The reprocessing of nuclear fuels is also to be supported. The Department of Energy is also instructed, among other things, to advocate for the construction of 10 new, large reactors by 2030. The department should also work to use nuclear power to operate data centres for AI.
