Latest news with #power supply
Reuters
a day ago
- Business
- Reuters
Repsol keeps payout target after April blackout hits quarterly profit
MADRID, July 24 (Reuters) - Spain's Repsol ( opens new tab confirmed its shareholder payout target on Thursday after second-quarter adjusted profit fell less than expected, despite a 175 million euro ($206 million) hit from a massive blackout in April and other smaller power-supply issues. The April 28 blackout that caused traffic chaos in cities, and left thousands stranded on trains and in elevators across the Iberian Peninsula, also cut power supplies to Repsol's five refineries and three chemical plants in the region. Some of its facilities also suffered from external power supply issues on April 22 and June 16. Since it can take one or two weeks for such plants to be fully operational after these events, their utilisation ratios fell significantly in the quarter. "All businesses, both quarterly and half-yearly, have improved their results, except for Industrial, which was impacted by the general blackout on April 28 in Spain," Chief Executive Josu Jon Imaz said in a statement. The company said it was already considering potential legal action once responsibilities related to the outage are officially determined. Spain's antitrust and energy watchdog is carrying out a probe into the blackout but hasn't said when it will release its findings. The company also said it had launched another 350 million euro share buyback, taking the overall amount for this year to 700 million euros, as it had previously pledged. Including dividends, shareholders will this year receive between 30% and 35% of the cashflow the company generates from operations, which is in the upper end of its target. Repsol booked a quarterly adjusted profit of 702 million euros, compared with 859 million euros a year earlier and a company-provided average forecast of 500 million. Net profit fell to 237 million euros from 657 million. The Spanish group also said it is selling its 40% stake in U.S. renewables developer Hecate. ($1 = 0.8494 euros)
Reuters
a day ago
- Business
- Reuters
Repsol beats expectations in second quarter despite blackout hit
MADRID, July 24 (Reuters) - Spain's Repsol ( opens new tab said on Thursday its second-quarter adjusted profit beat expectations despite a 175 million euro ($206 million) hit from a massive blackout in April and other smaller power-supply issues. The April 28 blackout that caused traffic chaos in cities and left thousands stranded on trains and in elevators across the Iberian peninsula also cut power supply to Repsol's chemical plants and refineries. Some of its facilities also suffered from external power supply issues on April 22 and June 16. Since it can take one or two weeks for such plants to be fully operational after these events, the utilisation ratios fell significantly in the quarter. "All businesses, both quarterly and half-yearly, have improved their results, except for Industrial, which was impacted by the general blackout on April 28 in Spain," Chief Executive Josu Jon Imaz said in a statement. The company said it was already considering potential legal action once responsibilities related to the outage are officially determined. Spain's antitrust and energy watchdog is carrying out a probe into the blackout but hasn't said when it will release its findings. Repsol booked a quarterly adjusted profit of 702 million euros, compared with 859 million euros a year earlier and a company-provided average forecast of 500 million euros. Net profit fell to 237 million euros from 657 million euros a year earlier. The Spanish firm also said that it is selling its 40% stake in U.S. renewables developer Hecate. ($1 = 0.8494 euros)
News24
2 days ago
- Climate
- News24
Record heat in China strains power grid, stirs health fears
China warned on Wednesday against the risk of power supply disruptions as people struggled to keep cool in record heat baking large swathes of the country, which also spurred warnings to the elderly to guard against heat stroke. Power demand exceeded 1.5 billion kilowatts for the first time last week, energy officials said, the third successive record for China this month, when its first nationwide alert on heat-related health risks also went out. "High-temperature weather will ... have an impact on power generation and supply," weather official Chen Hui told a press conference on Wednesday, adding that it would hit hydropower output and reduce the efficiency of photovoltaic generation. Authorities will send alerts to notify electricity suppliers if measures such as peak shaving and cross-regional dispatching of power are called for, added Chen, an official of the China Meteorological Administration. Over the weekend, China announced that construction had begun on what will be the world's largest hydropower dam in Tibet, at an estimated cost of at least $170 billion, cheering investors but vexing downstream neighbours India and Bangladesh. The project is expected to produce 300 billion kilowatt-hours of electricity annually, equal to the amount of electricity consumed by Britain last year, as Beijing seeks to meet the country's growing power demand. Since mid-March, the number of days when temperatures hit 35 degrees Celsius or more is the highest on record, said Jia Xiaolong, deputy director of the National Climate Centre. Authorities asked the elderly to stay indoors unless necessary, while urging outdoor workers to scale down activity on such "sauna days". Temperatures have hit new highs since mid-March in the central provinces of Henan and Hubei, Shandong in the east, Sichuan in the southwest, and northwestern Shaanxi and Xinjiang, pushing the national average to the second highest on record. During the last two weeks, above 40°C heat enveloped 407 000 square kilometres of the country, Jia said. That is more than the land area of Germany or Japan. In the same period, roughly one in 10 national weather observatories tracked temperatures above 40°C with one in Xinjiang reaching 48.7°C. Jia did not rule out the chance of more record-breaking heat, saying August could prove as warm as, or even hotter than, in recent years.
Reuters
2 days ago
- Climate
- Reuters
Record heat in China strains power grid, stirs health fears
BEIJING, July 23 (Reuters) - China warned on Wednesday against the risk of power supply disruptions as people struggled to keep cool in record heat baking large swathes of the country, which also spurred warnings to the elderly to guard against heat stroke. Power supply suffers while demand surges, exceeding 1.5 billion kilowatts for the first time last week, energy officials said, in a third new record for China this month, when its first nationwide alert on heat-related health risks also went out. "High-temperature weather will ... have an impact on power generation and supply," weather official Chen Hui told a press conference on Wednesday, adding that it would hit hydropower output and reduce the efficiency of photovoltaic generation. Authorities will send alerts to notify electricity suppliers if tactics such as peak-shaving and cross-regional dispatching of power are called for, added Chen, an official of the China Meteorological Administration. Since mid-March, the number of days when temperatures hit 35 degrees Celsius (95 degrees Fahrenheit) or more is the highest on record, said Jia Xiaolong, deputy director of the National Climate Centre. Authorities asked the elderly to stay indoors unless necessary, while urging outdoor workers to scale down activity on such "sauna days". Temperatures have hit new highs since mid-March in the central provinces of Henan and Hubei, Shandong in the east, Sichuan in the southwest, and northwestern Shaanxi and Xinjiang, pushing the national average to the second highest on record. During the last two weeks, 152 national weather observatories tracked temperatures above 40 degrees C (104 F) with one in Xinjiang reaching 48.7 degrees C (119.7 F), Jia said. He did not rule out the chance of more record-breaking heat, saying August could prove as warm as, or even hotter than, in recent years.
Zawya
17-07-2025
- Business
- Zawya
Ghana achieves stable power supply, eyes green future after major energy reforms
Ghanaians are now enjoying a stable and dependable power supply, thanks to significant ongoing reforms in the energy sector, Minister for Energy and Green Transition, John Abdulai Jinapor, has announced. Taking his turn at the Government #AccountabilitySeries, John Jinapor stated that there has been a significant turnaround from the 'persistent and erratic power outages' experienced earlier this year. 'We have witnessed a remarkable improvement and reliable supply of power,' he stated, attributing this success to comprehensive reforms addressing both technical inefficiencies and financial challenges within the sector. 'You can attest to the fact that we are now experiencing a reliable, uninterruptible supply of power,' he emphasised, a demonstration of the visible impact of the government's interventions. Looking ahead, Mr Jinapor unveiled plans for a five-year strategic document aimed at accelerating Ghana's renewable energy and green transition agenda. This crucial blueprint will guide future policy reforms, ensuring a sustainable and environmentally friendly energy future for the nation. The Ministry's initiatives reflect the government's unwavering commitment to ensuring a robust, sustainable, and reliable energy sector for all Ghanaians. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
