Latest news with #powerdemand
Bloomberg
2 days ago
- Climate
- Bloomberg
Searing Heat Threatens Grids and Health Over Nearly Half the US
Nearly half the US will wilt under hot, sticky conditions through the bulk of the week as temperatures and humidity soar from Chicago to New York City and New Orleans, boosting power demand and raising health risks. Heat advisories and extreme heat warnings stretch from Nebraska to Long Island and from New Hampshire to northeast Texas. Monday's high in Central Park is forecast to reach 94F (34C), but with humidity it will feel closer to 100F or more. Chicago will likely reach 91F and feel closer to 102F, the National Weather Service said.
Yahoo
4 days ago
- Business
- Yahoo
CenterPoint Energy boosts ten-year capital plan by $500m
CenterPoint Energy has announced a significant boost to its ten-year capital investment strategy, with an additional $500m allocated to address the surging power demand. This is the third increase in 2025, with total additional investment reaching $5.5bn, bringing the overall ten-year plan up to $53bn through to 2030. The company is serving more than seven million customers across six US states, including Texas, where demand is particularly strong. CenterPoint has observed a substantial 6GW rise in its interconnection queue since its first quarter earnings call in 2025. This supports its projection of 50% load growth by 2031. In the second quarter (Q2) of 2025, CenterPoint reported net income of $198m or $0.30 per diluted share on a generally accepted accounting principles (GAAP) basis, compared to a decrease from Q2 of 2024, which stood at $0.36 per diluted share. Non-GAAP earnings per share (EPS) for Q2 of 2025 were also down at $0.29 compared to the same period of the previous year, when the figure was $0.36 per share. CenterPoint president and CEO Jason Wells stated: 'I'm incredibly proud of our teams as they have worked to deliver about a year and a half's worth of work since last summer as part of the Greater Houston Resiliency Initiative. 'We've met all our Phase II public commitments on time or ahead of schedule, and we are on a positive path forward as we work to build and operate the most resilient coastal grid in the nation. Our customers are already seeing the benefits with nearly 50% fewer outage minutes in the first six months of 2025 compared to 2024. This is great progress, and we aren't done yet". The company cited several factors for these results: an unfavourable variance of $0.01 per share due to growth and rate recovery timing issues associated with interim capital mechanisms not being available during recent rate case activities that have now largely concluded. Despite these challenges, CenterPoint maintains its non-GAAP EPS guidance range for the full year 2025 between $1.74 and $1.76, a midpoint target representing an 8% annual growth over the full year 2024. It will continue to aim for mid-to-high end annual non-GAAP EPS growth within 6.8% annually to the end of 2030. Wells added: 'While our focus has been on resiliency, we are not losing sight of the incredible pace of diverse growth our service territories continue to experience, especially those in Texas. This year alone, we have increased our capital investment plan by $5.5bn, including the $500m increase we announced today." 'Even though we are taking a conservative approach to this growth, we continue to see an upward bias towards investment opportunities that are not yet reflected in our current plan. 'We believe these opportunities, combined with our ability to efficiently finance and a lighter regulatory calendar over the next few years, are strong tailwinds that we will incorporate into our refreshed ten-year plan that we're excited to share by the end of September [2025].' "CenterPoint Energy boosts ten-year capital plan by $500m" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Climate
- Reuters
New York's electric grid prepared to meet hot weather demand, operator says
July 24 (Reuters) - The New York Independent System Operator (NYISO) said on Thursday that it is prepared to meet power demand on Friday as a heat dome moving across the Southern states is expected to increase temperatures in its footprint. The forecasted baseline peak demand for Friday is 29,000 megawatts (MW), NYISO said in a statement. NYISO's latest summer readiness assessment reports 40,937 MW of available power resources statewide, with 3,159 MW accessible through emergency procedures to maintain grid reliability if needed. New York recorded a record peak of 33,956 MW at the end of a week-long heat wave in July 2013, the operator added.
Reuters
6 days ago
- Business
- Reuters
CenterPoint Energy misses profit estimate on higher costs
July 24 (Reuters) - U.S. electric and gas utility CenterPoint Energy's (CNP.N), opens new tab second-quarter profit was just shy of analysts' estimate on Thursday, weighed down by higher expenses. The country's electrical grids have been facing an onslaught of extreme weather and ballooning demand from electrification of industries and the technology sector's data center build out amid an artificial intelligence boom, prompting utilities to seek rate increases to upgrade and pay for power infrastructure. CenterPoint's operations and maintenance costs increased 5.5% to $715 million during the quarter ended June 30. The company provides electricity and natural gas to more than 7 million customers across Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. It also raised its 10-year capital expenditure plan through 2030 by $500 million to $53 billion to cater to an anticipated surge in power demand from data centers. "This year alone we have increased our capital investment plan by $5.5 billion, including the $500 million increase," said CEO Jason Wells. Power demand from U.S. data centers is expected to nearly triple in the next three years and consume as much as 12% of the total electricity produced, according to a study by Lawrence Berkeley National Laboratory. CenterPoint's net income fell about 13% to $198 million. It posted an adjusted profit per share of 29 cents during the quarter, compared with analysts' average estimate of 30 cents, according to data compiled by LSEG.
Reuters
7 days ago
- Business
- Reuters
NextEra beats quarterly profit estimates on massive power demand
July 23 (Reuters) - NextEra Energy (NEE.N), opens new tab beat Wall Street estimates for second-quarter adjusted profit on Wednesday, boosted by robust growth in its renewables division amid soaring power demand from AI data centers and hyperscalers. Power consumption in the U.S. is expected to reach record highs in 2025 and 2026, according to the U.S. Energy Information Administration. This surge is fueled by growing electricity needs from AI and cryptocurrency data centers, as well as increasing electrification of homes and businesses. The S&P index tracking utilities (.SPLRCU), opens new tab also rose 3.5% in the quarter ended June 30. Florida Power & Light, the company's regulated utility, reported net income of $1.28 billion, up 4% from a year earlier. NextEra Energy Resources (NEER), the renewables arm, added about 3.2 gigawatts of new renewables and storage to its backlog during the quarter, including more than 1 gigawatt serving hyperscalers. The unit's backlog now totals about 30 gigawatts. NextEra, which operates solar, wind, natural gas, and nuclear energy centers, said in June that renewable energy is critical to meeting rapidly growing U.S. power demand, citing challenges in expanding natural gas capacity. NEER reported a net income of $983 million in the second-quarter, compared with $552 million a year ago. The company, which is the largest electric utility holding company by market capitalization, reported operating revenue of $6.70 billion, missing analysts' average estimate of $7.38 billion, according to data compiled by LSEG. NextEra also said it expects to grow its dividends per share at a roughly 10% rate per year through at least 2026. The Florida-based company earned $1.05 per share on an adjusted basis, compared with analysts' average estimate of $1.01 per share, according to data compiled by LSEG. Earlier this month, U.S. President Donald Trump issued an executive order to eliminate any preferential treatment for building wind and solar generation projects on federal lands. NextEra Chief Executive John Ketchum said most of the company's renewable energy backlog has permits for developing projects on federal lands. "Let's just see how it's actually applied in practice," Ketchum said on a conference call with analysts in reference to the executive order.
