Search

PG&E Corp. plans to collaborate with a developer to construct a zero-carbon data center and residential project in downtown San Jose to address the increasing demand for housing and artificial-intelligence computing in Silicon Valley. The project includes three new data centers and up to 4,000 residential units, with a system to capture excess heat from the data centers for heating nearby buildings. This initiative aims to revolutionize community responses to climate change and electricity demand challenges, with San Jose Mayor Matt Mahan praising its innovative approach to achieving climate goals. The project is subject to approval by the San Jose City Council, with the first residential units expected to be completed in 2025 and the data center in 2027. [Extracted from the article]

According to Sunrun Inc. CEO Mary Powell, the growth of rooftop solar and battery systems in the US is unlikely to be hindered by Donald Trump's election victory. Powell believes that a full repeal of President Joe Biden's Inflation Reduction Act, which includes tax credits for solar systems, is highly unlikely. Sunrun's shares fell after Trump's win, but Powell remains confident in the bipartisan support for rooftop solar and the company's strong position in the market. The Inflation Reduction Act has benefited many states, including Republican-leaning ones, and a repeal would require Congressional backing. [Extracted from the article]

SolarEdge Technologies Inc. saw a 16% drop in its stock value after taking a $1 billion writedown and warning of non-existent or negative margins for the current quarter. The company's third-quarter sales and profit fell below analysts' expectations, with current-quarter revenue also expected to be lower than anticipated. SolarEdge is facing challenges in the rooftop solar market due to high interest rates, leading to high inventory levels and a decline in value of assets. The company's short-term plan involves selling off inventory at low prices, but its long-term profitability remains uncertain. [Extracted from the article]

Hawaiian Electric Industries has finalized a $2 billion settlement to address damage claims resulting from a wildfire that devastated Lahaina and caused over 100 fatalities. The agreement involves multiple defendants, including the state of Hawaii, Maui County, and landowners, with the total settlement initially set at $4 billion. However, this settlement does not cover claims with insurers, which are subject to separate legal proceedings. Payments by Hawaiian Electric are contingent on meeting specific conditions outlined in the agreement. [Extracted from the article]

SolarEdge Technologies Inc. experienced a significant drop in its shares by more than 20% following a $1 billion writedown and a warning of non-existent or negative margins for the current quarter. The company's third-quarter sales and per-share profit were below analysts' estimates, with current-quarter revenue also expected to fall short. The $1.03 billion writedown was attributed to the declining value of assets after a valuation analysis. [Extracted from the article]

Trina Solar Co., a Chinese renewables giant, has agreed to sell its US solar manufacturing operations to Freyr Battery for $340 million. The sale comes amid increased American scrutiny of Chinese companies benefiting from clean energy tax incentives, with concerns about Chinese-tied companies gaining from tax credits under the Inflation Reduction Act. Freyr plans to develop a 5-gigawatt solar cell manufacturing facility in Texas and believes expanding the supply chain for solar is beneficial for US security. [Extracted from the article]

US power stocks, including Talen Energy Corp., dropped after the Federal Energy Regulatory Commission rejected Talen's plan to supply power to an Amazon data center near its Susquehanna nuclear plant in Pennsylvania. The decision raises concerns about the impact of data centers on electricity demand and cost shifting to other consumers. The rejection is seen as a setback for the nuclear data center thesis, with companies like Constellation Energy Corp. experiencing significant stock declines despite strong financial performance. The FERC ruling followed a technical amendment request by PJM Interconnection to increase power usage at the Susquehanna plant, highlighting the challenges of co-locating data centers with existing power plants. [Extracted from the article]

US power company stocks, including Talen Energy Corp., Vistra Corp., and Constellation Energy Corp., experienced a decline in pre-market trading after the Federal Energy Regulatory Commission rejected Talen's plan to supply a data center near its Susquehanna nuclear plant in Pennsylvania. The decision was made due to concerns about grid reliability and potential cost increases for consumers. The rejection has raised questions about the feasibility of co-locating data centers with existing power plants and the impact on electricity usage in the US. Commission Chairman Willie Phillips expressed dissent, emphasizing the importance of AI technologies for national security and economic growth. [Extracted from the article]

The Federal Energy Regulatory Commission rejected a proposal that would have allowed an Amazon data center to use more power from a nearby nuclear plant, owned by Talen Energy Corp. The decision was made due to concerns about the plan setting a precedent and not adequately proving why the special contract should be allowed under federal rules. The rejection impacts not only Amazon and Talen, but also other generators hoping to sign power-sales deals with tech giants, as the industry faces potential reliability concerns and challenges in planning for future electricity usage. [Extracted from the article]

The President and CEO of the Edison Electric Institute, Dan Brouillette, has announced his resignation to focus on global energy issues after less than a year in the role. Brouillette previously served as the Energy secretary under former President Donald Trump and later as the president of Sempra's infrastructure group before joining the utility lobbying organization. This leadership change at EEI coincides with the industry's increasing importance in meeting the growing power demand in the United States. [Extracted from the article]

A settlement has been reached in Ohio requiring big data centers to pay a minimum of 85% of the energy costs for grid improvements. The agreement, involving American Electric Power Co. and various stakeholders, aims to address the increasing electricity demand from data centers running artificial intelligence. This proposal comes amidst discussions on how to manage the surge in electricity demand expected in Central Ohio by 2030. [Extracted from the article]

The CEO of Enphase Energy Inc. expressed concern that removing clean-energy incentives from President Biden's climate legislation would harm the US economy. The Inflation Reduction Act, which provides tax credits for clean energy projects, is supported by Democrats and some Republicans in Congress. Enphase Energy benefits from these incentives, creating jobs and boosting manufacturing in the US. The company expects a net benefit of $38-41 million from the IRA in the fourth quarter. [Extracted from the article]

A brush fire in the Oakland Hills area of the San Francisco Bay Area burned several homes and led to evacuations due to critical wildfire conditions. The fire, which grew to 13 acres and destroyed at least four structures, was contained by the Oakland Fire Department near the Oakland Zoo. No injuries were reported, and the incident occurred during a red flag warning period with high fire risk, prompting power cuts by utility PG&E Corp. to prevent electrical lines from igniting blazes. [Extracted from the article]

PG&E Corp. in California has initiated power shutoffs for 5,450 customers in four counties to prevent wildfires caused by dry conditions and gusty winds. An additional 20,000 customers in 24 counties, including the San Francisco Bay Area, may also lose power. Southern California Edison is considering power shutoffs for 127,000 homes and businesses in the Los Angeles region due to similar fire threats. The National Weather Service has issued red flag fire warnings across various parts of the state, including Southern California, as dry winds increase the risk of wildfires. [Extracted from the article]

Hawaiian Electric announced a planned power outage for communities on the western side of Maui due to high winds and dry conditions increasing the risk of wildfires. The blackout is scheduled to begin at 12 local time and may last throughout the day. This precautionary measure is part of a trend among power providers to prevent electrical sparks during windy and dry weather conditions. Additionally, California utilities are also considering power cuts for over 100,000 locations due to critical fire weather. [Extracted from the article]

Hawaiian Electric has issued a warning to customers on the western side of Maui about potential power cuts due to the risk of wildfires. The utility is closely monitoring weather conditions and may switch off electricity to prevent the threat posed by high winds and dry conditions. This precaution is part of a trend among power providers to intentionally shut off power during gusty winds and low humidity levels to reduce the risk of electrical sparks that could lead to wildfires. Last year's devastating wildfire in Maui's Lahaina town, caused by re-energized downed electrical lines in dry brush, resulted in a significant settlement with victims. In California, similar measures are being considered by utilities to prevent fire hazards. [Extracted from the article]

California utilities are considering cutting power to homes and businesses due to the risk of wildfires caused by gusty winds. PG&E Corp. may begin intentional blackouts as early as Thursday, potentially affecting up to 30 counties from San Francisco to Santa Barbara. Southern California Edison is also considering public safety shutoffs in six counties, including Los Angeles. This practice of preemptively switching off power during dry and windy conditions aims to reduce the risk of power lines igniting wildfires, following previous incidents in California, Oregon, and Hawaii. The National Weather Service has issued fire warnings for various areas in California. [Extracted from the article]

PG&E Corp. has issued a warning that it may need to implement power cuts across a large portion of California due to the risk of wildfires caused by dry and gusty winds. The power cuts could begin as early as Thursday and may affect up to 30 counties. Southern California Edison is also considering similar measures. This practice of preemptively switching off power during dry and windy conditions has been adopted by utilities in the western US to reduce the risk of wildfires. The National Weather Service has issued fire warnings for several areas in California. [Extracted from the article]

Florida utilities are working to restore power to customers who were affected by Hurricane Milton. While many customers will have their power restored by early next week, those in the hardest hit areas of Tampa Bay may have to wait until Thursday. Over 50,000 utility workers from the US and Canada are assisting with repairs. President Joe Biden has pledged to prioritize the restoration efforts, and the damage from the hurricane could reach $50 billion. Tampa Electric aims to restore power to all customers in Hillsborough and Pinellas counties by Thursday, while Florida Power & Light is targeting 90% restoration by Monday night. Duke Energy Florida is also working to restore power, with the majority of customers expected to have power by Sunday. [Extracted from the article]

Florida's two largest utilities, Florida Power & Light and Duke Energy Florida, are working to restore power to customers affected by Hurricane Milton. Florida Power & Light aims to have 90% of its 2 million customers back online by Monday night, while Duke Energy Florida plans to restore power to the majority of its customers by the end of Sunday. However, some areas may not have power restored until Thursday. Over 50,000 utility workers from the US and Canada are working to repair damaged infrastructure, and as of now, about 2 million homes and businesses are still without power. Hurricane Milton was the second major hurricane to hit Florida in two weeks, causing significant damage and loss of life. [Extracted from the article]

Generac Holdings Inc., one of the largest generator companies in the US, is facing a shortage of portable backup generators due to recent storms, including Hurricane Helene. The CEO of Generac, Aaron Jagdfeld, stated that the increasing number of power outages has led to a surge in interest in their products. The company's stock has reached a 52-week high as investors anticipate a boost in sales from multiple hurricane strikes. Hurricane Milton, expected to hit Florida, poses a challenge for Generac in restocking portable products after the storm passes. [Extracted from the article]

Hurricane Milton has regained Category 5 strength and is heading towards Florida's west coast, posing a significant threat of flooding, high winds, and widespread damage. Residents have been urged to evacuate and prepare for the storm's arrival on Wednesday night. The storm comes shortly after Hurricane Helene, which caused extensive damage to the state's west coast. The economic toll of Hurricane Milton is estimated to be between $60 billion and $75 billion, with the potential to rise even higher. The storm surge could threaten hundreds of thousands of residential properties in the Tampa Bay and Sarasota areas. Widespread power outages and disinformation have also been anticipated. [Extracted from the article]

Generac Holdings Inc., a company that sells backup generators, is facing a shortage of products due to recent storms, including Hurricane Helene. The CEO of Generac, Aaron Jagdfeld, stated that the more power outages occur, the more interest there is in their product. Investors are betting on increased sales for Generac's backup power systems due to the multiple hurricane strikes in the US, with Hurricane Milton expected to cause widespread outages and damage in Florida. However, the challenge for Generac will be restocking their products after the storm passes. This year, the US has experienced the highest number of outages since 2010, and Generac typically sees additional revenue from major outages. [Extracted from the article]

A growing number of utilities in the fire-prone US West are implementing proactive blackouts to prevent their equipment from sparking catastrophic wildfires. These intentional power cuts are aimed at keeping communities safe during dangerous fire conditions, but they have angered customers and officials who rely on electricity. The utilities are implementing these measures due to concerns about legal liability and the increasing risk of wildfires caused by longer droughts and more intense heat waves. While the blackouts have shown to reduce ignitions during windstorms, they pose operational challenges for utilities and can result in multiple outages for customers. The companies are working to fortify their grids and reduce the need for power cuts over time. [Extracted from the article]

Generac Holdings Inc., a company that produces backup generators, is facing a shortage of their products due to recent storms, including Hurricane Helene. The CEO of Generac, Aaron Jagdfeld, stated that the high number of power outages has increased interest in their generators. The company's stock has reached a 52-week high as investors anticipate a surge in sales from the impact of multiple hurricanes in the US. Hurricane Milton is expected to cause further outages and damage, posing a challenge for Generac to restock their products after the storm passes. The US has experienced the highest number of outages since 2010, with Generac typically seeing additional revenue of $50 to $100 million from major outages. [Extracted from the article]

The historic town of Lahaina in Maui was devastated by a fire caused by broken power lines, according to the Maui Fire Department. Hawaiian Electric Industries Inc. re-energized the broken utility lines, which ignited dry vegetation. The fire was initially extinguished by firefighters but rekindled later in the day. The blaze resulted in an estimated $5.5 billion in economic damage and 102 deaths. Hawaiian Electric has denied legal responsibility for the fire, stating that firefighters had reported extinguishing a small fire earlier in the day. The Maui Fire Department and the US Bureau of Alcohol, Tobacco, Firearms and Explosives determined that the fire was accidental. A separate report by the Hawaii Attorney General found that high winds knocked down a power line, starting a small fire that was thought to be extinguished but flared up again due to extreme conditions and difficult terrain. A $4 billion settlement has been reached to compensate for the damages, but it is currently being challenged in court by insurance companies. [Extracted from the article]

A report from the Maui Fire Department has determined that the fire that destroyed the town of Lahaina in Maui was caused by broken utility power lines. Hawaiian Electric Industries Inc. re-energized the broken lines, causing sparks to ignite dry vegetation. The fire was initially contained by firefighters but later rekindled from smoldering material. The blaze resulted in $5.5 billion in economic damage and 102 deaths. A separate report by the Hawaii Attorney General found that high winds knocked down a power line, starting a small fire that eventually burned down the town. A $4 billion settlement has been reached to pay claims arising from the fires, but it is currently being challenged in court by insurance companies. [Extracted from the article]

Chinese solar company Trina Solar is looking to expand its presence in the US market amidst ongoing trade tensions between the two countries. Trina Solar's president of North America operations, Steven Zhu, stated that the company plans to invest in creating a US manufacturing hub to serve the American solar market. This comes as the US recently imposed preliminary tariffs on solar imports from Southeast Asia, which is seen as a win for domestic panel makers who argue that cheap imports are harming their operations and investments in the US solar supply chain. Trina Solar is currently building a 5 gigawatt solar module facility in Texas. [Extracted from the article]

PG&E Corp. has cut power to thousands of customers in Northern California to prevent the risk of wildfires caused by their equipment during dry and windy conditions. Approximately 9,444 homes and businesses in the Sacramento Valley and surrounding foothills have been affected. This precautionary measure comes after previous deadly wildfires were sparked by utility equipment. The National Weather Service has warned of elevated fire weather conditions in northern parts of California with gusty winds, high temperatures, and low humidity levels. [Extracted from the article]

The CEO of Constellation Energy Corp., Joe Dominguez, believes that the development of artificial intelligence (AI) is crucial for both the national security and economic prosperity of the United States. In an interview on Bloomberg Television, Dominguez stated that AI is here to stay and that the country needs to be successful in this field from both a geopolitical security perspective and an economic perspective. This statement comes after Constellation announced a $1.6 billion investment to revive the Three Mile Island nuclear power plant and sell its output to Microsoft's data centers. [Extracted from the article]

Generac Holdings Inc., a leading seller of backup generators, predicts an increase in sales due to the growing strain on the US power grid caused by extreme weather and the rising demand from AI-powered data centers. CEO Aaron Jagdfeld stated that individuals and businesses are taking matters into their own hands by investing in backup power solutions. The reliability of the US power supply has declined in recent years due to severe weather events and the increasing electricity demand from technology companies and consumers. [Extracted from the article]

Sunrun Inc. shares dropped after the company announced the end of its sales partnership with Costco Wholesale Corp. The decision was made due to the companies' inability to reach mutually agreeable terms. Costco expressed dissatisfaction with Sunrun's subscription model, which provides less upfront revenue. However, Sunrun stated that the change will not significantly impact its sales volume or cash generation projections. This development comes at a challenging time for the rooftop solar industry, which has experienced a slowdown in sales due to higher interest rates and reduced incentives in California, the largest residential solar market. [Extracted from the article]

Vistra Corp, a power plant developer and owner, has agreed to purchase the remaining shares of Vistra Vision LLC for approximately $3.25 billion. Vistra Vision LLC owns nuclear and solar energy storage assets, including nuclear generation facilities and renewable energy businesses. Vistra Corp's stock has seen significant growth this year, driven by the increasing demand for electricity in the US due to the rise of artificial intelligence and the electrification of cars and buildings. This acquisition reflects the growing investor interest in utilities and power suppliers. [Extracted from the article]

A state report on the devastating wildfire in Lahaina, Hawaii last year has found that there was no single factor that led to the fire's uncontrollable spread and the loss of 102 lives. The report, released by the state's attorney general, identified a combination of factors including outdated utility infrastructure, weather conditions, lack of preparedness, and poor communication among emergency responders. The report serves as a call to action for the state and county governments to learn from the past and better prepare for future disasters. The investigation is not yet complete, as the federal Bureau of Alcohol, Tobacco, Firearms and Explosives is still conducting its own investigation into the fire's origin. [Extracted from the article]

US energy companies are increasing their plans for new natural gas-fired power generation, indicating that fossil fuels may have a longer lifespan than previously anticipated. This surge in demand is driven by the need to power AI data centers, manufacturing facilities, and electric vehicles. While natural gas is seen as a bridge fuel and a less carbon-intensive alternative to coal, it also has environmental consequences, such as methane leakage. The approval of new gas plants risks locking in earth-warming emissions beyond President Joe Biden's goal of achieving a zero-emission electricity sector by 2035. Despite concerns, companies have announced plans to build more new gas power capacity in 2024 than in any year since 2017. [Extracted from the article]

California's solar-heavy electrical grid has been able to maintain power during extreme heat waves this summer, thanks to the rapid deployment of batteries, according to the CEO of PG&E, the state's largest utility. The grid operator has not asked customers to conserve power this summer, in contrast to four years ago when rotating outages occurred during a heat wave. California now has about 10 gigawatts of utility-scale batteries, which charge during the day and provide power when the sun sets. PG&E has connected to over 3.5 gigawatts of battery capacity so far. [Extracted from the article]

Berkshire Hathaway Inc.'s energy division is partnering with Powin Energy Corp. to develop a large solar and storage project in West Virginia. The project will provide clean energy to a manufacturing facility that produces titanium products for the aerospace industry. Powin will supply 50 megawatts of lithium iron phosphate batteries that can discharge electricity for up to 12 hours, while Berkshire will oversee the construction and operation of the system, which will include 106 megawatts of solar power. This project aims to address the increasing demand for electricity while reducing carbon emissions. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. Hedge funds are reducing their bets on an oil rally due to concerns about increasing supplies and decreasing demand. Iron ore prices have been negatively impacted by declines in steel prices in China. Battery storage companies are expected to have a large presence at a clean energy conference in California, as the global market for energy storage systems is projected to double by the end of the decade. China has initiated an anti-dumping probe into Canadian rapeseed imports, and new legislation in Brazil is set to support biofuels over fossil fuels. [Extracted from the article]

Edison International's shares reached an all-time high after the company announced a tentative agreement with state officials to recover nearly $1.7 billion in losses from wildfires and mudslides in 2017 and 2018. The agreement would allow the company's Southern California Edison utility to recover over $1.6 billion of uninsured claims, financing, and legal costs from customers. This recovery of about 60% of its costs exceeded investor expectations and is seen as a positive development. The settlement still needs to be approved by the California Public Utilities Commission. [Extracted from the article]

The article discusses the emerging market for power management systems in homes, which utilize technology to optimize energy usage and reduce costs. These systems allow homeowners to control their energy consumption, sell excess power back to the grid, and earn incentives for providing flexibility to the grid. The article highlights the potential benefits of power management systems, such as reducing greenhouse gas emissions, saving money on utility bills, and avoiding the need for costly infrastructure investments. However, challenges remain, including the low adoption rate of solar panels and the significant upfront costs for upgrading electrical systems. The article emphasizes the need for incentives and government support to drive the adoption of power management systems. [Extracted from the article]

The US residential-solar industry is facing significant challenges, as demonstrated by the recent bankruptcy of SunPower Corp. The company's financial troubles were exacerbated by high interest rates and a subsidy cut in California, the largest solar market in the country. The situation highlights the need for fiscal discipline and a shift away from growth-focused strategies that rely on external funding. Other solar executives have also emphasized the importance of cash generation and debt repayment over aggressive expansion. The industry as a whole is projected to experience a decline in installations, particularly in California. [Extracted from the article]

Hawaiian Electric Industries Inc. has reported losses of $1.7 billion due to liabilities from a devastating wildfire in Maui. The company has agreed to pay almost $2 billion as part of a $4 billion settlement to resolve lawsuits related to the fire. This incident highlights the financial risks faced by electric companies operating in high fire risk areas, following similar cases with PG&E Corp. and Berkshire Hathaway Inc.'s PacifiCorp. Hawaiian Electric plans to finance the settlement through a combination of debt, equity, and other options, without raising customer bills. The fire destroyed thousands of structures and caused the death of 102 people, with the total cost estimated at $5.5 billion. [Extracted from the article]

Hawaiian Electric Industries Inc. has reported estimated losses of $1.7 billion due to liabilities resulting from a devastating wildfire in Maui. The company has issued a going-concern warning. As part of a $4 billion settlement, Hawaiian Electric has agreed to pay almost $2 billion to resolve hundreds of lawsuits related to the wildfires, which killed dozens of people and destroyed the historic town of Lahaina. The settlement involves multiple defendants, including the state of Hawaii, Maui County, and telecommunications companies, and will provide compensation to thousands of affected homeowners and businesses. The disaster caused significant damage, with approximately 2,200 structures, mostly homes, being damaged or destroyed, and 102 people losing their lives. [Extracted from the article]

The US residential-solar industry is facing significant challenges, as demonstrated by the recent bankruptcy of SunPower Corp. The company's financial troubles were exacerbated by high interest rates and a subsidy cut in California, the largest solar market in the country. This has led to a slowdown in demand and reduced profits for rooftop solar firms. The situation highlights the need for fiscal discipline and a focus on cash flow rather than external funding for survival in the industry. Other solar executives have also emphasized the importance of generating cash and paying off debt rather than pursuing growth at all costs. [Extracted from the article]

The CEO of Sunnova Energy International Inc., a rooftop solar company, believes that President Joe Biden's clean energy incentives will not be reversed if Donald Trump is elected president. The CEO stated that there is bipartisan support for these incentives and expects them to remain intact regardless of who is in the White House. Sunnova has benefited from the tax incentives provided under Biden's Inflation Reduction Act, which aims to accelerate the use of carbon-free resources. Trump, on the other hand, has criticized these policies and expressed his intention to undo some of Biden's climate policies. [Extracted from the article]

SunPower Corp., a prominent US solar company, has filed for bankruptcy after facing a series of challenges. The company had to cut costs, restate earnings, and default on a credit agreement. Industry headwinds, such as high interest rates and subsidy changes in California, also impacted the company. SunPower is carrying about $2 billion in long-term debt and has been struggling to avoid potential defaults. The company has agreed to sell assets to Complete Solaria Inc. for $45 million and is seeking court approval for the deal. Despite SunPower's difficulties, analysts believe that the demand for US residential solar remains strong. [Extracted from the article]

SunPower Corp., a prominent US solar company, has filed for bankruptcy after facing a series of challenges. The company had to cut costs, restate earnings, and default on a credit agreement. Industry headwinds, such as high interest rates and subsidy changes in California, also impacted the company. SunPower is carrying about $2 billion in long-term debt and has been struggling to avoid potential defaults. The company has agreed to sell assets to Complete Solaria Inc. and is seeking court approval for the deal. Despite SunPower's difficulties, analysts believe that the company's troubles are specific to the company and not indicative of a lack of demand for US residential solar. [Extracted from the article]

Hawaiian Electric Industries Inc. has agreed to pay almost $2 billion as part of a $4 billion settlement to resolve hundreds of lawsuits over wildfires in Maui that occurred last year. The settlement will resolve claims on behalf of thousands of homeowners and businesses impacted by the wildfires, which killed dozens of people and destroyed the historic town of Lahaina. The fires were caused by strong winds downing power lines and snapping power poles, and Hawaiian Electric had been criticized for not turning off the power before the fires broke out. The settlement will allow all parties to move forward without the challenges of litigation. [Extracted from the article]

Power prices on the largest US power grid are set to reach a record high due to plant retirements and increased demand, including from new data centers. Generators on the 13-state grid will receive a record $269.92 per megawatt-day from utilities to provide capacity over a 12-month period starting in June, a significant increase from last year's auction. The auction results highlight the challenges of the energy transition, as cheap solar and wind power make older plants less competitive, while increased demand strains grids. These higher prices are expected to encourage investment in maintaining existing resources and building new ones. [Extracted from the article]

The cost of electricity for 65 million Americans connected to the largest US electrical grid will increase by 833% starting in June. Power generators in the 13-state grid, which spans from New Jersey to Illinois, will receive a record $269.92 per megawatt-day from utilities to provide capacity over a 12-month period. This auction by grid operator PJM Interconnection LLC is crucial for power plants in the region and impacts the electricity mix for a large portion of the US. The increased costs will be borne by households and businesses. [Extracted from the article]