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On September 8th, Hong Kong Exchanges and Clearing Limited (HKEX) (00388.HK) announced in Hong Kong that HKEX and the London Metal Exchange (LME) have been named as defendants in a new claim (the “2026 Competition Appeal Tribunal Claim”) filed by Elliott with the UK Competition Appeal Tribunal on September 3, 2026. HKEX has not yet been served with legal process documents relating to the 2026 Competition Appeal Tribunal Claim. Elliott must obtain permission from the Tribunal before serving legal process documents to HKEX. If any such permission is granted, HKEX may raise further defenses against it. HKEX believes the 2026 Competition Appeal Tribunal Claim is without legal basis and will actively defend against it.On September 8th, US President Trump released a revised ranking of US presidents on social media, expanding upon the version released a few days earlier. The latest ranking categorizes past US presidents into six levels: "Greatest," "Great," "Near Great," "Average," "Below Average," and "Losers." Trump placed himself in the "Greatest" level, above Abraham Lincoln, George Washington, and Franklin D. Roosevelt. Compared to the initial version, Reagan was added to the "Near Great" level, while Hoover was relegated to the "Losers" level. Biden and Obama remained in the "Losers" level.A Kremlin spokesman said a bilateral meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi is scheduled for Friday; trade and the economy will be a key part of the agenda.On September 8th, it was announced that Alibabas B2B businesses, 1688 and Alibaba.com, have been integrated and will operate as a whole, with Zhang Kuo in charge. Yu Yong, the former head of 1688, will be reassigned within the Alibaba Group. This move aims to leverage AI technology to integrate domestic supply chain advantages, connect domestic and international markets, and create greater business opportunities for merchants. 1688 and Alibaba.com are Alibabas two earliest B2B businesses, responsible for domestic wholesale and cross-border wholesale respectively, both having been established for over 20 years. Previously, on August 20th, Alibabas financial report divided its e-commerce business into four segments (China e-commerce, instant retail, international e-commerce, and global wholesale), with the global wholesale segment including 1688 and Alibaba.com.The China Earthquake Networks Center officially reported that a magnitude 2.6 earthquake occurred at 16:39 on September 8 in Luanzhou City, Tangshan City, Hebei Province (39.63 degrees north latitude, 118.50 degrees east longitude), with a focal depth of 11 kilometers.

California Asserts That It Requires More Energy to Keep The Lights on

Haiden Holmes

May 07, 2022 09:35

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Energy authorities in California presented a gloomy outlook for the state's electrical infrastructure on Friday, stating that it lacks the ability to keep the lights on this summer and beyond if heatwaves, wildfires, and other extreme events take their toll.


In response to a series of obstacles posed by the ambitious transition away from fossil fuels, including rolling blackouts during a 2020 summer heat wave, executives of three state agencies and the office of Governor Gavin Newsom have provided an update.


California's climate change regulations are among the most stringent in the world, including a 2045 aim of producing all of its electricity from carbon-free sources.


During an online conference with media, state officials predicted a potential shortfall of 1,700 megawatts this year, with the number reaching as high as 5,000 MW if the grid is overburdened by numerous difficulties that lower available electricity while driving up demand.


Power outages along these lines might affect between one million and four million people. Officials stressed that outages will only occur under extreme conditions and will depend in part on the performance of conservation measures.


According to the California Energy Commission, Public Utilities Commission, California Independent System Operator, and Newsom's administration, the state will still have a capacity gap of approximately 1,800 MW in 2025. In addition, they anticipated yearly electricity tariff hikes between 4 and 9 percent between now and 2025.


The planning of electricity in California has been complicated by destructive wildfires, extreme heat events, and drought, which have affected hydropower supply. According to officials, conventional electricity demand forecasting does not account for such significant climate-related events.


Moreover, numerous solar farms and energy storage projects that the state has commissioned in the past two years have been delayed due to supply chain difficulties during the pandemic and a recent federal trade investigation into solar imports.


During the briefing, Newsom's assistant Karen Douglas stated, "We are now in a position where we must consider a new environment in terms of the challenge we face in putting online the projects we need."


The declaration, which came a week after Newsom said the state was open to keeping its remaining nuclear power plant operational to preserve reliability, appeared to lay the framework for an effort to keep older plants — some of which are natural gas-powered — operational.


Mark Rothleder, chief operating officer of the California ISO grid operator, stated, "Before we let some of these retirements go, we must ensure that sufficient new resources are in place and operational." Otherwise, we expose ourselves to the possibility of having insufficient capability.