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Futures data from September 17th: Spot gold prices surged above the 3,700 mark overnight, with COMEX gold futures rising 0.23% to $3,727.50 per ounce, and SHFE gold futures closing up 0.19%. Expectations of a Federal Reserve rate cut, a weakening dollar, and geopolitical uncertainty are all contributing to golds performance. Focus is on the Federal Reserves September meeting and the subsequent Quarterly Economic Projections (SEP). The US dollar continued to weaken on Tuesday, with the US dollar index falling 0.74% to a low of 96.54, hitting a near two-month low. Furthermore, the dollar fell 0.9% against the euro, reaching its lowest level since September 2021. Regarding economic data, US retail sales for August, released on Tuesday, rose 0.6% month-over-month, exceeding expectations of a 0.2% increase. The previous reading was revised from 0.5% to 0.6%, demonstrating resilience in consumer spending. The Federal Reserve held its meeting early Thursday morning, and a rate cut is all but certain. With the US Presidents newly nominated Fed Governor, Milan, participating in the FOMC meeting, the published dot plot is expected to show a more dovish tone, with the number of rate cuts for 2025 expected to fluctuate between two and three. Furthermore, continued pressure from the White House on Powell and other governors is crucial. Concerns about the Feds independence may continue to exacerbate market volatility.According to the Wall Street Journal: Eli Lilly (LLY.N) will invest $5 billion to build a factory in Virginia, USA.Japanese Ministry of Finance: Japans exports to the United States fell 13.8% year-on-year in August; exports to the European Union increased 5.5% year-on-year in August.Japans seasonally adjusted merchandise trade account in August was -150.125 billion yen, compared with expectations of -341.3 billion yen and the previous value of -303 billion yen.Japans annualized rate of merchandise imports in August was -5.2%, in line with expectations of -4.2%. The previous value was revised from -7.50% to -7.40%.

In the United States, solar costs increased by more than 8 percent in the second quarter

Charlie Brooks

Jul 15, 2022 10:35

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According to a research published late on Wednesday, solar energy prices in the United States climbed by 8.1% in the second quarter as a result of an investigation by the Commerce Department into tariffs on Southeast Asian products and growing input costs.


According to a quarterly index that analyzes renewable energy transactions and is collected by LevelTen Energy, the increase amounted to a remarkable 29.7 percent increase in the overall price of wind and solar contracts, also known as power purchase agreements (PPAs), compared to the previous year.


Compared to the previous year, the cost of solar PPAs has climbed by 25.7%.


Since the Russian invasion of Ukraine, economic, logistical, and labor market problems caused by the coronavirus outbreak have intensified, undoing a decade of renewable energy industry cost reductions.


Wind contract expenditures grew by 2.5% during the quarter and have grown by 33.7% annually. Third-quarter wind energy costs in the Southwest Power Pool (NASDAQ:POOL) jumped by 16 percent due to a lack of transmission capacity. Some of the nation's most windy regions, including parts of Nebraska, Oklahoma, and Texas, are served by the grid operator.


LevelTen claimed that it was too soon to evaluate whether or not the decision by U.S. President Joe Biden in early June to waive tariffs on solar panels from the four Asian countries included in the probe for two years will alleviate some of the cost pressure.


In a survey of fifty developers conducted by the firm, around one-third responded that they wanted additional assurances that tariffs would not be applied retroactively if the Commerce Department were to implement them after the two-year wait.


LevelTen reports that the rising cost of wind and solar contracts for corporate and utility buyers has mirrored the rising cost of natural gas-related wholesale energy prices.


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