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On December 19th, it was learned from BeiGene that Wu Xiaobins position remains unchanged; he continues to serve as the companys President and Chief Operating Officer. After market close on December 18th, BeiGene announced that its board of directors had approved the appointment of Wang Lai, the companys Global Head of R&D, as President and Global Head of R&D. Upon effective appointment, Wang Lai will serve as President and Global Head of R&D, responsible for managing the companys R&D, business development, and business alliance relationships.December 19th - Abhijit Surya, Senior Economist for Asia Pacific at Capital Economics, stated that the Japanese November CPI data released this morning has paved the way for the Bank of Japan to raise its policy rate by 25 basis points today. The Bank of Japans core inflation indicator shows that inflationary pressures remain strong. Underlying inflation in Japan is likely to remain robust. In the foreseeable future, inflation, excluding fresh food and energy, is likely to remain above the Bank of Japans 2% target, almost certainly exceeding the Bank of Japans forecasts for the current and next fiscal years.On Friday, December 19, the Hong Kong Hang Seng Index opened 136.09 points higher, or 0.53%, at 25,634.22; the Hang Seng Tech Index opened 43.63 points higher, or 0.81%, at 5,461.92; the H-share Index opened 51.59 points higher, or 0.58%, at 8,893.1; and the Red Chip Index opened 7.94 points higher, or 0.2%, at 4,057.56.The draft text shows that EU leaders hope to continue working on the technical and legal aspects of establishing a compensation loan facility.EU officials have indicated that it appears possible to reach an agreement on providing funding for Ukraine within the available space of the EU budget.

This week, Texas and U.S. Plains states will break new records for energy usage

Aria Thomas

Jul 20, 2022 11:21

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Regional electric grid operators stated on Tuesday that electricity usage in Texas and other Central U.S. states is expected to set new records in the coming days as families and businesses switch on air conditioners to combat the heat.


As temperatures in the United States hit triple digits and the cost of delivering electricity rises for utility companies, grid management have begun taking steps to ensure they have the capacity to satisfy rising demand.


The United States is projected to consume a record amount of electricity in 2022, primarily because of rising economic demand and population growth in Sun Belt states served by the Electric Reliability Council of Texas (ERCOT) and the Southwest Power Pool (NASDAQ:POOL) (SPP), as well as in the U.S. Southeast.


On Tuesday, the temperature is expected to reach 111 degrees Fahrenheit (44 degrees Celsius) in Oklahoma City, making it the hottest day in a decade. On Wednesday and Thursday, the temperature in Houston will hit 100 degrees Fahrenheit (38 degrees Celsius). According to government data, the average temperature in both cities during this time of year is 94 degrees Fahrenheit (34 degrees Celsius).


On Monday, state environmental regulators granted ERCOT permission to allow power facilities to exceed the emission restrictions of their air license. ERCOT manages the system for nearly 90 percent of the state's energy usage, representing more than 26 million people.


Last week, ERCOT partially fulfilled demand by encouraging users to reduce their energy consumption in lieu of more harsh measures, such as rotating outages, to reduce consumption.


SPP, which operates the grid for over 18 million people in 17 states from North Dakota to Texas, has asked its members to postpone maintenance on critical assets including as transmission lines and power plants. In order to ensure the availability of resources during times of high demand, grid operators regularly implement this approach.


ERCOT said that Monday's preliminary power usage hit 79,039 megawatts (MW), exceeding July 12's previous high of 78,412 MW. Tuesday's power usage is forecast to hit 80,318 MW, while Wednesday's is projected to reach 81,480 MW.


On a hot summer day in Texas, one megawatt may provide electricity to over 200 homes.


Tuesday's power costs at the Dallas-serving ERCOT North Hub jumped from $144 to $220 per megawatt hour (MWh). This compares to an average of $74 for the first six months of this year, $141 for 2021, and $56 for the preceding five years (2017-2021).


Tuesday's power usage is expected to surpass the previous high of 52,028 MW established on July 15 by reaching 53,760 MW.


The severe weather is reminiscent of the February freeze of 2021, which left millions of Texans without electricity, water, and heat for days in the midst of a deadly storm, as ERCOT tried to prevent a system collapse owing to an extremely high number of generators shutting down.

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