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Hong Kong stocks opened higher, with the Hang Seng Index up 1.59% and the Tech Index up 1.9%. Innovent Biologics (01801.HK) opened more than 4.5% higher, while Baidu (09888.HK), China Life (02628.HK), and JD Health (06618.HK) opened more than 3% higher.On Monday, February 9th, the Hong Kong Hang Seng Index opened 422.54 points higher, or 1.59%, at 26,982.49; the Hang Seng Tech Index opened 101.43 points higher, or 1.9%, at 5,447.63; the H-share Index opened 139.19 points higher, or 1.54%, at 9,170.57; and the Red Chip Index opened 38.85 points higher, or 0.89%, at 4,399.55.The yield on Japans five-year government bonds rose 3 basis points to 1.715%.The yield on Japans two-year government bonds rose 1.5 basis points to 1.29%.On February 9th, Nan Hua Futures reported that a research report indicated the fundamentals for a platinum-palladium bull market remain intact in the medium to long term. It is expected that the Federal Reserve will maintain its loose monetary policy stance in the first half of 2026, and increased central bank gold purchases, safe-haven demand, and investment demand will continue to push precious metal prices higher. While the nomination of Walsh, a supply-side economist, as Fed Chair has raised concerns about a potential breakdown in the support logic for precious metals (as Fed balance sheet reduction boosts dollar credibility), the US lacks the conditions for producing another "Volcker" before a disruptive breakthrough in AI technology. Furthermore, there is a conflict between "Trumps urgent need to lower medium- and long-term interest rates under midterm election pressure" and "balance sheet reduction pushing up term premiums and driving up long-term interest rates." Although the Fed expanded its balance sheet at the end of December last year, resulting in marginal improvement in liquidity, narrow reserves remain low, and dollar liquidity is tighter than it has been since the pandemic. Under these multiple pressures, Walshs nomination has limited impact, and a trend of liquidity expansion is highly probable. Given the high volatility in platinum and palladium, position control is crucial. Due to the discontinuity between domestic and international trading sessions, the opening price of platinum and palladium often references the overnight trading session in other countries. Investors should pay attention to international market prices and be wary of opening gaps. (This content and opinion are for reference only and do not constitute any investment advice.)

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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