2025-01-08 21:43

Jan 8 (Reuters) - The number of California homes and businesses without electricity ballooned to more than 400,000 on Wednesday, as multiple wildfires raged uncontrollably around Los Angeles. At least six fires have erupted since Tuesday in Los Angeles and Ventura counties, so far claiming two lives and burning homes, schools and businesses over more than 20,000 acres (8,094 hectares), as seasonal winds fuel the blazes, according to state fire officials. Virtually all of the state's outages were in southern California, primarily in Los Angeles, according to PowerOutage.us. Southern California Edison, a subsidiary of U.S. utility Edison International (EIX.N) , opens new tab operating in California, shut off power to more than 169,000 homes and businesses, or more than 3% of its 5 million customers, across six counties. The company had issued notices to 8.5% of its customers that they were being considered for additional shutoffs. So-called power safety shutoffs happen, in part, to reduce the risk that airborne objects spark additional blazes when they strike power lines, said company spokesperson Jeff Monford, who implored the public to stay away from any downed lines. It was unknown when power would be restored as the company would have to wait for the period of concern to pass to get crews to fix power lines and other distribution facilities in the affected areas, Monford said. Shares of utility tumbled as much as 13.8% to $66.70, hitting its lowest levels since April and on track for the biggest one-day percent drop since the onset of the COVID-19 pandemic. The Palisades wildfire has so far burned nearly 12,000 acres in the Pacific Palisades area between the beach towns of Santa Monica and Malibu. Other wildfires have sprung up in neighboring areas, including a 10,500-acre fire near the city of Pasadena. Parts of Malibu and Santa Monica are also under evacuation orders. Tens of thousands of people have been affected by mandatory evacuation orders. Sign up here. https://www.reuters.com/business/energy/californian-utility-socal-edison-shuts-power-over-114000-customers-due-wildfire-2025-01-08/

2025-01-08 21:25

WASHINGTON, Jan 8 (Reuters) - The U.S. agency in charge of nuclear security is commissioning a study on the proliferation risks of a more-enriched uranium fuel that nuclear power developers want to fuel new high-tech reactors, the head of the agency said this week. Jill Hruby, administrator of the National Nuclear Security Administration, said in a statement published in the journal Science that it is important to address proliferation concerns of so-called high assay, low-enriched uranium fuel, or HALEU. "NNSA recognizes that reactor type, fuel enrichment level, fuel quantity, and fuel form are important factors in evaluating proliferation risks and believes that risk-informed and adaptive approaches to the proliferation challenges inherent in nuclear energy are warranted," Hruby said. Planned new nuclear plants, known as small modular reactors, or advanced reactors, must set high standards for safety and security, "especially considering Russia’s takeover of Ukraine’s largest nuclear power plant," she said. Russia in 2022 took the Zaporizhzhia plant, the largest nuclear plant in Europe, by force after it invaded Ukraine. Hruby's statement was in response to an article published last year in which scientists said HALEU poses a security risk because it can be used without further enrichment as fissile material in a crude nuclear weapon. HALEU is uranium fuel enriched up to 20% instead of the 5% level of uranium fuel used in today's commercial reactors. Several companies are hoping to develop a wave of reactors that would use HALEU, including the Bill Gates-backed TerraPower, which wants to build a $4 billion plant in Wyoming by 2030. Nuclear has gotten attention from technology companies seeking new ways to power data centers and as U.S. power demand is growing for the first time in decades. None of the plants have yet to be built. TerraPower did not immediately respond to a request for comment. In October, the U.S. Energy Department rolled out initial contracts to four companies hoping to produce HALEU domestically. Currently, commercial amounts of HALEU are only produced in Russia. The U.S. contracts will last up to 10 years and each awardee received a minimum of $2 million, with up to $2.7 billion available subject to congressional appropriations. Hruby said NNSA has regularly collected data and evaluated HALEU risks, and is finalizing plans to commission a National Academies report. The reports are largely classified, she said. But the information will be used to inform programs, develop actions, and make recommendations to stakeholders. Edwin Lyman, a physicist at the Union of Concerned Scientists and an author of last year's report, said he appreciated that Hruby is asking for the independent review of HALEU by the National Academies. "We are hopeful that this effort will lead to tighter security controls on HALEU to prevent its misuse by proliferators and terrorists." The authors had written that if HALEU enrichment is limited to 10% to 12%, the supply chain would be far safer with only modest costs. Sign up here. https://www.reuters.com/business/energy/us-study-proliferation-risk-haleu-nuclear-fuel-after-warning-by-scientists-2025-01-08/

2025-01-08 21:13

LONDON, Jan 8 (Reuters) - Lloyd's of London (SOLYD.UL) CEO John Neal will leave in 2025 to join insurance broker Aon (AON.N) , opens new tab, the commercial insurance market said on Wednesday, as it faces pressure to speed up automation and improve conduct. Neal will become global CEO of Aon's reinsurance business and global chairman of climate solutions, Lloyd's said in a statement. Neal has headed Lloyd's for more than six years, and was previously group CEO of insurer QBE (QBE.AX) , opens new tab. His departure follows that of chairman Bruce Carnegie-Brown, who announced his resignation last year. Carnegie-Brown will be replaced by Charles Roxburgh in May 2025. "During 2025, John will continue to support both the planned succession of a new chair of the Council of Lloyd’s and the executive leadership transition,” Carnegie-Brown said in a statement. Neal has navigated Lloyd's through losses from a global pandemic, wars, and natural catastrophes such as hurricanes and wildfires. The market, made up of more than 50 commercial insurance companies, reported a 26% jump in first-half profit. However, Lloyd's has also faced criticism for lack of diversity and daytime drinking, while critics say the pace of technological change has been slow. Business traditionally takes place face-to-face in the market's City of London tower. Sheila Cameron, CEO of the Lloyd's Market Association, said the trade body would "look forward to working with both the outgoing and incoming chairman on the selection process for the next CEO of Lloyd’s, who is so critical to shaping Lloyd’s international reputation". Cameron said the LMA would also continue to pursue its agenda to boost underwriting expertise, digitalisation and cultural reform in the market. Patrick Tiernan, currently chief of markets at Lloyd's, could be a possible successor to Neal, two insurance industry sources said. A Lloyd's of London spokesperson declined to comment. In a separate statement, Aon said Neal would report to Andy Marcell, chief executive of risk capital, and serve as a member of the firm's risk capital leadership team. Marcell said Neal would be "instrumental in supporting the team to address the challenges organisations face across the megatrends of trade, technology, weather and workforce". Sign up here. https://www.reuters.com/business/finance/lloyds-london-ceo-neal-leave-2025-2025-01-08/

2025-01-08 20:59

Jan 8 (Reuters) - Movement Labs is raising fresh capital in a round that could fetch $100 million and value the blockchain developer at $3 billion, according to a source familiar with the matter said on Wednesday. The Series B round is being led by crypto-focused investor CoinFund, with participation from the digital asset arm of London-based investment firm Brevan Howard, the source said. CoinFund and Brevan Howard declined comment. Startups in the crypto space are regaining favor among investors as regulatory pressures ease and the market rebounds from its post-FTX crisis lows. Venture firms are also growing more comfortable with signing big checks as a recovery in dealmaking and initial public offerings, spurred by interest rate cuts, provides them with greater opportunities to exit their investments. Global venture capital dealmaking activity rose more than 5% to $368.5 billion last year, according to a report by PitchBook. Movement Labs' latest capital raise comes a year after it raised $38 million in its previous funding round , opens new tab. Funds from the current round will be used to improve its product, expand its footprint in the Asia Pacific region and hire an additional team. The talks were also reported by Fortune earlier. Founded in 2022 by Vanderbilt University dropouts Cooper Scanlon and Rushi Manche, the company aims to make a more accessible, fast and convenient blockchain. It also released its native token last month. Sign up here. https://www.reuters.com/technology/blockchain-firm-movement-labs-targets-3-billion-valuation-funding-round-source-2025-01-08/

2025-01-08 20:53

Shell writes down $400 million on Namibia oil discovery Technical challenges hinder Shell's Namibia oil development Namibia remains optimistic about future oil exploration LONDON, Jan 8 (Reuters) - Shell (SHEL.L) , opens new tab will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer. Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development." Shell and its partners, QatarEnergy and Namibia's national oil company, first discovered hydrocarbon in block PEL39 in 2022, which together with another discovery TotalEnergies (TTEF.PA) , opens new tab made in a nearby block sparked huge global interest in Namibia which has no oil and gas production. Shell has drilled nine wells in the licence over the past three years, making several other discoveries. More recently, Portuguese oil company Galp (GALP.LS) , opens new tab also made a major discovery in a different offshore licence. But the British company encountered technical and geological difficulties for the development of the resources. "While we recognise that extracting the discovered resources presents challenges, the extensive data collected shows that there remain opportunities. Together with our partners, we are continuing to explore potential commercial pathways to development, while actively looking for further exploration opportunities in Namibia," Shell said in a statement on Thursday. CEO Wael Sawan told analysts on Oct. 31 that Namibia's acreage was "very challenging," and that the lower permeability of the rock made extracting oil and gas harder. Sources told Reuters that the offshore discoveries also had a high natural gas content, further complicating their development. Namibia's Ministry of Mines and Energy said in a statement on Thursday that Shell's decision will not significantly impact Namibia's oil and gas development. "It is not a setback. We are positive that the remaining potential of PEL39 and other exploration campaigns will translate into commercial developments," the ministry said. Galp, Chevron (CVX.N) , opens new tab, Rhino Resources and Azule Energy, a joint venture between Italy's Eni (ENI.MI) , opens new tab and BP (BP.L) , opens new tab, are all planning to drill exploration wells in Namibia this year. TotalEnergies plans to make a final investment decision on the development of its Venus discovery by year-end. Shell said in a trading update ahead of fourth quarter results on Jan. 30 that it expects to take an exploration write-off of around $400 million, without providing details. It will take another $300 million write-off related mainly to exploration licences in Colombia, the company added. Sign up here. https://www.reuters.com/business/energy/shell-writes-down-namibia-oil-discovery-2025-01-08/

2025-01-08 20:45

SANTIAGO, Jan 8 (Reuters) - Copper production from Chile's Codelco, the world's largest producer of the red metal, reached 1.328 million metric tons last year, according to an internal document seen by Reuters on Wednesday. The closely watched final number had not previously been reported but Chairman Maximo Pacheco said earlier this week that 2024 output was "slightly higher" than the 1.325 million tons produced in 2023. Faced with declining ore grades, accidents and mistakes at major construction projects, Codelco has been struggling to boost production from 25-year lows and revved up production at the end of the year to hit its 2024 target. Sign up here. https://www.reuters.com/markets/commodities/copper-output-chiles-codelco-rose-1328-mln-tons-2024-document-shows-2025-01-08/