2025-10-08 23:12

Gas supply margins tighter due to declining domestic production Electricity supply margins highest since winter 2019/20 Increased reliance on gas imports LONDON, Oct 9 (Reuters) - Britain's electricity and gas grid operators expect the country to have sufficient energy supplies this winter, despite tighter gas margins due to declining domestic production, they said in their respective winter outlooks on Thursday. Britain's National Energy System Operator and National Gas publish annual reports about the gas and electricity supply and demand picture for the coming winter to help businesses and government prepare. Sign up here. “Only a rare combination of events – such as a very cold UK winter coinciding with a major supply disruption, would pose a material risk to our gas or electricity systems,” Glenn Bryn-Jacobsen, director of Energy Systems & Resilience at National Gas, said in its winter outlook. More than a quarter of Britain's electricity supply comes from gas plants, while most of the country's homes are also heated by the fuel. National Gas said it expects to have sufficient gas this winter, but said the supply margin is tighter than the previous four years due to declining UK continental shelf supply and reductions in storage. “The energy landscape is evolving, with a growing reliance on imports,” Bryn-Jacobsen, said. Overall gas demand is expected to be 3% lower than last winter, mainly due to reduced power sector demand as renewable power output increases. Peak day gas demand this winter is expected at 482 mcm/d versus a peak supply capacity of 565 mcm/d, National Gas said. HIGH ELECTRICITY SUPPLY MARGINS Britain’s winter electricity outlook also looks stable. The NESO projects a de-rated margin - excess capacity above peak demand - of 6.1 gigawatts (GW) for winter 2025/26, equivalent to 10% of peak average cold spell demand and the highest level since winter 2019/20. More battery storage capacity, greater availability of gas plants and an increase in interconnection with Europe after the Greenlink power link between Britain and Ireland led to the increase, the outlook said. However, NESO cautioned that tight supply days remain likely and said electricity prices over the period will be influenced by the gas markets. “Slightly lower European stocks heading into winter may lead to a greater requirement for liquefied natural gas (LNG) imports during a cold winter, which could affect gas and, in turn, power prices,” the NESO outlook said. https://www.reuters.com/business/energy/britains-winter-energy-supply-secure-despite-tighter-gas-margins-grid-operators-2025-10-08/

2025-10-08 22:59

US data show softening in economy, IMF chief says IMF forecasts slight slowdown in global growth in 2025, 2026 Georgieva notes high uncertainty, rising demand for gold IMF urges countries to boost growth, address imbalances 'Don't get too comfortable,' IMF chief says WASHINGTON, Oct 8 (Reuters) - The world economy has proven more resilient than expected despite acute strains from multiple shocks, the head of the International Monetary Fund said on Wednesday, forecasting only a slight slowing of global growth this year and in 2026. IMF Managing Director Kristalina Georgieva said recent economic data showed a softening in the U.S. economy, but it had dodged a recession feared by many experts just six months ago. Sign up here. The U.S. economy and many others had held up, given better policies, a more adaptable private sector, less severe import tariffs than feared - at least for now - and supportive financial conditions, she told an event hosted by the Milken Institute in Washington. "We see global growth slowing only slightly this year and next. All signs point to a world economy that has generally withstood acute strains from multiple shocks," Georgieva said in a preview of the IMF's upcoming World Economic Outlook to be released next Tuesday during the annual meetings of the IMF and the World Bank. In July, the IMF raised its global growth forecast by 0.2 percentage point to 3.0% for 2025 and by 0.1 percentage point to 3.1% for 2026. Georgieva told Reuters in an interview the fresh outlook would reflect a small downward revision from the 3.2% growth forecast last October, but gave no exact numbers. "What we are seeing is demonstrable resilience in the world," she said. "But we are also saying it is a time of exceptional uncertainty and downside risks are still dominating the forecast. So watch it, don't get too comfortable." Next week's gathering takes place at a time when President Donald Trump has upended global trade with steep tariffs and cracked down on immigration, and artificial intelligence is rapidly transforming technology and the outlook for labor. The world economy is doing "better than feared, but worse than needed," Georgieva said in her speech, noting the IMF was forecasting global growth of roughly 3% over the medium-term, well below the 3.7% forecast before the COVID-19 pandemic. She cited deep undercurrents of marginalization, discontent and hardship around the world, and said the global economy faced an array of risks, including a potential market bubble around artificial intelligence. Uncertainty is at exceptionally high levels and continuing to climb, while demand for gold - a traditional safe-haven asset - is surging, Georgieva said. Gold hit another record high on Wednesday, surging past $4,000 an ounce for the first time, as a U.S. government shutdown persisted and expectations for a Fed rate cut this month boosted demand. She said the IMF saw scope for further monetary easing this year. Georgieva said the U.S. tariff shock has been less severe than initially announced in April, with the U.S. trade-weighted tariff rate now around 17.5%, down from 23% in April, and countries largely skipping retaliatory tariffs. But U.S. tariff rates keep changing and U.S. inflation could rise if companies started to pass through more of the cost of tariffs, or if a flood of goods previously headed for the U.S. triggered a second round of tariff hikes elsewhere, she said. Financial market valuations are also heading toward levels last seen during the internet-related bullishness 25 years ago, she said. An abrupt shift in sentiment - such as what happened during the dot.com crash of March 2000 - could drag down world growth, making life especially tough for developing countries. "Buckle up," Georgieva said, adding, "Uncertainty is the new normal and it is here to stay." GEORGIEVA WARNS ON DEBT LEVELS The IMF head urged countries to durably lift growth by boosting private-sector productivity, consolidating spending, reducing debt and tackling excessive current account imbalances, which would help rebuild their buffers for the next crisis. "As we have seen, these imbalances can trigger a protectionist backlash and - being mirrored by net capital flows - can fuel financial stability risks," she said. "We at the IMF are working hard to refine our external sector assessments and will keep pushing key players for policy correctives." Global public debt is expected to exceed 100% of GDP by 2029, Georgieva said. Competition is key, along with free-market-friendly property rights, rule of law, strong financial sector oversights and accountable institutions. In Asia, countries need to deepen trade and carry out reforms to strengthen the service sector, Georgieva said. A push to lower non-tariff barriers and boost regional integration could lift gross domestic product by 1.8% in the long run. In Sub-Saharan Africa, business-friendly reforms could boost the real GDP per capita of the median African country by more than 10%. Europe should finish building a single market, which could help it catch up with the dynamism of the U.S. private sector, she said, offering what she called "tough love" advice. The U.S., on track to see its debt-to-GDP ratio exceed record levels after World War Two, should take "sustained action" to lower its federal debt, Georgieva said. It should also work to boost household saving, such as through favorable treatment of retirement savings. China also had work to do, including boosting fiscal spending on social safety nets and property sector clean-up, while cutting spending on industrial policy initiatives, which accounts for 4.4% of annual GDP, she said. https://www.reuters.com/world/china/imf-chief-says-global-economy-doing-better-than-feared-risks-remain-2025-10-08/

2025-10-08 22:32

Oct 8 (Reuters) - French authorities on Wednesday denied an important maritime concession for the Aquind electricity interconnector project, effectively halting progress on the planned high-voltage link between France and the United Kingdom. While the project received environmental approval in July, the concession required a national-level recognition of public interest, which was not validated, the Seine-Maritime prefecture said in a statement on Wednesday. Sign up here. "We are surprised by this decision, given the growing need for interconnection identified at the European level, particularly between France and Great Britain, and the policies implemented in this respect," said Martin Dubourg, Aquind director for France. While presenting a risk for the project, the decision does not call into question its relevance or eventual completion, he added. With a capacity of 2 gigawatts, the interconnector is expected to transmit over 17 TWh of electricity annually between France and Great Britain, according to the project's website. https://www.reuters.com/business/energy/france-blocks-maritime-concession-france-uk-power-interconnector-project-2025-10-08/

2025-10-08 22:02

SINGAPORE, Oct 9 (Reuters) - Cryptocurrency exchange Gemini said on Thursday it has launched an Australian operation as the firm expands into the country, offering its digital currency exchange services to tap into growing demand. "We think that there's enough market opportunity for us to build a local platform," Saad Ahmed, head of APAC at Gemini, told Reuters on the sidelines of the TOKEN2049 crypto conference in Singapore last week. Sign up here. "We have some institutional customers from Australia, and I think that is another area where we've seen some growth. So having a team on the ground, building a business which is localised, which is optimised for Australian users... makes sense for us." The crypto adoption rate in the country rose to 31% as of early this year, up from 28% last year, according to the Australian Independent Reserve Cryptocurrency Index report released in February. New York City-based Gemini, led by the billionaire twins Tyler and Cameron Winklevoss, made its debut on the Nasdaq last month after raising $425 million in an initial public offering. The launch of Gemini's Australian operations, named Gemini Intergalactic Australia, will allow the company to offer crypto exchange services in the country after registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency provider, it said in a statement. Prior to the move, customers in Australia were able to use Gemini's platform but were serviced through the firm's global arm. https://www.reuters.com/sustainability/boards-policy-regulation/crypto-exchange-gemini-launches-australian-arm-2025-10-08/

2025-10-08 21:43

MUMBAI/LONDON, Oct 8 (Reuters) - A deputy of British finance minister Rachel Reeves has told other ministers that they will not be able to use an emergency reserve to fund pay rises in their departments, ahead of what is expected to be a tough budget in November. Chief Secretary to the Treasury James Murray said the government would not allow public spending to spiral out of control and would clamp down on access to the Treasury Reserve which stands at about 4 billion pounds ($5.37 billion). Sign up here. Ministers making a claim on the fund would have to show the Treasury how they have used up all savings options and departments would have to repay successful claims in the future. "This prudent but tough approach to public spending is what will help build a stable economy," Murray said in a letter to the rest of the cabinet which the finance ministry shared with reporters on Wednesday. Reeves is expected by economists to raise taxes and make spending cuts totalling 25 billion to 30 billion pounds in her budget on November 26 in order to stay on course to meet her targets for fixing the public finances. "Reserve access will only be granted on an exceptional basis, will not be granted for pay pressures and claims that are made will need to be repaid in future years," Murray said. Some government departments have agreed bigger pay rises for public sector workers than were budgeted for earlier this year, which may now have to be financed by job cuts or reduced provision of services to the public. ($1 = 0.7444 pounds) https://www.reuters.com/world/uk/uk-treasury-bars-ministers-using-emergency-reserve-fund-public-sector-pay-rises-2025-10-08/

2025-10-08 21:23

Oct 8 (Reuters) - The Trump administration has postponed a scheduled sale of coal leases on federal lands in Wyoming two days after a disappointing auction in Montana, an Interior Department spokesperson said on Wednesday. The Bureau of Land Management, a division of Interior that manages 245 million acres of federal lands, had been expected to keep processing permits and leases for oil, gas and coal operations during the government shutdown, according to contingency plans published last week. Sign up here. A sale of 3,508 acres of federal coal reserves in Wyoming's Campbell and Converse counties had been scheduled for Wednesday morning. The lease area contains 365 million tons of recoverable coal. Interior said it would post a new date for the sale but did not give a reason for the postponement. BLM held a lease sale for 1,262 acres in Big Horn County, Montana on Monday that attracted one bid from the Navajo Transitional Energy Company, which operates the nearby Spring Creek Mine. The bid of $186,000 for a lease with an estimated 167.5 million tons of recoverable coal equates to less than a penny per ton. The Interior Department blamed the administrations of former Presidents Joe Biden and Barack Obama, both Democrats, for the weak industry interest. "While we would have liked to see stronger participation, this sale reflects the lingering impact from Obama and Biden’s decades long war on coal which aggressively sought to end all domestic coal production and erode confidence in the U.S. coal industry," the Interior Department said in a statement. "Fortunately, President Trump and his Administration are rebuilding trust between industry and government as part of our broader effort to restore American Energy Dominance." Obama and Biden had toughened environmental regulations on coal to reduce pollution and climate impact, and encourage a transition to renewable energy sources. BLM has not yet accepted the NTEC bid because under the leasing process it first must determine whether it represents fair market value. NTEC had argued in sale documents that the fair market value of the coal should be close to the minimum bid of $100 per acre required by law. The company did not respond to requests for comment. President Donald Trump has vowed to revive coal leasing on federal lands so coal can fuel more of the nation's soaring electricity demand tied to artificial intelligence. https://www.reuters.com/business/energy/us-postpones-wyoming-coal-lease-sale-after-disappointing-montana-auction-2025-10-08/