2025-09-02 12:03

NEW DELHI, Sept 2 (Reuters) - NTPC Ltd (NTPC.NS) , opens new tab, India's largest coal power generator, has raised concerns that operating coal-fired power plants at a reduced load could significantly shorten the lifespan of its units. The Central Electricity Authority (CEA), the country's de facto advisor for the power ministry, has recommended lowering the technical minimum — the lowest level at which a thermal plant can run reliably — to 40% of its installed capacity to help accommodate rising renewable energy generation. Sign up here. The CEA plans to implement this from next year. This shift is part of India's broader strategy to integrate more solar and wind power into the grid while maintaining round-the-clock supply. However, NTPC’s Director of Operations Ravindra Kumar said that sustained operation at such low levels could accelerate wear and tear, especially in boilers and turbines designed for higher loads. "If we operate at that level for long periods, the expected life of a plant — typically 25 years — could be cut by a third or even more," Kumar said on the sidelines of Powergen India event in New Delhi on Tuesday. NTPC has opted to set its own technical minimum at 55%, which Kumar said offered a safer balance between flexibility and asset durability. Responding to such concerns, CEA Chairman Ghanshyam Prasad said that studies have demonstrated the feasibility of operating at 40%, provided certain upgrades are made. "If those (retrofitting) investments are made, the machines can run at lower loads. But it will affect efficiency, and that’s where compensation mechanisms should be considered," Prasad said. India is aiming to expand its non-fossil fuel capacity to 500 GW by 2030, but coal remains central to its energy security. The government plans to increase coal-based capacity by 97 GW by 2035, taking the total to around 307 GW, to ensure reliable supply during periods when renewable output dips. https://www.reuters.com/business/energy/indias-ntpc-flags-risks-coal-plant-lifespan-reduced-load-2025-09-02/

2025-09-02 12:00

Ukraine's attacks force Russia to shut 17% of oil-processing capacity Bets on Federal Reserve rate cut buoy oil demand outlook US market reopens on Tuesday following Labour Day break LONDON, Sept 2 (Reuters) - Oil prices rose over 2% on Tuesday as expectations mounted that an escalation of the conflict between Russia and Ukraine would disrupt supply and the market speculated OPEC+ will not raise output at a meeting on Sunday. Brent crude was up $1.13, or around 1.7%, at $69.28 a barrel by 1144 GMT, having risen just over 2% earlier. Sign up here. U.S. West Texas Intermediate crude was at $65.79 a barrel, $1.78 or nearly 2.8% higher. WTI futures did not settle on Monday due to the Labor Day holiday in the United States. "Brent futures are trending towards the upside ahead of the OPEC+ decision and geopolitical concerns over direction of Russia's stake in the crude supply pool," independent analyst Gaurav Sharma said. Investors will monitor a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7. Analysts said they believed the group would not unwind the remaining voluntary cuts in place from the eight members, including Saudi Arabia and Russia, which were supporting the market and keeping prices in the $60 a barrel range. OPEC+ might wait for more data after the conclusion of the U.S. summer driving season before it makes its next move, Sharma added, given an expected supply surplus in the last quarter of the year. Oil prices could fall for a fourth straight year, averaging $55 a barrel in the last quarter of this year, before OPEC+ steps in to stabilise the market into 2026 by cutting output, analysts at SEB commodities said in a note to clients. Expectations that U.S. data will show another crude draw were also boosting the market, UBS analyst Giovanni Staunovo said. The U.S. summer driving season officially finished with Monday's Labor Day holiday, ending the highest demand period in the world's largest fuel market. On the supply side, Ukrainian drone attacks have shut down facilities accounting for at least 17% of Russia's oil-processing capacity, or 1.1 million barrels per day, according to Reuters' calculations. The market will also focus on U.S. labour data due this week ahead of the Federal Reserve's September meeting, which could strengthen the case for monetary easing after surprisingly weak U.S. payrolls data released in July. https://www.reuters.com/business/energy/oil-prices-climb-russia-ukraine-tensions-await-opec-meeting-2025-09-02/

2025-09-02 12:00

Sept 2 (Reuters) - Dow (DOW.N) , opens new tab said on Tuesday it has sold an additional stake in its infrastructure venture to its partner Macquarie Asset Management for $540 million as the chemical maker looks to focus more on its core business. The deal raises Macquarie's stake in the venture, Diamond Infrastructure Solutions, to 49%, and brings Dow's total proceeds from the transaction to about $3 billion. Sign up here. The announcement is part of Dow's earlier agreement with the Australian asset management firm, through which they created the venture to be an infrastructure provider to the chemical maker and other industrial customers. Earlier this year, the company closed a 40% stake sale in some U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie for $2.4 billion. Dow has been reevaluating its ownership of non-product producing assets across its global portfolio, including power and steam production and pipelines. Diamond Infrastructure is an infrastructure provider to Dow and other industrial customers at its five locations in Texas and Louisiana. https://www.reuters.com/business/dow-sells-additional-stake-infrastructure-venture-540-million-2025-09-02/

2025-09-02 11:56

30-year British gilt yield at highest since 1998 French 30-year OAT yield highest since 2011 Pound and yen both under pressure European stocks, U.S. futures both slide Gold hits record high before retreating LONDON/SINGAPORE, Sept 2 (Reuters) - Long-dated bond yields in Europe hit multi-year highs on Tuesday as investors grow increasingly worried about the state of finances in countries around the world, while stocks slid, the dollar gained, and gold touched a fresh record high. As markets suffered a sharp September back-to-school shock, the Japanese yen also tumbled after a close aide to Prime Minister Shigeru Ishiba said on Tuesday he would resign from his post. Sign up here. Later in the day, U.S. business activity data will be the first in a raft of important economic figures to come this week. Britain's 30-year bond yield rose nearly 6 basis points to 5.697%, its highest since 1998, France's rose a similar amount to 4.513%, its highest since 2009, and Germany's was at its highest since 2011 at 3.41%. , , Bond yields move inversely to prices, and yields especially on super-long-dated 30-year bonds have been soaring around the world, with investors concerned about the scale of debt in countries from Japan to the United States. "The pain trade in bond markets seamlessly carried over from August into September," said Kenneth Broux, head of corporate research FX and rates at Societe Generale. "And the flurry of new primary issuance that awaits investors in the coming days and weeks threatens to exacerbate the global sell-off in the long end." More than 100 billion euros ($117 billion) is planned in European bond issuance in September and October. The U.S. 30-year yield was also up 6 bps at 4.8% but that was only its highest since July, while benchmark 10-year Treasury yields rose 6 bps to 4.28%. But Britain and France are in particular focus. French Prime Minister Francois Bayrou looks set to lose a confidence vote next week as opposition parties balk at his cuts to government spending, while British finance minister Rachel Reeves is expected to raise taxes in her autumn budget in order to remain in line with her fiscal targets. Sterling also tumbled sharply, down 1.3% on the dollar at $1.3370, and at its weakest in nearly a month on the euro. , Currencies were volatile elsewhere too, and the dollar was last up nearly 1%on the yen, at 148.6 as dovish-leaning remarks from a Bank of Japan official and the resignation of a key ruling party official pulled down the Japanese currency. The euro also slid 0.7% to $1.631. and Broux said the dollar was seeing some safe-haven properties for the first time since April's tariff shock. "It is only one day of course," he said noting the moves could provide "an attractive entry point if (nonfarm payrolls) surprises to the downside on Friday and the clamour grows for the Fed to cut." All that hurt stocks, and Europe's broad Stoxx 600 share benchmark was down 1%, with rate-sensitive real estate stocks down nearly 3%. (.SX86P) , opens new tab U.S. share futures fell 0.7% BUSY WEEK FOR US DATA Still to come is U.S. business activity data, the first instalment in a packed week of economic figures which will either underscore expectations the Federal Reserve will cut rates later this month, or put them into question. The most important of the week's data is Friday's U.S. nonfarm payrolls report, which will be preceded by data on job openings and private payrolls, providing investors and the Fed a clearer picture of the labour market that has become the centre of policy debate. Markets widely expect the Fed to lower interest rates later this month, pricing in an 89% chance of a 25-basis-point cut. The prospect of near-term Fed cuts, long-term worries about inflation, and global market jitters combine to a perfect environment for precious metals. Gold rose as high as $3,508.5 an ounce early on Tuesday, its highest on record, while silver rose to a 14-year high. , Both then retreated in European trading hit by a rebound in the dollar. Oil prices rose as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine. Brent crude rose 1.5% to $69.17 a barrel. https://www.reuters.com/world/china/global-markets-wrapup-4-2025-09-02/

2025-09-02 11:51

PARIS, Sept 2 (Reuters) - Brazil has made a formal request to become a member country of the International Energy Agency (IEA), said the IEA on Tuesday, in a move which would reinforce Brazil's importance in global energy markets. The IEA said it had a received a letter at its Paris headquarters from Brazilian government ministers, requesting that Brazil be able to start the process of accession to the IEA. Sign up here. Brazil, whose oil and gas production hit a record in July, is currently an association country member of the IEA, which has 32 countries with full membership status. "Brazil is a cornerstone of the global energy system today and its importance is only set to increase in the years ahead. We look forward to discussing next steps with Brazil and our member governments," said IEA executive director Fatih Birol. https://www.reuters.com/business/energy/brazil-asks-become-member-country-international-energy-agency-2025-09-02/

2025-09-02 11:48

Sept 2 (Reuters) - Energy firm Commonwealth LNG said on Tuesday it has received the final non-free trade agreement export authorization from the U.S. Department of Energy (DOE) for its export facility in Louisiana. The LNG export facility is located in the Cameron Parish and is expected to have a capacity of 9.5 million tonnes per annum. Sign up here. Commonwealth said the permit allows it to advance towards a final investment decision later this year with first LNG production expected in 2029. In May, the DOE said it will begin issuing final orders on pending applications to export liquefied natural gas to countries without a free trade agreement with the U.S. https://www.reuters.com/business/energy/commonwealth-lng-receives-final-export-permit-louisiana-facility-2025-09-02/