Shenhua to launch ChinaÂ’s first carbon capture project

Wall Street backs Rick Perry’s $19 billion nuclear-powered data center venture, Fermi America, combining nuclear energy, AI infrastructure, and data centers to meet soaring electricity demand and attract major investors betting on America’s clean energy technology future.

What is "Wall Street Backs Rick Perry’s $19 Billion Nuclear-Powered Data Center Venture”?

Wall Street is backing Rick Perry’s $19 billion nuclear-powered data center venture because it combines the explosive growth of AI with the promise of clean, reliable nuclear energy.

✅ Addresses AI’s massive power demands with nuclear generation

✅ Positions Fermi America as a pioneer in energy-tech convergence

✅ Reflects investor confidence in long-term clean energy solutions

Former Texas Governor and U.S. Energy Secretary Rick Perry has returned to the energy spotlight, this time leading a bold experiment at the intersection of nuclear power and artificial intelligence. His startup, Fermi America, headquartered in Amarillo, Texas, went public this week with an initial valuation of $19 billion after its shares surged 55 percent above the opening price on the first day of trading.

The company aims to tackle one of the most pressing challenges in modern technology: the staggering energy demand of AI data centers. “Artificial intelligence, which is getting more and more embedded in all parts of our lives, the servers that host the data for artificial intelligence are stored in these massive warehouses called data centers,” said Houston Chronicle energy reporter Claire Hao. “And data centers use a ton of electricity.”

Fermi America’s plan, Hao explained, is as ambitious as it is unconventional. Fermi America has a proposal to build what it claims will be the world’s largest data center, powered by what it asserts will be the country’s largest nuclear complex. So very ambitious plans.”

According to the company’s roadmap, Fermi aims to bring its first mega reactor online by 2032, followed by three additional large reactors. In the meantime, the firm intends to integrate natural gas and solar energy by the end of next year to support early-stage operations.

While much of the energy sector’s attention has turned toward small modular reactors, Fermi’s approach focuses on traditional large-scale nuclear technology. “What Fermi is talking about building are large traditional reactors,” Hao said. “These very large traditional reactors are a tried and true technology. But the nuclear industry has a history of taking a very long time to build them, and they are also very expensive to build.” She noted that the most recent example, completed in 2023 by a Georgia utility, came in $17 billion over budget and several years late.

To mitigate such risks, Fermi has recruited specialists with international experience. “They’ve hired folks that have successfully built these projects in China and in other countries where it has been a lot smoother to build these,” Hao said. “Fermi wants to try to make it a quicker process.”

Perry’s involvement lends both visibility and controversy. In addition to co-founding the company, Griffin Perry, his son, plays a role in its management. The firm has hinted that it might even name reactors after former President Donald Trump, under whom Perry served as Secretary of Energy. Perry has framed the project as part of a national effort to regain technological ground. “He really wants to help the U.S. catch up to countries like China when it comes to delivering nuclear power for the AI race,” Hao explained. “He says we’re already behind.”

Despite the fanfare, Fermi America is still a fledgling enterprise. Founded in January and announced publicly in June, the company reported a $6.4 million loss in the first half of the year and has yet to generate any revenue. Still, its IPO exceeded expectations, opening at $21 a share and closing above $32 on the first day.

“I think that just shows there’s a lot of hype on Wall Street around artificial intelligence-related ventures,” Hao said. “Fermi, in the four months since it announced itself as a company, has found a lot of different ways to grab people’s attention.”

For now, the project represents both a technological gamble and a test of investor faith — a fusion of nuclear ambition and AI optimism that has Wall Street watching closely.

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ABO Wind Tunisia 10MW Solar Project will build a photovoltaic park in Gabes with a STEG PPA, fixed tariff, 2,500 m grid connection, producing 18 million kWh annually, targeted for 2020 commissioning with local partners.

Key Points

A 10MW photovoltaic park in Gabes with a 20-year STEG PPA and fixed tariff, slated for 2020 commissioning.

✅ 18 million kWh/year; 2,500 m grid tie, 20-year fixed tariff

✅ Electricity supplied to STEG under PPA; 2020 commissioning

✅ Located in Gabes; built with local partners, 10MW capacity

ABO Wind has received a permit and a tariff for a 10MW photovoltaic project in Tunisia, amid global activity such as Spain's 90MW wind project now underway, which it plans to build and commission in 2020.

The solar park, in the governorate of Gabes, is 400km south of the country’s capital Tunis and aligns with renewable funding initiatives seen across developing markets.

The developer said it plans to build the project next year in close cooperation with local partners, as regional markets from North Africa to the Gulf expand, with Saudi Arabia boosting wind capacity as well.

ABO Wind department head Nicolas Konig said: “The solar park will produce more than 18 million kilowatt hours of electricity per year and will feed it into the grid at a distance of 2500 metres.”

The developer will conclude an electricity supply contract with the state-owned energy supplier (Societe tunisienne de l’electricite et du gaz (STEG), which will provide a fixed remuneration over 20 years, a model echoed by Germany's wind-solar tender for the electricity fed into the grid.

Earlier this year, ABO Wind had already secured a tariff for a wind farm with a capacity of 30MW in a tender, 35km south-east of Tunis, underscoring Tunisia's wind investments under its long-term plan.

The company is working on half a dozen Tunisian wind and solar projects, as institutions like the World Bank support wind growth in developing countries.

“We are making good progress on our way to assemble a portfolio of several ready-to-build wind and solar projects attractive to investors, as Saudi clean energy targets continue to expand globally,” said ABO Wind general manager responsible for international business development Patrik Fischer.

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OPG-TVA SMR Partnership advances advanced nuclear technology and small modular reactors for 24/7 carbon-free baseload power, enabling net-zero goals, cross-border licensing, and deployment within a North American clean energy hub.

Key Points

A cross-border effort by OPG and TVA to develop, license, and deploy SMRs for reliable, carbon-free baseload power.

✅ Coordinates design, licensing, construction, and operations

✅ Supports 24/7 baseload, net-zero targets, and energy security

✅ Leverages Darlington and Clinch River early site permits

Two of North America's leading nuclear utilities unveiled a pioneering partnership to develop advanced nuclear technology as an integral part of a clean energy future and creating a North American energy hub. Ontario Power Generation, whose OPG's SMR commitment is well established, and the Tennessee Valley Authority will jointly work to help develop small modular reactors as an effective long-term source of 24/7 carbon-free energy in both Canada and the U.S.

The agreement allows the companies to coordinate their explorations into the design, licensing, construction and operation of small modular reactors.

"As leaders in our industry and nations, OPG and TVA share a common goal to decarbonize energy generation while maintaining reliability and low-cost service, which our customers expect and deserve," said Jeff Lyash, TVA President and CEO. "Advanced nuclear technology will not only help us meet our net-zero carbon targets but will also advance North American energy security."

"Nuclear energy has long been key to Ontario's clean electricity grid, and is a crucial part of our net-zero future," said Ken Hartwick, OPG President and CEO. "Working together, OPG and TVA will find efficiencies and share best practices for the long-term supply of the economical, carbon-free, reliable electricity our jurisdictions need, supported by ongoing Pickering life extensions across Ontario's fleet."

OPG and TVA have similar histories and missions. Both are based on public power models that developed from renewable hydroelectric generation before adding nuclear to their generation mixes. Today, nuclear generation accounts for significant portions of their carbon-free energy portfolios, with Ontario advancing the Pickering B refurbishment to sustain capacity.

Both are also actively exploring SMR technologies. OPG is moving forward with plans to deploy an SMR at its Darlington nuclear facility in Clarington, ON, as part of broader Darlington SMR plans now underway. The Darlington site is the only location in Canada licensed for new nuclear with a completed and accepted Environmental Assessment. TVA currently holds the only Nuclear Regulatory Commission Early Site Permit in the U.S. for small modular reactor deployment at its Clinch River site near Oak Ridge, TN.

No exchange of funding is involved. However, the collaboration agreement will help OPG and TVA reduce the financial risk that comes from development of innovative technology, as well as future deployment costs.

"TVA has the most recent experience completing a new nuclear plant in North America at Watts Bar and that knowledge is invaluable to us as we work toward the first SMR groundbreaking at Darlington," said Hartwick. "Likewise, because we are a little further along in our construction timing, TVA will gain the advantage of our experience before they start work at Clinch River."

"It's a win-win agreement that benefits all of those served by both OPG and TVA, as well as our nations," said Lyash. "Moving this technology forward is not only a significant step in advancing a clean energy future and Canada's climate goals, but also in creating a North American energy hub."

"With the demand for clean electricity on the rise around the world, Ontario's momentum is growing. The world is watching Ontario as we advance our work to fully unleash our nuclear advantage, alongside a premiers' SMR initiative that underscores provincial collaboration. I congratulate OPG and TVA – two great industry leaders – for working together to deploy SMRs and showcase and apply Canada's nuclear expertise that will deliver economic, health and environmental benefits for all of us to enjoy," said Todd Smith, Ontario Minister of Energy.

"The changing climate is a global crisis that requires global solutions. The partnership between the Tennessee Valley Authority and Ontario Power Generation to develop and deploy advanced nuclear technology is exactly the kind of innovative collaboration that is needed to quickly bring the next generation of nuclear carbon-free generation to market. I applaud the leadership that both companies are demonstrating to further strengthen our cross-border relationships," said Maria Korsnick, President and CEO, Nuclear Energy Institute.

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BC Hydro Crypto Mining Moratorium pauses high-load connection requests, as BCUC reviews electricity demand, gigawatt-hours and megawatt load forecasts, data center growth, and potential rate impacts on the power grid and industrial customers.

Key Points

A BC order pausing crypto mining connections while BC Hydro and BCUC assess load, grid impacts, and ratepayer risks.

✅ 18-month pause on new high-load crypto connections

✅ 1,403 MW in requests suspended; 273 MW existing or pending

✅ Seeks to manage demand, rates, and grid reliability

In its Nov. 1, 2022 load update briefing note to senior executives of the Crown corporation, BC Hydro shows that the entire large industrial sector accounted for 6,591 gigawatt-hours during the period – one percent less than forecast in the service plan.

BC Hydro censored load statistics about crypto mining, coal mining and chemicals from the briefing note, which was obtained under the freedom of information law and came amid scrutiny over B.C. electricity imports because it feared that disclosure would harm Crown corporation finances and third-party business interests.

Crypto mining requires high-powered computers to run and be cooled around the clock constantly. So much so that cabinet ordered the BC Utilities Commission (BCUC) last December to place an 18-month moratorium on crypto mining connection requests, while other jurisdictions, such as the N.B. Power crypto review, undertook similar pauses to assess impacts.

In a news release, the government said 21 projects seeking 1,403 megawatts were temporarily suspended. The government said that would be enough to power 570,000 homes or 2.1 million electric vehicles for a year.

A report issued by BC Hydro before Christmas said there were already 166 megawatts of power from operational projects at seven sites. Another six projects with 107 megawatts were nearing connection, bringing its total load to 273 megawatts.

Richard McCandless, a retired assistant deputy minister who analyzes the performance of BC Hydro and the Insurance Corp of British Columbia, said China's May 2021 ban on crypto mining had a major ripple effect on those seeking cheap and reliable power.

"When China cracked down, these guys fled to different areas," McCandless said in an interview. "So they took their computers and went somewhere else. Some wound up in B.C."

He said BC Hydro's secrecy about crypto loads appears rooted in the Crown corporation underestimating load demand, even as new generating stations were commissioned to bolster capacity.

"Crypto is up so dramatically; they didn't want to show that," McCandless said. "Maybe they didn't want to be seen as being asleep at the switch."

Indeed, BCUC's April 21 decision on BC Hydro's 2021 revenue forecasts through the 2025 fiscal year included BC Hydro's forecast increase for crypto and data centres of about 100 gigawatt-hours through fiscal 2024 before returning to 2021 levels by 2025. In addition, the BCUC document said that BC Hydro's December 2020 load forecast was lower than the previous one because of project cancellations and updated load requests, amid ongoing nuclear power debate in B.C.

"Given the segment's continued uncertainty and volatility, the forecast assumes these facilities are not long-lived," the BC Hydro application said.

A September 2022 report to the White House titled "Crypto-Assets in the United States" said increased electricity demand from crypto-asset mining could lead to rate increases.

"Crypto-asset mining in upstate New York increased annual household electric bills by [US]$82 and annual small business electric bills by [US]$164, with total net losses from local consumers and businesses estimated to be [US]$179 million from 2016-2018," the report said. The information mentioned Plattsburgh, New York's 18-month moratorium in 2018. Manitoba announced a similar suspension almost a month before B.C.

B.C.'s total core domestic load of 23,666 gigawatt-hours was two percent higher than the service plan amid BC Hydro call for power planning, with commercial and light industrial (9,198 gigawatt-hours) and residential (7,877 gigawatt-hours) being the top two customer segments.

"A cooler spring and warmer summer supported increased loads, as the Western Canada drought strained hydropower production regionally. However, warmer daytime temperatures in September impacted heating more than cooling," said the briefing note.

"Commercial and light industrial consumption benefited from warmer temperatures in August but has also been impacted to a lesser degree by the reduced heating load in the first three weeks of October."

Loads improved relative to 2021, but offices, retail businesses and restaurants remained below pre-pandemic levels. Education, recreation and hotel sectors were in line with pre-pandemic levels. Light industrial sector growth offset the declines.

For heavy industry, pulp and paper electricity use was 15 percent ahead of forecast, but wood manufacturing was 16 percent below forecast. The briefing note said oil and gas grew nine percent relative to the previous year but, alongside ongoing LNG power demand, fell nine percent below the service plan.

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Muskrat Falls financial impact highlights a hydro megaproject's cost overruns, rate mitigation challenges, and inquiry findings in Newfoundland and Labrador, with power exports, Churchill River generation, and subsea cables shaping long-term viability.

Key Points

It refers to the project's burden on provincial finances, driven by cost overruns, rate hikes, and debt risks.

✅ Costs rose to $12.7B from $6.2B; inquiry cites suppressed risks.

✅ Rate mitigation needed to offset power bill shocks.

✅ Exports via subsea cables may improve long-term viability.

Newfoundland and Labrador's premier says the Muskrat Falls hydro megaproject is currently too much of a massive financial burden for him to be optimistic about its long-term potential.

"I am probably one of the most optimistic people in this room," Liberal Premier Dwight Ball told the inquiry into the project's runaway cost and scheduling issues, echoing challenges at Manitoba Hydro that have raised similar concerns.

"I believe the future is optimistic for Newfoundland Labrador, of course I do. But I'm not going to sit here today and say we have an optimistic future because of the Muskrat Falls project."

Ball, who was re-elected on May 16, has been critical of the project since he was opposition leader around the time it was sanctioned by the former Tory government.

He said Friday that despite his criticism of the Labrador dam, which has seen costs essentially double to more than $12.7 billion, he didn't set out to celebrate a failed project.

He said he still wants to see Muskrat Falls succeed someday through power sales outside the province, but there are immediate challenges -- including mitigating power-rate hikes once the dam starts providing full power and addressing winter reliability risks for households.

"We were told the project would be $6.2 billion, we're at $12.7 (billion). We were never told this project would be nearly 30 per cent of the net debt of this province just six, seven years later," the premier said.

"I wanted this to be successful, and in the long term I still want it to be successful. But we have to deal with the next 10 years."

The nearly complete dam will harness Labrador's lower Churchill River to provide electricity to the province as well as Nova Scotia and potentially beyond through subsea cables, while the legacy of Churchill Falls continues to shape regional power arrangements.

Ball's testimony wraps up a crucial phase of hearings in the extensive public inquiry.

The inquiry has heard from dozens of witnesses, with current and former politicians, bureaucrats, executives and consultants, amid debates over Quebec's electricity ambitions in the region, shedding long-demanded light on what went on behind closed doors that made the project go sideways.

Some witnesses have suggested that estimates were intentionally suppressed, and many high-ranking officials, including former premiers, have denied seeing key information about risk.

On Thursday, Ball testified to his shock when he began to understand the true financial state of the project after he was elected premier in 2015.

On Friday, Ball said he has more faith in future of the offshore oil and gas industry, and emerging options like small nuclear reactors, for example, than a mismanaged project that has put immense pressure on residents already struggling to make ends meet.

After his testimony, Ball said he takes some responsibility for a missed opportunity to mitigate methylmercury risks downstream from the dam through capping the reservoir, in parallel with debates over biomass power in electricity generation, something he had committed to doing before it is fully flooded this summer.

Still to come is a third phase of hearings on future best practices for issues like managing large-scale projects and independent electricity planning, two public feedback sessions and closing submissions from lawyers.

The final report from the inquiry is due before Dec. 31.

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BC Energy Debate: Nuclear Power and LNG divides British Columbia, as a new survey weighs zero-emission clean energy, hydroelectric capacity, the Site C dam, EV mandates, energy security, rising costs, and blackout risks.

Key Points

A BC-wide debate on power choices balancing nuclear, LNG, hydro, costs, climate goals, EVs, and grid reliability.

✅ Survey: 43% support nuclear, 40% oppose in BC

✅ 55% back LNG expansion, led by Southern BC

✅ Hydro at 90%; Site C adds 1,100 MW by 2025

There is a long-term need to produce more electricity to meet population and economic growth needs and, in particular, create new clean energy sources, with two new BC generating stations recently commissioned contributing to capacity.

Increasingly, in the worldwide discourse on climate change, nuclear power plants are being touted as a zero-emission clean energy source, with Ontario exploring large-scale nuclear to expand capacity, and a key solution towards meeting reduced emissions goals. New technological advancements could make nuclear power far safer than existing plant designs.

When queried on whether British Columbia should support nuclear power for electricity generation, respondents in a new province-wide survey by Research Co. were split, with 43% in favour and 40% against.

Levels of support reached 46% in Metro Vancouver, 41% in the Fraser Valley, 44% in Southern BC, 39% in Northern BC, and 36% on Vancouver Island.

The closest nuclear power plant to BC is the Columbia Generating Station, located in southern Washington State.

The safe use of nuclear power came to the forefront following the 2011 Fukushima nuclear disaster when the most powerful earthquake ever recorded in Japan triggered a large tsunami that damaged the plant’s emergency generators. Japan subsequently shut off many of its nuclear power plants and increased its reliance on fossil fuel imports, but in recent years there has been a policy reversal to restart shuttered nuclear plants to provide the nation with improved energy security.

Over the past decade, Germany has also been undergoing a transition away from nuclear power. But in an effort to replace Russian natural gas, Germany is now using more coal for power generation than ever before in decades, while Ontario’s electricity outlook suggests a shift to a dirtier mix, and it is looking to expand its use of liquefied natural gas (LNG).

Last summer, German chancellor Olaf Scholz told the CBC he wants Canada to increase its shipments of LNG gas to Europe. LNG, which is greener compared to coal and oil, is generally seen as a transitionary fuel source for parts of the world that currently depend on heavy polluting fuels for power generation.

When the Research Co. survey asked BC residents whether they support the further development of the province’s LNG industry, including LNG electricity demand that BC Hydro says justifies Site C, 55% of respondents were supportive, while 29% were opposed and 17% undecided.

Support for the expansion of the LNG is highest in Southern BC (67%), followed by the Fraser Valley (56%), Metro Vancouver (also 56%), Northern BC (55%), and Vancouver Island (41%).

A larger proportion of BC residents are against any idea of the provincial government moving to ban the use of natural gas for stoves and heating in new buildings, with 45% opposed and 39% in support.

Significant majorities of BC residents are concerned that energy costs could become too expensive, and a report on coal phase-outs underscores potential cost and effectiveness concerns, with 84% expressing concern for residents and 66% for businesses. As well, 70% are concerned that energy shortages could lead to measures such as rationing and rolling blackouts.

Currently, about 90% of BC’s electricity is produced by hydroelectric dams, but this fluctuates throughout the year — at times, BC imports coal- and gas-generated power from the United States when hydro output is low.

According to BC Hydro’s five-year electrification plan released in September 2021, it is estimated BC has a sufficient supply of clean electricity only by 2030, including the capacity of the Site C dam, which is slated to open in 2025. The $16 billion dam will have an output capacity of 1,100 megawatts or enough power for the equivalent of 450,000 homes.

The provincial government’s strategy for pushing vehicles towards becoming dependent on the electrical grid also necessitates a reliable supply of power, prompting BC Hydro’s first call for power in 15 years to prepare for electrification. Most BC residents support the provincial government’s requirement for all new car and passenger truck sales to be zero-emission by 2035, with 75% supporting the goal and 21% opposed.
 

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