Iraq signs deal with Alstom

Ontario Battery Energy Storage anchors IESO strategy, easing peak demand and boosting grid reliability. Projects like Oneida BESS (250MW) and nearly 3GW procurements integrate renewables, wind and solar, enabling flexible, decarbonized power.

Key Points

Provincewide grid batteries help IESO manage peaks, integrate renewables, and strengthen reliability across Ontario.

✅ IESO forecasts 1,000MW peak growth by 2026

✅ Oneida BESS adds 250MW with 20-year contract

✅ Nearly 3GW storage procured via LT1 and other RFPs

Ontario’s electricity grid is facing increasing demand amid a looming supply crunch, prompting the province to invest heavily in battery energy storage systems (BESS) as a key solution. The Ontario Independent Electricity System Operator (IESO) has highlighted that these storage technologies will be crucial for managing peak demand in the coming years.

Ontario's energy demands have been on the rise, driven by factors such as population growth, electric vehicle manufacturing, data center expansions, and heavy industrial activity. The IESO's latest assessment, and its work on enabling storage, covering the period from April 2025 to September 2026, indicates that peak demand will increase by approximately 1,000MW between the summer of 2025 and 2026. This forecasted rise in energy use is attributed to the acceleration of various sectors within the province, underscoring the need for reliable, scalable energy solutions.

A significant portion of this solution will be met by large-scale energy storage projects. Among the most prominent is the Oneida BESS, a flagship project that will contribute 250MW of storage capacity. This project, developed by a consortium including Northland Power and NRStor, will be located on land owned by the Six Nations of the Grand River. Expected to be operational soon, it will play a pivotal role in ensuring grid stability during high-demand periods. The project benefits from a 20-year contract with the IESO, guaranteeing payments that will support its financial viability, alongside additional revenue from participating in the wholesale energy market.

In addition to Oneida, Ontario has committed to acquiring nearly 3GW of energy storage capacity through various procurement programs. The 2023 Expedited Long-Term 1 (LT1) request for proposals (RfP) alone secured 881MW of storage, with additional projects in the pipeline. A notable example is the Hagersville Battery Energy Storage Park, which, upon completion, will be the largest such project in Canada. The success of these procurement efforts highlights the growing importance of BESS in Ontario's energy strategy.

The IESO’s proactive approach to energy storage is not only a response to rising demand but also a step toward decarbonizing the province’s energy system. As Ontario transitions away from traditional fossil fuels, BESS will provide the necessary flexibility to accommodate increasing renewable energy generation, a clean energy solution widely recognized in jurisdictions like New York, particularly from intermittent sources like wind and solar. By storing excess energy during periods of low demand and dispatching it when needed, these systems will help maintain grid stability, and as many utilities see benefits even without mandates, reduce reliance on fossil fuel-based power plants.

Looking ahead, Ontario's energy storage capacity is expected to grow significantly, complemented by initiatives such as the Hydrogen Innovation Fund, with projects from the 2023 LT1 RfP expected to come online by 2027. As more storage resources are integrated into the grid, the province is positioning itself to meet its rising energy needs while also advancing its environmental goals.

Ontario’s increasing reliance on battery energy storage is a clear indication of the province’s commitment to a sustainable and resilient energy future, aligning with perspectives from Sudbury sustainability advocates on the grid's future. With substantial investments in storage technology, Ontario is not only addressing current energy challenges but also paving the way for a cleaner, more reliable energy system in the years to come.

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Duke Energy zero-coal 2050 plan outlines a decarbonized energy mix, aligning with Paris goals, cutting greenhouse gas emissions, driven by investor pressure, shifting to natural gas, extending nuclear power, and phasing out coal.

Key Points

An investor-driven scenario to end coal by 2050, shift to natural gas, extend nuclear plants, and manage climate risk.

✅ Eliminates coal from the generation mix by 2050

✅ Prioritizes natural gas transitions without CCS breakthroughs

✅ Extends nuclear plant licenses to limit carbon emissions

One of America’s largest utility companies, Duke Energy, is set to release a report later this month that sketches a drastically changed electricity mix in a carbon-constrained future.

The big picture: Duke is the latest energy company to commit to releasing a report about climate change in response to investor pressure, echoing shifts such as Europe's oil majors going electric across the sector, conveyed by non-binding but symbolically important shareholder resolutions. Duke provides electricity to more than seven million customers in the Carolinas, the Midwest and Florida.

Gritty details: The report is expected to find that coal, currently 33% of Duke’s mix, gone entirely from its portfolio by 2050 in a future scenario where the world has taken steps to cut greenhouse gas emissions, and where global coal-fired electricity use is falling markedly, to a level consistent with keeping global temperatures from rising two degrees Celsius. That’s the big ambition of the 2015 Paris climate deal, but the current commitments aren’t close to reaching that.

What they're saying: “What’s difficult about this is we are trying to overlay what we understand currently about technology,” Lynn Good, Duke CEO, told Axios in an interview on the sidelines of a major energy conference here.

She went on to say that this scenario of zero coal by 2050 doesn’t assume any breakthroughs in technology that captures carbon emissions from coal-fired power plants. “We don’t see that technology today, and we need to make economic decisions to get those units moving and replacing them with natural gas.”

Good also stressed the benefits of its several nuclear power plants, highlighting the role of sustaining U.S. nuclear power in decarbonization, which emit no carbon emissions. She said Duke isn’t considering investing in new nuclear plants, but plans to seek federal relicensing of current plants.

“If I turn them off, the resource that would replace them today is natural gas, so carbon will go up,” Good said. “Our objective is to continue to keep those plants as long as possible.”

What’s next: A spokesman said the other details of their 2050 scenario estimates will be available when the report is officially released by month’s end.

Axios reports that Duke Energy will release a report later this month that detail the utility's efforts to mitigate climate change risks and plan carbon-free electricity investments across its operations. The report includes a scenario that eliminates coal entirely from the company's power mix by 2050. Coal currently makes up about a third of Duke's generation.

Duke CEO Lynn Good told the news outlet the scenario ending coal-fired generation assumes no technological advances in emissions capture, seemingly leaving open the possibility.

Last year, a report by the Union of Concerned Scientists concluded one in four of the remaining operating coal-fired plants in the U.S. are slated for closure or conversion to natural gas, amid falling power-sector carbon emissions across the country. Duke's report is expected to be released by the end of the month.

Duke's report on its carbon plans comes at the behest of shareholders, a trend utility companies have seen growing among investors who are increasingly concerned about companies' sustainability and their financial exposure to climate policy.

Last year, a majority of shareholders of Pennsylvania utility PPL Corp. called on company management to publish a report on how climate change policies and technological innovations will affect the company's bottom line. Almost 60% of shareholders voted in favor of the non-binding proposal.

The vote, reportedly a first for the power sector, followed a similar decision by shareholders of Occidental Petroleum, which was supported by about 66% of shareholders.

Duke's Good told Axios that right now the utility does not see the coal technology on the horizon that would keep it operating plants. “We don't see that technology today, and we need to make economic decisions to get those units moving and replacing them with natural gas," Good said. However, it does not mean the utility is making near-term efforts to erase coal from its power mix. However, some utilities are taking those steps as they prepare for en energy landscape with more carbon regulations.

In addition to the 25% of coal plants heading for closure or conversion, the UCS report also said that another 17% of the nation’s operating coal plants are uneconomic compared with natural gas-fired generation, and could face retirement soon. But there is plenty of ongoing research into "clean coal" possibilities, and the federal government has expressed an interest in smaller, modular coal units.

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Hydro One Q2 Earnings show lower net income and EPS as mild weather curbed electricity demand; revenue missed Refinitiv estimates, while tree-trimming costs rose and the dividend remained unchanged for Ontario's grid operator.

Key Points

Hydro One Q2 earnings fell to $155M, EPS $0.26, revenue $1.41B; costs rose, demand eased, dividend held at $0.2415.

✅ Net income $155M; EPS $0.26 vs $0.34 prior year

✅ Revenue $1.41B; missed $1.44B estimate

✅ Dividend steady at $0.2415 per share

Hydro One Ltd.'s (H.TO 0.25%) second-quarter profit fell by nearly 23 per cent from last year to $155 million as the electricity utility reported spending more on tree-trimming work due to milder temperatures that also saw customers using less power, notwithstanding other periods where a one-time court ruling gain shaped quarterly results.

The Toronto-based company - which operates most of Ontario's power grid - and whose regulated rates are subject to an OEB decision, says its net earnings attributable to shareholders dropped to 26 cents per share from 34 cents per share when Hydro One had $200 million in net income.

Adjusted net income was also 26 cents per share, down from 33 cents per diluted share in the second quarter of 2018, while executive pay, including the CEO salary, drew public scrutiny during the period.

Revenue was $1.41 billion, down from $1.48 billion, while revenue net of purchased power was $760 million, down from $803 million, and across the sector, Manitoba Hydro's debt has surged as well.

Separately, Ontario introduced a subsidized hydro plan and tax breaks to support economic recovery from COVID-19, which could influence consumption patterns.

Analysts had estimated $1.44 billion of revenue and 27 cents per share of adjusted income, and some investors cite too many unknowns in evaluating the stock, according to financial markets data firm Refinitiv.

The publicly traded company, which saw a share-price drop after leadership changes and of which the Ontario government is the largest shareholder, says its quarterly dividend will remain at 24.15 cents per share for its next payment to shareholders in September.

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Quebec Hydropower Export Retaliation examines using electricity exports to counter U.S. tariffs amid Canada-U.S. trade tensions, weighing clean energy supply, grid reliability, energy security, legal risks, and long-term market impacts.

Key Points

Using Quebec electricity exports as leverage against U.S. tariffs, and its economic, legal, and diplomatic consequences.

✅ Revenue loss for Quebec and higher costs for U.S. consumers

✅ Risk of legal disputes under trade and energy agreements

✅ Long-term erosion of market share and grid cooperation

As trade tensions between Canada and the United States continue to escalate, with electricity exports at risk according to recent reporting, discussions have intensified around potential Canadian responses to the imposition of U.S. tariffs. One of the proposals gaining attention is the idea of reducing or even halting the export of energy from Quebec to the U.S. This measure has been suggested by some as a potential countermeasure to retaliate against the tariffs. However, experts and industry leaders are urging caution, emphasizing that the consequences of such a decision could have significant economic and diplomatic repercussions for both Canada and the United States.

Quebec plays a critical role in energy trade, particularly in supplying hydroelectric power to the United States, especially to the northeastern states, including New York where tariffs may spike energy prices according to analysts, strengthening the case for stable cross-border flows. This energy trade is deeply embedded in the economic fabric of both regions. For Quebec, the export of hydroelectric power represents a crucial source of revenue, while for the U.S., it provides access to a steady and reliable supply of clean, renewable energy. This mutually beneficial relationship has been a cornerstone of trade between the two countries, promoting economic stability and environmental sustainability.

In the wake of recent U.S. tariffs on Canadian goods, some policymakers have considered using energy exports as leverage, echoing threats to cut U.S. electricity exports in earlier disputes, to retaliate against what is viewed as an unfair trade practice. The idea is to reduce or stop the flow of electricity to the U.S. as a way to strike back at the tariffs and potentially force a change in U.S. policy. On the surface, this approach may appear to offer a viable means of exerting pressure. However, experts warn that such a move would be fraught with significant risks, both economically and diplomatically.

First and foremost, Quebec's economy is heavily reliant on revenue from hydroelectric exports to the U.S. Any reduction in these energy sales could have serious consequences for the province's economic stability, potentially resulting in job losses and a decrease in investment. The hydroelectric power sector is a major contributor to Quebec's GDP, and recent events, including a tariff threat delaying a green energy bill in Quebec, illustrate how trade tensions can ripple through the policy landscape, while disrupting this source of income could harm the provincial economy.

Additionally, experts caution that reducing energy exports could have long-term ramifications on the energy relationship between Quebec and the northeastern U.S. These two regions have developed a strong and interconnected energy network over the years, and abruptly cutting off the flow of electricity could damage this vital partnership. Legal challenges could arise under existing trade agreements, and even as tariff threats boost support for Canadian energy projects among some stakeholders, the situation would grow more complex. Such a move could also undermine trust between the two parties, making future negotiations on energy and other trade issues more difficult.

Another potential consequence of halting energy exports is that U.S. states may seek alternative sources of energy, diminishing Quebec's market share in the long run. As the U.S. has a growing demand for clean energy, especially as it looks to transition away from fossil fuels, and looks to Canada for green power in several regions, cutting off Quebec’s electricity could prompt U.S. states to invest in other forms of energy, including renewables or even nuclear power. This could have a lasting effect on Quebec's position in the U.S. energy market, making it harder for the province to regain its footing.

Moreover, reducing or ceasing energy exports could further exacerbate trade tensions, leading to even greater economic instability. The U.S. could retaliate by imposing additional tariffs on Canadian goods or taking other measures that would negatively impact Canada's economy. This could create a cycle of escalating trade barriers that would hurt both countries and undermine the broader North American trade relationship.

While the concept of using energy exports as a retaliatory tool may seem appealing to some, the experts' advice is clear: the potential economic and diplomatic costs of such a strategy outweigh the short-term benefits. Quebec’s role as an energy supplier to the U.S. is crucial to its own economy, and maintaining a stable, reliable energy trade relationship is essential for both parties. Rather than escalating tensions further, it may be more prudent for Canada and the U.S. to seek diplomatic solutions that preserve trade relations and minimize harm to their economies.

While the idea of using Quebec’s energy exports as leverage in response to U.S. tariffs may appear attractive on the surface, and despite polls showing support for tariffs on energy and minerals among Canadians, it carries significant risks. Experts emphasize the importance of maintaining a stable energy export strategy to protect Quebec’s economy and preserve positive diplomatic relations with the U.S. Both countries have much to lose from further escalating trade tensions, and a more measured approach is likely to yield better outcomes in the long run.

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Florida Hurricane Irma Power Outages strain the grid as utilities plan rebuilds; FPL and Duke Energy deploy crews to restore transmission lines, substations, and service amid flooding, storm surge, and widespread disruptions statewide.

Key Points

Large-scale post-storm power losses in Florida requiring grid rebuilds, thousands of crews, and phased restoration.

✅ Utilities prioritize plants, transmission, substations, then critical facilities

✅ 50,000-60,000 workers mobilized; bucket trucks wait for safe winds

✅ Remote rerouting and hardening aid faster restoration amid flooding

Parts of Florida could be without electricity for more than a week, as damage from Hurricane Irma will require a complete rebuild of portions of the electricity grid, utility executives said on Monday.

Irma has knocked out power to 6.5 million Florida electricity customers, or nearly two-thirds of the state, since making landfall this weekend. In major areas such as Miami-Dade, 74 percent of the county was without power, according to Florida's division of emergency management.

Getting that power back online may require the help of 50,000 to 60,000 workers from all over the United States and Canadian power crews as well, according to Southern Company CEO and Chairman Thomas Fanning. He is also co-chair of the Electricity Subsector Coordinating Council, which coordinates the utility industry and government response to disasters and cyberthreats.

While it is not uncommon for severe storms to down power lines and damage utility poles, Irma's heavy winds and rain batted some of the state's infrastructure to the ground, Fanning said.

"'Restore' may not capture the full sense of where we are. For the very hard impacted areas, I think you're in a 'rebuild' area," he told CNBC's "Squawk Box."

"That's a big deal. People need to understand this is going to take perhaps weeks, not days, in some areas," Fanning said.

Parts of northern Florida, including Jacksonville, experienced heavy flooding, which will temporarily prevent crews from accessing some areas.

Duke Energy, which serves 1.8 million customers in parts of central and northwestern Florida, is trying to restore service to 1.2 million residences and businesses.

Florida Power & Light Company, which provides power to an estimated 4.9 million accounts across the state, had about 3.5 million customers without electricity as of Monday afternoon, said Rob Gould, vice president and chief communications officer at FPL.

The initial damage assessments suggest power can be restored to parts of the state's east coast in just days, but some of the west coast will require rebuilding that could stretch out for weeks, Gould told CNBC's "Power Lunch."

"This is not a typical restoration that you're going to see. We actually for the first time in our company history have our entire 27,000-square-mile, 35-county territory under assault by Irma," he said.

FPL said it would first repair any damage to power plants, transmission lines and substations as part of its massive response to Irma, then prioritize critical facilities such as hospitals and water treatment plants. The electricity company would then turn its attention to areas that are home to supermarkets, gas stations and other community services.

Florida utilities invested billions into their systems after devastating hurricane seasons in 2004 and 2005 in order to make them more resilient and easier to restore after a storm. Irma, which ranked among the most powerful storms in the Atlantic, has nevertheless tested those systems.

The upgrades have allowed FPL to automatically reroute power and address about 1.5 million outages, Gould said. The company strategically placed 19,500 restoration workers before the storm hit, but it cannot use bucket trucks to fix power lines until winds die down, he said.

Some parts of Florida's distribution system — the lines that deliver electricity from power plants to businesses and residences — run underground. However, the state's long coastline and the associated danger of storm surge and seawater incursion make it impractical to run lines beneath the surface in some areas.

Duke Energy has equipped 28 percent of its system with smart grid technology to reroute power remotely, according to Harry Sideris, Duke's state president for Florida. He said the company would continue to build out that capability in the future.

Duke deployed more than 9,000 linesmen and support crew members to Irma-struck areas, but cannot yet say how long some customers will be without power.

Separately, Gulf Power crews reported restoring service to more than 32,000 customers.

"At this time we do not know the exact restoration times. However, we're looking at a week or longer from the first look at the widespread damage that we had," Sideris told CNBC's "Closing Bell."

FPL said on Monday it was doing final checks before bringing back nuclear reactors that were powered down as Hurricane Irma hit Florida.

"We are in the process now of doing final checks on a few of them; we will be bringing those up," FPL President and CEO Eric Silagy told reporters.

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Codling Bank Offshore Wind Project will deliver a 1.1 GW offshore wind farm off the Wicklow coast, as EDF Renewables and Fred Olsen Renewables invest billions to support Ireland's CAP 2030 and cut carbon emissions.

Key Points

A 1.1 GW offshore wind farm off Co Wicklow, led by EDF and Fred Olsen, advancing Ireland's CAP 2030 targets.

✅ Up to 1.1 GW capacity; hundreds of turbines off Co Wicklow

✅ EDF Renewables partners with Fred Olsen Renewables

✅ Investment well over €2bn, supporting 70% electricity by 2030

It’s been previously estimated that the entire Codling Bank project, which will eventually see hundreds of wind turbines, such as a huge offshore wind turbine now coming to market, erected about 13km off the Co Wicklow coast, could be worth as much as €100m. The site is set to generate up to 1.1 gigawatts of electricity when it’s eventually operational.

It’s likely to cost well over €2bn to develop, and with new pipelines abroad where Long Island offshore turbine proposals are advancing, scale economies are increasingly relevant.

The other half of the project is owned by Norway’s Fred Olsen Renewables, with tens of millions of euro already reportedly spent on surveys and other works associated with the scheme. Initial development work started in 2003.

Mr Barrett will now continue to focus on his non-Irish renewable projects, at a time when World Bank wind power support is accelerating in developing countries, said Hazel Shore, the company that sold the stake. It added that Johnny Ronan and Conor Ronan, the developer’s brother, will retain an equity interest in the Codling project.

“The Hazel Shore shareholders remain committed to continuing their renewable and forestry businesses,” noted the firm, whose directors include Paddy Teahon, a former secretary of the Department of the Taoiseach and chairman of the National Offshore Wind Association of Ireland.

The French group’s EDF Renewables subsidiary will now partner with the Norwegian firm to develop and build the Codling Bank project, in a sector widely projected to become a $1 trillion business over the coming decades.

EDF pointed out that the acquisition of the Codling Bank stake comes after the government committed to reducing carbon emissions. A Climate Action Plan launched last year will see renewable projects generating 70pc of Ireland’s electricity by 2030, with more than a third of Irish electricity to be green within four years according to recent analysis. Offshore wind is expected to deliver at least 3.5GW of power in support of the objective.

Bruno Bensasson, EDF Group senior executive vice-president of renewable energies and the CEO of EDF Renewables said the French group is “committed to contributing to the Irish government’s renewables goals”.

“This important project clearly strengthens our strong ambition to be a leading global player in the offshore wind industry,” he added. “This is consistent with the CAP 2030 strategy that aims to double EDF’s renewable energy generation by 2030 and increase it to 50GW net.”

Matthieu Hue, the CEO of EDF Renewables UK and Ireland said the firm already has an office in Dublin and is looking for further renewable projects, as New York's biggest offshore wind farm moves ahead, underscoring momentum.

Last November, the ESB teamed up with EDF in Scotland, reflecting how UK offshore wind is powering up, with the Irish utility buying a 50pc stake in the Neart na Gaoithe offshore wind project. The massive wind farm is expected to generate up to 450MW of electricity and will cost about €2.1bn to develop.

EDF said work on that project is “well under way”.

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