India plans massive solar power boost

UK Market Stability Outlook remains febrile as the Bank of England, Treasury, and OBR forecasts shape fiscal policy, interest rates, gilt yields, inflation, energy bills, and pound sterling, with Oct. 31 guidance to reassure investors.

Key Points

A view of investor confidence as BOE policy, fiscal plans, and energy aid shape inflation and interest rates.

✅ Markets await Oct. 31 fiscal statement and OBR projections

✅ Energy support design drives inflation and disposable income

✅ Pound weakness adds imported inflation; rates seen up 75 bps

Bank of England Deputy Governor Dave Ramsden said financial markets are still unsettled about the outlook for the UK and that a Treasury statement due on Oct. 31 may provide some reassurance.

Speaking to the Treasury Committee in Parliament, Ramsden said officials in government and the central bank are dealing with huge economic shocks, notably the surge in energy prices that came with Russia’s attack on Ukraine. Investors are reassessing where interest rates and the fiscal stance are headed.

“Markets remain quite febrile,” Ramsden told members of Parliament in London on Monday. “Things have not settled down yet.”

He described the events following Prime Minister Liz Truss’s ill-fated fiscal statement on Sept. 23, which set out a series of tax cuts funded by borrowing that spooked investors and triggered a rout in UK assets. Ramsden said those events damaged the UK’s credibility among investors, but reversing that program and Truss’s decision to step aside have helped the nation regain confidence.

“Credibility is hard won and easily lost,” Ramsden said. “That credibility is being recovered. That has to be followed through. A return to the kind of stability around policy making and around the framing of fiscal events will be really important.”

He said the issue with the Sept. 23 statement was that “it had one side of the fiscal arithmetic in it” and that the decision to include forecasts from the Office for Budget Responsibility will help underpin the confidence investors have in assessing the UK budget due out next week, including potential moves to end the link between gas and electricity prices for consumers.

“What we are going to get on Oct. 31 will be very important,” Ramsden said, “as it will address measures such as the price cap on household energy bills and other fiscal choices.”

“My sense is that will take account of all the statements on both the revenue and on the spending side.”

The central bank already was getting some information from Chancellor of the Exchequer Jeremy Hunt’s team about the fiscal statement due. Hunt said last week he’d curtail government plans to subsidize household fuel bills in April, when a 16% decrease in energy bills is anticipated, instead of letting it run as long as planned and replace it with a more targeted program. 

“To the extent possible, we will obviously have a little bit of time to take account of that before we make our decisions later next week,” Ramsden said.

With Truss stepping down in the next day and handing power to Rishi Sunak, it isn’t certain the Oct. 31 statement will go ahead as planned. Ramsden’s remarks confirm reports that Hunt is preparing to make the statement, amid a free electricity debate in the industry, even before Sunak names his team.

Any hint about what sort of package Hunt will offer on energy is crucial to the BOE’s forecasts. Without aid for energy, consumers will be exposed to high winter heating and electricity costs and to the full force of whatever happens in natural gas and electricity markets, and that will have a big impact on how much disposable income is available to households.

The energy plan, alongside the energy security bill, “will be a key element, as obviously it will have a bearing on the path for inflation, which is critical, but also how much additional support relative to what we were assuming at the time of the September MPC there will be for households at different points in the income distribution,” Ramsden added.

Investors currently expect the BOE to hike rates by 75 basis points next week.

Ramsden also said the BOE is watching the pound’s decline to assess how that changes the outlook for inflation.

“We have to take account of it,” Ramsden said. “When sterling deprreciaties that feeds through to imported inflation. It’s fallen quite significantly. The overall trend is down.”

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Bruce Power Major Component Replacement secures Ontario-made nuclear components via $914M contracts, supporting refurbishment, clean energy, low-cost electricity, and advanced manufacturing, extending reactor life to 2064 while boosting jobs, supply chain growth, and economy.

Key Points

A refurbishment program investing $914M in advanced manufacturing to extend reactors and deliver low-cost, clean power.

✅ $914M Ontario-made components for steam generators, tubes, fittings

✅ Extends reactor life to 2064; clean, low-cost electricity for Ontario

✅ Supports 22,000 jobs annually; boosts supply chain and economy

Today, Bruce Power signed $914 million in advanced manufacturing contracts for its Major Component Replacement, which gets underway in 2020, as the reactor refurbishment begins across the site and will allow the site to provide low-cost, carbon-free electricity to Ontario through 2064.

The Major Component Replacement (MCR) Project agreements include:

• $642 million to BWXT Canada Inc. for the manufacturing of 32 steam generators to be produced at BWXT’s Cambridge facility.
• $144 million to Laker Energy Products for end fittings, liners and flow elements, which will be manufactured at its Oakville location.
• $62 million to Cameco Fuel Manufacturing, in Cobourg, for calandria tubes and annulus spacers for all six MCRs.
• $66 million for Nu-Tech Precision Metals, in Arnprior, for the production of zirconium alloy pressure tubes for Units 6 and 3.

Bruce Power’s Life-Extension Program, which started in January 2016 with Asset Management Program investments and includes the MCRs on Units 3-8, remains on time and on budget.”

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By signing these contracts today, we have secured ‘Made in Ontario‘ solutions for the components we will need to successfully complete our MCR Projects, extending the life of our site to 2064,” said Mike Rencheck, Bruce Power’s President and CEO.

“Today’s announcements represent a $914 million investment in Ontario’s highly skilled workforce, which will create untold economic opportunities for the communities in which they operate for many years to come.”We look forward to growing our already excellent relationships with these supplier partners and unions as we work toward our common goal, supported by an operating record, of continuing to keep Canada’s largest infrastructure project on time and on budget."

By extending the life of Bruce Power’s reactors to 2064, the company will create and sustain 22,000 jobs annually, both directly and indirectly, across Ontario, while investing $4 billion a year into the province’s economy, underscoring the economic benefits of nuclear development across Canada.

At the same time, Bruce Power will produce 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power, while also producing zero carbon emissions, aligning with Pickering NGS life extensions across the province.The Hon. Glenn Thibeault, Minister of Energy, said today’s announcement is good news for the people of Ontario.”

Bruce Power’s Life-Extension Program makes sense for Ontario, and the announcements made today will create good jobs and benefit our economy for decades to come,” Minister Thibeault said.

“Moving forward with the refurbishment project is part of our government’s plan to support care and opportunity, while producing affordable, reliable and clean energy for the people of Ontario.”Kim Rudd, Parliamentary Secretary to the Minister of Natural Resources and MP for Northumberland-Peterborough South, offered her support and congratulations.”

Related planning includes Bruce C project exploration funding that supports long-term nuclear options in Ontario.

Canada’s nuclear industry, including its advanced manufacturing capability, is respected internationally,” Rudd said. “Bruce Power’s announcement today related to the advanced manufacturing of key components throughout Ontario as part of its Life-Extension Program will allow these suppliers to have a secure base to not only meet Canada’s needs, but export internationally.”

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Hydro-Que9bec 2020 Profit Outlook faces COVID-19 headwinds as revenue drops, U.S. Northeast export demand weakens, and clean-energy infrastructure plans shift toward domestic investments, energy efficiency, EV charging stations, and grid upgrades to stabilize net income.

Key Points

A forecast of COVID-19 revenue declines, weaker U.S. exports, and a shift to energy efficiency and grid upgrades.

✅ Q1 profit fell 14%; net income $1.53B vs $1.77B

✅ Exports to U.S. Northeast weaker; revenue off ~$130M Mar-Jun

✅ Strategy: energy efficiency, EV charging, grid, dam upgrades

Hydro-Québec expects the coronavirus pandemic to chop “hundreds of millions of dollars” off 2020 profits, its new chief executive officer said.

COVID-19 has depressed revenue by about $130 million between March and June, Sophie Brochu said Monday, as residential electricity use rose even while overall consumption dropped. Shrinking electricity exports to the U.S. northeast are poised to compound the shortfall, she said.

“What we’re living through is not small. The impacts are real,” Brochu said on a conference call with reporters, noting that utilities such as Hydro One supported Ontario's COVID-19 response at the height of the pandemic. “I’m not talking about a billion. I’m talking about hundreds of millions. We have no idea how quickly the economy will restart. As we approach the fall we will have a better view.”

Hydro-Québec last month reported a 14-per-cent drop in first-quarter profit and warned full-year results would fall short of targets as the COVID-19 crisis weighs on power demand. Net income in the quarter was $1.53 billion compared with $1.77 billion a year ago, the company said.

Canada’s biggest electricity producer had earlier been targeting 2020 profit of between $2.8 billion and $3 billion, according to its current strategic plan and corporate structure currently in place.

The first quarter was the utility’s last under former CEO Eric Martel, who left to take over at jetmaker Bombardier Inc. Brochu, who previously ran Énergir, replaced him April 6.

To boost exports over time, Brochu said Hydro-Québec will look to strengthen ties with neighbours such as Ontario, where the Hydro One CEO is working to repair relations with government and investors, and the U.S. The CEO said she’s heartened by New York Governor Andrew Cuomo’s call last month for new power lines from Canada and upstate to promote clean energy.

“This is a clear, encouraging signal that must express itself through very concrete negotiations,” she said. “The United States is our backyard. This is true for Ontario, where key system staff lockdowns were even contemplated, and the Atlantic provinces as well. This is our ecosystem, and we intend to build on our footprint, on the relationships that we have.”

Though stricter environmental hurdles make it more complicated to get power lines built today than a decade ago, the CEO insists it’s still possible to sell electricity to neighbouring U.S. states.

“Is it more difficult today to build energy projects? The answer is yes,” she said. “Does this clog up the U.S. northeast market? Not at all. I believe this federation of ecosystems is very promising.”

In the meantime, Hydro-Québec is planning to speed up investments at home — for example, by building new charging stations that will be needed to serve a growing fleet of electric cars. The utility will also upgrade some of its Montreal-area facilities, as well as its massive dams on the Manicouagan River, Brochu said. The investments will result in additional capacity.

“Today we need to put water in the pump of Quebec, so we will concentrate our human and financial efforts here,” she said. “We are needed in Quebec.” 

Hydro-Québec is stepping up efforts to promote energy efficiency among its customer base, amid retroactive billing concerns, which Brochu said could postpone the need to build large dams.

“We have to move towards ‘no-regret moves.’ What’s a no-regret move? It’s energy efficiency,” Brochu said earlier Monday during a presentation to the Chamber of Commerce of Metropolitan Montreal, noting that Ontario debated peak rate relief for self-isolating customers. “This is healthy, it’s fundamental and it will contribute to Quebec’s economic rebound by lowering energy costs.”

Brochu also pledged to build a more diverse workforce after the company said last week that 8.2 per cent of staff belong to “visible and ethnic” minorities.

“This can be improved on,” she said. “What I’m expressing today is my determination, and that of the management team, to move the needle.”

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Colorado Wildfire Power Shutoffs reduce ignition risk through PSPS, grid safety protocols, data-driven forecasts, and emergency coordination, protecting communities, natural resources, and infrastructure during extreme fire weather fueled by drought and climate change.

Key Points

Planned PSPS outages cut power in high-risk areas to prevent ignitions, protect residents, and boost wildfire resilience.

✅ PSPS triggered by forecasts, fuel moisture, and fire danger indices.

✅ Utilities coordinate alerts, timelines, and critical facility support.

✅ Paired with forest management, education, and rapid response.

Colorado, known for its stunning landscapes and outdoor recreation, has implemented proactive measures to reduce the risk of wildfires by strategically shutting off power in high-risk areas, similar to PG&E wildfire shutoffs implemented in California during extreme conditions. This approach, while disruptive, aims to safeguard communities, protect natural resources, and mitigate the devastating impacts of wildfires that have become increasingly prevalent in the region.

The decision to initiate power outages as a preventative measure against wildfires underscores Colorado's commitment to proactive fire management and public safety, aligning with utility disaster planning practices that strengthen grid readiness. With climate change contributing to hotter and drier conditions, the state faces heightened wildfire risks, necessitating innovative strategies to minimize ignition sources and limit fire spread.

Utility companies, in collaboration with state and local authorities, identify areas at high risk of wildfire based on factors such as weather forecasts, fuel moisture levels, and historical fire data. When conditions reach critical thresholds, planned power outages, also known as Public Safety Power Shutoffs (PSPS), are implemented to reduce the likelihood of electrical equipment sparking wildfires during periods of extreme fire danger, particularly during windstorm-driven outages that elevate ignition risks.

While power outages are a necessary precautionary measure, they can pose challenges for residents, businesses, and essential services that rely on uninterrupted electricity, as seen when a North Seattle outage affected thousands last year. To mitigate disruptions, utility companies communicate outage schedules in advance, provide updates during outages, and coordinate with emergency services to ensure the safety and well-being of affected communities.

The implementation of PSPS is part of a broader strategy to enhance wildfire resilience in Colorado. In addition to reducing ignition risks from power lines, the state invests in forest management practices, wildfire prevention education, and emergency response capabilities, including continuity planning seen in the U.S. grid COVID-19 response, to prepare for and respond to wildfires effectively.

Furthermore, Colorado's approach to wildfire prevention highlights the importance of community preparedness and collaboration, and utilities across the region adopt measures like FortisAlberta precautions to sustain critical services during emergencies. Residents are encouraged to create defensible space around their properties, develop emergency evacuation plans, and stay informed about wildfire risks and response protocols. Community engagement plays a crucial role in building resilience and fostering a collective effort to protect lives, property, and natural habitats from wildfires.

The effectiveness of Colorado's proactive measures in mitigating wildfire risks relies on a balanced approach that considers both short-term safety measures and long-term fire prevention strategies. By integrating technology, data-driven decision-making, and community partnerships, the state aims to reduce the frequency and severity of wildfires while enhancing overall resilience to wildfire impacts.

Looking ahead, Colorado continues to refine its wildfire management practices in response to evolving environmental conditions and community needs, drawing on examples of localized readiness such as PG&E winter storm preparation to inform response planning. This includes ongoing investments in fire detection and monitoring systems, research into fire behavior and prevention strategies, and collaboration with neighboring states and federal agencies to coordinate wildfire response efforts.

In conclusion, Colorado's decision to implement power outages as a preventative measure against wildfires demonstrates proactive leadership in wildfire risk reduction and public safety. By prioritizing early intervention and community engagement, the state strives to safeguard vulnerable areas, minimize the impact of wildfires, and foster resilience in the face of increasing wildfire threats. As Colorado continues to innovate and adapt its wildfire management strategies, its efforts serve as a model for other regions grappling with the challenges posed by climate change and wildfire risks.

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Alberta Electricity Peak Demand surged to 10,638 MW, as AESO reported record summer load from air conditioning, Stampede visitors, and heatwave conditions, with ample generation capacity, stable grid reliability, and conservation urged during 5-7 p.m.

Key Points

It is the record summer power load in Alberta, reaching 10,638 MW, with evening conservation urged by AESO.

✅ Record 10,638 MW at 4 pm; likely to rise this week

✅ Drivers: A/C use, heat, Stampede visitors

✅ AESO reports ample capacity; conserve 5-7 pm

Consumer use hit 10,638 MW, blowing past a previous high of 10,520 MW set on July 9, 2015, said the Alberta Electric System Operator (AESO).

“We hit a new summer peak and it’s likely we’ll hit higher peaks as the week progresses,” said AESO spokeswoman Tara De Weerd.

“We continue to have ample supply, and as Alberta's electricity future trends toward more wind, our generators are very confident there aren’t any issues.”

That new peak was set at 4 p.m. but De Weerd said it was likely to be exceeded later in the day.

Heightened air conditioner use is normally a major driver of such peak electricity consumption, said De Weerd.

She also said Calgary’s big annual bash is also likely playing a role.

“It’s the beginning of Stampede, you have an influx of visitors so you’ll have more people using electricity,” she said.

Alberta’s generation capacity is 16,420 MW, said the AESO, with wind power increasingly outpacing coal in the province today.

There are no plans, she said, for any of the province’s electricity generators to shut down any of their plants for maintenance or other purposes in the near future as demand rises.

The summer peak is considerably smaller than that reached in the depths of Alberta’s winter.

Alberta’s winter peak usage was recorded last year and was 11,458 MW.

Though the province’s capacity isn’t being strained by the summer heat, De Weerd still encouraged consumers to go easy during the peak use time of the day, between 5 and 7 p.m.

“We don’t have to be running all of our appliances at once,” she said.

Alberta exports an insignificant amount of electricity to Montana, B.C. and Saskatchewan, where demand recently set a new record.

The weather forecast calls for temperatures to soar above 30C through the weekend.

In northern Canada, Yukon electricity demand recently hit a record high, underscoring how extreme temperatures can strain systems.

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FERC Capacity Markets face scrutiny as GAO flags inconsistent data on resource adequacy and costs, urging performance goals, risk assessment, and better metrics across PJM, ISO-NE, NYISO, and MISO amid cost-recovery proposals.

Key Points

FERC capacity markets aim for resource adequacy, but GAO finds weak data and urges goals and performance reviews.

✅ GAO cites inconsistent data on resource adequacy and costs

✅ Calls for performance goals, metrics, and risk assessment

✅ Applies to PJM, ISO-NE, NYISO; MISO market is voluntary

Capacity markets may or may not be functioning properly, but FERC can't adequately make that determination, according to the GAO report.

"Available information on the level of resource adequacy ... and related costs in regions with and without capacity markets is not comprehensive or consistent," the report found. "Moreover, consistent data on historical trends in resource adequacy and related costs are not available for regions without capacity markets."

The review concluded that FERC collects some useful information in regions with and without capacity markets, but GAO said it "identified problems with data quality, such as inconsistent data."

GAO included three recommendations, including calling for FERC to take steps to improve the quality of data collected, and regularly assess the overall performance of capacity markets by developing goals for those assessments.

"FERC should develop and document an approach to regularly identify, assess, and respond to risks that capacity markets face," the report also recommended. The commission "has not established performance goals for capacity markets, measured progress against those goals, or used performance information to make changes to capacity markets as needed."

The recommendation comes as the agency is grappling with a controversial proposal to assure cost-recovery for struggling coal and nuclear plants in the power markets. So far, the proposal would only apply to power markets with capacity markets, including PJM Interconnection, the New England ISO, the New York ISO and possibly MISO. However MISO only has a voluntary capacity market, making it unclear how the proposed rule would be applied there. 

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