Buffalo Sabres home arena to remain KeyBank Center after reaching 10-year naming rights extension
The new deal will kick in next year and run through 2035-36. The Cleveland-based bank has a large regional presence in Buffalo, and took over the downtown arena's naming rights after acquiring First Niagara Bank in 2016. As part of the extension, the bank's name will be featured on the Sabres' helmets for away games starting this season.
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Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Nuclear option
Opinion The quest for more power to meet rising demand from electric vehicles and data centres running artificial intelligence technology has led to an apparent 'renaissance' of nuclear energy. The White House recently posted an op-ed piece exalting U.S. President Donald Trump's executive orders for reinvigorating America's nuclear power generation using that just that term, while effusively lauding his agenda to increase the nation's output by 300 gigawatts by 2050. That's enough to power about 300 million homes or, more likely, thousands of data centres for AI, as well as millions of EVs. Climate change commitments may not be high on the U.S. president's mind, but it is on China's list, as it seeks to add as much as 400 GW more from atomic energy by 2050 while aiming to decarbonize its economy. It's arguably off a faster start with 119 GW of nuclear power generation in construction or development. India is next in activity with 32 GW potentially under development. The United States is much further behind at eight GW, even trailing nations like France and Poland. Actual activity and planned growth suggests trillions of dollars being invested in nuclear energy over the coming decades — and investors are intrigued. 'The ducks are coming in a row, finally,' says Scott Clayton, Toronto-based senior analyst for the Canadian Wealth Advisor with the TSI Network in Toronto. The last time nuclear energy was on an upswing with investors was in the 2000s as oil prices surged. Then, the Fukushima plant disaster in Japan in 2011 put the brakes on nuclear power. Companies like Cameco Corp. — based in Saskatoon and the world's largest uranium producer — saw growth put on ice. That is until recently. Today, Cameco's share price, fuelled largely by all the talk of plans for new reactors, is at all-time highs. Although Canada may be an oil and gas powerhouse, its potential as a supplier of the fuel for nuclear energy has arguably more upside. It has the third largest discovered reserves in the world. It is also the second-largest producer behind Kazakhstan and potentially much more production is coming, as exploration companies like NexGen Energy and Paladin Energy look to develop mines in the Athabasca Basin (home to the highest-grade deposits of uranium in the world). Yet before jumping into a surging industry, driven by the future promise of much more nuclear power (not to mention the unnerving revival of the nuclear arms race), let's splash a bit of cold water on the overheating rods of speculation. 'It still faces challenges,' Clayton says. Among them are regulatory concerns. Mining projects in Canada take a notoriously long time to be approved and uranium is particularly tricky, given its environmental impact. Power plants are equally complicated. The public might appreciate the cheap, abundant power, just don't generate it close to where they live. 'The other problem is that the costs (of construction) are just astronomical,' Clayton says. The newest nuclear power generating station in the U.S, for example — two reactors at Plant Vogtle in Georgia — cost US$35 billion and were behind schedule and over budget. 'We definitely think it's (nuclear energy) going to be needed,' says Andrew Bischof, senior equity analyst at Morningstar in Chicago. Yet many projects are far from construction, let alone completion, and a history exists of projects being cancelled, especially in the U.S. Bischof says many major utility companies are talking about amping up nuclear power, but those are far-away ambitions, part of five- and 10-year plans to build capacity, which could take several more years before that power is added to the grid. There does seem to be more buzz around small modular reactors, he adds. These are scaled-down power plants that take less time to build, but it's an emerging technology. To that end, Canada is a leader with a project underway in Darlington, Ont. 'Duke Energy has also mildly stated that it's exploring SMRs, but again, that is 2030 to 2035 for a time frame,' Bischof says about the U.S. power provider, which presently has six nuclear power plants in the U.S.. Notably, big tech — Microsoft, Meta and Alphabet (Google) — are considering or currently entering into contracts with power providers, providing cash up front to restart or build new nuclear capacity, often involving small reactors, to meet climate change goals and growing energy-hungry AI capabilities. The need is substantial. AI is forecast to eat up 20 per cent of new energy growth through 2030. EV expansion is expected to increase demand by 15 per cent. Whether all this growth translates into future profits remains to be seen. In the meantime, investors might consider risk-adjusted exposure. 'If you're looking to invest in more speculative areas, it's best to get exposure through stocks that already have a solid business,' Clayton says. He points to U.S.-based Constellation Energy Corp. as one viable choice. Nearly 70 per cent of its output is nuclear and it pays a small dividend (0.47 per cent yield). Another way to invest in this theme is exchange-traded funds (ETFs). Investors have close to a handful of choices. One of the longest running is VanEck Uranium and Nuclear ETF, launched in 2007. It has seen renewed popularity, after peaking in price around 2011. '(Its) recent asset growth mirrors a broader nuclear renaissance fueled by surging electricity demand, the global pursuit of dependable low carbon power and fresh policy support extending plant life and financing next generation reactors,' says Brandon Rakszawski, director of product management, VanEck in New York. Monday Mornings The latest local business news and a lookahead to the coming week. Its portfolio also holds the aforementioned stocks with Constellation and Cameco among the largest positions. While the stars might be aligning for nuclear, conditions quickly change — i.e. battery power for renewables — that could make a long-term investment in nuclear suddenly less ideal. Still, for investors with an appetite for risk and a long time horizon, the nuclear option could power long-term profitability. Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Hamby's basket with 4.3 seconds left gives Sparks 108-106 win over Storm 108-106 in 2 OTs
SEATTLE (AP) — Dearica Hamby's layup with 4.3 seconds left gave the Los Angeles Sparks a 108-106 win over the Seattle Storm on Friday night in the first double-overtime game in the WNBA this season. Hamby put up a contested shot but Skylar Diggins' similar shot on the other end fell off the rim as time expired. Rickea Jackson had 27 points to lead the Sparks (12-15), who have won six of seven. Kelsey Plum added 22 points and seven assists, while Hamby and Azura Stevens both had 21. Hamby also had 13 rebounds. Cameron Brink had seven points, four rebounds, three blocks, two steals and five fouls in 12 minutes in her second game back after ACL surgery last season. Nneka Ogwumike scored 37 points, one shy of her career high when she played with the Sparks nine years ago, and grabbed 12 rebounds for Seattle (16-12). She became the sixth player to reach 7,000 points for her career. Diggins had 18 points, Erica Wheeler 15 and Gabby Williams 14 points and eight assists. Ezi Magbegor had nine points, 11 rebounds and five blocks. There were 14 ties and 12 lead changes. Plum's three-point play following her 3-pointer gave the Sparks a 69-68 lead, their first since ending the first quarter up 18-16. Williams hit a 3-pointer to tie the game at 106 with 16.4 seconds to play in the second overtime. Diggins tied the game at 99 with 18 seconds left in the first extra session before Plum missed at the buzzer. Jackson tied the game at 86 with 4.3 seconds left in regulation and Wheeler missed a contest 3 at the buzzer. ___ AP WNBA:
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
It's Ledecky vs. McIntosh in the 800 freestyle, the centerpiece of the world championships
SINGAPORE (AP) — It's Katie Ledecky against Summer McIntosh in the final of the 800-meter freestyle, probably the most anticipated race at the swimming world championships in Singapore. The race is one of six finals on Saturday, but it overshadows everything else on Day 7. The championships wrap up on Sunday. Ledecky of the United States holds the world record (8 minutes, 04.12 seconds) set earlier this year. The 28-year-old American has dominated the distance for a decade and has already won gold in the 1,500 in Singapore. She also has a bronze in the 400. Ledecky, 28, has won nine Olympic gold medals — the most decorated female in history — and her first gold was in 2012 in the London Olympics in the 800. McIntosh is an 18-year-old Canadian. She's already won three golds in Singapore and she swam just a second off Ledecky's time earlier this year. If anyone is to dethrone Ledecky, it's McIntosh. This would be McIntosh's fourth gold as she goes for five individual golds in the worlds, a feat only achieved the legendary American swimmer Michael Phelps. The other five finals are: the women's 50 butterfly; the men's 50 free; the women's 200 backstroke; the men's 100 butterfly; and mixed 4×100 freestyle relay. The Americans and Australians have each won five gold medals through six days. The Americans lead in overall medals with 20, although their performance has been lackluster and slowed after much of the team came down with a case of 'acute gastroenteritis' in training camp in Thailand. __ AP sports:
