Renewable Firm Vena's Spinoff Eyes Green Data Centers in Asia
The group's newly-launched subsidiary Vena Nexus is in talks with 10 technology companies from the US and Asia to develop large-scale data facilities powered by clean energy, said Simone Grasso, the offshoot's global head and chief investment officer of Vena Group. He declined to name the companies.
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Fox News
15 minutes ago
- Fox News
Why AI is causing summer electricity bills to soar
If your electricity bill seems shockingly high, you're not imagining it. A big part of the spike is being driven by rising artificial intelligence electricity demand. PJM Interconnection, the largest power grid operator in the United States, says electricity usage is climbing sharply this summer. Some areas may see bills increase by as much as 20%. One of the main drivers behind this trend is the growing power consumption from data centers that support AI systems like ChatGPT and other generative tools. Sign up for my FREE CyberGuy ReportGet my best tech tips, urgent security alerts and exclusive deals delivered straight to your inbox. Plus, you'll get instant access to my Ultimate Scam Survival Guide — free when you join my PJM supplies electricity to 67 million customers across 13 states: Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia, as well as the District of Columbia. It manages a vast and complex network of power distribution. This summer, the grid is showing signs of strain. In just the past year, data centers running AI have started using much more electricity. These centers can consume up to 30 times more power than traditional data centers. Most of them are connected to the same grid that serves homes and businesses, which means the cost of that power growth is shared by everyone. AI took off in 2023 when tools like ChatGPT became widely adopted. Since then, companies have been racing to build more infrastructure to keep up. PJM's territory now has the largest number of data centers in the world. Between 2024 and 2025, electricity demand from AI and data centers in the PJM region contributed to a $9 billion increase in power costs. PJM expects peak usage this summer to reach over 154,000 megawatts, with the potential to exceed all-time records during heat waves or emergencies. While demand is rising quickly, the power supply is not keeping up with the pace. Many fossil fuel plants are shutting down due to state regulations, aging infrastructure or market conditions. More than 9,000 megawatts of coal capacity will retire or convert to gas in 2025 alone. Clean energy options like wind and solar are often the cheapest ways to add new power, but developers are struggling with permitting delays, rising costs and a loss of federal incentives. For example, the 30% federal solar tax credit for homeowners will end after 2025. That change is already slowing down new installations. Even if you never use AI tools yourself, you are still likely paying for their growth. The cost of expanding the data center's power supply is spread across all grid users, including regular households. PJM customers have been warned to expect electric bills to increase by $25 or more per month. Commercial users may see prices climb nearly 30%. To help prevent rolling blackouts, PJM is rolling out demand response programs that pay large businesses to temporarily reduce their electricity use during periods of extreme demand. Still, if electricity usage exceeds 166,000 megawatts, some regions may not have enough reserve power to maintain reliability. Looking for ways to lower your electricity bill as prices surge? Here are some effective tips you can start using today: For more tips and expert advice, check out the 7 best ways to save money on your electricity bill AI electricity demand is growing faster than the grid can handle. As more data centers come online to power tools like ChatGPT, the strain is showing up on your utility bill. Without major upgrades to infrastructure or smarter energy policy, prices could keep climbing. The tech may be smart, but the cost of keeping it running is getting harder for everyone else to ignore. Have your electricity bills gone up recently? Let us know by writing us at Sign up for my FREE CyberGuy ReportGet my best tech tips, urgent security alerts and exclusive deals delivered straight to your inbox. Plus, you'll get instant access to my Ultimate Scam Survival Guide — free when you join my Copyright 2025 All rights reserved.
Fox News
15 minutes ago
- Fox News
Expert touts Trump's AI push: 'Best step this country could have taken'
Rhombus Power Inc. founder and CEO Anshuman Roy joins 'Fox News Live' to weigh in the U.S. push to accelerate AI development.
Yahoo
an hour ago
- Yahoo
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
WASHINGTON (AP) — President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. "Japan is putting up $550 billion in order to lower their tariffs a little bit," Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'' Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States during which I held talks with the president and the ministers," Akazawa said. 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. 'We definitely want to avoid that and I believe that is the understanding shared by the U.S. side,' he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton 'minimum access' cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.' ___ Yamaguchi reported from Tokyo. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
