Latest news with #MichaelDunne
Yahoo
5 days ago
- Business
- Yahoo
Trump's big bill is ‘tough but constructive' for renewables: NextEra
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Dive Brief: NextEra Energy is well-positioned to shield its renewable energy projects from early tax credit phase-outs under the One Big Beautiful Bill Act and capture a greater share of the market as a result, John Ketchum, president, CEO and chairman of NextEra Energy, said Wednesday during a second quarter earnings call. Because NextEra is in a 'constant state of construction,' the company expects to safe harbor its projects through 2029, Ketchum said. That should bring in more customers in 2028 and 2029 as competing developers' costs begin to rise, he said. NextEra also aims to capitalize on growing demand for new gas and nuclear generation, but Ketchum said it was still too early to predict customer needs beyond 2030. Dive Insight: If the One Big Beautiful Bill was meant to limit the growth of renewable energy, executives at NextEra don't see that happening — at least not for their company. During Wednesday's Q&A with analysts, CFO Michael Dunne rejected assertions that the reconciliation bill created a 'cliff' for renewable energy projects, arguing that it's 'just changing the rule set, and we'll continue to build the energy infrastructure that this country needs.' Ketchum told analysts that he was confident the company could take advantage of the law's exceptions for projects that begin construction before July 4, 2026, to lock in credits through 2029. But smaller developers may struggle to access capital and begin construction by that date, Ketchum said, resulting in less competition for NextEra Energy Resources in 2028 and 2029. 'That could create potentially bigger opportunities for us in those years,' Ketchum said. He also said that the company may be able to buy attractive energy projects from other developers at a discount in the years to come as a result of the reconciliation bill. Analysts on the call were skeptical of Ketchum's claims that the company could avoid losing tax credits for its projects. The company's stock price slipped nearly 5% following the Wednesday morning call, despite NextEra beating second-quarter earnings estimates. 'There is a clear long-term headwind for' NextEra, analysts for Jefferies wrote following the call, noting that company executives declined to answer questions about long-term earnings projections. NextEra Energy Resources has signed contracts for 3.2 GW of new projects since April, a strong figure but one that Jefferies said didn't indicate that customers are flocking to NextEra for projects ahead of the new tax credit deadlines. The analysts noted that most of the new projects are slated to begin operations post-2028. Orders for new wind projects are slowing and not on track to meet NextEra's sales targets, according to Jefferies. Demand for energy storage, on the other hand, is growing; storage now accounts for roughly one-third of the company's nearly 30 GW development pipeline, according to Dunne. The company continues to work toward building new natural gas generation, and maintains an interest in nuclear energy, with a full development team dedicated to small modular reactors, Ketchum said. It also continues to explore reopening the Duane Arnold nuclear power plant in Iowa, but the company has not yet announced a final decision regarding its fate. Recommended Reading Utilities may speed renewable projects under new tax credit timeline: Jefferies 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
Axios
25-06-2025
- Automotive
- Axios
Chinese cars are the ones to beat
The spectacular rise of China's auto industry — seemingly overnight — has rattled industry leaders and policymakers, catching many off guard. Why it matters: There's a dawning realization across the industry that China's ascendance is both an existential business threat and a national security risk. The big picture: Disruption is nothing new for automakers, but they've never had to contend with the mountain of complex issues they face now — tariffs, geopolitical tensions, shifting regulations, broken supply chains, artificial intelligence, electrification. The emergence of powerful Chinese rivals, though, is a more ominous and permanent threat, experts agree. Foreign automakers' share of the Chinese market has collapsed, while everywhere else in the world — except the U.S. — brands like BYD, Geely and Chery are expanding, opening super-efficient factories and selling hybrids and EVs at prices no one else can touch. Now China makes 70% of the world's EVs and plug-in hybrids. Yes, but: China's auto industry has gotten so big, and so competitive, "it's starting to implode on itself" under the weight of aggressive price cutting, warns Bank of America analyst John Murphy. If that happens, he said, China could lean more heavily on other markets, including North America, ahead of a likely consolidation. What they're saying:"The Detroit Three (GM, Ford and Stellantis) used to think of China as their playscape — a land of endless growth and profits. Not anymore," China auto expert Michael Dunne, CEO of Dunne Insights, tells Axios. Between the lines: Chinese carmakers have a 30 to 40 percent economic advantage over their competitors, says Terry Woychowski, president of benchmarking analysis firm Caresoft Global. They're more vertically integrated than traditional automakers, producing most components in-house, for example. They also use common parts across more vehicles, enabling lower prices. Government support — loans, land and incentives — surely helps, as well. Chinese carmakers received $231 billion in government subsidies between 2009 and 2023, according to the Alliance for Automotive Innovation, which represents the U.S. industry. Automakers have responded to the challenge in a variety of ways. Keep driving down costs. Tesla, for example, is developing a more affordable version of the Model Y and aims to reduce production costs by at least 20%, per Reuters. Partner. Volkswagen bought a stake in XPeng, and Stellantis bought a 20% stake in Leapmotor. Buy the rights to Chinese technology. Ford licensed battery tech from China's CATL to develop a low-cost EV platform in the U.S. Cut your losses. GM restructured its primary joint venture in China, taking a $5 billion write-off. It's also deepening ties with Korean partners, including Hyundai, while investing in a vertical battery supply chain outside of China. How China took over the auto industry Flashback: In the late 1990s, the Chinese government allowed foreign automakers to enter its emerging market if they formed a joint venture with a Chinese partner and gave them at least 51% control. For years, the JV structure proved beneficial for both sides — Western carmakers pocketed billions of dollars selling cars to China's growing middle class, and fledgling Chinese carmakers got to learn from the world's best. Then, in 2015, China introduced a sweeping industrial plan, "Made in China 2025," to upgrade its industrial base across various sectors, with "new energy vehicles" (NEVs) as a core pillar. China spent the next decade lining up battery supply chains, including raw materials and processing, and perfecting its capabilities in vehicle engineering and manufacturing. "Imitate, improve and increase" are three words that sum up China's strategy, according to Caresoft's Woychowski, whose company specializes in dismantling cars down to their smallest bits for benchmarking purposes. A textbook example, he said, is the XPeng G6, which at first glance could be mistaken for a Tesla Model Y. In 2022, Tesla stunned the industry by introducing a manufacturing process that used die-casting to produce large sections of the Model Y in a single piece, eliminating hundreds of welded parts. That saved labor, weight and engineering costs. A year later, when XPeng launched the G6, it had already improved upon Tesla's giga-casting innovation. Compared to the Model Y, said Woychowski, "they are much more refined castings. They are thinner, they are smaller, they are lighter, they are less expensive and they're stiffer." The bottom line: Chinese efficiency is the industry's new benchmark.
Yahoo
03-03-2025
- Health
- Yahoo
'Super Saturday' of surgeries to tackle wait times
A hospital team offered what it called a "Super Saturday" of 47 surgeries to tackle patient waiting lists. West Suffolk Hospital in Bury St Edmunds, Suffolk, had 154 people on a carpal tunnel surgery waiting list towards the end of last month. Carpal tunnel syndrome causes tingling, numbness or pain in the fingers, hands and arms due to pressure on a nerve in the wrist. The NHS said Super Saturday on 22 February reduced the list by 30.5% which Dr Michael Dunne described as a "brilliant" effort. Super Saturdays are part of the hospital's 12-month programme to reduce waiting times. On the day, the teams made used of all three operating theatres in the day surgery unit with more than 20 members of staff involved. "Carpal tunnel syndrome can be an extremely achy and painful condition... severely affecting everyday life," Dr Dunne, a trauma and orthopaedic surgeon, explained. "It is brilliant that through the efforts of our waiting list and clinical teams and a quick procedure, we can give so many people their lives back, helping them regain their independence and return to doing the things they love most." The carpal tunnel surgeries came after two other Super Saturdays earlier in February for patients with eye conditions. West Suffolk NHS Foundation Trust said more were planned "across a range of specialities" before the end of March, while another for more carpal tunnel patients was scheduled for 29 March. Nicola Cottington, chief operating officer for the trust, thanked staff involved. "This is another example of how we're innovating to provide our patients with the care they deserve when they need it most," she added. "These minor surgical procedures are ideal for high-volume weekend working, which also releases capacity during the week for those patients requiring more extensive orthopaedic surgery." Follow Suffolk news on BBC Sounds, Facebook, Instagram and X. 'Working 50 years in the NHS has been a privilege' Hospital's £14m bailout cannot be repeated - CEO West Suffolk Hospital predicts £28.5m overspend NHS - Carpal tunnel syndrome West Suffolk NHS Foundation Trust
BBC News
03-03-2025
- Health
- BBC News
Suffolk hospital's 'Super Saturday' surgeries tackle waiting lists
A hospital team offered what it called a "Super Saturday" of 47 surgeries to tackle patient waiting Suffolk Hospital in Bury St Edmunds, Suffolk, had 154 people on a carpal tunnel surgery waiting list towards the end of last tunnel syndrome causes tingling, numbness or pain in the fingers, hands and arms due to pressure on a nerve in the wrist. The NHS said Super Saturday on 22 February reduced the list by 30.5% which Dr Michael Dunne described as a "brilliant" effort. Super Saturdays are part of the hospital's 12-month programme to reduce waiting the day, the teams made used of all three operating theatres in the day surgery unit with more than 20 members of staff involved."Carpal tunnel syndrome can be an extremely achy and painful condition... severely affecting everyday life," Dr Dunne, a trauma and orthopaedic surgeon, explained."It is brilliant that through the efforts of our waiting list and clinical teams and a quick procedure, we can give so many people their lives back, helping them regain their independence and return to doing the things they love most." The carpal tunnel surgeries came after two other Super Saturdays earlier in February for patients with eye conditions. West Suffolk NHS Foundation Trust said more were planned "across a range of specialities" before the end of March, while another for more carpal tunnel patients was scheduled for 29 Cottington, chief operating officer for the trust, thanked staff involved."This is another example of how we're innovating to provide our patients with the care they deserve when they need it most," she added. "These minor surgical procedures are ideal for high-volume weekend working, which also releases capacity during the week for those patients requiring more extensive orthopaedic surgery." Follow Suffolk news on BBC Sounds, Facebook, Instagram and X.
