Latest news with #SeanKelly
Yahoo
a day ago
- Business
- Yahoo
AI Boom Leads to Record Costs on US Grid and Call for New Plants
(Bloomberg) -- Businesses and households served by the largest US power grid will spend a record $16.1 billion to ensure electricity supplies — a result that prompted immediate calls from utilities and energy groups to build more generation amid the AI frenzy. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The payouts to generators and other suppliers topped last year's record $14.7 billion, according to PJM Interconnection LLC, which operates the grid stretching from the Midwest to the mid-Atlantic. That raises the capacity price per megawatt each day to $329.17 from $269.92. The AI boom is driving the biggest surge in electric demand in decades, leading to soaring utility bills and disagreement over which power resources are best equipped to satisfy those needs. While the power industry is coalescing around new plants as a way to alleviate potential shortfalls — and to make money — such efforts would also risk adding to consumer costs at a time when politicians are sensitive about energy inflation. 'It literally tells you we are out of generation,' said Sean Kelly, a former power trader and chief executive officer of power forecasting firm Amperon Holdings Inc. 'It's good for traders, it's good for asset owners, it is not good for consumers.' The shares of independent power producers Constellation Energy Corp., Talen Energy Corp., NRG Energy Inc. and Vistra Corp. gained in late trading in New York on Tuesday. The results of PJM's auction — which secures a year of electricity supplies starting in June 2026 — may add 1.5% to 5% to consumer electricity bills, according to Executive Vice President Stu Bresler. 'Customers are frustrated by high energy costs and I share their frustration,' Calvin Butler, chief executive officer of utilities owner Exelon Corp., said in an emailed statement. The capacity auction has a compounding impact on customers as rising demand, shrinking supply and aging infrastructure add to costs, Butler said. To address the shortage, Exelon has proposed building power plants instead of only buying supply from others in the capacity auction, and then passing those costs directly to ratepayers. Impact of data centers David Lapp, Maryland's People's Counsel, pointed to data centers as the culprit behind another record auction: 'Residential customers will continue to bear unreasonably high prices to support actual and projected power demands from data centers owned by some of the world's biggest corporations.' In a statement Tuesday, Lapp said he expects many Maryland residents to see slight bill increases, though some may see small declines. While PJM didn't specify how much of the projected demand increase was tied to AI, Bresler said in a media briefing Tuesday that 'the majority of the demand increase you saw was large loads and data center additions.' After the auction, PJM's contracted power mix will include 45% natural gas, 21% nuclear, 22% coal, 4% hydro, 3% wind and 1% solar. And although the grid operator has approved about 46 gigawatts of new power supplies for grid connection — mainly renewables and batteries — those haven't been built because of financing, permitting and supply chain delays. The results of the auction come amid a debate over older fossil-fuel plants that had been expected to retire. The Trump administration has already moved to keep plants afloat, contending that they're needed for grid reliability, while also phasing out tax credits for renewables. Yet, with those subsidies expiring at a time of record auction prices, solar and wind developers will likely try to build everything they can in the next two years, according to Kelly. 'We are going to see a lot of renewable generation before the end of 2027,' he said. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
AI Boom Leads to Record Costs on US Grid and Call for New Plants
(Bloomberg) -- Businesses and households served by the largest US power grid will spend a record $16.1 billion to ensure electricity supplies — a result that prompted immediate calls from utilities and energy groups to build more generation amid the AI frenzy. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The payouts to generators and other suppliers topped last year's record $14.7 billion, according to PJM Interconnection LLC, which operates the grid stretching from the Midwest to the mid-Atlantic. That raises the capacity price per megawatt each day to $329.17 from $269.92. The AI boom is driving the biggest surge in electric demand in decades, leading to soaring utility bills and disagreement over which power resources are best equipped to satisfy those needs. While the power industry is coalescing around new plants as a way to alleviate potential shortfalls — and to make money — such efforts would also risk adding to consumer costs at a time when politicians are sensitive about energy inflation. 'It literally tells you we are out of generation,' said Sean Kelly, a former power trader and chief executive officer of power forecasting firm Amperon Holdings Inc. 'It's good for traders, it's good for asset owners, it is not good for consumers.' The shares of independent power producers Constellation Energy Corp., Talen Energy Corp., NRG Energy Inc. and Vistra Corp. gained in late trading in New York on Tuesday. The results of PJM's auction — which secures a year of electricity supplies starting in June 2026 — may add 1.5% to 5% to consumer electricity bills, according to Executive Vice President Stu Bresler. 'Customers are frustrated by high energy costs and I share their frustration,' Calvin Butler, chief executive officer of utilities owner Exelon Corp., said in an emailed statement. The capacity auction has a compounding impact on customers as rising demand, shrinking supply and aging infrastructure add to costs, Butler said. To address the shortage, Exelon has proposed building power plants instead of only buying supply from others in the capacity auction, and then passing those costs directly to ratepayers. Impact of data centers David Lapp, Maryland's People's Counsel, pointed to data centers as the culprit behind another record auction: 'Residential customers will continue to bear unreasonably high prices to support actual and projected power demands from data centers owned by some of the world's biggest corporations.' In a statement Tuesday, Lapp said he expects many Maryland residents to see slight bill increases, though some may see small declines. While PJM didn't specify how much of the projected demand increase was tied to AI, Bresler said in a media briefing Tuesday that 'the majority of the demand increase you saw was large loads and data center additions.' After the auction, PJM's contracted power mix will include 45% natural gas, 21% nuclear, 22% coal, 4% hydro, 3% wind and 1% solar. And although the grid operator has approved about 46 gigawatts of new power supplies for grid connection — mainly renewables and batteries — those haven't been built because of financing, permitting and supply chain delays. The results of the auction come amid a debate over older fossil-fuel plants that had been expected to retire. The Trump administration has already moved to keep plants afloat, contending that they're needed for grid reliability, while also phasing out tax credits for renewables. Yet, with those subsidies expiring at a time of record auction prices, solar and wind developers will likely try to build everything they can in the next two years, according to Kelly. 'We are going to see a lot of renewable generation before the end of 2027,' he said. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Sign in to access your portfolio
The Irish Sun
10-07-2025
- Politics
- The Irish Sun
Irish Presidential election frontrunner emerges as potential high-profile FG candidate rules himself out of Aras race
FORMER head of the GAA Sean Kelly has blown the whistle on his Presidential ambitions – clearing the way for Mairead McGuinness to become Fine Gael's runner in the race to the Aras. It comes as Advertisement 3 Sean Kelly has ruled himself out of running for president Credit: Michelle Devane/PA Wire 3 Mairead McGuinness looks set to become Fine Gael's Aras candidate Credit: Reuters With This leaves the way clear for former European Parliament Vice President Advertisement Read more in News 'I looked at the pros and cons and I asked myself one question – am I happy with what I am doing at the moment and I said I am, would I be happier spending seven years in the Aras considering John B Keane said a day out of Kerry is a day wasted and I said perhaps not. 'So I looked at all the pros and cons and I am very disappointed in some respects because it is only something that comes along once in a lifetime and an awful lot of TDs and supporters within Fine Gael and outside Fine Gael were anxious for me to run and to support me. 'But ultimately I had to make up my own mind having consulted with my family who were 100 per cent behind whatever decision I was going to take but I think the best thing is at this point of time is to continue the work I've been doing in Pressed on why he was not running to become president, the Ireland South MEP said while the Aras is the highest office in Irish politics it is also 'largely a ceremonial role' and 'you don't have that much power and influence.' Advertisement Most read in The Irish Sun Fine Gael members have one more week left to nominate a candidate however, sources say it is now likely that McGuinness will go unopposed and become their runner in the race. Left leaning opposition parties including Labour, the 'The final Christmas message of my terms' - Michael D Higgins shares 'special tribute' in last ever festive address However, Sinn Fein have yet to make an official decision on whether to back this unity candidate or run their own candidate in the race with some in the party talking up the chances of Other opposition groups, including Aontu, Independent Ireland and independents TDs, are also in talks about running a candidate together with some names circulating, including businessman Declan Ganley. Advertisement Fianna Fail have yet to indicate whether or not they will run a candidate in the election with party sources indicating that the decision is effectively being left up to SITTING ON THE FENCE Several members of the party today sat on the fence when asked by the Irish Sun if they wanted to see Fianna Fail enter a candidate to try win the Presidency. Senator Mary Fitzpatrick said: 'Our members are very engaged, we as a parliamentary party are very engaged on it but to be fair it is a very significant undertaking. 'It is a very important office and I believe we will use the time over the summer months and then when we come back in the autumn probably around our parliamentary party think in – that time frame – I would expect to see some conclusions being reached. I can't see it before then.' Advertisement 3 DDYGEG Aras an Uachtarain (official residence of the President of Ireland) in Dublin, Ireland Credit: Alamy
The Journal
10-07-2025
- Politics
- The Journal
Fine Gael MEP Sean Kelly has ruled himself out of the race for the Áras
FINE GAEL MEP Sean Kelly has said he is 'reluctantly' ruling himself out of the race for the Áras, calling it 'the most difficult decision' he's had to make in his political life. The Ireland South MEP also said he would support another likely challenger, fellow Brussels politician Mairead McGuinness, if she is selected the party's candidate The party opened its nomination process for anyone seeking the party's candidacy for the upcoming presidential election earlier this week. The nominations will close at 4pm next Tuesday, 15 July, a statement from the party said. Advertisement To be nominated, a candidate needs the nomination of 20 members of the Parliamentary Party, 25 Fine Gael Councillors and five members of the Executive Council, it said. Explaining his decision on RTÉ Radio One's Morning Ireland programme, Kelly said he had to weigh up the pros and cons of the decision. I asked myself one question. I said, am I happy with what I'm doing with the moment? And I said, I am. Would I be happier spending seven years in the Áras, considering John B Keane said, 'A day out of Kerry is a day wasted.' And I said, perhaps not. The former GAA president admitted he was 'very disappointed' in some respects, because the role is one 'that comes along once in a lifetime' and he felt he had the support of many TDs and supporters within Fine Gael and outside the party too. Kelly said he would continue his 'responsible jobs' in Europe, adding that he 'got a massive vote last year, by far and away, thankfully, the highest of any candidate' in that European election. While he said he would support McGuinness for the presidency, he said he thinks the party members 'would like to have a contest' to decide on the Fine Gael runner. Speculation has been increasing about who will succeed Michael D Higgins, with Mary Lou McDonald refusing to rule herself out as a Sinn Féin presidential candidate , whereas former RTÉ broadcaster Joe Duffy has denied he will go for the position . Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Examiner
10-07-2025
- Politics
- Irish Examiner
Presidential election: Sean Kelly rules himself out of race
Ireland South MEP Sean Kelly has ruled himself out of a run at the presidency. Mr Kelly, who was elected with a massive 127,000 votes last June, has opted not to contest the Fine Gael nomination race, leaving the way clear for former European commissioner Mairead McGuinness. Mr Kelly, who is leader of Fine Gael in the European Parliament, said in a statement: "It is a great honour to have been asked by so many friends, colleagues, and supporters to consider standing. "That support is the reason it has taken me until now to make this decision. When so many people believe you are suited to such an important position, that's something you have to consider very seriously. "I've discussed this at length with members of my family in recent weeks and months, and we've ultimately agreed that entering the Presidential race is not the right move at this point in time. I want to thank my wife, Juliette, and my family for their willingness to fully support whatever decision I came to." Mr Kelly said he is enjoying his work as an MEP and continues to be "energised by the enormous challenges facing both Ireland and the European Union". "I look forward to continuing that work and fulfilling the strong mandate I've been given by the voters of Ireland South. "Whoever is chosen as the Fine Gael candidate in the time ahead, I wish them the very best of luck in the election and look forward to supporting their campaign however I can." The Fine Gael nomination process closes next week, and Ms McGuinness is now considered to have a clear run at the nomination. Meanwhile, a group of opposition parties continues to mull over its choice. Following a meeting on Wednesday, it is understood that backing Galway West TD Catherine Connolly is seen as the preferred option by People Before Profit and some in the Social Democrats, but Sinn Féin and Labour have yet to come to a decision.
