Tag: PXP

Posted on by

U.S. power grid needs to focus on resilience as extreme weather events rise- NERC

U.S. power grid needs to focus on resilience as extreme weather events rise- NERC

July 20 (Reuters) – The North American Electric Reliability Corp (NERC) on Wednesday said key entities of the U.S. power grid network were working to improve resilience of the power grid network as climate change drives more extreme weather.

The NERC’s “2022 State of Reliability” report said efforts were being made to improve the linkage between outages and weather by the Enterprise Electric Reliability Organization (ERO).

The ERO is made up of the NERC and six regional power entities.

Register now for FREE unlimited access to Reuters.com

The U.S. power grid network is also implementing corrective action to avoid a repeat of widespread outages due to a cold snap last year.

“The February cold weather event demonstrated that a significant portion of the generation fleet in the impacted areas was unable to supply electrical energy during extreme cold weather,” the NERC’s report said.

These actions, based on recommendations by the Federal Energy Regulatory Commission (FERC) and NERC among others, would also help to develop standards for longer term grid planning, the NERC said.

The report also highlighted the growing risks from the inter-dependency of electricity and the natural gas industries, which has threatened the reliability of the Bulk Electric System in the past few years. The Bulk Electric System refers to the facilities needed to operate the electric energy transmission network, excluding local distribution.

Natural gas generators are now needed for the reliable integration of renewable power until new storage technology is fully developed and implemented at scale, the NERC said.

“At the same time, reliable electric power supply is often required to ensure uninterrupted delivery of natural gas to these balancing resources, particularly in areas where penetration levels of renewable generation resources are highest.”

The NERC report also flagged risks from geopolitical events, while “increasingly bold cyber criminals and hacktivists presented serious challenges to the reliability” of the bulk electric system.

Register now for FREE unlimited access to Reuters.com

Reporting by Rahul Paswan in Bengaluru. Editing by Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

More extreme weather events expected to pummel China in July, August

More extreme weather events expected to pummel China in July, August

Buildings and farmlands are seen partially submerged in floodwaters following heavy rainfall in Poyang county of Jiangxi province, China July 17, 2020. China Daily via REUTERS

Register now for FREE unlimited access to Reuters.com

BEIJING, June 28 (Reuters) – Extreme flooding that has battered southern and eastern provinces in China, leading to hundreds of thousands being evacuated and the highest rainfall in decades at the Pearl River basin, will likely continue in July and August, according to a government official.

“It is predicted that from July to August, there will be more extreme weather events in China, and regional flood conditions and drought conditions will be heavier than usual,” said Yao Wenguang, director of the Department of Flood and Drought Disaster Prevention of the Ministry of Water Resources, in an interview with Xinhua News Agency.

Images on social media, from cars trapped underwater to emergency rescues in floating rafts, reveal the widespread calamity in the country. A home collapsing into a river in Southern China recently went viral on Tik Tok.

Register now for FREE unlimited access to Reuters.com

“From late May to mid-June, there were seven consecutive heavy rainfall processes in the Pearl River Basin, with relatively concentrated and overlapping rain areas, heavy rain intensity and heavy cumulative rainfall,” Yao Wenguang said.

China has been grappling with extreme weather contrasts, with Guangdong, Fujian and Guangxi provinces experiencing record rainfall while Shandong, Henan and Hebei provinces faced scorching heatwaves, pressuring the national power grid.

Meanwhile, drought conditions are also exacerbating problems with Yao Wenguang saying, “At present, drought has emerged in some parts of northern China and developed rapidly, mainly concentrated in Inner Mongolia, Henan, Shaanxi, Gansu and other provinces and regions.”

He said in response to the drought in four provinces and regions, the Ministry of Water Resources launched a drought defense level IV emergency response on June 25, sending three working groups to stricken areas in Inner Mongolia, Shaanxi and Gansu to help with measures to fight the drought.

Extreme weather events are making headlines across the globe, with flooding in China, India and Bangladesh and heatwaves in South Asia, Europe and the United States. Many scientists and experts point to climate change as the culprit.

On Tuesday, a team of climate scientists published a study in the journal Environmental Research: Climate, looking into the role climate change has played in individual weather events over the past two decades. The findings confirm warnings of how global warming will change our world – and also make clear what information is missing. read more

Register now for FREE unlimited access to Reuters.com

Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Bernadette Baum

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Events leading up to ex-Goldman banker’s 1MDB graft trial

Events leading up to ex-Goldman banker's 1MDB graft trial

NEW YORK, Feb 14 – Former Goldman Sachs (GS.N) banker Roger Ng is accused of bribery and money laundering charges in connection with the multibillion-dollar looting of Malaysia’s 1MDB sovereign wealth fund.

Here is a timeline of key events leading up to the trial.

April 2014 – Ng, Goldman Sachs’ managing director and head of Southeast Asia sales for fixed income, currencies and commodities, leaves the bank for unspecified reasons. Ng had helped the company win business with Malaysian state fund 1Malaysia Development Berhad (1MDB).

Register now for FREE unlimited access to Reuters.com

July 2015 – The Wall Street Journal reports that Malaysian investigators have traced nearly $700 million from entities linked to 1MDB to bank accounts in the name of Malaysian Prime Minister Najib Razak. He denies the allegations, calling the reports “political sabotage.”

February 2016 – Tim Leissner, senior Goldman Sachs investment banker and chairman of its Southeast Asia business, leaves the bank. Leissner had helped arrange the sale of U.S. dollar bonds for 1MDB. The bank drew criticism from Malaysian politicians over the hefty amount it earned from these transactions.

July 2016 – The U.S. Department of Justice files lawsuits seeking to seize dozens of properties tied to 1MDB, saying that over $3.5 billion was misappropriated. The funds were used to purchase high-end real estate, jewelry and artwork, and finance the production of the Hollywood film “The Wolf of Wall Street,” the lawsuits allege.

July 2018 – Najib is arrested by Malaysian authorities on charges linked to the 1MDB scandal. He had led the country for nearly a decade and recently lost a bid for reelection.

November 2018 – U.S. prosecutors in Brooklyn unveil criminal charges against Leissner, Ng and Malaysian financier Low Taek Jho, alleging they conspired to launder money and bribe government officials in Malaysia and Abu Dhabi through the 1MDB bond offerings. Leissner pleads guilty to conspiracy charges and agrees to forfeit $43.7 million. Ng is detained in Malaysia.

December 2018 – Malaysia files criminal charges related to the scandal against Goldman Sachs, Leissner, Ng, Low and other individuals.Low has not been arrested by U.S. or Malaysian authorities.

May 2019 – Ng is extradited to the United States and pleads not guilty to criminal charges.

August 2019 – Malaysia files criminal charges against 17 current and former directors at subsidiaries of Goldman Sachs as a result of its 1MDB probe.

July 2020 – Najib is convicted of corruption and sentenced to 12 years in jail.

October 2020 – Goldman says it will claw back $174 million in executive compensation and pay $2.9 billion to settle with the U.S. Department of Justice and other U.S. and overseas regulators over its role in the scandal. The bank’s Malaysia subsidiary pleads guilty to conspiracy in a U.S. court.

December 2021 – A Malaysian court upholds Najib’s conviction on corruption charges over the 1MDB scandal. He says he will appeal the decision to Malaysia’s top tribunal.

Feb. 8, 2022 – Chief Judge Margo Brodie selects 12 jurors and six alternates to hear the case, which is estimated to last five to six weeks.

Feb. 14, 2022 – Opening arguments begin.

Register now for FREE unlimited access to Reuters.com

Reporting by Jody Godoy in New York; Editing by Richard Chang

Our Standards: The Thomson Reuters Trust Principles.