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Sustainable Energy Efficiency

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul class="summary-list"><li>Oil could see a decline to a "much, much" lower price, according to crude analyst Tom Kloza.</li><li>Oversupply will weigh on oil prices in 2025, Kloza predicted.</li></ul>The oil market is headed into a troubled year in 2025, and crude prices may fall "much, much" lower, according to Tom Kloza, global head of energy analysis at Oil Price Information Service.The oil analyst said crude prices would experience more downward pressure in 2025 despite concerns that <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-israel-iran-geopolitics-middle-east-war-crude-2024-10">conflict in the Middle East</a> could escalate and send prices higher.Traders shouldn't bet on supply disruptions in the Middle East, and the world is already so oversupplied with oil that prices are bound to drop, he said <a target="_blank" class="" href="https://www.youtube.com/watch?v=QP9h3rnAf2c">in an interview with CNBC</a> on Wednesday.The US <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">produced more oil than any other country</a> in history in 2023, according to data from the Energy Information Administration. The <a target="_blank" class="" href="https://www.businessinsider.com/us-oil-production-boom-crude-supply-wti-price-goldman-sachs-2024-7">production boom will likely last until at least 2026,</a> Goldman Sachs previously estimated, pointing to factors like increased drilling efficiency. OPEC+, the oil cartel led by Saudi Arabia, is also expected to churn out more crude oil by the end of the year, Kloza said, pointing to a recent ministerial meeting that reviewed oil market conditions."It was pointing lower, and I think it's still pointing lower. Because, you have to consider that there's probably around 600,000 or 700,000 [barrels] of additional crude for export that's going to come out as temperatures moderate in Saudi Arabia and Iraq," Kloza said. "You have a market that's pointed to the downside."Kloza brushed off concerns that supply disruptions could arise from conflict in the Middle East."It's not a probability. It's a little like, there's a possibility that the Giants and the Jets could be winning the Super Bowl this year, but I wouldn't be betting on it," he said.Kloza said big investors are also no longer trying to "chase" oil, which he believed could limit the upside of crude prices.He pointed to estimates from other energy forecasters, who have predicted that oil prices could trade as low as $50 a barrel, a decline of about 37% from where Brent crude was trading on Thursday. "I think that oil is destined for much, much lower numbers, and whoever wins the presidency next month is going to have a problem of maybe a little bit of oil deflation. All the balances for 2025 point to more oil than the world really needs, and if you have OPEC+ coming back to the market with some of that production that they cut, I think it's a real problem in 2025," he said.Brent crude was up by about 3.7% on Thursday, while US oil prices 3.6%.

Oil oversupply could send prices tumbling in 2025, energy analyst says 

Spieler, one of Business Insider's 2024 AI Power List picks, is Nvidia's main envoy in the energy industry, including oil and gas, renewables, power generation, and utilities. He works with industry leaders to leverage Nvidia's AI tools to help improve efficiency, reduce carbon emissions, and make power grids more resilient. He recently worked with the energy giant Shell to create a model to screen for carbon-capture sites. Spieler joined Nvidia in 2019 after nearly 14 years at Halliburton, where he most recently worked on acquisitions. Before Halliburton, he worked in sales for Silicon Graphics International, a former Nvidia partner that Hewlett Packard Enterprise later acquired.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Marc Spieler, senior managing director at Nvidia, transforms energy sectors with cutting-edge AI

<ul class="summary-list"><li>Abaxx is a new commodities exchange that aims to stabilize prices and aid the energy transition.</li><li>"Trade and network keeps the world at peace," Abaxx's CEO told BI.</li></ul>The race to clean-up the global economy is on.Investment in the <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">energy transition</a> — a broad shift from fossil-based energy production systems to renewable resources like wind and solar power — hit $1.8 billion in 2023, with countries like China and the United States leading the charge, according to BloombergNEF, an energy research company. The International Energy Agency says total investment in clean energy could reach $2 trillion by the end of the year.But the shift to a cleaner, lower-carbon world doesn't depend solely on the work of government officials, legislators, or even major businesses. It also hinges on players working behind the scenes to secure the prices of key commodities like liquefied natural gas, essential for electricity generation and heating, and <a target="_blank" class="" href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">carbon offsets</a>, which help companies counteract the impact of their carbon emissions.A new Singapore-based commodities exchange called Abaxx, which launched in June, is working to do that by providing companies, governments, and project developers with a transparent marketplace for their trades. Commodities markets help stabilize prices by helping suppliers and consumers figure out fair prices, hedge against volatile price changes, and execute efficient and transparent transactions.Exchanges like Abaxx play a role in this because they help lock in prices and mitigate drastic fluctuations in the future. Abaxx deals in futures contracts, legally binding agreements to buy or sell commodities at a specified future date. Three regionally deliverable liquified natural gas contracts and two carbon offset contracts are already trading on the exchange. It's working on launching futures contracts for gold and battery metals, like lithium, a component in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cheaper-electric-vehicle-battery-technology-lithium-shift-2023-3">batteries that power EVs like Tesla</a>.Josh Crumb, the CEO and founder of Abaxx, says unclear pricing can lead to higher and more volatile prices for consumers while also forcing commodity producers to navigate turbulent investment cycles."If we look at the battery supply chain, nickel sulfate, lithium, cobalt, these things have gone through huge swings of boom and bust over the last couple of years," Crumb told Business Insider. "The main reason why is we don't have a lot of market transparency so that people can forward plan, price, hedge, all of that."Crumb first realized that the commodity industry needed more innovation when he was working as a <a target="_blank" class="" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">strategist at Goldman Sachs</a> in the years following the 2008 financial crisis. That coincided with the end of the commodities boom of the 2000s, during which the prices of many commodities, from food to oil to chemicals, had drastically surged.Now, with trading in full swing, Crumb hopes Abaxx will play a role in stabilizing what he sees as the next commodity investment cycle — marked not just by a need for new commodities to facilitate the energy transition but also a surge in electrification."When people speak of the energy transition to a lower carbon economy, they are usually speaking of replacing internal combustion engines with electric vehicles, with electricity supplied by low carbon renewables, hydro, and nuclear power. This will lead to a dramatic increase in electricity consumption," a representative for Crumb wrote to Business Insider by email. Between 2022 and 2050, global electricity generation is expected to surge at a faster rate than it did over the past decade, according to a report from the International Energy Agency.Most importantly, though, exchanges like Abaxx could play a critical role in geopolitics, Crumb said. "You want more transparency; you want more markets because we think that leads to more peace," he said. "We think trade and networks keeps the world at peace."

Founder of new commodities exchange explains how it can fuel the green energy transition

Mumbai (Maharashtra) [India], July 29 (ANI): The Power Transmission &amp; Distribution (<keyword id="21574285" type="General" weightage="20" keywordseo="PTD" source="keywords">PT&amp;D</keyword>) business of <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="153" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> (<keyword id="19963313" type="General" weightage="100" keywordseo="LT" source="keywords">L&amp;T</keyword>) has secured new orders both domestically and internationally for the construction of substations and <keyword id="21017821" type="General" weightage="20" keywordseo="transmission-lines" source="keywords">transmission lines</keyword>. According to an exchange filing, these projects are integral to the vast, interconnected electricity network, aiming to accelerate the <keyword id="20596535" type="General" weightage="20" keywordseo="clean-energy-transition" source="keywords">clean energy transition</keyword> and ensure a reliable, resilient power supply. In India, L&amp;T's PT&amp;D has been entrusted with two 765kV double circuit transmission line projects. These projects are vital for the evacuation of power from the Jaisalmer/Barmer <keyword id="21873922" type="General" weightage="20" keywordseo="Renewable-Energy-Zone" source="keywords">Renewable Energy Zone</keyword> in Rajasthan, channelling it to substations in Madhya Pradesh for further distribution. This initiative is a step towards harnessing and utilising renewable energy resources efficiently within the country. On the international front, Saudi Arabia continues its pursuit of sustainable and efficient power supply by bolstering its 380kV network in the central region. L&amp;T's PT&amp;D has secured orders to construct a 380kV substation and 380kV overhead line segments. These developments are crucial for enhancing the region's <keyword id="21644086" type="General" weightage="20" keywordseo="electricity-infrastructure" source="keywords">electricity infrastructure</keyword> and ensuring a stable power supply. In the United Arab Emirates, L&amp;T's PT&amp;D has been awarded contracts to build a 220kV substation and three 132kV substations. These substations will be pivotal in meeting the growing electricity demand in Dubai and Abu Dhabi, supporting the utilities in maintaining a robust and reliable power network. Larsen &amp; Toubro, a USD 27 billion Indian multinational, is a prominent player in EPC projects, hi-tech manufacturing, and services with a global footprint. Renowned for its customer-focused approach and relentless pursuit of top-quality standards, L&amp;T has maintained leadership in its major business domains for over eight decades. The recent orders won by L&amp;T's PT&amp;D fall under the 'Large' category, with values ranging from Rs 2,500 to Rs 5,000 crore.

L&T wins multiple orders worth Rs 2500 to 5000 crore to build grids for clean energy transition

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<ul class="summary-list"><li>Oil and gas will remain the dominant energy sources in 2050, according to a new report from Exxon.</li><li>The company points to population growth and increasing energy needs among developing countries.</li></ul>Contrary to forecasts for oil demand to peak in the coming years, Exxon Mobil says oil and gas will remain the dominant sources of energy until the middle of this century. The oil major said in an outlook published this month that global oil demand will remain above 100 million barrels a day through 2050, even as the share of renewable powers grows. Broken down by source, it sees oil and gas accounting for 54% of the global energy mix by 2050, coal at 13%, nuclear energy at 6%, bioenergy at 10%, and renewables like wind, solar, and hydroelectric at 15%.That forecast stands in contrast to predictions from the International Energy Agency, which predicts that oil and gas demand will peak and <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">plateau at 105.6 million barrels per day</a> by 2029.Exxon, the leading oil and gas company in the US, pointed to a rise in the global population to 10 billion in 2050, up from 8 billion today.With half of the world's population currently living below Exxon's "modern energy minimum"—having enough energy for housing, infrastructure, jobs, and mobility—the company projects a 15% increase in global energy use is necessary for reliable energy worldwide by 2050.That rise in energy use will be predominantly driven by a 25% increase among developing countries, whose current energy problems put inhabitants at risk from harmful cooking fuels, limited electricity, and poverty, the report says.Developed countries, on the other hand, will decrease energy use by 10% due to improved efficiency.The report says that even greater adoption of electric vehicles won't make a dent in oil and gas usage."What many don't realize is that making gasoline is but one relatively small use for oil," Exxon said in its report, adding that the majority of the world's oil is used for industrial processes like manufacturing, and for transportation like shipping, trucking, and air travel."These services are needed for modern life – and they also fuel future economic growth in the developing world," the report says.At the same time, the report predicts carbon emissions will drop for the first time in 2030. Last year, the company's annual report said the world likely won't meet the emission reduction targets that were set in the Paris Climate Accords in 2015 to curb the effects of climate change.

Exxon says oil and gas will still be the dominant sources of energy by 2050 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Looking for a new way to jumpstart your mornings? (Besides reading this newsletter, of course.) Retired Navy SEAL Jocko Willink <a target="_blank" href="https://www.businessinsider.com/former-navy-seal-military-morning-routine-helps-him-in-business-2024-10">shared his daily routine</a> that keeps the now-business owner focused.Speaking of new, we've got a cool tool for you to play around with: AI-powered search. We're using generative AI to help easily find all of our great stories. <a target="_blank" href="https://www.businessinsider.com/">Check it out on our homepage</a>.In today's big story, inside Amazon's internal pitch for turning to nuclear power <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">to meet its growing energy needs</a>.What's on deck:<ul><li>Markets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q3-earnings-elon-musk-profit-margins-guidance-2024-10">Tesla's stock had a monster day</a> following its stellar earnings report.</li><li>Tech: In an exclusive interview, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">Marc Benioff bashes Microsoft's Copilot</a>.</li><li>Business: The <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">good and bad about the economy</a> less than two weeks from the election.</li></ul>But first, let's power up.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Nuclear needs</h2><div type="image" title="Amazon logo with smoke coming out." height="1250" width="2500" msid="114590276" hostid="261" sizebytes="87984"></div>What's bigger than tech's ambitious plans for generative AI? The amount of energy needed to power it.That's led Big Tech to consider nuclear power to address its skyrocketing energy requirements.Business Insider's Eugene Kim has a report on <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">how Amazon navigates its nuclear ambitions</a>. In a signal of how serious Amazon is about going nuclear, the company pitched the energy source to CEO Andy Jassy this June, according to a company document he obtained.Since then, Amazon has led a $500 million financing round for a company developing modular nuclear reactors. It also agreed to purchase power from Talen Energy's nuclear-powered data center in March.And it's not alone.Microsoft and Google have invested in the sector, and OpenAI CEO Sam Altman backed a nuclear reactor startup.The stakes are high for tech players to get energy. Eugene previously reported on how Amazon's dreams of building a data center empire <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">face the realities of electricity, water, and labor constraints</a>.Should those data center efforts continue to struggle, companies' big bets on generative AI could also falter.<div type="image" title="Protesters at Three Mile Island." height="470" width="700" msid="114590280" hostid="261" sizebytes="35920"></div>A tech-nuclear relationship is mutually beneficial.Tech companies need cost-efficient, reliable energy sources <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">that won't increase their carbon footprint</a>, writes BI's Hasan Chowdhury. Nuclear power ticks that box better than other clean energy options like solar or wind.Nuclear power, meanwhile, <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">is an industry in desperate need of some love</a>, BI's Daniel Geiger and Ellen Thomas previously reported. With at least one commercial nuclear plant closing every year since 2013, the sector has welcomed the interest."We're seeing customers approach us at a rate that we haven't seen in my history with this industry," Jim Burke, CEO of nuclear owner Vistra, said back in March.Naturally, there are skeptics. A byproduct of nuclear power is radioactive waste. The transportation and storage of that remains a hot-button issue. High-profile incidents involving power plants like Chernobyl and Fukushima also drew criticism and stoked fears around the globe.Big Tech hasn't shied away from it. In September, Microsoft cut a deal with Constellation Energy to get power from <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">part of the Three Mile Island nuclear plant</a>, home to the worst commercial nuclear accident in US history.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Maven Clinic is swapping out its finance chiefs <a target="_blank" href="https://www.businessinsider.com/mavens-cfo-out-as-womens-health-startup-gets-fresh-funding-2024-10">as the women's health unicorn looks ahead to an IPO</a>.</li><li>The 'whale' placing huge bets on a Trump win is a French national with <a target="_blank" href="https://www.businessinsider.com/polymarket-donald-trump-betting-odds-whale-french-trader-harris-polls-2024-10">extensive trading experience</a>.</li><li>The New York Liberty celebrated its first-ever championship and record-breaking WNBA season <a target="_blank" href="https://www.businessinsider.com/new-york-liberty-wnba-championship-parade-photos-2024-10">with a jubilant party</a>.</li><li>Former Avenue employee accused of 'blackmailing' billionaire Marc Lasry countersues, claiming sexual harassment <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-accused-of-sexual-harassment-in-countersuit-2024-10">including forced kissing, groping, and comments about her body</a>.</li><li>Putin once asked Elon Musk to not activate Starlink over Taiwan as a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/putin-elon-musk-starlink-taiwan-china-favor-xi-jinping-report-2024-10">favor to Xi Jinping</a>: report.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Name plates on blue background" height="900" width="1200" msid="114590272" hostid="261" sizebytes="60254"></div><ol><li>Welcome to the world of hedge funds, where job titles are made up and don't matter. Unlike its Wall Street peers, the $4.3 trillion hedge-fund industry <a target="_blank" href="https://www.businessinsider.com/an-inside-look-at-hedge-fund-job-titles-2024-10">has little uniformity regarding titles</a>. The naming free-for-all means employees and hiring managers can take advantage of using trumped-up titles.</li><li>Tesla's stock just went from 0 to 60. Shares of the EV giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-gains-tesla-stock-price-earnings-tsla-2024-10">finished the day up almost 22%</a> after Wednesday's strong earnings report. Elon Musk added $30 billion to his net worth from the spike.</li><li>The election's biggest risk to the market isn't who wins but how long it takes to decide. BlackRock Investment Institute head Jean Boivin said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-presidential-election-trump-harris-outlook-volatility-stock-sell-off-2024-10">a contested election would be bad news for investors</a>. He's not alone in his concerns, as others have pointed to short-term volatility when results were delayed in 2020 and 2000.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Salesforce CEO Marc Benioff." height="1333" width="2000" msid="114590275" hostid="261" sizebytes="41956"></div><ol><li>Marc Benioff isn't buying Microsoft's AI hype. In an exclusive interview with BI, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">the Salesforce CEO bashed Microsoft's AI Copilot</a>, calling it inaccurate and dubbing the tool "Clippy 2.0." Benioff's diss came after Microsoft recently announced new Dynamics 365 AI agents, directly competing with a new Salesforce product available today.</li><li>Keep your eyes on these 13 creator-economy startups. New startups are finding ways to break into an industry dominated by Big Tech. BI asked venture capitalists which new creator companies they felt showed promise. From advertising platforms to AI tech companies, <a target="_blank" href="https://www.businessinsider.com/promising-creator-economy-influencer-marketing-startups-per-top-vcs-2024-10">here's the startups to watch</a>.</li><li>A longtime safety researcher left OpenAI. Miles Brundage, who advised OpenAI leadership on safety and policy, <a target="_blank" href="https://www.businessinsider.com/another-safety-researcher-is-leaving-openai-2024-10">announced his departure</a> on X. The AGI Readiness team he oversaw will also be disbanded. Brundage's exit is the latest in a string of high-profile departures from the startup.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Ben Franklin flag on red background" height="900" width="1200" msid="114590270" hostid="261" sizebytes="100740"></div><ol><li>Here's what's going on with the economy ahead of the election. For many Americans, the state of the economy is top of mind heading into the polls. The good news? <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">It's doing broadly well</a>. The unemployment rate remains relatively low, and inflation has slowed. Still, other not-so-great data points have voters feeling pessimistic.</li><li>The housing crisis, as explained by two swing states. Renters and homeowners in swing states have been disproportionately affected by rising housing costs. Two states, Pennsylvania and Arizona, exemplify the problem. While Arizona's population is surging, Pennsylvania's is shrinking — <a target="_blank" href="https://www.businessinsider.com/arizona-pennsylvania-swing-state-home-prices-surge-housing-shortage-2024-10">and neither can build enough homes</a>.</li><li>Behind the scenes of Emma Tucker's Wall Street Journal makeover. Tucker joined the legacy outlet in 2023 with a focus on diversifying and growing the paper's subscriber base. So far, it seems to be working, with subscriptions increasing by 11% over the past year. <a target="_blank" href="https://www.businessinsider.com/wall-street-journal-editor-emma-tucker-interview-peter-kafka-2024-10">She spoke with BI about how she's remaking the paper</a> — including reorganizing and cutting staff.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Jensen Huang says <a target="_blank" href="https://www.businessinsider.com/jensen-huang-tsmc-helped-fix-design-flaw-with-nvidias-blackwell-2024-10">a design flaw with Nvidia's Blackwell chips has been fixed</a> — with TSMC's help.</li><li>Why some CEOs are <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">afraid of publicly criticizing Trump</a>.</li><li>Norway wants to ban under-15s from social media, and <a target="_blank" href="https://www.businessinsider.com/norway-ban-social-media-kids-under-15-backfire-2024-10">expects an 'uphill battle.'</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries will be arraigned on sex trafficking charges in federal court.</li><li>SpaceX's Crew-8 mission crew returns to Earth today.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London.

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