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<ul class="summary-list"><li>Energy traders are betting that Hurricane Milton will spark power outages in Florida.</li><li>US natural gas futures have fallen 8% in the last three days.</li></ul>Energy traders are on high alert for Hurricane Milton and are ramping up bets that the weather event is about to knock out electricity in Florida and surrounding states, leaving power plants idling as demand evaporates.Front-month US natural gas futures have dropped 8% over the last three days, from $2.97 to $2.74 per million British thermal units as of Tuesday morning. It's a sign markets are anticipating a disruption to power plants that could send prices tumbling, despite low gas storage in recent months.The price drop comes as the Southeast prepares for <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">Hurricane Milton,</a> which is expected to hit Florida by Wednesday evening. The storm, which was classified as a Category 5 hurricane, is expected to bring severe damage to Florida and the surrounding states just weeks after the destructive Hurricane Helene brought high winds and flooding to the region. Energy traders have leaned more bullish on natural gas in recent weeks before the latest bout of extreme weather. Gas futures have jumped 41% over the last six weeks, partly fueled by record-low natural gas inventories for the last three months, according to <a target="_blank" class="" href="https://www.eia.gov/naturalgas/weekly/#tabs-storage-1">government data on gas storage</a> dating back for the last 27 years.Long bets on natural gas, meanwhile, have climbed to their highest level since June on the New York Mercantile and Intercontinental Exchanges, <a target="_blank" class="" href="https://www.reuters.com/business/energy/us-natgas-prices-drop-4-one-week-low-ahead-hurricane-milton-2024-10-08/">Reuters</a> reported.

Traders are betting Hurricane Milton will knock out electricity and leave power plants idling

<ul class="summary-list"><li>Three Mile Island, the site of one of the US' worst nuclear disasters, may soon reopen.</li><li>Constellation have struck a deal to give Microsoft energy to power its AI push.</li></ul>A nuclear plant at the site of <a target="_blank" class="" href="https://www.businessinsider.com/what-happened-three-mile-island-worst-us-nuclear-disaster-2019-8">one of the worst nuclear disasters in US history</a> may soon reopen to provide power for Microsoft's AI push.Constellation Energy has struck a deal to provide Microsoft with nuclear power for the next two decades by bringing part of the Three Mile Island nuclear plant back to service by 2028.A spokesperson for Constellation said it plans to invest $1.6 billion to reopen one of the Pennsylvania plant's two reactors. One of the reactors closed after a system malfunction caused its <a target="_blank" class="" href="https://www.businessinsider.com/chernobyl-fukushima-three-mile-island-nuclear-disasters-2019-6">partial meltdown in 1979</a>. The second reactor remained open after the accident before finally closing in 2019. It is this reactor that will be refurbished and reopened. Tech giants, including Microsoft, are increasingly exploring nuclear energy as a power source for energy-hungry AI data centers.Job postings uploaded last year suggested that Microsoft, which has invested heavily in AI through its partnership with OpenAI, was exploring using <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-plan-to-use-nuclear-energy-power-ai-data-centers-2023-9">nuclear energy</a> to power its data centers.Bobby Hollis, Microsoft's VP for energy, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-20/microsoft-s-ai-power-needs-prompt-revival-of-three-mile-island-nuclear-plant">told Bloomberg</a> that the Three Mile Island reactor will help Microsoft meet its target of being carbon-negative by 2030 and that energy from the site will be used for data center expansion in Pennsylvania and nearby states.The AI models that power chatbots like ChatGPT require <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-uses-17-thousand-times-more-electricity-than-us-household-2024-3">huge amounts of energy to train and run</a>, supercharging a <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-energy-centers-water-energy-land-2023-10">wave of spending on data centers</a> across the US.That, in turn, has sparked <a target="_blank" href="https://www.businessinsider.com/chatgpt-generative-ai-environment-climate-change-global-emissions-2023-9">concerns over AI's environmental impact</a>, with experts warning that building AI systems requires vast amounts of water and emits tons of carbon dioxide.Microsoft and Constellation did not respond to a request for comment, sent outside normal working hours.

Three Mile Island nuclear plant to reopen — to power Microsoft's AI push

<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.

Big Tech goes nuclear: Amazon's pitch to use power plants shows the crucial role the energy source plays for AI

<ul class="summary-list"><li>Virtual power plants aggregate homeowners' rooftop solar, battery storage, and electric vehicles.</li><li>State energy agencies and utilities tap the energy to prevent power outages during extreme weather.</li></ul>A growing number of homeowners are getting paid to leverage their rooftop solar, battery storage, and electric vehicles to help prevent power outages and clean up the grid.Their at-home renewable energy is being networked together to form "virtual power plants" in states like California, Vermont, Texas, and Utah, where energy agencies and utilities are tapping these resources to meet peak electricity demand during extreme weather. These VPPs are lowering costs and keeping dirtier "peaker" gas plants, which are typically used during emergencies, offline. In exchange, homeowners are paid anywhere from a few hundred dollars to up to $10,500 in one year, depending on the program.GoodLeap, which finances and develops software for sustainable home energy systems, launched its own VPP program this summer in California by aggregating 200 of its customers' batteries. The storage capacity is made available to a state-wide grid support program run by the California Energy Commission. So far, the batteries have helped alleviate six "stress" events since July, including during heat waves, GoodLeap said. The company offered customers up to $350 this year for participating, and GoodLeap gets paid by the state program <a target="_blank" href="https://dsgs.olivineinc.com/faq/#acc-r55c644-2">at varied monthly rates</a>.While versions of VPPs have existed for years — including utilities adjusting thermostats and water heaters to conserve energy — what's new is the rising adoption of home solar panels, battery storage, and EV chargers that can send power back to the grid. The extra capacity is critical at a time <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">when extreme heat and storms are causing more power outages</a> and electricity demand <a target="_blank" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">is surging from data centers</a> and a US manufacturing boom.The Energy Department <a target="_blank" href="https://liftoff.energy.gov/wp-content/uploads/2023/09/20230911-Pathways-to-Commercial-Liftoff-Virtual-Power-Plants_update.pdf">estimated that between 2023 and 2030</a>, the US will have to add enough power capacity to meet more than 200 gigawatts of peak demand, which is comparable to about 200 nuclear power plants. At least 10% to 20% of that demand could be met by VPPs, which have a lot of untapped potential across the US, all while saving some $10 billion in annual grid costs."We're still in the single-digits, in terms of the percentage of homeowners that have solar and battery storage in the US," Dan Lotano, GoodLeap chief strategy officer, told Business Insider. "So as utility rates continue to rise and technology costs are driven down, I'm bullish about where this market can go. And now we've added another value bucket to homeowners that they couldn't access beforehand."GoodLeap's entry into VPPs trails behind its competitor in the home energy market, Sunrun. The company already has 16,200 customers enrolled in the California Energy Commission's program, which launched in 2022. Sunrun has aggregated enough battery capacity to match a natural gas "peaker" plant or take the entire city of Santa Monica off the grid, according to Chris Rauscher, Sunrun's head of grid services and VPPs. Sunrun in California auto-enrolls customers who are paid $100 a year, while ensuring that batteries maintain at least 20% charge in case people need backup power."We have been called on all summer long," Rauscher said.Sunrun is also working with three owners of the all-electric Ford F-150 Lightning in Maryland to test its ability to power homes during peak summer demand to ease pressure on the grid. The truck owners are customers of Baltimore Gas and Electric Company.Brian Foreman is one of the early adopters. In late June, after several months of Ford and Sunrun troubleshooting software, the battery in Foreman's Ford-150 started powering his home from the peak hours of 5pm to 9pm each night. Foreman said he paid $9,200 for the installation of a bidirectional power system, and now earns $500 a month for participating in the pilot this summer through September."I feel like I'm playing a part in making the grid more resilient," Foreman told BI.Some utilities are warming up to leveraging VPPs for several reasons. In 2020, the Federal Energy Regulatory Commission, which oversees interstate electricity markets, required power grid operators to develop plans for integrating homeowners' rooftop solar, batteries, EVs, and energy-smart devices into the market. Many utilities are also struggling to meet renewable energy targets, in part because it takes a long time to build big infrastructure projects in the US and hook them up to the power grid."It's really hard to build utility-scale solutions," Sunrun CEO Mary Powell told BI last month. "I long ago said we went from NIMBY to BANANA, which is 'build absolutely nothing anywhere near anyone.'""I think all arrows point to innovation," Powell added. "Let's leverage technologies that are more cost-effective because they're paid for by the customers that are installing them."Before leading Sunrun, Powell was president and CEO of Green Mountain Power, Vermont's largest utility. The utility's energy supply is already 100% carbon-free, including renewable and nuclear power, and it's been a trailblazer in VPPs since 2015. That year, Green Mountain Power started subsidizing some customers who installed backup battery power as long as they shared it during peak demand.The program has grown to more than 4,000 batteries with a capacity of nearly 70 megawatts — or similar to a larger gas power plant in the state, according to Kristin Carlson, vice president of strategy and external relations at Green Mountain Power. The utility has saved about $3 million annually in recent years, which is passed onto all customers. Homeowners can get up to $10,500 upfront to buy and install their own batteries, or $5,500 for two Tesla Powerwalls, as long as they participate in the VPP for 10 years."Because we are able to use our virtual power plant, we're not having to purchase expensive and often dirty power from the regional grid," Carlson said. "We've been able to retire two fossil-fuel-powered peaker plants. That's cut carbon emissions."

Homeowners are getting paid up to $10,500 a year to create 'virtual power plants' to help out stressed grids

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<ul class="summary-list"><li>Nuclear-power stocks fell after regulators voted against a deal between Amazon and Talen Energy.</li><li>The deal would permit a Talen nuclear plant to provide an Amazon data center with extra power.</li></ul>Nuclear-power stocks slumped on Monday after US regulators barred a plant from supplying extra power to an <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> data center.The Federal Energy Regulatory Commission rejected the deal between Amazon and <a target="_blank" href="https://markets.businessinsider.com/stocks/tln-stock">Talen Energy</a> late last week. According to FERC Commissioner Mark Christie, approving the proposal would <a target="_blank" href="https://www.ferc.gov/news-events/news/commissioner-christies-concurrence-pjms-susquehanna-co-location-proposal-er24-2172">spark consequences for grid reliability and consumer costs</a>.Talen dropped as much as 8.6% on Monday, unleashing a broader downturn in the nuclear power sector. <a target="_blank" href="https://markets.businessinsider.com/stocks/vst-stock">Vistra</a> slid 6.7% at intraday lows, while <a target="_blank" href="https://markets.businessinsider.com/stocks/ceg-stock">Constellation Energy</a> tanked 13%.These firms have gained sharply as AI data centers have driven US <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-power-grid-demand-utility-bill-outlook-electricity-ev-2024-7">power demand to new heights</a>. In recent months, tech companies have come to embrace nuclear power to run these centers, fueling underlying equities.Both Vistra and Constellation are among the top S&amp;P 500 performers this year. In a similar fashion to Talen, Constellation reached a 20-year deal with <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> to power its data center inBut the FERC's decision sets a precedent that could challenge nuclear data center deals."FERC's decision will have a chilling effect on economic development in states such as Pennsylvania, Ohio, and New Jersey," Talen <a target="_blank" href="https://ir.talenenergy.com/news-releases/news-release-details/talen-energy-statement-ferc-order-rejecting-susquehanna-isa">said in a statement</a>.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-04/us-power-stocks-slump-after-regulator-rejects-nuclear-agreement">Bloomberg</a>, the firm was already paid $650 million in March by Amazon Web Services for a data center campus next to the Pennsylvania plant at issue. AWS also signed a long-term deal to purchase power from the plant.Other nuclear equities also suffered on Monday, with the Sam Altman-backed firm <a target="_blank" href="https://markets.businessinsider.com/stocks/oklo-stock">Oklo</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/nne-stock">Nano Nuclear Energy</a> both falling by double-digits.

Nuclear-power stocks slide after regulator rejects plan to power Amazon data center

Emissions from residential cooking and heating, power generation, and industries together contribute up to 60 per cent of India's PM2.5 pollution, with about 80 per cent of this coming from <keyword id="23824528" type="General" weightage="20" keywordseo="fossil-fuel-combustion" source="keywords">fossil fuel combustion</keyword>, a new study has found. The peer-reviewed study, published in MDPI's "Air" journal, suggests dividing India into 15 airsheds based on regional climate and pollution sources. An airshed is a geographic area where <keyword id="53848" type="General" weightage="100" keywordseo="air-quality" source="Orion">air quality</keyword> is influenced by common factors such as wind patterns and pollution sources. Since pollution can spread across regions, the <keyword id="22077484" type="General" weightage="20" keywordseo="airshed-approach" source="keywords">airshed approach</keyword> promotes coordinated action among states. "Residential cooking and heating, power generation, and all other industries together are responsible for 40-60 per cent of the PM2.5 pollution in all the airsheds, and approximately 80 per cent of the pollution comes from fossil fuel burning sources," said Sarath Guttikunda, lead author of the study and founder of UrbanEmissions.info. The study said biomass burning, including post-harvest crop residue burning, contributed less than 3 per cent to annual PM2.5 levels while transport accounted for 5-10 per cent in all airsheds. PM2.5 are fine particles with a diameter of 2.5 micrometres or less, about the width of a human hair. These are so small that these can penetrate deep into the lungs and even enter the bloodstream, posing significant health risks. An analysis of PM2.5 trends from 1998 to 2020, along with state-level data on fuel consumption, energy demand and emissions, revealed that 11 of the 15 airsheds were critical for India's air quality management and required coordinated interventions. The Indo-Gangetic Plains remain the most polluted region, with significant emissions from residential cooking and heating (especially in winter), power plants, brick kilns (driven by construction demand), waste burning, dust and vehicular movement for passengers and freight. The plateau region between the Eastern and Western Ghats, India's second most populated area, has seen the highest rise in annual PM2.5 pollution during this period, the study said. "This is an indication of the growing urbanisation and demand for transport, industrial, and commercial amenities," it said. Coastal areas, vital to India's industrial economy, have also experienced rising pollution despite the moderating effects of land-sea breezes. This increase is attributed to growing shipping emissions and overall industrial growth in cities such as Mundra, Surat, Mumbai, Goa, Mangalore, Kochi, Thiruvananthapuram, Chennai, Visakhapatnam, Paradip and Haldia.

Study traces 60% PM2.5 pollution in India to residential cooking, power generation, industries

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>TerraPower, which Bill Gates founded, plans to build its first nuclear power plant in the US.</li><li>CEO Chris Levesque told the Financial Times it wants to start work on a site in Wyoming in June.</li></ul>A company cofounded by Bill Gates is about to start building next-generation nuclear power plants in the US.Chris Levesque, CEO of TerraPower, told <a target="_blank" href="https://www.ft.com/content/418907d1-d497-439c-9800-eb814226ab71">the Financial Times</a> that his firm will start building at a site near a coal plant in Kemmerer, Wyoming in June, even if it hasn't received a construction permit from regulators by then. The company plans to bring the nuclear plant online in 2030, he added.TerraPower, which has raised $1 billion from backers, will use liquid sodium rather than water to cool its Natrium reactors, making them cheaper to run. Most of the initial work at the Kemmerer site won't be related to nuclear activity, Levesque said. "When you use liquid sodium as a coolant instead of water it's a game changer," he told the FT."Natrium plants will cost half of what light water reactor plants cost … and we are moving our project along pretty aggressively."Gates helped found TerraPower in 2006 and has been its chairman since then. The company has said its aim is to provide the world with a more <a target="_blank" href="https://www.terrapower.com/people/bill-gates/">affordable, secure, and environmentally friendly</a> form of nuclear energy.Its Natrium reactor is expected to cost $4 billion, with about half the cost being met by the Department of Energy. CRV and Khosla Ventures are among the company's VC backers, <a target="_blank" href="https://www.reuters.com/article/idUSTRE65D4FG/">Reuters reported</a>.While Russian and Chinese state-controlled companies have already managed to launch smaller nuclear reactors, progress in developing similar tech in the US has stalled in recent years.<a target="_blank" href="https://www.businessinsider.com/zirp-end-of-cushy-big-tech-job-perks-mass-layoffs-2024-2">High interest rates</a> have made it tougher for startups to draw in funding, while Russia's invasion of Ukraine and subsequent exclusion from financial markets has made it tougher for companies to get the uranium needed for their reactors.In December 2022, TerraPower pushed back the launch of its flagship project by at least two years, which Levesque attributed to the war in Ukraine hitting supplies of <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-war-in-ukraine-bill-gates-nuclear-startup-uranium-fuel-2022-12">high-assay, low-enriched uranium</a>.In October last year TerraPower missed out on making the shortlisted for the next round of the UK government's competition for small nuclear plants. Rolls-Royce is one of the leading contenders with its <a target="_blank" href="https://www.rolls-royce-smr.com/">small modular reactor</a> (SMR) designs and has already secured more than £200m of government funding in Britain.

A Bill Gates company is about to start building a nuclear power plant in Wyoming 

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>Tech giants like Amazon and Microsoft are striking nuclear power deals for their AI data centers.</li><li>The nuclear power resurgence is driven by clean energy demand and AI's soaring power needs.</li></ul>The nuclear power industry <a target="_blank" class="" href="https://www.businessinsider.com/amazon-google-microsoft-openai-big-tech-investment-nuclear-ai-race-2024-10">is undergoing a renaissance</a> as demand for clean power soars across the country, partly driven by the soaring energy needs associated with artificial intelligence data centers.Mega-cap technology companies, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, have inked nuclear power deals to feed their growing energy needs as AI becomes a bigger part of their businesses. One utility company is even restarting the Three Mile Island nuclear power plant after inking a 20-year deal to sell the power to Microsoft.Three Mile Island, located on the Susquehanna River in Pennsylvania, was the site of the country's worst nuclear accident in 1979.Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon has led a $500 million financing round</a> for a company developing modular nuclear reactors and purchased a nuclear-powered data center in March for $650 million."One of the fastest ways to address climate change is by transitioning our society to carbon-free energy sources, and nuclear energy is both carbon-free and able to scale—which is why it's an important area of investment for Amazon," Amazon Web Services CEO, Matt Garman, said in a press release.Analysts on Wall Street are encouraged, too. "The nuclear energy projects involve the construction of several Small Modular Reactors (SMRs), a compact, advanced type of reactor that can be built closer to grids and completed faster than traditional reactors. SMRs also offer the potential to reduce carbon emissions, paving the way for cleaner, more sustainable energy," CFRA analyst Arun Sundaram said in a note last week.He added: "With the full power of AI dependent on both data centers and energy infrastructure, these investments further help AMZN secure its positioning as a leading cloud/AI provider."The resurgence in nuclear power has led to big moves on Wall Street, with some stocks more than doubling in just a few days this month.From utility companies to uranium miners to small-scale nuclear developers, these stocks are soaring amid the revival of America's nuclear power industry.7. Cameco<div type="image" title="CCJ stock" height="568" width="671" msid="114593576" hostid="261" sizebytes="23410"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ccj-stock">CCJ</a> Market value: $23.6 billion YTD Performance: +25%6. BWX Technologies<div type="image" title="BWXT stock" height="595" width="682" msid="114593572" hostid="261" sizebytes="21428"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bwxt-stock">BWXT</a> Market value: $11.3 billion YTD Performance: +62%5. Oklo<div type="image" title="OKLO stock" height="590" width="674" msid="114593573" hostid="261" sizebytes="18650"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/oklo-stock">OKLO</a> Market value: $2.4 billion YTD Performance: +88%4. Constellation Energy<div type="image" title="CEG stock" height="610" width="680" msid="114593579" hostid="261" sizebytes="23222"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ceg-stock">CEG</a> Market value: $83.5 billion YTD Performance: +128%3. Vistra<div type="image" title="CEG stock" height="570" width="676" msid="114593574" hostid="261" sizebytes="22818"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/vst-stock">VST</a> Market value: $43.0 billion YTD Performance: +224%2. Nano Nuclear Energy<div type="image" title="NNE stock" height="588" width="677" msid="114593578" hostid="261" sizebytes="21170"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nne-stock">NNE</a> Market value: $589.6 million YTD Performance: +272%1. NuScale Power<div type="image" title="SMR stock" height="567" width="676" msid="114593570" hostid="261" sizebytes="21064"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/smr-stock">SMR</a> Market value: $1.8 billion YTD Performance: +481%

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