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On August 3, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for the Construction of a New Power System." The plan proposes to enhance power supply security to meet the high-reliability power supply needs of various computing facilities. It calls for coordinating energy resource allocation with computing facility construction, and synergistically planning and deploying computing and power projects to promote computing through electricity and vice versa. It also advocates developing new models such as integrated power generation, grid, load, and storage systems, and direct green electricity connections based on computing facilities, to achieve aggregated trading and local consumption of green electricity, thereby increasing the proportion of green electricity generated by computing facilities. Finally, it emphasizes strengthening the recovery and utilization of waste heat resources from computing facilities.On August 3, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for the Construction of a New Power System." The plan proposes to improve the "1+N" basic rules system for the power market. It emphasizes strengthening the alignment and unification of local and national rules, improving the system for new entities to participate in the power market, continuously improving routine cross-grid trading, gradually reducing the scale of agency power purchases, improving the ancillary services market mechanism, exploring the construction of a capacity market mechanism, deepening the reform of the power pricing mechanism, promoting market-oriented reforms of on-grid tariffs for hydropower, nuclear power, and gas power, exploring the implementation of two-part or single-capacity transmission pricing for cross-provincial special projects, implementing pricing mechanisms to support the local consumption of new energy sources, improving the incentive and constraint mechanism for grid investment through transmission and distribution prices, studying relevant pricing mechanisms for offshore wind power transmission projects, optimizing the tiered pricing system for residential electricity, and promoting time-of-use pricing mechanisms for residential electricity.On August 3rd, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for the Construction of a New Power System," which outlines the scientific determination of the layout and construction sequence of coastal nuclear power bases by 2030. The plan promotes large-scale nuclear power construction and actively advances the research, demonstration, and application of next-generation nuclear power technologies. It also emphasizes reducing the cost of small modular reactors (SMRs) through multiple measures and strengthening the comprehensive utilization of nuclear energy and innovation in business models. By 2030, the installed capacity of nuclear power will reach approximately 110 million kilowatts. Furthermore, the plan promotes the large-scale development of concentrated solar power (CSP), develops biomass and geothermal power generation according to local conditions, and advances the large-scale utilization of ocean energy. By 2030, the installed capacity of power generation from biomass, CSP, geothermal, and ocean energy will reach approximately 65 million kilowatts.On August 3, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan for the Construction of a New Power System." The plan aims to promote the construction and commissioning of hydropower projects in key river basins such as the upper reaches of the Jinsha River, the upper reaches of the Lancang River, the middle reaches of the Yalong River, and the Dadu River by 2030. It also aims to safely and orderly advance the construction of major projects such as the hydropower project in the lower reaches of the Yarlung Tsangpo River. The plan emphasizes strengthening the peak-load, regulation, and stability support capabilities of hydropower, and expanding the adjustable range and flexibility of power output. By 2030, the installed capacity of conventional hydropower will reach approximately 410 million kilowatts.According to Russias Foreign Intelligence Service, the EU plans to involve Kyiv in European security policy, but without voting rights.

EUR/GBP is anticipated to decline below 0.8730 as BoE-ECB policy divergence widens

Daniel Rogers

Mar 21, 2023 14:09

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The EUR/GBP pair fluctuates erratically within a 0.8730-point range during the Asian session. The cross aims to fall below the aforementioned support as the market anticipates higher rates from the Bank of England (BoE) despite credible indicators of banking turmoil.

 

The failure of three midsize United States commercial banks and the 164-year-old Credit Suisse has jolted the confidence of market participants. Two schools of thought have perplexed investors, with one believing that central banks could maintain a constant approach to interest rates despite the possibility of significant repercussions from the banking shakeup. Others believe that inflation is extremely persistent, especially in the United Kingdom region, and must be brought under control as soon as possible.

 

In order to maintain pressure on UK inflation, the market expects BoE Governor Andrew Bailey to announce a 25 basis point (bps) reduction in interest rates. This would result in 4.25 percent interest rates.

 

Prior to the Bank of England's interest rate decision, inflation data for the United Kingdom will be diligently monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change.

 

Christine Lagarde's remarks on inflation projections and earnings bolstered expectations for the European Central Bank's (ECB) sustained rate hikes in the Eurozone. ECB According to Reuters, Lagarde stated that it is anticipated that inflation will remain excessively elevated for too long. She added that as a consequence of robust labor markets, wage pressures have increased and workers are endeavoring to regain some of their purchasing power.

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