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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.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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