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Bank of America Global Research: Raises its price target for Alphabet (GOOG.O) from $370 to $430.Bank of America Global Research: Raises its price target for Amazon (AMZN.O) from $298 to $310.1. Commerzbank: Expects the Bank of England to hold rates steady. Market expectations for a rate hike before the end of the year appear excessive, posing a risk to the pound. 2. BNP Paribas: Expects the Bank of England to hold rates steady. Inflationary pressures from high energy prices may prompt the Bank of England to raise rates twice in 2026. 3. MUFG: Expects the Bank of England to hold rates steady, but will hint at future rate hikes due to strengthening UK economic growth momentum and underlying inflationary pressures. 4. UBS: Expects the Bank of England to hold rates steady. The meeting will focus on evidence of second-round effects, such as changes in wage and pricing behavior, and how monetary policy should respond. 5. Berenberg: Expects the Bank of England to keep rates unchanged throughout 2026, followed by a resumption of rate cuts, as a weak UK economy and a slowing labor market will curb soaring inflation. 6. Morgan Stanley: Expects the Bank of England to hold rates steady by an 8-1 vote and will provide policy guidance on the possible direction of future rate decisions. 7. ING: Expects the Bank of England to maintain its interest rate unchanged at an 8-to-1 vote and keep the options open, neither increasing bets on rate hikes nor actively suppressing expectations. 8. PIMCO: Expects the Bank of England to keep interest rates unchanged until 2026, but may raise rates to prevent inflation from surging if energy prices rise further.April 30th - According to US financial media Semafor, two White House officials revealed that US President Trump will sign an executive order on Thursday aimed at expanding access for employees whose employers do not offer retirement savings plans. The US government will combine this measure with the so-called "Savers Match" program. This program stems from legislation in 2022, which stipulates that starting next year, the federal government will provide up to $1,000 in matching funds for retirement savings plan contributions from employees earning less than $35,000 annually. One official stated that Thursdays executive order aims to address this issue, instructing the Treasury Department to launch a new website, TrumpIRA.gov, before the "Savers Match" program takes effect in January. Under the executive order, employees can use the website to filter private sector retirement savings plans based on factors such as cost, minimum contribution amount, and minimum balance to register for an eligible account and receive matching funds when eligible.On April 30th, Diego Iscaro, Head of European Economics at S&P Global Markets Intelligence, stated that the European Central Banks (ECB) interest rate hike is increasingly becoming a "when" rather than a "whether" question. Eurozone overall inflation rose to 3.0% in April from 2.6% in March, exceeding market expectations. He pointed out that the latest data poses a real challenge to the ECB. Even in an optimistic scenario, inflation will continue to rise in the coming months. Iscaro stated that rising prices are rapidly pushing up inflation expectations. "The market consensus is that the ECB will keep interest rates unchanged at its meeting later today, but the discussion is increasingly shifting from whether the policy rate will rise to when it will rise."

This week, Texas and U.S. Plains states will break new records for energy usage

Aria Thomas

Jul 20, 2022 11:21

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Regional electric grid operators stated on Tuesday that electricity usage in Texas and other Central U.S. states is expected to set new records in the coming days as families and businesses switch on air conditioners to combat the heat.


As temperatures in the United States hit triple digits and the cost of delivering electricity rises for utility companies, grid management have begun taking steps to ensure they have the capacity to satisfy rising demand.


The United States is projected to consume a record amount of electricity in 2022, primarily because of rising economic demand and population growth in Sun Belt states served by the Electric Reliability Council of Texas (ERCOT) and the Southwest Power Pool (NASDAQ:POOL) (SPP), as well as in the U.S. Southeast.


On Tuesday, the temperature is expected to reach 111 degrees Fahrenheit (44 degrees Celsius) in Oklahoma City, making it the hottest day in a decade. On Wednesday and Thursday, the temperature in Houston will hit 100 degrees Fahrenheit (38 degrees Celsius). According to government data, the average temperature in both cities during this time of year is 94 degrees Fahrenheit (34 degrees Celsius).


On Monday, state environmental regulators granted ERCOT permission to allow power facilities to exceed the emission restrictions of their air license. ERCOT manages the system for nearly 90 percent of the state's energy usage, representing more than 26 million people.


Last week, ERCOT partially fulfilled demand by encouraging users to reduce their energy consumption in lieu of more harsh measures, such as rotating outages, to reduce consumption.


SPP, which operates the grid for over 18 million people in 17 states from North Dakota to Texas, has asked its members to postpone maintenance on critical assets including as transmission lines and power plants. In order to ensure the availability of resources during times of high demand, grid operators regularly implement this approach.


ERCOT said that Monday's preliminary power usage hit 79,039 megawatts (MW), exceeding July 12's previous high of 78,412 MW. Tuesday's power usage is forecast to hit 80,318 MW, while Wednesday's is projected to reach 81,480 MW.


On a hot summer day in Texas, one megawatt may provide electricity to over 200 homes.


Tuesday's power costs at the Dallas-serving ERCOT North Hub jumped from $144 to $220 per megawatt hour (MWh). This compares to an average of $74 for the first six months of this year, $141 for 2021, and $56 for the preceding five years (2017-2021).


Tuesday's power usage is expected to surpass the previous high of 52,028 MW established on July 15 by reaching 53,760 MW.


The severe weather is reminiscent of the February freeze of 2021, which left millions of Texans without electricity, water, and heat for days in the midst of a deadly storm, as ERCOT tried to prevent a system collapse owing to an extremely high number of generators shutting down.

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