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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.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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