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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 / USD Investors Challenge 1.0600 As Mixed US Data Tests Fed Conservatives, US NFP, and ECB's Lagarde

Daniel Rogers

Mar 10, 2023 11:31

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EUR / USD gains bids to extend the midweek rebound from a two-month low, rising 0.16 percent intraday near 1.0600 on Friday morning. In doing so, the Euro-Dollar pair celebrates the broad weakness in the US Dollar ahead of the important US employment report for February and Christine Lagarde's speech as president of the European Central Bank (ECB).

 

The major currency pair reversed a two-day losing trend due to mixed US data and a decline in US Treasury bond yields the day before. Hawkish ECB remarks and the market's positioning for today's crucial US data bolstered the run-up. However, inflation worries and geopolitical tension present challenges for EUR / USD buyers.

 

Despite this, US Initial Jobless Claims increased to 211K for the week ending March 3, compared to the predicted 195K and the previous week's 190K. In addition, there was a decline in Challenger Job Cancellations and an increase in Continuing Jobless Claims. Consequently, early indications for Friday's Nonfarm Payrolls (NFP) appear mixed and challenge the market's push for a 0.50 percentage point Fed rate hike in March, which is supported by Federal Reserve Chairman Jerome Powell's most recent signals.

 

Despite contradictory data, inflation worries continue to favor Fed conservatives, especially after Chairman Jerome Powell defends the stricter monetary policy, which restrains Euro prices. It should be noted that the most recent report from the New York Fed noted that recent upward revisions to inflation data and higher-than-anticipated levels of inflation had altered what had previously appeared to be a decline in price pressures.

 

Francois Villeroy de Galhau, an ECB policymaker, stated on Thursday that they will return inflation to 2% by the end of 2024 or 2025.

 

In addition to the aforementioned catalysts, geopolitical concerns emanating from US President Joseph Biden's proposed budget for 2024 and the US's partnership with the UK and Australia for nuclear submarines should challenge EUR / USD buyers.

 

In this context, US 10-year and 2-year Treasury bond yields extend yesterday's losses to 3.88% as of press time, dragging on the US Dollar Index (DXY), which is presently down 0.10 percent to 105.12. Despite this, Wall Street benchmarks closed with daily losses exceeding 1.5%, causing S&P 500 Futures to post modest losses as of press time.

 

According to market predictions, the employment report for February in the United States is expected to reveal a general softening. The same contrasts with the Fed's hawkish inclination to emphasize the likelihood of a significant market move in favor of the US Dollar in the event of a positive surprise. However, Lagarde of the ECB must confirm this.

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