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March 2nd - U.S. stock index futures opened lower on Monday, with Nasdaq and Dow futures falling more than 1%, and S&P 500 futures falling more than 0.9%.March 2 - International oil prices surged $8 at the open on Monday as escalating tensions between the US and Iran disrupted oil shipments. Brent crude reached a high of $82.37 per barrel, while WTI crude jumped to $75.33 per barrel.Goldman Sachs estimates that if the supply disruption in the Strait of Hormuz lasts for six weeks, there is a time risk premium of $18 per barrel for crude oil prices; if only 50% of the supply is disrupted for one month, the premium will decrease to $4.According to a U.S. official, the United States and Israel have launched attacks on more than 2,000 targets inside Iran to date.1. Monday: ① Data: UK February Nationwide House Price Index (MoM); Switzerland January Retail Sales (YoY); France, Germany, Eurozone, and UK February Manufacturing PMI (Final); UK January Bank of England Mortgage Approvals; US February S&P Global Manufacturing PMI (Final); US February ISM Manufacturing PMI. ② Holiday: Seoul Stock Exchange closed. 2. Tuesday: ① Data: Japan January Unemployment Rate; Eurozone February CPI (YoY, Preliminary); Eurozone February CPI (MoM, Preliminary). ② Events: Bank of Japan Governor Kazuo Ueda speaks at a fintech seminar; FOMC permanent voting member and New York Fed President Williams speaks. ③ Holiday: National Stock Exchange of India closed. 3. Wednesday: ① Data: US API and EIA crude oil inventory data for the week ending February 27; Australias Q4 GDP annual rate; Chinas official manufacturing PMI, RatingDog manufacturing PMI, and RatingDog services PMI for February; Switzerlands CPI month-on-month rate for February; final readings of services PMI for February in France, Germany, the Eurozone, and the UK; Eurozones PPI month-on-month rate and unemployment rate for January; US ADP employment change for February; final reading of the S&P Global Services PMI for February; and US ISM non-manufacturing PMI for February. ② Events: The Fourth Session of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) convenes in Beijing; Minneapolis Fed President Neel Kashkari, a 2026 FOMC voting member, delivers a speech; Bank of Canada Governor Macklem participates in a fireside chat. 4. Thursday: ① Data: French January industrial production month-on-month; Swiss February seasonally adjusted unemployment rate; Eurozone January retail sales month-on-month; US February Challenger job cuts; US initial jobless claims for the week ending February 28; US January import price index month-on-month; US February global supply chain stress index; US EIA natural gas storage for the week ending February 27. ② Events: The Fourth Session of the 14th National Peoples Congress convenes in Beijing; Saudi Aramco announces its official crude oil prices around the 5th of each month; the Federal Reserve releases its Beige Book on economic conditions. ③ Earnings reports: JD.com, Bilibili. 5. Friday: ① Data: UK February Halifax seasonally adjusted house price index month-on-month; Eurozone Q4 GDP annual rate revised; Eurozone Q4 seasonally adjusted employment quarter-on-quarter final; US February unemployment rate; US February seasonally adjusted non-farm payrolls; US January retail sales month-on-month; US February average hourly earnings year-on-year; US February average hourly earnings month-on-month; US December business inventories month-on-month. 6. Saturday: ① Data: Total number of US oil rigs for the week ending March 6; Chinas foreign exchange reserves in February. ② Event: Speech by Cleveland Fed President Hamak, a 2026 FOMC voting member, on the safe-haven status of the US dollar.

In the United States, solar costs increased by more than 8 percent in the second quarter

Charlie Brooks

Jul 15, 2022 10:35

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According to a research published late on Wednesday, solar energy prices in the United States climbed by 8.1% in the second quarter as a result of an investigation by the Commerce Department into tariffs on Southeast Asian products and growing input costs.


According to a quarterly index that analyzes renewable energy transactions and is collected by LevelTen Energy, the increase amounted to a remarkable 29.7 percent increase in the overall price of wind and solar contracts, also known as power purchase agreements (PPAs), compared to the previous year.


Compared to the previous year, the cost of solar PPAs has climbed by 25.7%.


Since the Russian invasion of Ukraine, economic, logistical, and labor market problems caused by the coronavirus outbreak have intensified, undoing a decade of renewable energy industry cost reductions.


Wind contract expenditures grew by 2.5% during the quarter and have grown by 33.7% annually. Third-quarter wind energy costs in the Southwest Power Pool (NASDAQ:POOL) jumped by 16 percent due to a lack of transmission capacity. Some of the nation's most windy regions, including parts of Nebraska, Oklahoma, and Texas, are served by the grid operator.


LevelTen claimed that it was too soon to evaluate whether or not the decision by U.S. President Joe Biden in early June to waive tariffs on solar panels from the four Asian countries included in the probe for two years will alleviate some of the cost pressure.


In a survey of fifty developers conducted by the firm, around one-third responded that they wanted additional assurances that tariffs would not be applied retroactively if the Commerce Department were to implement them after the two-year wait.


LevelTen reports that the rising cost of wind and solar contracts for corporate and utility buyers has mirrored the rising cost of natural gas-related wholesale energy prices.