U.S. electric utilities are adding tens of billions of dollars to spending plans to build new power supplies and bolster the grid as data centers for artificial intelligence and cloud computing drive up energy demand. In company earnings calls on Thursday, PPL Corp said it would increase its capital investments through 2028 by nearly 40% to $20 billion. Dominion, which serves the world's largest data center market in Northern Virginia, and utility giant Exelon both revised up capital plans [Read more]

Lower oil prices, budget constraints and a rise in bad corporate debt are among the top economic risks facing Russia, documents prepared for an internal government discussion show, with a possible jump in U.S. and OPEC oil output of notable concern. President Vladimir Putin and top officials have in public regularly extolled the Russian economy's resilience in the face of international sanctions while characterising inflation, stubbornly high at 10%, as its biggest challenge. But the [Read more]

American Electric Power on Thursday said it was considering adding $10 billion to its record $54 billion five-year capital plan as demand for data centers ramps up in the U.S. electric utility's Midwest and southern service areas. As the technology industry pours billions of dollars into expanding energy-hungry artificial intelligence and cloud computing data centers, U.S. power companies have revised load forecasts and capital investment plans upwards. AEP said it has commitments for 20 [Read more]

Activist investor Elliott Management has disclosed a near 5% stake of about 3.8 billion pounds ($4.75 billion) in BP, making it the oil company's third-largest shareholder, the Financial Times reported on Thursday, citing people close to the matter. Elliott is trying to push the British oil company to cut spending on renewables and make big divestments, the FT report said. BP's shares fell 1.3% to 462.5 pence after the FT report. A BP spokesperson declined to comment. Elliott Management [Read more]

When Elliott Investment Management buys into a company to agitate for change, bankers and lawyers who have faced the hedge fund say executives can expect a strong view on their shortcomings, backed by meticulous research and financial firepower. Now, storied oil giant BP is in Elliott's sights. The investment firm, which manages $70 billion, has not disclosed the size of its stake in BP or what changes it wants to see. But the mere whiff of Elliott playing the corporate agitator this week [Read more]

Oil prices fell on Thursday on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows and U.S. President Donald Trump's intention to introduce reciprocal tariffs stoked inflation jitters. Brent futures were down 55 cents, or 0.73%, at $74.63 a barrel by 0141 GMT while U.S. West Texas Intermediate (WTI) crude dropped 52 cents, or 0.73%, to $70.85. Brent and WTI fell more than 2% on Wednesday after Trump said Russian [Read more]

The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) widened on Wednesday: * WCS for March delivery in Hardisty, Alberta, settled at $13.25 a barrel under WTI, according to brokerage CalRock, having ended at a $13 discount on Tuesday. * The discount on Canadian heavy crude prices has been easing since February 5, when it sat at $14 a barrel under WTI. * U.S. President Donald Trump paused his plan to impose a 10% [Read more]

Major U.S. electric utility Exelon increased its four-year capital investment plan by 10% to $38 billion, with the bulk of the spending aimed at bolstering and building new transmission lines, executives said on an earnings call on Wednesday. Many U.S. power companies have revised up capex plans over the past year as the proliferation of AI data centers and the electrification of industries like transportation grow power consumption. Aging and the lack of high-voltage power lines and [Read more]