FINWIRES · TerminalLIVE
FINWIRES

Google, Cypress Creek Energy Break Ground on Steel River Energy Center in Arkansas

By

Alphabet's (GOOG) Google and Cypress Creek Energy have broken ground on the first two phases of Steel River Energy Center in Arkansas, designed to deliver 1.6 gigawatts of solar power and add 1.9 gigawatt-hours of new battery storage, according to a statement on Wednesday.

Project owner and operator Cypress Creek said it has signed a power purchase agreement with Google for the first two phases of the project.

Steel River is a three-phase project in Mississippi County that is expected to provide 2.5 GW of solar generation and 2.9 GWh of battery storage to the local grid system by 2029, according to Cypress Creek.

US-made solar panels and structural steel will be used for the project to support American manufacturing, the statement said.

Price: $362.01, Change: $+4.68, Percent Change: +1.31%

Related Articles

Commodities

US Crude Oil Inventories Fall, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 564,000 barrels in the week ended July 14, according to API data compiled by MacroEdge on X.This decline follows a 399,000-barrel draw the previous week, and compares with analysts' estimate of a 2.7-million-barrel decrease according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities

New York Imposes Moratorium on New Hyperscale Data Centers

New York imposed the US' first moratorium on new hyperscale data centers while developing a statewide regulatory framework, according to a statement from Governor Kathy Hochul on Tuesday.Hochul signed an executive order pausing new state environmental permits for up to one year as regulators develop standards to protect ratepayers, the environment, the power grid and local communities.The governor said artificial intelligence and other computing applications have driven a surge in data center proposals that require significant electricity and water to power and cool thousands of servers.Earlier this year, Hochul launched the Department of Public Service's Energize NY proceeding to require future data centers to either secure their own electricity supplies or pay higher energy costs, helping shield residents from rising power prices.Hochul also directed the Department of Public Service to prepare a Generic Environmental Impact Statement over the next year, while the Department of Environmental Conservation withholds discretionary permits for projects that have not yet completed the application process.The state will allow new data center proposals to move forward after completing the environmental review, provided developers meet the new statewide standards and local zoning and permitting requirements, Hochul said.The governor ordered Empire State Development to issue a Community Investment Framework within 60 days, providing local governments with a template for negotiating community benefits, labor commitments, infrastructure improvements, and workforce investments tied to large data center developments.Hochul also directed the Department of Public Service to evaluate a New York Grid Acceleration Fund that could require data centers to invest in grid infrastructure, clean energy generation, distributed energy resources, battery storage and an insurance pool supporting the state's growing electricity needs.Separately, Hochul is seeking to eliminate New York's sales tax exemptions for large data centers as part of a broader effort to ensure local communities benefit from future development.

Commodities

US Natural Gas Update: Prices Edge Up on Near Term Heat, but Bearish Fundamentals Persist

US natural gas futures edged slightly higher in after-hours trading on Tuesday, as above-normal temperatures across the densely populated Northeast were expected to persist over the next few days before easing toward or below seasonal norms for the remainder of the month.The front-month Henry Hub contract and the continuous contract both rose 0.9% to $2.923 per million British thermal units.Near-term weather forecasts supported prices, with Pinebrook Energy Advisors saying Wednesday is expected to be the hottest day of the summer so far on a population-weighted basis and PJM Interconnection is forecast to reach peak electricity demand of 164 gigawatts, near a record high.However, longer-term demand expectations weakened. Criterion cut cumulative gas demand by 7 billion cubic feet per day across its forecast period, citing softer consumption.The firm expects temperatures across the Lower 48 states to briefly surpass the 10-year average on Wednesday before returning to near-normal levels for the rest of the forecast, limiting weather-driven demand, according to Aegis Hedging.Separately, Barchart, citing Commodity Weather Group, said forecasts had shifted toward cooler conditions, with below-average temperatures expected in the US Southwest through July 23.Pinebrook Energy Advisors said gas demand from the power sector underperformed during a similar heat wave in June as strong wind generation in the Midwest and Texas displaced gas-fired electricity production.While recent summers have seen gas burn exceed 50 Bcf/d during peak heat events, that threshold has not yet been reached this season. Another shortfall in demand during this week's extreme heat could prompt the market to further reassess seasonal natural gas demand fundamentals.Celsius Energy said natural gas accounted for 43% of fuel used to generate electricity on Monday, with power burn estimated at 45.1 Bcf, up 2.6 Bcf from the previous day but down 0.9 Bcf from a year earlier.Average power burn over the past seven days was 43.5 Bcf/d, down 3.7 Bcf/d from the same period last year.Lower 48 gas demand on Tuesday totaled 80.9 Bcf/d, up 1.9% from a year earlier, Barchart reported, citing BNEF data.On the supply side, production stood at 109.4 Bcf/d, while Canadian imports of 6.6 Bcf/d kept total supply at 116.1 Bcf/d, according to Gelber & Associates."That leaves Henry Hub caught between a short burst of summer demand and a supply base that remains capable of covering it, with the market likely needing either sustained heat or a meaningful LNG recovery before the current downward pressure begins to ease," Gelber & Associates said.LNG feedgas demand remained subdued at 18.2 Bcf/d as maintenance work at the Sabine Pass and Freeport export facilities continued to constrain deliveries, according to Criterion.