Business
Biden Begins $6B Program to Bail Out Distressed Nuclear Power Plants
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The Biden administration is launching a $6B program to rescue nuclear power plants at risk of closing, opening a certification and bidding process Tuesday for a civil nuclear credit program to aid financially distressed owners or operators of nuclear power reactors.
The U.S. Department of Energy said it will take applications for the first round of funding in its program until May 19, prioritizing reactors that have already announced plans to close.
The program could provide a boost to operators including Public Service Enterprise Group (PEG), Constellation Energy (CEG) and Energy Harbor (OTCPK:ENGH), according to Bloomberg.
PG&E (PCG) plans to shut its two Diablo Canyon reactors in California in 2024 and 2025.
ETFs: (NYSEARCA:XLU), (URA), (NLR)
A dozen U.S. commercial nuclear power reactors have closed in the past decade before their licenses expired, and a quarter or more of the remaining U.S. nuclear fleet of 93 reactors is at risk, according to the DoE.
Nuclear power currently provides ~20% of electricity in the U.S., or about half the nation’s carbon-free energy.
The only nuclear plant now under construction in the U.S. in Southern Co.’s (SO) Vogtle plant in Georgia; the project’s costs have ballooned over the years, and another delay was announced in February.
Original Post: seekingalpha.com
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CBOT lumber futures rose (LB1:COM) for the third straight session on Wednesday to $601.80 per 1,000 board feet, the highest intraday price since July 22, as supply cuts from a top Canadian producer outweigh rising interest rates that are hurting housing markets.
West Fraser Timber (WFG) announced production cuts at two British Columbia sawmills, equivalent to 2.5% of its total North American capacity, and it is cutting plywood output at another facility.
Other potentially relevant tickers include (WY), (LPX), (PCH), (RFP), (OTCPK:CFPZF), (OTCPK:IFSPF), (OTCPK:WFSTF)
ETFs: (NYSEARCA:XHB), (NASDAQ:WOOD), (CUT), (NAIL)
U.S. builders obtain more than 25% of their lumber from Canada, which is the world’s largest exporter of softwood lumber.
This year’s surge in borrowing costs caused ~60K deals for home sales in the U.S. to fall through in June.
Original Post: seekingalpha.com
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Original Source: seekingalpha.com
Mario Elias Munoz Valencia/iStock Editorial via Getty Images
Seven years after entering the Italian market, Domino’s (NYSE:DPZ) is closing up shop in the homeland of pizza. While the company had already stopped offering delivery from its website on July 29, the last of its 29 local branches just shuttered their doors. Social media is abuzz on the news, with some likening the situation to selling ice in the North Pole, or how the chain could compare their pizza to an authentic Napoletana.
History: Domino’s (DPZ) opened its first outlet in Milan in 2015, via a franchising agreement with a local business called ePizza SpA. At the time, it said it hoped to win over Italian palates with “purely Italian” ingredients like Prosciutto di Parma, Gorgonzola, Grana Padano and Mozzarella di bufala Campana. The biggest catch was a national home delivery model that could take on local artisanal shops and provide an alternative to Italy’s dining out culture.
Cracks in the plan first emerged during the pandemic, especially as delivery became essential during coronavirus lockdowns. Many of the “mom & pop” restaurants went online, allowing buyers to order quality products and gourmet items straight to their homes. As takeout and delivery models were adopted, increased competition was also seen from a rising number of online platforms like Deliveroo, Glovo or Just Eat Takeaway.com.
Go deeper: ePizza borrowed heavily for plans to open over 800 Italian stores through 2030, attempting to land a 2% stake of the national pizza market. As recently as April, it filed for protection from creditors, and while the motion was granted for an initial 90 days, there have been no further updates on the court process. According to the latest audited reports, ePizza had EUR10.6M of debt at the end of 2020, but has since been running out of cash and faltering on its debt obligations.
Original Source: seekingalpha.com
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