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NextEra Secures $1.9BN Loan From Dept Of Energy For Restart Of Duane Arnold Nuclear Power Plant

By Zachary Skidmore of DataCenterDynamics

NextEra Energy has secured a $1.9 billion loan from the US Department of Energy’s Office of Energy Dominance Financing (EDF) to support the restart of the Duane Arnold nuclear power plant, which is tied to a long-term Power Purchase Agreement (PPA) with Google.

The plant, located in Linn County, Iowa, is the only nuclear energy project in the state and first entered service in February 1975. However, due to the 2020 Midwest derecho (straight-line windstorm), which damaged the facility’s cooling towers, repairs were deemed uneconomical, leading to its shutdown.

Duane Arnold Energy Center in Linn County, Iowa

Reports surfaced in 2024 that NextEra was considering a restart of the 615MW plant, following Microsoft's announcement that it would take 100 percent of a revived Three Mile Island nuclear power plant in Pennsylvania. The company subsequently announced that it had signed a 25-year PPA with Google in October, with the plant expected to begin delivering power by 2029.

According to the DOE, the latest loan will help finance the restart of the plant and represents the third loan provided by EDF to support a nuclear plant restart in the US. These include the Crane Clean Energy Center (Three Mile Island Unit 1), which received a $1bn loan, and the Palisades nuclear power plant in Covert Township, Michigan, which secured a $1.52bn loan.

“President Trump has set an ambitious course to restore American nuclear leadership, and the restart of Duane Arnold Nuclear Plant in Iowa marks another step in advancing America’s nuclear renaissance,” said US deputy secretary of energy James P. Danly. “Returning 615MW of reliable baseload generation will drive down electricity costs, while supporting thousands of American jobs. This administration is pursuing a comprehensive nuclear strategy, restarting existing reactors, increasing the output of our nuclear fleet, and accelerating new construction, to build the abundant, affordable, and reliable power system required for American prosperity and reindustrialization.”

The plant is one of several to have its capacity contracted to a hyperscale data center firm. In addition to Google and Microsoft, Meta signed a 20-year PPA with Constellation Energy for the entire output of the 1.1GW Clinton Clean Energy Center in Clinton, Illinois. AWS has also gotten in on the act, signing a 1.92GW PPA with Talen Energy for energy from the 2.5GW Susquehanna nuclear power plant in Pennsylvania.

Tyler Durden Wed, 09/09/2026 - 21:45

The "Maleficent" star also shared her plans for a more "nomadic" life now that all her children are adults.

The "Maleficent" star also shared her plans for a more "nomadic" life now that all her children are adults.

Ralph Lauren’s spring fashion show was a study in strength and softness.  “I loved the mix of masculine and feminine,” actor Rachel Brosnahan told Alexa after the runway presentation at Tribeca’s Jack Shainman Gallery. “I feel like Ralph has always been so talented at that, but in this collection in particular there was beautiful corset...

Melrose appeared in 300 NHL games as a defenseman for the Jets, the Maple Leafs and the Red Wings.

Another suspect is still on the run as of Wednesday evening. 

Ben Shelton shocked the tennis world when he toppled world No. 1 Carlos Alcaraz in a five-set thriller. Well, not everyone was shocked.

The Los Angeles Lakers will have a bold new look next season.

Once upon a time, California universities hired –– almost exclusively –– studious, scholarly and refined professors. 

"If a player is at the top of his position, he should be paid that way," Heyward said.

"Not Behind Us": Major US Tool Distributor Warns Tungsten Cost Shock Is Hitting Factory Floors

Speaking at the Jefferies Industrials Conference earlier on Wednesday, MSC Industrial executive Martina McIsaac warned of a tungsten supply shock rippling through the company's supply chain and continuing to drive up industrial tooling costs.

McIsaac told Steve Volkmann, an industrial analyst at Jefferies, that inflation affecting tungsten carbide inputs is "in the neighborhood of 500%" and said suppliers were still passing higher costs through the manufacturing chain.

Cutting tools represent about 15% of MSC's revenue, making tungsten a major source of pricing pressure for one of the largest industrial distributors of tools and supplies across North America used by factories and machine shops. Notably, Grainger and Fastenal are larger by revenue.

"Tungsten has been the biggest driver," McIsaac said. "It's not our whole business, but it's a chunk of business, and it's not behind us."

Volkmann asked McIsaac: "Okay. And you said that it wasn't over yet, but I believe tungsten prices have flattened out a bit."

McIsaac responded: "They have stabilized, but the ripples through the supply chain aren't over yet. So some suppliers, for example, depending on where they source their tungsten powder and how much they had on hand, the cadence of their increases is all different. So every supplier is behaving a little differently, but there's still a way to come. I think we said in the third quarter, we expected late ... our late fourth quarter, early first quarter, there would be another price increase."

MSC sells tungsten-carbide cutting tools used to machine metal parts across North America. McIsaac's comments offer one of the first examples we've found of how the severe tungsten shortage, driven by China's export restrictions and continued Western demand, is pressuring industrial customers. Prices have climbed above $3,000, according to a recent Cantor Fitzgerald note.

China's dominance of tungsten production has certainly exposed a major vulnerability in Western manufacturing and defense supply chains.

The latest Katusa Research note puts China's share of global tungsten mine production at roughly 79% last year, or 67,000 tons out of 85,000 tons worldwide. The US has had no commercial mine production since 2015.

Beijing's February 2025 export-licensing requirements intensified that dependence. Katusa cites a nearly 70% decline in Chinese exports of ammonium paratungstate, or APT, through the first 11 months of 2025.

Rotterdam APT prices jumped from around $390 per metric ton unit at the beginning of 2025 to roughly $3,400 this spring, according to Katusa Research. 

Citing Financial Times reporting, Katusa said that Chinese traders have panic-hoarded carbide inserts, drill bits and worn tooling, sometimes bidding as much as five times normal market prices.

Christian Keller, Barclays' global head of economics research, co-authored a note on Tuesday warning that "China's quasi-monopolistic position provides it with significant geopolitical leverage."

The end result has been a mad dash across the West, from governments to importers, to secure tungsten supplies outside China ahead of any further tightening of Chinese supply. However, there is only one problem... 

Companies that can bring supply online sooner could capture a crucial early market advantage, including Almonty as it ramps up tungsten production in South Korea.

Jefferies initiates critical mineral companies Almonty, Materion, USA Rare Earth and Neo Performance with Buy; the firms are expected to benefit from increased demand for supply outside of China.

Almonty (buy, PT $26.25)

Sees Almonty offering public exposure to Western tungsten…

— zerohedge (@zerohedge) September 2, 2026

Deliverable supplies of critical materials from outside China can command a higher premium, reinforcing our broader decoupling theme. Our view is to identify companies positioned to bring new supplies to market as governments and manufacturers rebuild supply chains on an ex-China basis. 

Tyler Durden Wed, 09/09/2026 - 21:20

Curry appears to have scored millions after offloading a massive property in the Bay Area.

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D.C. Gas Ban Gets Favorable Hearing In Federal Appeals Court

Authored by Julianne Geiger via OilPrice.com,

A federal appeals panel appeared inclined Tuesday to let Washington, D.C.'s restrictions on natural gas in certain new buildings stand.

The case turns on the Energy Policy and Conservation Act, or EPCA, which gives the Department of Energy authority to set efficiency and energy-use standards for appliances including furnaces, water heaters, dryers and stoves. Industry groups argue that D.C. cannot accomplish through a building code what federal law prevents it from doing directly to an appliance.

The challengers include the National Association of Home Builders, Restaurant Law Center, National Apartment Association, Maryland Building Industry Association, Washington Gas and two labor unions.

D.C.'s Clean Buildings Act requires certain newly constructed or substantially improved buildings to operate at zero energy beginning in 2027. The building standards effectively prohibit natural-gas appliances in covered properties.

U.S. District Judge Ana Reyes upheld the law in March. Her ruling found that EPCA regulates how much energy covered appliances consume, not whether a local government permits those appliances to be installed in a particular building.

Bloomberg Law reported Tuesday that the D.C. Circuit panel appeared similarly unconvinced by the industry groups' preemption argument during oral arguments.

Federal appeals courts are already split on essentially the same question.

The Ninth Circuit struck down Berkeley, California's natural-gas piping ban in 2024, finding that a city could not evade EPCA by eliminating the fuel supply needed to operate federally regulated appliances. That ruling covers nine Western states.

The Second Circuit went the other direction in June. It upheld New York City and New York State restrictions on fossil-fuel appliances, finding that EPCA preempts appliance energy-conservation standards but does not prevent governments from prohibiting certain appliances altogether.

Washington's case gives the D.C. Circuit the same statutory language and two competing appellate interpretations.

For builders, restaurants and gas utilities, the result determines whether D.C.'s 2027 requirements stand. For the natural gas industry, another ruling against preemption would leave Berkeley increasingly isolated - and gas appliance rules dependent on which federal circuit a building happens to sit in.

Tyler Durden Wed, 09/09/2026 - 20:55

The technology will soon be routinely used within the NHS, MHRA chief Lawrence Tallon tells the BBC.

Iran State Media Says 'Enemy' Attacks On Southern Iran Overnight Summary

• Iran state media: 'Enemy' attacks on southern Iran overnight
• Trump: "This war will end immediately after our election."
• Iran escalates with "20 for 2" response doctrine: 20 targets for every 2-3 targets struck.
• Iran sets heightened conditions for war's end: Tehran calls for an end to attacks, Israeli withdrawal from Lebanon, an end to the Yemen blockade, and release of $24B in frozen assets.
• Shipping attacked: A tanker carrying 2M barrels of Iraqi oil was hit by a drone in Iraqi waters.
• Damage assessment in wake of overnight assaults: CENTCOM denies US warships were hit while saying 10 Iranian tankers have been destroyed. Regional reports say Jordan bases hit hard.
• Oil tops $100: Brent crude surpassed $100/barrel as markets see prolonged Gulf disruptions and little hope for a diplomatic off-ramp.

//--> //--> Strait of Hormuz traffic returns to normal by December 31?
Yes 20% · No 81%
View full market & trade on Polymarket

* * *

Iran says 'Enemy' Attacks on Southern Iran

Unconfirmed reports out of the Gulf region have been flying all evening about explosions heard in and around the Strait of Hormuz and southern Iran.

Iran state media is overnight reporting that ‘enemy’ projectiles hit Sirik areas, in mainland southern Iran. The city has been hit before during the height of prior US airstrikes. Al Jazeera summarizes of the emerging state reports:

• Projectiles have hit several areas in Iran’s Sirik, with multiple explosions heard across the coastal region, including Minab County and Qeshm Island, Iranian state media report.

Circumstances are still murky and ultimately unconfirmed, also as to the cause of the explosions.

Trump on 'War' Ending 'Immediately'

New Trump remarks on Iran... Note that he called it a "war" (no less than twice in the below clip) - contradicting the White House's own stance (Sept. 4: Trump said don't call it a war, instead: "I call it a military conflict because it's small potatoes for us.":

Q: Do you expect negotiations with Iran to restart at some point?

Trump: Uhhhhhh... we're not looking for it to be honest with you. This war will end immediately after our election.

And meanwhile, back to the below laughably implausible headlines...

Pakistani Ambassador says they believe that a better understanding will soon be achieved between the US and Iran, reports ISNA

But don't Republicans actually need the war to end before Congressional elections?

Trump on Iran: I think the war will end immediately after the election. They’re desperate to affect the election. pic.twitter.com/31VEeI0tjO

— Acyn (@Acyn) September 9, 2026

More on high prices at the pump and the question of nuclear weapons... however, the war itself has only made this a greater uncertainty, as Washington has not achieved any prime objectives - and the status of the Iranian nuclear program remains unknown...

Reporter: You said that oil and gas prices were going to come down. Oil is now back above 100 dollars. How do you explain this to Americans?

Trump: It’s very easy to explain to Americans: all you have to do is say, will you let Iran have a nuclear weapon? The answer is no. pic.twitter.com/HFldzUtrbo

— Clash Report (@clashreport) September 9, 2026 IRGC: '20 for 2', Vows Disproportionate Responses

Amid the dramatic escalation which kicked off since Tuesday night, Iran is seeking to impose new conditions on the United States. While continuing to vow a 'disproportionate response' to any attack moving forward, Tehran is now identifying specifics.

IRGC spokesman Hossein Mohebbi states Wednesday, "The imposed war, which involved the world's most powerful nations, has ended in certain periods, but the nature of the conflict continues. For the first time, this conflict has directly inflicted strategic damage on the United States, impacting the country's security and economic equations."

He issued the following list for the US to reach an end to the conflict. "If the enemy desires an end to this situation, they must"...

• completely cease the war
• refrain from further threats
• withdraw the Israeli army from Lebanon
• end the siege of Yemen
• release the $24 billion of Iranian assets that have been frozen
• cease any interference in the country's nuclear and missile programs

This definitely marks a raised bar, to be sure, after this summer the MoU complete ceased, and negotiations vanished. There's no way Washington complies with even half of the conditions, at this rate.

Importantly, Mohebbi also said: "We have reached a point where if the enemy strikes at 2 or 3 of our targets, we will respond forcefully by striking at 20."

Tanker Attacked in Iraq Territory Waters, After CENTCOM Insists US Warships Not Hit

After a huge Iranian ballistic missile launch on US bases in Jordan overnight, CENTCOM has yet to respond in any major way. The Pentagon has also said all US troops "are accounted for" - but this doesn't necessarily mean there were no casualties. However, CENTCOM is at the moment denying that the Iranians hit US warships, as the IRGC has been claiming since Tuesday, in an oddly specific statement: The IRGC claims to have targeted and inflicted "significant damage" on a pair of US warships in the Gulf of Oman: DDG-119 USS Delbert D. Black and DDG-53 USS John Paul Jones, both Arleigh Burke-class destroyers.

CENTCOM responded: "No U.S. Navy warship has been struck; all IRGC attempted attacks failed." It added on X, "Meanwhile, U.S. forces have successfully destroyed 10 Iranian tankers in just the last week. These vessels were part of a multibillion-dollar shadow network that funds the IRGC, and Iran cannot defend them."

Meanwhile, Iran's military is continuing to go on the offensive, seeking to maintain its leverage over the contested Strait of Hormuz.

"A Panama-flagged tanker carrying 2 million barrels of Iraqi fuel oil was struck today by a drone in Iraqi territorial waters, two port officials say," Reuters reports. "Iraqi rescue boats extinguished a fire aboard the tanker, New Andros, and there are no reports of casualties, port officials tell Reuters."

💢 BREAKING: A Panama-flagged tanker carrying about 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters, according to two Iraqi port officials cited by Reuters journalist Ahmed Rasheed. The vessel and extent of the damage were not immediately… https://t.co/3ciZBBGgg7

— Drop Site (@DropSiteNews) September 9, 2026 Brent Crude Futures Top $100

Brent crude futures topped $100 a barrel for the first time since July as US strikes on Iranian oil tankers and renewed attacks on Saudi energy infrastructure and a US base in Jordan suggested to UBS energy specialist Dominic Ellis that a "US-Iran off-ramp remains elusive."

Ellis adds more color on the overnight Gulf developments and response in the crude oil market:

Brent topped $100/bbl as the US and Iran continue to trade strikes around the Strait of Hormuz. 

The US says it has destroyed multiple Iranian vessels (including 5 on Sept. 8) in response to Iranian attacks, and says it will respond to each subsequent Iranian hit (actual or attempted) by destroying another Iranian tanker.

CENTCOM forces destroyed five Iranian crude oil carriers, Sept. 8, after the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. Navy warship with ballistic missiles twice over the past two days. The U.S. warship successfully evaded the attempted Iranian attacks and… pic.twitter.com/Gi8a2tloN1

— U.S. Central Command (@CENTCOM) September 8, 2026

Iran hit a US base in Jordan, and has stepped up attacks on the US' regional allies, with Saudi Arabia's energy infrastructure under particular pressure. 

Some investors have shown signs of wanting to fade the rally in oil and related equities, but the change in tone from all concerned makes it seem less likely (if not impossible) that we will see a return to the de-escalation narrative that has historically triggered a drop in oil and profit-taking in equities. 

With the tailwind into Q3 numbers for the integrated energy sector, I think most will be inclined to leave long positions open until there is evidence of real progress back toward a diplomatic off ramp.

Iran has reportedly rejected the latest US offer of talks, and the conflict seems likely to support oil at current levels and potentially push prices higher in the near term.

The global crude benchmark broke above $100 a barrel in European trading but initially failed to hold the level. Just over an hour later, at around 4:36 a.m. ET, Brent reclaimed triple digits and extended gains to $100.83 by around 6:00 a.m. ET.

Price Forecasts

Goldman's head commodity strategist, Daan Struyven, wrote in a note on Monday that, given the renewed turmoil in the Gulf region, he raised his Brent/WTI price forecasts by $5 to $85/$80 for December 2026 and to $80/$75 for 2027, on the assumption that Mideast shipping disruptions continue into 2027.

Struyven outlined significant net upside price risks with two Gulf output and Brent scenarios:

• Price upside scenario: Brent might exceed $120/bbl if 2027 average Gulf output remains 4mb/d below pre-war levels, versus 0.5mb/d below in the base case. The bank views more intense shipping attacks in Hormuz and the Red Sea as the most likely driver of this lower-output, higher-price scenario.
• Price downside scenario: Brent might decline into the $60s in 2027 if 2027 average Gulf output rises 1mb/d above pre-war levels. Goldman still recommends hedging geopolitical risk through deferred Mar27-Dec27 European diesel timespreads, which would rise over 100% if persistent Russia or Mideast refinery outages keep the nearby 9-month spread near current levels.

Separately, Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets, warned that the "path of least resistance is a strong and steady grind higher as the war enters seven months," adding, "The fundamental picture for products remains bullish with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings." 

Tyler Durden Wed, 09/09/2026 - 20:45

The NFL season is finally back, and that means creating memories that will last a lifetime.

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The freak the accident occurred just before 3 p.m. while the repairman was working at Gabrielli Truck Sales in Hicksville on Labor Day, cops said.