AGP Executive Report

Macro & Rates: Inflation is rising after the Middle East energy shock, but the Fed is still watching core measures closely—so the big question is how high “core” stays before rate hikes return. US–India Energy Diplomacy: US Secretary of State Marco Rubio landed in Kolkata for his first India trip, with talks ahead on trade, defence, energy security and QUAD as West Asia’s impact on energy supplies stays front and center. Grid, Storage, and “Round-the-Clock” Renewables: Masdar and Sungrow signed for 7.5GWh of battery storage plus PV in Abu Dhabi’s 5.2GW RTC project, targeting baseload clean power from 2027. Tech Meets Power: Tenaga Nasional says Malaysia’s energy transition is already here—fuelled by AI and digitalisation—while New Mexico launched a statewide energy dashboard to make energy and emissions data easier to use. Local Friction: Duke Energy rate reviews remain split in North Carolina, and Moldova reported emergency 400kV line disconnections from storms while keeping consumers supplied. Industry Pushback: In the US, Public Citizen urged Austin to demand transparency and independent analysis before buying gas peaker plants instead of long-duration storage.

Austin, Texas Transparency Clash: Austin City Council approved Austin Energy’s plan to buy gas-burning peaker plants in a secret executive-session vote, with key details like total cost, plant locations, and hiring plans kept under wraps—sparking backlash over public accountability and health impacts. UK Planning for Dark Skies: Highland Council is set to consider a new “dark skies” draft policy to cut light pollution in new developments, aiming to protect the environment while supporting tourism and community benefits. UAE OPEC Exit Fallout: A UAE senior adviser says the country’s OPEC departure was planned over three years to better use capacity and diversify income, while warning OPEC’s influence could return once Hormuz disruptions ease. US Energy Funding Push: The House Appropriations Committee advanced the FY27 Energy & Water bill, including $9.8B for the Army Corps and funding for two inland waterway projects. Grid + Renewables Execution: Andhra Pradesh inaugurated 600 MW of SAEL solar projects in record time, highlighting how fast execution is becoming a clean-energy differentiator. AI Meets Power Markets: Shatterdome Energy raised $3.5M to build an AI energy-trading platform and virtual power plant network.

Smart Cities in Malaysia: Perak’s Ipoh delegation is in Shanghai studying Taopu Smart City, focusing on digital twins, IoT, and command-centre real-time management to strengthen Ipoh’s Integrated Operation Centre and plan a Perak State Command Centre. Hydrogen Export Push: Provaris Energy says a new Norway-to-Germany cooperation deal links production (Norwegian Hydrogen) with financed hydrogen carriers (K Line) using its vessel design licensing model, as it completes design approvals and a prototype tank program. Grid Strain Meets AI Demand (US): Western Governors Association panels in Utah put numbers on the challenge—utilities warn they may need massive grid buildout to power AI data centers, with regulations and supply bottlenecks flagged as the main hurdles. Europe Energy Shock: The EU cut its growth outlook and lifted inflation forecasts, blaming Iran-war-driven energy price spikes. EV Charging Upgrade: Hyundai Kefico says it cut EV charging authentication delays to seconds and added Plug-and-Charge security for faster, more seamless charging.

Geopolitics & Oil Risk: Iran’s 14-point ceasefire proposal is being framed by a U.S. tech executive as a plan to preserve Tehran’s nuclear and Hormuz leverage—raising the stakes for global oil supply. Hydrogen Buildout: The Netherlands has switched on the first 32 km of its national hydrogen pipeline network at Rotterdam, using green hydrogen to feed Shell’s refinery plans. Grid & Resilience Policy: The UK’s Ofgem set new rules for electricity grid investment (2028–2033), while North Carolina’s DEQ is taking applications for grid resilience upgrades under its POWER Up program. Battery & AI Power Demand: Ford’s new energy storage unit landed its first commercial deal, and the AI industry is also ramping spending—fueling the debate over who pays for power. Clean Jobs & Skills: Welsh unions pushed for paid release to retrain workers from carbon-intensive sectors. Renewables Push in the US: Fairfax County completed its biggest solar project so far on a capped I-95 landfill. Regional Energy Moves: Mountain West states formed a geothermal consortium, and Pakistan and Germany signed a €40.5m climate/energy cooperation package.

Russia–China Nuclear Push: Putin and Xi agreed to deepen civilian nuclear cooperation, including keeping Tianwan and Xudapu on track and exploring “package agreements” for joint new plant construction, plus work on fusion, fast reactors, and closed fuel-cycle tech. US Storage Boom: U.S. energy storage developers installed 9.7 GWh in Q1 2026—record for the quarter—driven by data centers and volatile power prices, even as developers warn federal permitting slowdowns could hurt solar-plus-storage momentum. Grid Meets AI Demand: Google announced a $15B Missouri data-center investment tied to local energy affordability and capacity upgrades, while AT&T pledged $19B for California fiber/wireless and plans to phase out copper services. Middle East Supply Risk: Iran’s move to seize control of the Strait of Hormuz is again spooking markets and raising the odds of wider energy-route disruption. Local Energy Talk: In Minnesota, regional business leaders heard from Enbridge, Minnesota Power, and Minnesota Energy Resources on reliability and future demand.

Meta–Enbridge Power Push: Enbridge is expanding its “Cowboy Project” near Cheyenne, Wyoming, with 365 MW of solar plus a 200 MW/1,600 MWh battery to feed Meta’s data centers—adding to a North America partnership totaling about 1.6 GW. Grid + AI Demand: The bigger theme: utilities and developers are treating batteries as grid “operating support” for fast-moving AI load growth, not just backup. Nuclear Energy Security: Bulgaria’s Kozloduy NPP Units 7 and 8 are framed as a long-term hedge for energy independence, with new-build timelines pointing to 2037. Geopolitics in Energy: Xi and Putin doubled down on energy trade and signed 40+ cooperation deals in Beijing, while Pakistan weighs permanent strategic oil reserves as Iran-linked shipping risks flare. South Africa Financing: WEG and Energy Venture Capital will fund hybrid energy projects (R5m–R500m), aiming to unlock storage and resilience where traditional lenders hesitate.

Solar Siting Meets Reality: Researchers in New York built a map that overlays solar-suitable land with prime farmland and biodiversity hotspots, aiming to steer projects toward “low-conflict” areas instead of pitting energy against food and wildlife. Global Macro Pressure: The UN cut its 2026 growth forecast to 2.5% and lifted inflation expectations, pointing to the Middle East energy shock and higher oil prices. Batteries Keep Winning the Grid Fight: OCI Energy and CPS Energy broke ground on a 120MW/480MWh Alamo City BESS for peak-demand support, while MN8 Energy’s 100MW/400MWh Pome storage is already online in California. UK Bill Relief: The UK announced a £40.6m plan to lower heating costs by upgrading older heat networks and adding low-carbon systems. Oil Jitters: Markets slipped as bond yields jumped, with investors watching how energy stress could feed inflation. Clean Energy Momentum: China’s oil giants are ramping renewables, hydrogen, and EV charging—turning drillers into broader green power players.

Utility M&A Shock: NextEra Energy is set to buy Dominion Energy in a roughly $67B deal, aiming to scale up for faster, cheaper power delivery as AI-driven demand and data centers strain grids. Grid & Reliability Pressure: In West Virginia, the state’s highway safety push highlights how “crashes” are treated as preventable behavior—while in Ghana, energy leaders warn that substation fires and instability point to deeper governance and maintenance gaps. AI Meets Power Systems: Costa Rica’s JASEC is modernizing electricity billing with an AI-ready SaaS platform that unifies prepaid and postpaid management, and Infrastructure AI is launching an agentic OS to cut building energy waste. Nuclear Momentum: Wall Street initiated coverage on X-Energy with mostly bullish ratings, underscoring renewed investor focus on advanced nuclear as a long-term supply option. Cost-of-Energy Reality Check: UK households face another jump in bills—forecast up about £209 a year from July—tied to higher wholesale prices after Strait of Hormuz disruptions. Clean Energy Funding: Moldova can apply for up to $1M via the Zayed Sustainability Prize 2027 to scale energy and sustainability projects.

Grid & Infrastructure: Gainesville Regional Utilities is set to receive a $43M DOE grant (with $21.4M local match) to modernize and strengthen its electric grid. Oil & Pipelines: Alberta and Ottawa have agreed a pathway for a new west-coast oil pipeline, aiming to start design and construction as early as Sept. 1, 2027, to expand Asian market access. Energy Security in Asia: Japan and South Korea are moving toward a joint oil stockpiling and cooperation framework, as regional tensions keep supply risk front and center. Renewables Buildout: India’s finance panel has approved a ₹5,500 crore floating solar + battery storage scheme, pushing storage incentives to help cut import dependence. AI + Power Demand: Utilities and regulators are increasingly focused on how data centers and large loads pay their way; one US utility is advancing a Large Load Tariff to protect existing ratepayers. Market Pulse: Oil-price pressure is still rippling through currencies and stocks, with India’s rupee under strain and fuel prices rising again.

M&A Shockwave (US): NextEra is moving fast on a $66.8B plan to buy Dominion Energy, a deal that would create the world’s largest regulated utility and position the combined company to feed surging AI-driven power demand—especially around “Data Center Alley.” Grid & Storage Push (Malaysia): Malaysia’s Tenaga Nasional launched the 100MW/400MWh Santong BESS, with Deputy PM Fadillah urging more homegrown R&D so the country relies less on imported batteries. Cross-Border Power (Malaysia/ASEAN): Sarawak says it’s already exporting 100MW to West Kalimantan and 30MW to Sabah, with talks underway for Brunei and a Singapore export cap up to 1,000MW. Energy Politics (New Zealand): In the first election debate, parties argued over gas imports, solar and batteries, and ratepayer support for home upgrades. Clean Hydrogen (Kenya): Kenya’s Green Hydrogen Symposium 2026 kicks off May 20–21 as the country tries to lock in global investment momentum.

Oil & Geopolitics: Oil jumped more than 2% after Trump escalated pressure on Iran, keeping traders on edge over Strait of Hormuz disruptions and shrinking global inventories. Grid & Reliability: Negros Power warned the Visayas grid is facing growing risks as demand rises and transmission limits force heavy inter-island power transfers. Storage Boom (Sri Lanka): DIMO expanded into residential solar + battery storage, while Vidullanka agreed to buy a 49% stake to jointly develop 12 BESS projects—both moves aimed at stabilizing grids and boosting renewable integration. Renewables Build-Out: LAUGFS Power commissioned a 2 MW mini hydro project, adding clean generation to Sri Lanka’s grid. Policy & Community: Oxfordshire councils launched a consultation on how communities should benefit from renewable and battery projects. Tech & Energy Demand: AI-driven efficiency and electric-motor energy losses stayed in focus, alongside fresh attention on how data centers are reshaping power needs.

Grid Intelligence Push: Tenaga Nasional says AI is becoming the “brain and eyes” of the grid, helping predict demand and protect systems as solar and EV chargers multiply. Renewables Dealmaking: Oman awarded a 2.7GW hybrid continuous renewable power PPA for Mahout and Duqm, pairing wind, solar and battery storage to deliver power around the clock. Geothermal IPO Buzz: Fervo Energy’s geothermal push hit a major milestone with a $1.89B IPO, betting on scalable, round-the-clock clean power. EV Charging Rollout: Aspen, Colorado approved 14 new public EV chargers to keep electrification moving amid high fuel costs. Energy Security Politics: Italy’s Meloni reignited the nuclear debate with a plan to bring nuclear power back. Market Pressure from Iran: US gas prices jumped 56% since the Iran conflict escalated, adding fresh strain to household budgets. Data Centers Under Scrutiny: Florida’s gubernatorial candidate wants to ban data-center NDAs and redirect Big Tech fees into an affordable housing fund. Wind Power Backlash: A fresh wave of attacks on wind is being framed as a threat to Europe’s energy security.

Nuclear & Workforce: TerraPower, backed by Bill Gates, is buying Korean sodium-cooled fast reactor safety testing tech, while Washington State University secured a $1.4m DOE grant to train the next nuclear workforce—both moves underline how fast nuclear capacity plans are turning into skills and supply-chain bets. Energy Security & Markets: With the Iran conflict still rattling oil and gas flows, manufacturers are stockpiling inputs and European bond yields are jumping on energy-driven inflation fears. Electrification Push: A new Pakistan roadmap says industrial electrification could cut energy spending by 36% and emissions by 50% by 2050, especially for heat-heavy sectors like food, textiles and fertilisers. Grid + Storage: In California, New Leaf Energy is challenging local permitting for a BESS project, while Kenya’s Schneider Electric chief warns AI data centres will force faster electrification. Diplomacy & Trade: India and the Netherlands upgraded ties to a strategic partnership spanning semiconductors, defence and green energy, as Modi also courts Sweden and the UAE for investment and energy cooperation.

Grid Reliability Crisis: Philippines Energy Secretary Sharon Garin ordered a full investigation into May 13 500-kV transmission line trippings that knocked out 2,462.1 MW of natural gas capacity, triggering widespread Luzon outages and blocking power transfers to the already-stressed Visayas grid. Renewables Deal-Making: Pertamina NRE is exploring Bangladesh solar PV and O&M cooperation via an MoU with Copenhagen Urban Solar Parks BD, starting with feasibility work. Energy Politics at Home: In India, NCP(SP) leader Supriya Sule asked Maharashtra to withdraw her police security and official vehicles, citing the country’s “economic and energy crisis.” Policy Push for Clean Power: Bangladesh’s textile sector was urged to cut energy and water use while shifting to higher-value, innovation-led production. Local Energy Governance: Zambia’s “solar-by-constituency” model is being pitched as a way to fight energy poverty while pursuing climate goals. Tech Supply Chain Pressure: Lotte Energy Materials plans to quadruple AI-server circuit foil output by 2027 as PCB and copper-foil shortages tighten amid Middle East disruptions.

Grid Crisis in the Philippines: Energy Secretary Sharon Garin ordered a full probe after May 13 trippings of two 500-kV lines (Tayabas-Ilijan and Ilijan-Dasmariñas) that cut about 2,462 MW of natural gas capacity from Luzon and also disrupted power transfers to the Visayas, where supply was already tight—Garin says the scale demands “clear accountability and immediate corrective action.” Middle East Shock on Markets: Oil jumped again as the Strait of Hormuz stays effectively closed, with Brent up over 3% and WTI up more than 4%, while stocks slid and Treasury yields spiked amid Iran-war uncertainty. Nuclear Meets AI Pitch: NANO Nuclear’s Jay Yu pushed the case for nuclear as the stability backbone for AI data centers, while also highlighting enrichment opportunities and fresh industry partnerships. Energy Diplomacy: Bangladesh is seeking a long-term G2G energy deal with Angola; Venezuela and the World Bank resumed technical cooperation talks after a seven-year pause. Clean Power Pushback: Sierra Club and Earthjustice argued in D.C. court against DOE’s repeated “energy emergency” extensions of coal plants.

Consumer Protection Push: In the Philippines, the Power for People Coalition urged the ERC to go beyond “no disconnections” and deferred payments, warning that high costs are still piling onto bills. Renewables & Storage: Curaçao and the Netherlands marked progress toward 70% renewables with a new battery park milestone. Hydrogen Moves: Waaree Clean Energy won an order to build an integrated green hydrogen ecosystem in Karnataka, including production, storage, refuelling and EV charging. Energy Diplomacy: India’s Modi kicked off a UAE stop with major energy and defence pacts, including strategic petroleum reserves and LPG cooperation, while India also flagged Hormuz-linked energy risks to BRICS. Grid Reality Check: A U.S. tech conference theme is shifting from “more GPUs” to running AI more efficiently as power and cooling constraints bite. UK Retail Fallout: Ofgem secured a £20m payout from British Gas after prepayment meters were installed without consent.