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In an extraordinary turn of events, Delhi's power consumption skyrocketed to an all-time high of 8,748 MW on Monday, driven by a relentless heatwave. City officials commend the effective power infrastructure and strategic foresight that allowed for uninterrupted service. Nevertheless, this surge places immense pressure on transmission capabilities, with forecasts suggesting continued rises in usage throughout the season. View More
New Delhi: The prevailing heatwave conditions caused the city's power demand to reach an all-time high of 8,748 MW on Monday, according to officials. The previous highest peak power demand was recorded at 8,656 MW on June 19, 2024, they added. "Today, Delhi made history by successfully meeting an all-time high peak power demand of 8,748 MW, shattering previous records by nearly 100 MW," Delhi Power Minister Ashish Sood said. In 2025, Delhi's highest peak power demand was 8,442 MW, recorded on June 12, 2025. The new all-time high demand at 8,656 MW is 306 MW higher than last year's peak. Sood said that no major breakdowns or infrastructure failures, despite the unprecedented load on the transmission network, are credited to the seamless execution of the Delhi government's proactive Power Master Plan. Live Events "The real achievement today isn't just the record-breaking numbers, but the fact that the entire city went about its day seamlessly. Our robust power network held strong with zero breakdowns or major infrastructure failures," he added. This summer season's previous highest peak demand was recorded at 8,439 MW on May 25. It was the highest ever peak power demand recorded in the city in May. According to SLDC projections, Delhi's peak power demand is expected to cross 9,000 MW this summer. Tata Power Delhi Distribution Limited (TPDDL) "successfully" met its all-time highest peak power demand of 2,497 MW, recorded on the day between 3.15 pm and 3.30 pm, ensuring uninterrupted power supply across its distribution network, said a spokesperson of the company. According to the real-time data of the State Load Dispatch Centre, Delhi's peak power demand clocked 8,748 MW at 3.17 pm, the highest ever for the city. BSES discom also successfully met the peak power demand in their respective areas, with BRPL meeting 3,906 MW and BYPL meeting 1,876 MW load, company officials said. According to the India Meteorological Department (IMD), heat wave conditions have been realised at many places over Delhi. This is the second day of the heat wave conditions over Delhi. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
GE Vernova turbines are powering Elon Musk's xAI Colossus 1 data center and Microsoft just bought seven to power its data center in Texas. View More
In this articleGEVFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:4403:44How the AI data center buildout is creating boom for the gas turbine industryTech An exclusive look inside GE Vernova's largest gas turbine plant in Greenville, South Carolina, offers fresh evidence that the artificial intelligence boom is going strong. Inside, engineers are working alongside factory workers to speed up production of this complex machine. The company hired 200 workers last year, and 300 more are expected to start working at this factory by the end of the year.Fueling the growth is AI.Hyperscalers â companies like Amazon, Google, Microsoft and Oracle â are lining up to buy the company's gas turbines. With AI data centers requiring a considerable amount of energy and bottlenecks in the grid emerging, these companies are increasingly relying on standalone energy sources, like gas turbines."Right now, when you need power at scale and you need firm power, the industrial gas turbine is one of the leading solutions for that," Pablo Koziner, chief commercial and operations officer at GE Vernova, told CNBC.The AI opportunity is prompting leaders from OpenAI and other companies to gain a deeper understanding of industrial design and power generation.Executives from nearly every major hyperscaler have walked the floor of the factory, according to a person familiar with the visits, who asked not to be named because the details are not public. Read more CNBC tech newsOracle stock has worst week since 2001 dot-com bust as AI financing concerns escalateOpenAI hasn't held pre-IPO investor meetings or set timeline yet, sources sayOpenAI and Anthropic face new AI reality as users shift from 'tokenmaxxing' to efficiencyOpenAI limits new AI models to 'trusted partners' at request of U.S. government The turbines are massive, at 31 feet tall and weighing 280 tons. One turbine can power roughly half a million homes."When we think of what the world needs for electrification and what we need to power this AI surge that we're living, a lot of that stuff comes right out of this factory," said Koziner.Microsoft just bought seven of them to power its data center in Texas. At 2.7 gigawatts, it's enough electricity to power about 3 million homes. GE Vernova turbines are already online at Elon Musk's xAI Colossus 1 campus in Tennessee, and nearly a gigawatt more are being deployed at OpenAI's Stargate project in Texas, according to Cleanview, an organization that tracks data center development. Demand for these machines far outstrips supply, with the order book full through 2029. Koziner added that the company is booking more into 2030 and even 2031."Today, about 20% of our gas power order book is going to a data center, artificial intelligence-type of application," he said. One turbine can cost more than $250 million, according to industry estimates. The price has soared, up 300% in the last 3 years, according to analysts at Melius. The steep rise in prices underscores why AI capital expenditure budgets continue to move up, a leading concern among tech investors.That spending surge has been a boon for GE Vernova, with its stock gaining nearly 60% in the past six months.Public pushback on data center development and growing environmental concerns could challenge the AI buildout.GE Vernova said it's working on making its turbines more environmentally friendly."We also put a lot of time and effort into the sustainability of these machines," Koziner said. "And the turbine that you're looking at here is two times more efficient than a turbine that we would have produced 20 years ago." Stock Chart IconStock chart iconGE Vernova stock chart. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC, the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. View More
New Delhi: The Department of Fertilisers has invited expressions of interest (EoIs) to set up green urea plants as the government looks to decarbonise fertiliser production and reduce import dependence. The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC , the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. Officials discussed financial support available under the National Green Hydrogen Mission , including incentives for green ammonia production and a possible differential pricing mechanism to bridge the cost gap between conventional and green urea. India imports about 10 million tonnes of urea annually. The government said integrated projects combining renewable energy , green hydrogen, carbon capture, green ammonia and urea production could strengthen fertiliser security while advancing the country's 2070 net-zero target. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A heat-related power outage left around 68,000 homes without electricity in western France as record-breaking heat sweeps Europe. View More
A tourist protects herself from the sun under an umbrella in front of the Louvre Pyramid, designed by Chinese-US architect Ieoh Ming Pei in Paris on June 23, 2026, as France experiences a heatwave.Dimitar Dilkoff | Afp | Getty Images A record-breaking European heat wave has caused a major power outage in France, as several countries issue red alerts across large swaths of their territory.A heat-related incident left around 68,000 homes without electricity in western France, according to the prefecture in the coastal department of Finistere.The outage, which started on Tuesday evening and was related to a transformer in the town of Ergué-Gabéric, was not expected to be fully restored until the end of Wednesday at the earliest."Priority is being given to restoring power to healthcare facilities and critical sites. Nursing homes where power has not yet been restored to the grid will be provided with generators," the operator said in a statement.Data from French utility EDF, meanwhile, showed that the country's nuclear output nationwide was reduced by 4.1 gigawatts on Wednesday as high temperatures reduced access to cooling water, according to Reuters. CNBC has contacted EDF and is awaiting a response.It comes as a fresh bout of record-breaking heat disrupts school and transportation schedules in countries across the region. An empty street in Toulouse, France, on June 22, 2026. France experiences its second heatwave of the year. MeteoFrance reports that this day is expected to be one of the hottest on record.Alain Pitton | Nurphoto | Getty Images France on Tuesday recorded its hottest day ever on a national scale, according to the Meteo France weather service.The mercury notched 44.3 degrees Celsius (111.74 degrees Fahrenheit) in Pissos in southwestern France, Meteo France said, while many cities experienced "unprecedented" values regardless of the month, including 42.1 degrees Celsius in the port city of Bordeaux.Temperatures also hit a record of 29.8 degrees Celsius at France's national thermal indicator, which represents an average of temperatures measured at 30 weather stations.At least 40 people were reported to have drowned in France while swimming in unsupervised areas to seek relief from the heat over the last few days.Elsewhere, the U.K. closed more than 1,000 schools across England and Wales as a rare red weather warning came into effect on Wednesday morning. Similar warnings were also put in place in Spain, Italy, Germany and Switzerland, among other countries. In the U.K., the red warning caters for an exceptional spell of hot and humid weather, which carries the potential for adverse health effects population wide and means substantial changes in daily routines will be required. Europe's latest heat wave is its second so-called heat dome in just two months and comes as scientists warn climate change is making extreme weather events more frequent and intense.Europe is warming faster than any other continent, at twice the speed of the global average since the 1980s, according to the European Union's Copernicus Climate Change Service. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
AI data centers powered by off-grid power plants took a major step forward this week, a good sign for GE Vernova as industry challenges pile up. View More
AI data centers powered by off-grid power plants took a major step forward this week, a good sign for GE Vernova as industry challenges pile up. Monday's announcement from Chevron that Microsoft has signed a long-term energy purchase agreement to fuel a massive new data center project couldn't have come at a better time. Microsoft will use energy from a planned Chevron power plant in West Texas, and will be largely powered by natural gas turbines from Club name GE Vernova. These turbines, which are essentially massive engines, are a top choice to create so-called behind-the-meter energy, which prevents stresses on local power grids. The push to build data centers across the country to meet the enormous demand to run AI workloads has not been met everywhere with open arms. Wells Fargo highlighted political resistance as a pillar of the bear case against GE Vernova. The analysts also cited increased turbine competition from rivals such as Mitsubishi and a slowdown in the artificial intelligence trade, which was evident in Tuesday's sharp slide in the tech-heavy Nasdaq . Shares of GE Vernova, which are still up 60% year to date, dropped more than 7% on the day. "The bears are getting louder," Wells Fargo wrote in a Tuesday note to clients. The analysts qualified that their base case on GE Vernova remains positive. "We expect GEV will continue to 'work' as long as the company continues its 'beat and raise' momentum," they said. Wells Fargo also kept a buy-equivalent rating and a $1,259-per-share price target, implying around 20% upside from Tuesday's late-session levels. The analysts also pointed to the enormous market share that GE Vernova's equipment has in energy markets. They estimate that the company, which makes steam and gas turbines, hydro generators, and nuclear reactors, generates roughly 25% of the world's electricity. That market share has insulated GE Vernova's hefty backlog â essentially a waitlist for customer orders where every added turbine could translate to future revenue. Wells Fargo expects pricing for the heavy-duty machinery to trend higher as big tech firms fight for a spot in line. In fact, analysts noted the company has "yet to hit a ceiling on price." Inside Project Kilby The Chevron power plant â which will be built in Reeves County and will power Microsoft's planned data center â has been dubbed Project Kilby. The facility is expected to deliver roughly 2.7 gigawatts of capacity. That's equivalent to the power needed for 2 million households. Chevron will supply the natural gas, while GE Vernova will provide the majority of the large turbines to support the plant. It's not a surprise, as the two have been partners on the project since it was announced in January 2025. Caterpillar is expected to provide the remainder of the turbines. Crucially, the plant will be located beside the Microsoft-operated data center and won't run off the public grid. Jeff Gustavson, president of the Chevron New Energies unit, told CNBC in an interview Monday, "There's really no competition with local electricity consumers." He added that "over time, as we have excess power, we plan to push that into the grid to help stabilize it." Gustavson said there are dozens of these types of projects announced around the nation, but few are as far along as Project Kilby. He said Project Kilby has the support of the community, where Chevron has a long history, arguing they see the benefits to the local economy that new jobs will bring. Multiyear backlog Project Kilby won't take place overnight: The Microsoft data center isn't expected to start receiving power from the plant until 2028. That timeline highlights the broader supply crunch facing the industry. A spokesperson for GE Vernova told CNBC that the Project Kilby turbines are currently factored into the company's backlog, which totaled $163 billion at the end of March. The company expects that number to reach $200 billion by the end of 2027, a year earlier than previously expected. The backlog continues to grow because GE Vernova is sold out of the heavy-duty turbines through at least 2028, with little capacity across 2029 and 2030. Bernstein analyst Sunaina Ocalan called Project Kilby "just another proof point of the enormous power demand that we're seeing" in the AI boom. "Higher demand is driving better pricing power for GE Vernova that is translating into margin expansion," Ocalan added. The big question for investors: Are there more big projects like this to come? "As we usually see with these hyperscalers [like Microsoft], one announces a deal, then you tend to get more down the road," Jeff Marks, director of portfolio analysis for the Club, speculated. Jeff pointed to fellow Club name Corning as an example of the domino effect. Corning announced in January a $6 billion supply agreement with Meta Platforms for fiber optic cables to be used in the Facebook and Instagram company's data centers. In May, Corning inked a deal with Nvidia ; then another one with Amazon in June. All of those tech giants are Club holdings. Bottom line There's no doubt about it: Project Kilby bringing Microsoft on board is a major win for not only Chevron but also for GE Vernova. Attaching a hyperscaler to the Texas power plant project increases the possibility for a boost in sales for GE Vernova's crucial power division â its largest by revenue, and a key reason we got into the stock. We would be remiss if we didn't further address Tuesday's big selloff, which took down GE Vernova as well as Club chipmakers Nvidia and Arm and the broader tech sector. We're not concerned about the dip. The fundamentals for GE Vernova are outstanding, and so are the fundamentals underpinning the AI boom. GE Vernova's incredible backlog and persistent demand for its turbines and other electrification solutions are unmatched. (See here for a full list of the stocks in Jim Cramer's Charitable Trust, including GEV, MSFT, GLW, META, NVDA, AMZN, ARM.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. 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The move allows eligible projects to generate, inject, wheel, bank and settle electricity during the interim period View More
Childcare can be expensive for both parents and their employers. Yet existing tax incentives to help defray those costs may go unused, a new report finds. View More
Alvaro Gonzalez | Moment | Getty Images A lack of available childcare could cost the U.S. economy up to $329 billion over the next 10 years, a 2025 Bipartisan Policy Center report found.One untapped way for families and the businesses that employ them to save on those costs could be through existing tax incentives, according to a new report from the U.S. Congress Joint Economic Committee â Minority. Just 13% of private sector workers have access to childcare benefits through their employers, according to the report. Moreover, existing childcare tax incentives are underused or difficult for businesses and their employees to navigate, the report states. Tax incentives to reduce the cost of childcare Eligible workers may be able to offset their childcare expenses by claiming the child and dependent care tax credit, or CDCTC. The CDCTC lets families who meet certain criteria offset a portion of their childcare and dependent care expenses against their federal income tax liability. The credit can partially offset up to $3,000 in care expenses for one qualifying individual and up to $6,000 for two or more qualifying individuals.Yet only about 12% of taxpayers with children claim the credit, according to the report. Some workers who are eligible may have difficulty navigating the credit, and therefore don't claim it, the report said, while others may be ineligible due to not having qualifying expenses, owing no federal taxes or earning too much money. More from Women and Wealth:Women tend to be 'risk-appropriate' investors, expert says: How that helps35% of Gen Z homebuyers are single women. Here's why they need an estate planMillions of people with disabilities may be missing out on this little-known savings toolOlder women may inherit most of $54 trillion in spousal 'great wealth transfer''Survivor's penalty' can affect retirees after a spouse dies. What to expect Businesses may set up dependent care assistance program, or DCAP, accounts for employees. Those accounts enable families to set aside up to $7,500 in pretax income for childcare expenses. That money is not subject to taxes so long as it is used on childcare or other qualifying expenses. Fewer than half of private-sector workers have access to these accounts, according to the report. The DCAP, also called a dependent care FSA, is an "immediate tax saving win," said Sean Lovison, a certified financial planner, certified public accountant and founder of Purpose Built, an independent financial planning firm in Moorestown, New Jersey. It can be especially helpful for high earners to shield a portion of their income, he said. But it's important to remember that it's a use-it-or-lose-it account, which means the balance must be spent during the plan year on qualifying expenses such as preschool or summer day camps, according to Lovison. And it's important to also remember there are exceptions, like sleepover camps, he said. A separate employer-provided tax credit, known as 45F, helps businesses offset the cost of providing childcare. Businesses that invest in childcare for their employees, either by building and operating a childcare facility or partnering with a childcare provider, can subtract 40% of eligible expenses â or 50% for small businesses â from what they owe in taxes. That may provide up to a maximum of $500,000 annually in tax savings through a nonrefundable credit, or up to $600,000 for small businesses. Despite those savings, less than 1% of corporate returns used the 45F program, according to the report, which cites the latest available tax filing data from 2016.By fully using available tax incentives for childcare, a hypothetical business could save $820,000 in taxes over five years and generate more than $8 million in return on investment through reduced employee turnover and increased productivity, according to an example scenario in the report. Meanwhile, a parent employed at that business could save almost $10,000 over five years. The report comes a few months after ranking member of the committee, Democratic Sen. Maggie Hassan of New Hampshire, proposed a bill with Republican Sen. Dan Sullivan of Alaska, to create a business childcare liaison at the IRS who would educate businesses about existing childcare tax incentives. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Resonia, formerly Sterlite Power's transmission arm, has secured a significant project in Telangana from Power Finance Corporation. This initiative aims to bolster power transmission links between Andhra Pradesh and Telangana, improving grid flexibility and facilitating the integration of renewable energy from the Kurnool REZ. The project involves establishing a new substation and enhancing existing infrastructure to support this crucial connectivity. View More
New Delhi: Resonia , the power transmission infrastructure business of the erstwhile Sterlite Power, on Monday said it has bagged a transmission project in Telangana from the Power Finance Corporation . The project will significantly strengthen transmission connectivity between Andhra Pradesh and Telangana, enhance grid flexibility, and support large-scale integration of renewable energy from the Kurnool Renewable Energy Zone (REZ), the company said in a statement. The company, however, did not disclose the financial details of the order. Also Read: India sets transmission project deadlines to speed up renewable energy expansion The scope of the project includes the establishment of a 765/400 kV Doma substation, augmentation of the existing Kurnool-IV pooling station, and development of associated high-capacity transmission infrastructure. Live Events "As renewable energy capacity scales rapidly, resilient and high-capacity transmission systems are critical for seamless power evacuation and grid stability," said Prashant Sinha, CEO, Resonia Ltd. Resonia Ltd is a leading power transmission company with a network of over 14,499 circuit kilometres (CKM). .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)