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Category: Energy

  • MIL-OSI Australia: ARENA funds breakthrough battery cathode technology project

    Source: Australian Renewable Energy Agency

    Overview

    • Category

      News

    • Date

      20 February 2025

    • Classification

      Battery storage

    The Australian Renewable Energy Agency (ARENA) has today committed $30 million in conditional funding to VSPC Pty Ltd (VSPC) for its project, which seeks to commercialise a new process for manufacturing cathode powder for lithium-ion batteries. VSPC is a wholly owned subsidiary of Livium Ltd (ASX: LIT). The project will involve VSPC constructing a new 250 tonne per annum demonstration facility, likely to be constructed near VSPC’s existing Brisbane facilities. 

    Through this project, VSPC will provide cathode powder samples to potential offtake partners and investors with the aim of locking in its major customers for a future commercial plant. The project will lead to advancements in cathode powder manufacturing and create significant benefits for lithium-ion battery production. Expected benefits include cost reductions, quality improvements, reduced waste and the diversification of global battery supply chains. 

    VSPC’s new process combines the advantages of solid-state and solution-phase synthesis methods, to produce high-performance lithium ferro phosphate (LFP) and lithium manganese ferro phosphate (LMFP) powders with greater control of product characteristics and quality. This makes the process flexible for use in different battery cell technologies.  

    ARENA CEO Darren Miller said the critical role batteries will play in the clean energy transition, mean that any innovations to make them more effective, cheaper and cleaner should be supported.  

    “This project represents a potential breakthrough in cathode powder technology. If the project is successful, it could help catalyse competitive manufacturing of cathode powders and help diversify supply chains”   

    “As global demand for energy storage rises, domestic advancements in cathode powder could position Australia as a leader in advanced battery manufacturing, giving us opportunities to contribute to global supply chains and create new economic opportunities in renewable energy innovations”, said Mr Miller.   

    Livium Managing Director and CEO Simon Linge said the project seeks to unlock a patented technology and advance diversified LFP supply chains, which will ultimately seek to increase access to high-quality, cathode materials.  

    “The grant from ARENA represents a significant step forward for our battery materials commercialisation. This grant, which follows an extensive process, is expected to facilitate further strategic private capital to complete funding for the project. 

    We are thankful to ARENA for their support”, said Mr Linge. 

    ARENA media contact:

    media@arena.gov.au

    Download this media release (PDF 143KB)

    MIL OSI News –

  • MIL-OSI Submissions: Energy Sector – Brazil-Africa Energy Ties Strengthen as G20 Drives Regional Development

    SOURCE: African Energy Chamber

    As a key G20 member, Brazil is deepening its energy cooperation with African nations through strategic investments, partnerships and knowledge exchange, with this year’s African Energy Week: Invest in African Energies conference paving the way for greater collaboration

    CAPE TOWN, South Africa, February 19, 2025/ — As a prominent member of the G20, Brazil has been actively fostering energy cooperation with African nations, aiming to bolster regional energy development and address shared challenges. Last month, the African Energy Chamber (AEC) (https://EnergyChamber.org/) hosted the “Invest in African Energies” reception in Rio de Janeiro to highlight investment opportunities in Africa’s energy sector and underscore the pivotal role of Brazilian entities, including Petrobras, the Brazilian Petroleum Association and independent oil producers, in advancing cross-continental collaboration.

    Petrobras, Brazil’s state-owned oil company, is actively pursuing opportunities in African nations, including a planned 40% stake acquisition in Namibia’s Mopane oil and gas exploration block. The company’s deepwater expertise, honed in Brazil’s Campos and Santos Basins, positions it to significantly contribute to Africa’s offshore developments, particularly in the Orange Basin. Additionally, Brazil’s independent oil producers, such as PRIO, 3R Petroleum, Enauta and PetroRecôncavo, have demonstrated proficiency in revitalizing mature fields and employing advanced extraction technologies. Their experience offers valuable insights for Africa’s onshore and offshore energy projects, with discussions at the event highlighting lucrative oil and gas opportunities in Namibia, Angola and the Republic of Congo.

    Meanwhile, the Namibia Energy Corporation (NEC), an integrated energy firm, is focused on increasing Brazil’s investments in upstream exploration and infrastructure in Namibia and across Africa. On February 4, a collaboration was announced between Petrobras, NEC, the AEC and the Brazilian Institute of Petroleum to strengthen oil and gas investments between Brazil and Africa.

    Aligning with this agenda, last year’s Brazil Africa Forum in São Paulo focused on renewable energy, climate and sustainable prosperity, emphasizing infrastructure investment as key to sustainable development in both Brazil and Africa. Discussions highlighted Brazil’s diverse energy mix, which includes hydropower, wind, solar and biomass, and explored how Brazil’s experience in renewable energy can inform Africa’s energy transition efforts.

    Brazil’s technical expertise, particularly in deepwater exploration and renewable energy, aligns with Africa’s energy development goals. Collaborations in oil and gas exploration are expected to enhance Africa’s energy production capabilities, contributing to economic growth and increased energy access. Furthermore, Brazil’s experience with renewable energy integration offers a model for African countries aiming to diversify their energy sources and promote sustainability. Knowledge exchange in clean energy sectors can support Africa’s efforts to build resilient, sustainable energy systems.

    Brazil’s active engagement with African nations, facilitated through G20 frameworks and bilateral initiatives, is fostering meaningful partnerships in the energy sector. These collaborations are not only advancing Africa’s energy development, but also contributing to global efforts toward sustainable and inclusive growth. As these partnerships continue to evolve, they hold the promise of delivering substantial benefits to both Brazil and African countries, reinforcing the importance of South-South cooperation in addressing shared energy challenges.

    The “Invest in African Energies” reception set the stage for the African Energy Week: Invest in African Energies 2025 conference in Cape Town, which will play a central role in advancing Brazil-Africa energy cooperation. The conference will bring together industry leaders, policymakers and investors to explore new opportunities in oil and gas, deepen existing partnerships and facilitate deals that strengthen Brazil’s role in Africa’s energy sector. With Petrobras and independent Brazilian producers increasingly looking to Africa for investment, AEW 2025 is expected to drive further collaboration, technology exchange and capital inflows into African markets.  

    About AEW: Invest in African Energies:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Murray Blasts Trump and Musk Decimating HHS, Risking Americans’ Health and Livelihoods

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Murray releases fact sheet detailing how mass layoffs jeopardize essential services Americans rely on

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), responded to the Trump administration’s mass firings of dedicated workers across the Department of Health and Human Services (HHS) and its many subagencies. Thousands of HHS employees on their “probationary” period–i.e. those hired or promoted within the last 1-2 years–have already been fired, and more are expected to be in the coming days and weeks.

    ADMINISTRATION FOR CHILDREN AND FAMILIES (ACF)

    ACF is responsible for administering a variety of programs to help children and families thrive–including the primary federal child care grant program, Head Start, and Low Income Energy Assistance Program (LIHEAP), among many others. 

    Over the weekend, dozens of ACF staff were reportedly fired–including roughly 20% of the staff at both the Office of Head Start and Office of Child Care, which process grants supporting communities across the country, conduct oversight of those grants, and provide technical assistance to grantees.

    “It is outrageous that at the same time the child care crisis is holding back parents and hurting our entire economy, Trump is indiscriminately firing the workers who help child care and Head Start centers keep their doors open and ensure kids in their care are safe. You know what doesn’t help parents find and afford child care? Firing the people who help make sure there are more quality, affordable options in every part of the country,” said Senator Murray. “Trump and Elon are making child care more expensive and hard to get for working parents while they focus on passing massive tax cuts for themselves and other billionaires.”

    ADMINISTRATION FOR STRATEGIC PREPAREDNESS AND RESPONSE (ASPR)

    ASPR leads our country’s medical and public health preparedness for, response to, and recovery from disasters and public health emergencies–coordinating planning and response for when fires erupt, pathogens like COVID or bird flu emerge, and so much more.

    After claiming that employees working in emergency preparedness would be exempt from mass firings,  Trump and Musk began firing employees at ASPR this weekend.

    “We know all too well just how serious pandemic threats can get and what happens when we are not ready. It is painfully clear we need to be more prepared for public health threats, but Trump is undermining this agency and leaving us less prepared—even as the bird flu presents significant risks to our country. Firing ASPR staff puts our economy and our families in serious danger,” said Senator Murray.

    CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC)

    CDC is charged with protecting the American people from health threats.

    Nonetheless, Trump and Musk have already fired hundreds of CDC employees, including staff responsible for monitoring public health threats and for addressing lab safety failures.

    “CDC is the backbone of our public health system–and on the frontlines of outbreaks and health threats across the nation. Trump’s decision to fire hardworking public health experts will make our communities less safe and less prepared to respond quickly and effectively when diseases put lives in danger. We are seeing right now how threats like measles, tuberculosis, and bird flu can spread without strong, trusted public health agencies—and Trump is all but ensuring these challenges will get more dangerous and more deadly,” said Senator Murray.

    CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS)

    CMS helps ensure over 100 million Americans have access to health insurance by overseeing Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act marketplaces. 

    The agency has long been understaffed and under resourced–and Trump and Musk have already begun indiscriminate firings at CMS. This includes staff responsible for inspecting nursing homes to ensure that families can have peace of mind that their loved ones are appropriately cared for–and at least 80 employees reportedly cut from the agency’s Center for Consumer Information and Insurance Oversight, which oversees the Affordable Care Act and protects Americans from surprise medical bills. Staff have also been fired from the CMS Innovation Center working on improving maternal health outcomes and more. 

    “Firing the people who help Americans get quality, affordable health care and who help ensure long-term care facilities are safe is as stupid as it is heartless. These firings aren’t some abstraction–they’ll hurt people who need help getting their kid covered or who should be able to trust the nursing home their mom lives in is safe,” said Senator Murray.

    FOOD AND DRUG ADMINISTRATION (FDA)

    The FDA is charged with protecting Americans’ health by ensuring the safety and effectiveness of medicines, biologics, and medical devices–and regulating food, cosmetics, tobacco products, and more. 

    Hundreds of layoffs have been reported at the FDA, which will jeopardize the agency’s ability to fulfill its critical mission. These include layoffs of staff responsible for reviewing medical device products, which could delay new products hitting the market.

    “From inspecting food to ensuring drugs are safe and effective to preventing food shortages and so much more, Americans depend on the FDA’s work every time they sit down for a meal or pick up a prescription. Sweeping layoffs will materially undermine this important work, leaving babies at higher risk of consuming contaminated formula, leaving patients waiting longer for lifesaving drugs to be reviewed and approved, and leaving our entire food supply more exposed to shortages, contaminants, or worse,” said Senator Murray.

    HEALTH RESOURCES AND SERVICES ADMINISTRATION (HRSA)

    HRSA is charged with improving access to care for vulnerable and underserved populations. The agency runs critical programs to bolster the nation’s health workforce, improve maternal and child health, support high-quality care in Community Health Centers and Ryan White HIV/AIDS clinics, address rural health needs, and more.

    Trump’s layoffs severely impact HRSA’s ability to deliver on these critical health care programs for communities nationwide. The layoffs reportedly include significant cuts to the staff hired specifically to support the modernization of the nation’s organ transplant system. Congress has worked in a bipartisan manner to strengthen this initiative by providing additional funding to address longstanding system issues and ultimately ensure that more organs are available for transplant. These layoffs will set back this lifesaving work for the 100,000 Americans waiting on an organ transplant.

    “HRSA builds the health workforce and helps connect people in every part of the country to the essential health services they need–from routine checkups to maternal care to HIV prevention and so much more. Indiscriminately firing these staff risks putting critical health services out of reach for so many Americans, and it is extremely troubling that staff charged with modernizing our nation’s organ transplant network, which has faced longstanding issues, have been fired,” said Senator Murray.

    NATIONAL INSTITUTES OF HEALTH (NIH)

    NIH is the nation’s premier medical research agency. Each year, NIH supports biomedical research that produces life-changing and, in many cases, lifesaving treatments and cures.

    Over 1,100 NIH employees have already been fired by Trump and Musk, including more than 130 employees at the National Cancer Institute and nearly 20% of the workforce at the National Institute on Aging, which funds Alzheimer’s disease research. This includes the Acting Director of the Center for Alzheimer’s and Related Dementias (CARD), alongside a number of senior scientists and principal investigators at CARD—leaving early career scientists and trainees without principal investigators guiding their work. Additional senior leaders at NIH are expected to be fired soon.

    The Trump administration is also continuing to hold up NIH funding, and its illegal and indiscriminate indirect cost rate change would create a massive funding shortfall for lifesaving research that patients and families are counting on. An estimated $1 billion in lifesaving research funding has already been prevented from going out the door to institutions in every state since January 20.

    “Trump isn’t just firing the scientists who put us on the cutting edge of biomedical research, he is taking the best hopes for patients desperately counting on new cures and treatments and throwing them in the shredder. Ousting top scientists and leaders at NIH–people who’ve spent decades gaining expertise and working to discover medical breakthroughs–does nothing to help patients searching for treatments that could save their lives. These firings create chaos–and dangerously set back NIH’s lifesaving work. Washington state is a hub for this work, and I’m already hearing from people in my state about how research into cancer, Alzheimer’s disease, diabetes, heart disease, and so many other deadly conditions will be upended by Trump’s NIH cuts and these reckless–and heartless–layoffs. This is not just going to delay research—it will halt clinical trials in their tracks, cut patients off from care, and hollow out our medical research enterprise in ways that will echo for years to come,” said Senator Murray.

    SUBSTANCE ABUSE AND MENTAL HEALTH SERVICES ADMINISTRATION (SAMHSA)

    SAMHSA is charged with improving services and support available to people across the country for substance use disorder and mental health. The agency plays a leading role in tackling the fentanyl and opioid crisis, and it oversees the 988 Lifeline. Nonetheless, Trump and Musk have also begun laying off dozens of SAMHSA employees.

    “After years of bipartisan work, we are just starting to make progress getting opioid overdose deaths to trend down nationally—and now Trump is jeopardizing that progress by firing employees at the agency responsible for much of this work. Trump’s decision to fire these workers undermines the work happening on the ground in our communities to improve and save lives,” said Senator Murray.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray, Former WA State Federal Workers at VA, Forest Service, Bonneville Power Lay Out How Trump and Musk’s Reckless Mass Layoffs Hurt People Across WA State

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Senator Murray on Trump Indiscriminately Firing Workers at Hanford and Bonneville Power Administration, Threatening Energy Security in Washington State

    ***VIDEO FROM PRESS CALL HERE***

    ***NEW FACT SHEET: Impact in Washington State of Trump and Musk’s Reckless Mass Layoffs***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with federal workers in Washington state who were recently laid off through no fault of their own and with zero justification, as part of Trump and Musk’s unprecedented assault on the federal workforce. The speakers underscored how the mass firings Trump and Musk have ordered over the last few days will severely jeopardize essential services that families in Washington state rely on—and leave us all worse off. A fact sheet compiled by Senator Murray’s office on some of the impacts in Washington state of these reckless mass layoffs is available HERE.

    Murray was joined for the press call by Gregg Bafundo, Former Lead Wilderness Ranger at the U.S. Forest Service’s Okanogan Wenatchee National Forest and a former U.S. Marine who lives in Okanogan County; Raphael Garcia, a veteran and former Management Analyst for the US. Department of Veterans Affairs (VA) who has served as the only management analyst for the Veterans Benefits Administration’s Disability Rating Activity Site at the Seattle Regional Office for the past 7.5 months; and Liz Krumpp, former Washington Constituent Account Executive at the Bonneville Power Administration (BPA), who retired from BPA in 2023 and resides in Olympia. Both Gregg and Raphael were let go last week as part of the Trump administration’s mass firings of federal workers.

    “Right now, President Trump, and his co-President Elon Musk are breaking American government. They are firing workers left and right—with no plan, no strategy, and no concern for who gets hurt,” said Senator Murray.“We know Trump’s firing spree isn’t about merit because they are targeting new employees, people who have been recognized for outstanding performance, and people who were recently promoted—who are now getting fired from their newly earned jobs. Trump and Musk are, by design, pushing out, some of our best performers—and fresh blood in the federal workforce. We know Trump’s mass firings aren’t about saving money. Otherwise, there would be no reason for them to fire hundreds of workers at the Bonneville Power Administration. After all, these positions are funded by ratepayers—by all of us in the Northwest—not from federal funding. And these are people who literally help keep the lights on. But no matter—they’re being fired on a whim because two billionaires don’t have a clue about what they do, and don’t care to learn.”

    “I swore an oath to serve our country—first in the U.S. Army and then at the VA—only to be abruptly terminated by the very institution that promised to care for those who have served,” said Raphael Garcia of Seattle, who was laid off through no fault of his own and with zero justification from the VA last week. “My termination isn’t just a personal tragedy; it’s a stark reminder that our federal government is dismantling essential support systems for Veterans and vulnerable communities. When cost-cutting means sacrificing dedicated, disabled service members and committed federal employees, it isn’t about efficiency—it’s about eroding the trust and dignity that our nation owes to those who answer the call to serve.”

    “For 18 years I have faithfully served the American People—eight as a US Marine and ten as a Wilderness Ranger. I have always put myself between the danger and my fellow citizens and now I have been cast aside as the parasite class or some kind of fraud. These heartless and gutless firings will lead to loss of lives and property,” said Gregg Bafundo of Okanogan County, who was laid off through no fault of his own and with zero justification from the Forest Service last week.

    “Bonneville is the source of nearly 50 percent of the electrical power that is consumed in the State of Washington and owns, operates, and maintains over 15,000 circuit miles of high voltage transmission from Montana, across Idaho, Oregon and Washington, extending into Wyoming, Nevada and California. Critically, Bonneville has over a dozen new transmission projects in the planning stages—which its customers are asking for—to serve the increasing demand for electricity and to interconnect new power generators being built. Bonneville is self-funded by selling transmission service or selling electrical power. That’s it. No federal tax revenues fund its work or its employees. Cutting its employees does not save the federal tax payer a dime,” said Liz Krumpp, who worked at BPA for 15 years before retiring in 2023 and resides in Olympia. “These arbitrary lay-offs and hiring freezes will make it increasingly harder for the remaining employees to do their jobs and do them safely. Currently, its customers are asking Bonneville to expand its transmission system, not shrink it. Bonneville helps keep the lights on in the Northwest.  Its work costs taxpayers nothing.”

    Late last week, Senator Murray released a fact sheet detailing how Trump and Musk’s mass firings at all manner of federal agencies will hurt families, veterans, small businesses, farmers, and so many others across the country who need a government that works for them. Senator Murray has spoken out on the Senate floor against this administration’s attacks on federal workers, and recently sent an open letter to federal workers and a newsletter to her constituents in Washington state outlining her concerns with the administration’s so-called “Fork in the Road” offer. Senator Murray has also sent recent oversight letters demanding answers about indiscriminate staffing reductions across federal agencies including to HUD Secretary Scott Turner on reports of massive staff cuts at HUD, Interior Secretary Doug Burham on National Parks Service staffing cuts, and Acting USDA Secretary Gary Washington on the universal hiring pause for USDA firefighters, among others.

    Senator Murray’s full remarks, as delivered on today’s press call, are below and video is HERE:

    “Right now, President Trump, and his co-President Elon Musk are breaking American government. They are firing workers left and right—with no plan, no strategy, and no concern for who gets hurt.

    “And we know there is no plan because they fired hundreds of people in charge of ensuring the security of our nuclear arsenal—only to desperately turn around and try to hire them back.

    “That is the height of incompetence. And these other firings are just as senseless and reckless.

    “In the middle of the bird flu threat—they are firing public health experts.

    “Weeks after the deadliest plane crash in years—they are firing FAA workers.

    “After the devastating wildfires recently—they are firing members of the Forest Service, and we’ll hear from one of them in a minute.

    “They are firing people who work in law enforcement, who do food and drug inspections, who research deadly diseases, and who are cleaning up nuclear waste.

    “I’ve spent years trying to get the Hanford cleanup the resources it needs. We’ve made so much progress—but it has still been understaffed, even before these pointless layoffs last week cut it down to a skeleton crew.

    “We know Trump’s firing spree isn’t about merit because they are targeting new employees, people who have been recognized for outstanding performance, and people who were recently promoted—who are now are getting fired from their newly earned jobs.

    “Trump and Musk are, by design, pushing out, some of our best performers—the fresh blood in the federal workforce.

    “We know Trump’s mass firings aren’t about saving money. Otherwise, there would be no reason for them to fire hundreds of workers at Bonneville Power. After all, these positions are funded by ratepayers—by all of us in the Northwest—not from federal funding. And these are people who literally help keep the lights on.

    “But no matter—they’re being fired on a whim because two billionaires don’t have a clue about what they do, and don’t care to learn.

    “And Trump is not tossing workers out on the street to make government more efficient.

    “VA researchers are being fired as well—VA Puget Sound workers are being fired despite doing lifesaving research to prevent veteran suicide, build lifechanging prosthetics, address opioid addiction, and more.

    “That is not just a betrayal of these public workers—it is a betrayal of our women and men in uniform who trust we will take care of them when they come home.

    “Especially considering they have laid off many veterans as well—people who served their country and wanted to keep serving their country. And that really underscores an important point about exactly who Trump is firing.

    “These are people who love their country and love their communities. They are people who work hard, make an honest living, and have families to support. And I’m so grateful to be joined by some of them today, who will speak about what they have been through.

    “And I’d like to say to them all—thank you for the work you’ve done for our country. You deserve so much better than how you’ve been treated.

    “What Elon and Trump are doing is going to set our country back. But we are not powerless—and your decision to share your stories today is proof of that.

    “We each have a voice, and we can all speak out for a government that works for middle-class families, regular people—not just billionaires who will never need to call about their Social Security benefits or file a disability claim at VA.

    “So I want to thank everyone for joining this call today—and now I’ll turn it over to Gregg.”

    MIL OSI USA News –

  • MIL-OSI USA: Expanding Next-Generation Battery Innovation Company

    Source: US State of New York

    Governor Kathy Hochul and Senator Charles Schumer today announced that BAE Systems is investing $65 million to expand operations in the Village of Endicott, Broome County. The company will add a total of 150,000 square-feet to its existing site to make way for the addition of a new battery production line and lab space, and new office space. As a result of the expansion, the company has committed to creating up to 134 good-paying jobs onsite. BAE Systems is a global defense, aerospace and security company with approximately 93,500 employees worldwide. The BAE Systems facility in Endicott designs, develops and produces a broad portfolio of safety-critical electronic systems from flight and engine controls to power and energy management systems. The company has been operational at the Huron Campus site since 2011.

    “BAE Systems’ decision to further expand its business represents yet another win for New York State and for the Southern Tier, which is laser focused on becoming a global hub for next-generation battery innovation efforts,” Governor Hochul said. “Since taking office, I have remained committed to bringing jobs back to Upstate New York. This incredibly successful company chose to grow its operations here, spurring top-quality, good-paying job creation in the region because they have seen firsthand how hardworking New Yorkers are.”

    Senator Charles Schumer said,“BAE Systems is adding 130+ good-paying jobs right here in the Southern Tier to make sure the next generation of America’s batteries are stamped ‘Made in Upstate NY.’ This $65 million expansion to add a new battery production line, research lab, and office helps show how we can bring this supply chain back from overseas, with the Southern Tier leading the way to make sure the future of battery manufacturing is manufactured in Broome County, not Beijing. BAE Systems is a vital part of the Southern Tier economy, with a world-class workforce of over 1200 people, and selecting this area for their major battery production expansion is no accident. I’m proud of the millions in federal support I’ve delivered – via the American Rescue Plan and my bipartisan CHIPS & Science Act – to the region to make it a global center for battery research and set the stage for today’s announcement. Today BAE is helping add another loop to establish this region as a core of manufacturing and innovation for America’s battery belt.”

    The project involves the expansion of BAE Systems battery production line, including the purchase and installation of machinery and equipment to efficiently produce an energy storage system for electric/hybrid electric aircraft. This facility will include an automated state-of-the-art production line, an engineering lab, and an aftermarket center, and is expected to be fully complete in 2027.

    Empire State Development is assisting the project with up to $8.5 million in performance-based Excelsior Jobs Tax Credit Program in exchange for the job creation commitments. Broome County is also providing assistance for the project.

    BAE Systems Senior Director Jim Garceau said, “This facility expansion reinforces our commitment to the Southern Tier and builds on New York State’s vision to create a regional hub for battery innovation. With this investment, we will enhance our capabilities to address the emerging needs of the next-generation hybrid/electric aircraft.”

    Bolstering Next-Generation Battery Innovation
    Governor Hochul and Senator Schumer were instrumental in the company’s decision having worked closely with company officials to ensure that the project would move ahead in New York’s Southern Tier region which is laser-focused on supporting next-generation energy efforts – a top priority for the governor and senator.

    In January 2024, the Governor and Senator announced that the U.S. National Science Foundation had designated the New Energy New York (NENY) Storage Engine as a Regional Innovation Engine (NSF Engine), which was created by the Senator’s bipartisan CHIPS & Science Law. The NENY Storage Engine, anchored at Binghamton University in the Southern Tier Region, will receive up to $15 million in federal funding for two years and up to $160 million over 10 years to establish a hub that will accelerate innovation, technology translation and the creation of a skilled workforce to grow the capacity of the domestic battery industry. Through Empire State Development, New York State will match up to 20 percent for the first five years of the project as well as provide support through established programs. The NENY Storage Engine was chosen for its diverse, cross-sector coalition that will build a leading ecosystem driving battery technology innovation, workforce development and manufacturing to support U.S. national security and global competitiveness.

    Schumer has long fought to secure federal investment to boost the Southern Tier’s battery manufacturing and R&D. In 2021, Schumer created the Build Back Better Regional Challenge in the American Rescue Plan that he led to passage as Majority Leader. The senator personally advocated for the selection of the Binghamton University-led New Energy New York’s (NENY) battery hub proposal, helping deliver a $63.7 million federal investment with a $50 million funding match from New York State. In 2023, Schumer also delivered the prestigious federal Tech Hub designation, also created by his bipartisan CHIPS & Science Law for the Binghamton University-led NENY proposal.

    Empire State Development President, CEO & Commissioner Hope Knight said, “Governor Hochul’s strategic and laser-focused support for next-generation clean energy companies accelerates this cutting-edge industry’s growing presence in New York State. BAE Systems’ expansion will create top-quality jobs and opportunities in the Southern Tier, furthering the region’s leadership in battery technology innovation.”

    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    New York Power Authority President and CEO Justin E. Driscoll said, “BAE Systems has been a major driver of economic growth in Broome County, and I congratulate them on their new $65 million expansion. Thanks to strategic investments from Governor Hochul and Senator Schumer, New York has become a testbed for battery storage innovation, and NYPA will continue to support firms like BAE Systems developing cutting-edge technology and spurring economic growth with low-cost power.”

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “With this investment in next generation battery technology at their Broome County location, BAE Systems is supporting local jobs and strengthening the state’s clean energy supply chains, ensuring New York continues to lead the way in innovation and clean tech economic opportunity. The expansion will also advance clean transportation in the aviation industry and support NYSERDA’s efforts in research, development, and demonstration of new technologies in the energy storage sector.”

    State Senator Lea Webb said, “It’s exciting to see BAE Systems expand its next-generation battery innovation operations right here in the Southern Tier, bringing up to 134 new jobs to the Village of Endicott, ” said State Senator Lea Webb. “This investment strengthens our region’s role as a leader in clean energy technology and advanced manufacturing. I want to thank Governor Hochul for her commitment to growing our local economy and everyone who made this expansion possible. This investment not only creates new opportunities for workers but also reinforces New York’s leadership in the future of sustainable energy solutions.”

    Assemblymember Donna Lupardo said, “Years of hard work and dedication have made our area a designated hub for battery innovation and manufacturing. BAE’s expansion to include a new battery production line will further establish our community as a leader in clean-energy technology. Their work on electric/hybrid bus and aircraft battery systems are game changers for the industry and for our local workforce. I’d like to thank BAE Systems for their continued investment in our community, and the Governor and Empire State Development for their ongoing support of this important work.”

    Broome County Executive Jason Garnar said, “BAE Systems’ expansion in Endicott is another major win for Broome County, reinforcing our region’s role as leader in next-generation battery innovation while creating even more job opportunities for our community. Thank you to Governor Hochul for her continued commitment to economic growth in the Southern Tier and to BAE Systems for choosing to expand here in Broome County.”

    Village of Endicott Mayor Nick Burlingame said, “BAE Systems’ decision to expand its operations in Endicott is a testament to the strength of our community, our workforce, and our region’s commitment to innovation. This investment not only reinforces Endicott’s legacy as a hub for cutting-edge technology but also brings new opportunities for local families and businesses. We are proud to support BAE Systems as they continue to grow and shape the future of clean energy and battery innovation right here in our village. We look forward to the jobs, economic impact, and advancements this expansion will bring to Endicott.”

    For additional information about BAE Systems, visit: https://jobs.baesystems.com/global/en/.

    Accelerating Economic Development in the Southern Tier
    Today’s announcement advances the Southern Tier Strategic Plan and complements “Southern Tier Soaring” strategy by facilitating economic growth and community development. These regionally designed plans focus on attracting a talented workforce, growing business and driving next-generation innovation. More information is available here.

    About Empire State Development
    Empire State Development is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development.

    The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state’s world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X, formerly known as Twitter.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito on Permitting Reform: “We have an opportunity to deliver meaningful, bipartisan legislation that addresses these problems.”

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    [embedded content]
    To watch Chairman Capito’s opening statement, click here or the image above.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led a hearing on improving the federal environmental review and permitting processes.
    In her opening remarks, Chairman Capito spoke about the need to modernize our federal environmental review and permitting processes while maintaining critical environmental standards, as well as her desire to address these challenges in a bipartisan way. Additionally, Chairman Capito announced that the hearing record will remain open for over a month to give additional stakeholders an opportunity to share their experiences and input.
    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “Good morning again, and thank you all for being here. It’s very nice for you to come on such a critical issue to our nation’s future – the need to modernize our federal environmental review and permitting processes – something we’ve talked about endlessly, both to grow our economy and also to improve our environmental stewardship. I’m really excited about this hearing.
    “Our witnesses will share their valuable perspectives and set the stage for the EPW Committee’s work on this important topic. To ensure we take a holistic view of these issues, we will keep this morning’s hearing record open until March 21, to give all stakeholders the opportunity to share their experiences with the existing environmental review and permitting processes, identify challenges, and then, hopefully, to suggest potential solutions.
    “For too long, critical projects such as energy and infrastructure projects, along with industrial projects as well, have been trapped in a cycle of redundant reviews, shifting goalposts, and regulatory uncertainty. 
    “In my home state of West Virginia, I’ve seen firsthand how these drive up costs, these delays, not just for the projects, but for the American families who are paying for more energy, housing, and food as a result. 
    “Meanwhile, businesses lack the certainty necessary to make long-term investments, which can mean lost jobs, missed economic opportunities for communities, scarcity, and higher prices across the nation.
    “It can also mean that projects needed to deploy renewable energies, or to restore the environment, are also stifled.
    “The framework for our environmental review and permitting processes is grounded in landmark laws under this Committee’s jurisdiction. NEPA requires federal agencies to consider environmental impacts on major federally funded projects or before implementing their project.
    “Other environmental and resource laws like the Clean Water Act, the Clean Air Act, and the Endangered Species Act rely on permits and operational requirements to ensure that critical projects are able to come to fruition in environmentally responsible ways.
    “However, years of changes in guidance and regulations from administration to administration and a complex web of judicial rulings have resulted in an ever-expanding hodge-podge of often duplicative and contradictory requirements.
    “While this confusing and complex body of administrative and common law has grown over the past half century, Congress has not stepped in to provide the holistic clarifications or modernization.
    “In the absence of congressional action, certain parties have found creative ways to use the judicial process to delay, remand, or strike down projects and raise costs to discourage project sponsors from moving forward.
    “As a result, environmental review and permitting processes have increased costs and delayed or stopped projects, including projects that would help achieve the goals in our environmental laws.
    “Last week, the House Transportation and Infrastructure Committee heard testimony from Nucor about how the need to obtain a Clean Water Act permit triggered significant delays based on required reviews under the Endangered Species Act and the National Historic Preservation Act. 
    “These permitting delays nearly thwarted what will be among the most environmentally friendly steel production facilities in the world, and that will employ over a thousand people in Mason County, West Virginia.   
    “It literally took an act of Congress to permit the Mountain Valley Pipeline to move clean natural gas from West Virginia to our southern neighbors…Corridor H and Coalfields Expressway, two top highway priorities for the state of West Virginia that would improve safety and mobility, have both encountered multiple permitting delays under various environmental statutes.
    “West Virginia water line extensions, broadband projects, bridge replacements, have all faced federal permitting delays, and I’m sure my state is not unique. The problems we will explore today have been brewing for decades.
    “However, this Congress, we have an opportunity, I think, to deliver meaningful, bipartisan legislation that addresses these problems.
    “I am committed to working with Ranking Member Whitehouse, our colleagues on the Energy and Natural Resources Committee, and our House committee counterparts to produce a bill with meaningful reforms.
    “Durable and implementable environmental review and permitting process reform must be bipartisan to be successful. My guiding principles for this effort are straightforward, the legislation that we develop must help all types of projects, not just politically favored projects or projects that will support the infrastructure needs of some Americans but not others. We must provide clarity and transparency in the processes.
    “Finally, our legislation needs to look at every stage of these processes to find efficiencies while balancing public health, the environment, and the needs of our economy. Let me be clear, modernizing these processes does not mean cutting corners or weakening environmental and public health protections.
    “It means making the processes more efficient, more predictable, and more transparent so that the processes are not stuck in bureaucratic purgatory or endless litigation.
    “Hardworking Americans, small businesses, and entrepreneurs want a government that works for them, not one that keeps them waiting for the benefits that many of these projects promise to bring in their communities and household budgets.  
    “So, I look forward to the discussion today, and learning about our witnesses’ experience. I am hopeful that we can hear some consensus on the issues that this committee must focus our attention, so we can develop our legislation.  
    “With that – I look forward to hearing from our witnesses today and beginning the effort together to deliver real solutions for the American people.”

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Highlights Consensus on Need for NEPA and Permitting Reform Legislation

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    [embedded content]
    To watch Chairman Capito’s questions, click here or the image above.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led a hearing on improving federal environmental review and permitting processes.
    During the hearing, Chairman Capito questioned a panel of leaders from different industries and organizations about challenges they’ve faced while trying to implement projects important to American economic growth. In particular, Chairman Capito focused on the need to craft legislation that creates efficient and reliable timelines for National Environmental Policy Act (NEPA) and permitting processes and addresses endless legal challenges for projects. 
    HIGHLIGHTS:
    AGREEMENT ON CHANGES TO ENVIRONMENTAL REVIEW:
    Chairman Capito:
    “Both Republican and Democrat administrations over the last couple decades have recognized the need to address the environmental review process, and those administration have taken efforts, through changes to regulations and guidance, to do so. Despite these efforts, federal environmental review and permitting challenges persist…I would like to ask each of you, do you agree that Congress must come together to develop a bipartisan bill to tackle these challenging issues?”
    Jeremy Harrell, CEO, ClearPath:
    “Yes, Senator.”
    Leah Pilconis, General Counsel, The Associated General Contractors of America:
    “Yes.”
    Carl Harris, Chairman of the Board, National Association of Home Builders:
    “Yes, Senator.”
    Brent Booker, General President, Laborers’ International Union of North America:
    “Yes.”
    Nicole Pavia, Director, Clean Energy Infrastructure Deployment, Clean Air Task Force:
    “Yes.”
    LENGTHY FEDERAL PROCESSES:
    Chairman Capito: 
    “Under current law and regulation, projects can take years or even decades to progress from concept to completing the NEPA process. What are the real world impacts of this lengthy timeline for projects on consumers of goods and services that your members produce?
    Leah Pilconis:
    “For the construction industry, delays cause uncertainty, and they also cause workforce instability. Our contractors can’t commit to hiring workers. They can’t order materials when there are delays on breaking ground for projects, often because they’re tied up for years with lawsuits, delays also drive up costs.”
    Carl Harris:
    “The cost of permitting adds to the cost of housing, and every time, as I said in my testimony, every time you raise the cost of a house $1,000, you lock out 106,000 family units. That’s substantial.”
    ADDRESSING JUDICIAL REVIEW: “I want to ask about judicial review, it came up in almost everybody’s testimony. Many projects are targeted with litigation all throughout the process. The resulting legal costs and projects delays can be enough to stop a project, which happened with our Atlantic Coast Pipeline in West Virginia.”
    BUILDING CONSENSUS: “I think we have a lot of commonality here, a lot of good ideas, and a lot of thought that I think are going along the same lines. I think we should think big, and then come down from big to where we can meet the sweet spot. Because, like Senator Curtis said, we’ve been talking about this for years, we haven’t quite gotten there. So, I’m committed.”
    HEARING RECORD REMAINS OPEN: “The hearing record will remain open, as I said earlier, until March 21 and anybody – I would hope that you would submit suggestions that you might have heard today, or other suggestions. The public will be allowed to submit comments and materials for the hearing record by sending these documents to permitting@epw.senate.gov. This email address is also accessible on the Committee’s website.”
    Click HERE to watch Chairman Capito’s opening statement.
    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –

  • MIL-OSI USA: Photos/Video: Kaine, Heinrich, and Environmental Leaders Hold Press Conference on Trump’s War on Affordable, American-Made Energy

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    FULL VIDEO OF THE PRESS CONFERENCE IS AVAILABLE HERE.

    PHOTOS & VIDEO OF KAINE ARE AVAILABLE HERE.

    WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine (D-VA) and Martin Heinrich (D-NM) and environmental leaders held a press conference calling for the end of President Trump’s war on affordable, American-made energy, which will raise energy costs for Americans and kill high-quality jobs. The senators were joined by Natural Resources Defense Council’s Senior Vice President of Climate Jackie Wong, Sierra Club’s Executive Director Ben Jealous, and League of Conservation Voters’ Senior Vice President of Government Affairs Tiernan Sittenfeld.

    In the hours following his inauguration on January 20, 2025, President Trump signed a slew of executive orders, including the national energy emergency order, to withdraw support for renewable energy—despite its benefits to America’s economy and environment—and grant his administration new powers to promote fossil fuels at the cost of bedrock environmental laws. Kaine and Heinrich introduced legislation to terminate the national energy emergency President Trump declared. The legislation is privileged, meaning that the Senate will be required to vote on it. The vote is expected next week.

    “We are producing more energy now than at any other point in our history, and the U.S. is the envy of the world when it comes to energy innovation and production. The passage of the Bipartisan Infrastructure Law and Inflation Reduction Act have accelerated clean energy projects and created jobs, and we are on an amazing trajectory,” said Senator Kaine. “Trump’s sham emergency threatens to screw all of that up. Why? Because he’d rather benefit Big Oil and suspend environmental protections than lower costs and create jobs for the American people. I hope my colleagues will join me in voting to terminate President Trump’s emergency.”

    “America is producing more energy than ever before including both conventional and renewable sources. This is happening because of the year-over-year certainty Democrats created with tax structures and permitting that has allowed us to make solar, wind, and energy storage cheaper, faster, and less capital intensive to add to the electric grid. We made it possible to build big things in American once again,” said Senator Heinrich, Ranking Member of the Senate Energy and Natural Resources Committee. “But now, Trump’s fake emergency declaration is causing enormous uncertainty. If you’re thinking about opening a new factory, you don’t know what your tax structure will be in the next 12 months. If you’re trying to site and build a new transmission line, the federal agencies you work with just had a ton of their expert staff sacked, making it more difficult to get a permit. This is going to kill skilled trades jobs and drive up the cost of your electricity bills by as much at $480 a year by 2030. Trump’s war on affordable, American-made energy is killing jobs and raising costs on working families.”

    “Trump falsely declared an energy emergency as a pretext to assert authority he lacks and to justify a raft of actions meant to lock us into decades more dependence on the fossil fuels that are driving the climate crisis. There is no energy emergency. There is a climate emergency. Trump’s actions will make it worse,” said Jackie Wong, Senior Vice President for Climate and Energy, Natural Resources Defense Council.

    “In the last four years, if you’re under 52, you’ve seen something happen for the first time in your adult life, which is America opening big new factories from coast to coast to give birth to big new industries,” said Ben Jealous, Executive Director of the Sierra Club. “Trump threatened the jobs of 77,000 workers in the wind industry on day one, sent shockwaves through their families and communities, and threatened to derail the United States from seizing the greatest economic opportunity on Planet Earth right now. Donald Trump’s objective here is to cut taxes and allow fossil fuel industries to continue to destroy beautiful places across this country in the interest of greed when we’ve got a better alternative. It’s time for our country’s people to rise up and demand the President of the United States put their interests first.”

    “We are NOT in an energy emergency. In fact, Trump inherited a thriving clean energy economy with more than 400,000 new jobs and more cheaper and cleaner energy than ever before. Yet Trump and Musk are desperate to impound, freeze, and repeal the very clean energy investments that lower energy bills and create jobs – the majority of which are in districts currently represented by Republicans – so they can pay for tax cuts for their billionaire buddies. Trump and Musk are firing civil servants who help keep our electricity grid safe and secure and gutting clean energy industries that employ thousands of other workers. And Trump and Musk are threatening our air and water and pushing to open up our most precious public lands for permanent destruction so Trump can make good on his promise to Big Oil CEOs to drill, drill, drill,” said Tiernan Sittenfeld, LCV SVP for Government Affairs.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Universities – Power struggles: The psychology behind workplace energy use – UoA

    Source: University of Auckland (UoA)

    Do you ever take the stairs instead of the lift or print double-sided – not for fitness, or to stretch the last few sheets of paper, but to save energy?
      
    An international study co-authored by researchers from the University of Auckland looks at how businesses can support these kinds of everyday choices, often overlooked in corporate sustainability plans.

    Published in Renewable and Sustainable Energy Reviews, the study analyses 70 research papers on employee energy-saving behaviours and shows that a combination of personal attitudes, social norms, habits, organisational culture and peer feedback shapes employees’ willingness to save energy.
       
    It suggests that businesses looking to cut energy use should focus on engagement rather than enforcement.

    Employees who feel encouraged, rather than monitored or penalised, are more likely to develop lasting energy-saving habits.
       
    “A work environment that recognises the value of energy-saving behaviour and employees with intentions to save energy are very effective,” says Business School Professor Sholeh Maani.

    The economics professor says businesses that integrate energy-saving behaviours into workplace policies and culture see greater engagement from staff.

    For example, giving employees control over lighting and temperature settings and regular feedback on energy use, combined with positive reinforcement, can motivate staff to save energy. 

    Digital tools like Internet of Things (IoT) sensors and gamified apps can help staff track their energy use, says Maani, encouraging autonomy and responsibility.

    And while many businesses rely on employee education campaigns to encourage energy conservation, the research suggests that providing information alone is not enough, and in some cases, it may even backfire if it’s seen as personal monitoring.

    One study the researchers point out took place at a university in Canada and surveyed 595 employees in 24 buildings. The results found that feedback and peer education reduced energy use by seven percent and four percent respectively, while energy consumption increased by four percent in the buildings that educated employees on how and why to save energy.

    Another study in the Netherlands examined a 13-week energy-saving initiative at an environmental consulting firm with 83 employees across five departments. Employees received weekly rewards for saving energy, with some receiving monetary incentives and others getting positive public  recognition. The results were clear: public feedback was more effective than financial incentives.
       
    These results and others highlight that awareness alone won’t necessarily drive change – practical interventions that reinforce personal and group habits, such as social incentives and feedback can be effective, say Maani and co-author Dr Le Wen.

    If businesses want to reduce energy waste, they need to focus on building a workplace culture that supports and normalises energy-saving behaviours, says Maani.
     
    “Employees are more likely to conserve energy when they see their colleagues doing the same, receive regular feedback on workplace energy use, and feel supported to make changes and take control.

    “And when managers and colleagues actively participate in energy-saving initiatives, other employees are far more likely to follow suit.”

    With rising electricity costs and increasing pressure to cut carbon emissions, New Zealand businesses have a lot to gain from empowering employees to be part of the solution, says Maani.
      
    “In a country where sustainability is a priority, reducing workplace energy waste is a low-cost, high-impact way for businesses to reach their environmental goals.”  

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Farewell Address to Staff – Masatsugu Asakawa

    Source: Asia Development Bank

    Speech by Masatsugu Asakawa, President, Asian Development Bank, 19 February 2025, ADB headquarters, Manila, Philippines

    My very dear colleagues, here we are, together again in this room, where I stood before you five years ago to say, “hello,” and “call me Masa.” What a journey it has been!

    I don’t think any of us could have predicted what was in store for us on that February day back in 2020. Within just a few weeks, we were in the grip of a pandemic that drove us into lockdown, causing tremendous hardship and drastically changing how we work.

    My friends, our journey as an ADB family is forever connected to the journey of this region. And I believe we have shaped that journey, for the better.

    We have done our part to help our developing member countries to get through the pandemic and on a path to recovery; to be ready to tackle emerging crises and urgent threats, including the climate crisis; and to maintain focus on long-term development.

    I was so pleased to see highlights of this good work in the video you showed and to hear perspectives from Bruce, Nelly, and Bruno. Thank you very much for your kind words.

    I am deeply humbled that you credit our achievements to my contributions as President. But even more important, these achievements tell a story about what all of us can do when a challenge comes our way, and we face it together.

    So let me take a few moments to share a few reflections on how you have shaped me during this journey.

    I. Meeting unprecedented development challenges with quick and decisive action

    First, we needed quick, decisive, and bold action, at every step: as the pandemic struck, as the climate crisis mounted, and as there were calls to evolve to deliver better and faster.

    I remember coming to my office upstairs almost every day during lockdown. I held videoconferences with ministers and heads of state to see what assistance they needed. I knew ADB needed to respond without delay. And we did, thanks to you.

    I truly believe that our assistance helped to prevent grave suffering for millions, and fiscal collapse across our region. Our response, including budget and vaccine support, were spectacular achievements.

    The same is true for our climate action. I remember the intense discussions we had before going to Glasgow in 2021 for COP26. These paved the way for our $100 billion climate finance ambition, Energy Transition Mechanism, IF-CAP, and a just transition commitment across our climate operations. This was a real turning point that positioned us as the Climate Bank for Asia and the Pacific.

    II. Reforming and innovating to adapt to changing circumstances

    And then, we forged ahead with reforms, to unlock an additional $100 billion in lending capacity through CAF; to take stock, and make key shifts, through the NOM and midterm review of Strategy 2030; and to elevate critical agendas including private sector development, domestic resource mobilization, food security, digitalization, and gender equality.

    You also made sure that the poorest and most vulnerable in our region were not left behind. The ADF replenishment, including the novel financing you prepared, is helping people in places like Afghanistan and Myanmar, and small island developing states.

    All of this was made possible by thinking outside the box. The unprecedented circumstances we faced over the past five years demanded that ADB change quickly and do things differently. You did not hesitate to meet the demands of the moment.

    The circumstances also required ADB to balance many needs. Our operations shifted appropriately during the pandemic, to support response and recovery. It took some time for our climate financing to ramp back up, but it did. I know we will also continue to expand our contributions in areas like education and RCI.

    III. The priority of wellbeing

    As you can see, my friends, there was a lot on my mind over the past five years. A lot of things kept me up at night. But if I may, I’d like to emphasize my most important concern. It was to ensure the safety and wellbeing of staff.

    I spoke to you often during the pandemic. I even sent you a musical greeting on my flute! I hope that it brought you some comfort to know that you were not alone.

    Another experience that I have not talked about as much is the evacuation of our local staff from Afghanistan when the government fell in 2021. It was such a dangerous and unpredictable situation, and we had very few options. But we had to find a way to get our staff to safety. After consulting with heads of state and coming up with a complex plan, we managed to get everyone out, just in time.

    That experience reminded me that staff wellbeing must remain ADB’s highest priority. And the reason is clear: ADB’s most valuable asset is its staff. Even more simply, we are family. And I am so touched by the way you treated me like family.

    Colleagues in our field offices, you were always so warm and welcoming when I visited the countries where you live and work. The memories of our beneficiaries, the historical sites, and the delicious local cuisine—and the selfies I took with you!—will stay with me forever.

    IV. In praise of staff

    Ever since I announced my intention to step down, I have been flooded with good wishes and praise for what ADB has done for the region during my Presidency. But I firmly believe that these successes are not coming from me. They are coming from you.

    You have been so innovative, so responsible, and so loyal to our mission. I always knew that whenever we faced a problem, I could consult staff, and you would come up with quick and relevant solutions. That is why, from Day 1, I felt nothing but optimism that we would achieve our mission. And I was never disappointed.

    Closing

    Your work over the last five years has put our region on the strongest possible foundation to build lasting prosperity, to stay resilient through crises and disasters, and to ensure that growth is inclusive and sustainable.

    Asia and the Pacific will indeed remain an engine for global growth for decades to come. And you helped make that possible. I am honored by the ways you stepped up to accomplish everything that I asked of you—and everything the region needed from us. I am in awe of what you have achieved. And my trust in you will never fade.

    I will step away now, but I know that the course we have navigated these past five years will take us to an even brighter future. I will be cheering for you every step of the way.

    And so, my dearest colleagues, my beloved friends and ADB family, thank you for a job well done. I wish you health, happiness, and good fortune on this unforgettable journey.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI: Amplify Energy Schedules Fourth Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it will report fourth quarter 2024 financial and operating results after the U.S. financial markets close on March 5, 2025. Management will host a conference call at 10:00 a.m. CT on March 6, 2025, to discuss the Company’s results. Interested parties are invited to participate in the conference call by dialing (888) 999-5318 (Conference ID: AEC4Q24) at least 15 minutes prior to the start of the call. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Access Code: 71724906. A transcript and a recorded replay of the call will also be available on our website after the call.

    About Amplify Energy

    Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

    Investor Relations Contacts

    Jim Frew — SVP & Chief Financial Officer
    (832) 219-9044
    jim.frew@amplifyenergy.com

    Michael Jordan — Director, Finance and Treasurer
    (832) 219-9051
    michael.jordan@amplifyenergy.com

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2024 Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2024 in comparison with its results for the fourth quarter and year ended December 31, 2023.

    Summary of 2024 Fourth Quarter Results

    (Comparison with third quarter of 2024 and fourth quarter of 2023)

      4Q 2024 3Q 2024 4Q 2023
    Net sales ($ million) 2,845 2,915 (2%) 3,415 (17%)
    Operating income ($ million) 558 537 4% 819 (32%)
    Net income ($ million) 519 459 13% 1,146 (55%)
    Shareholders’ net income ($ million) 516 448 15% 1,129 (54%)
    Earnings per ADS ($) 0.94 0.81 16% 1.92 (51%)
    Earnings per share ($) 0.47 0.40 16% 0.96 (51%)
    EBITDA* ($ million) 726 688 6% 975 (26%)
    EBITDA margin (% of net sales) 25.5% 23.6%   28.6%  
               

    *EBITDA in fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales

    Net sales in the fourth quarter were more resilient than expected as we were able to reduce inventories and advance some shipments in the Middle East and Turkey, despite lower demand in Mexico, Argentina and Saudi Arabia. Our EBITDA declined 4% on a comparable basis with the margin supported by a favorable product mix which offset the effect of residual price declines in North America. Net income increased due to the partial reversal of the provision made in the second quarter for the ongoing litigation related to the acquisition of a participation in Usiminas jointly with our associate company, Ternium.

    During the quarter, our free cash flow amounted to $310 million and, after spending $299 million on dividends and $454 million on share buybacks, our net cash position declined to $3.6 billion at December 31, 2024.

    Summary of 2024 Annual Results

      12M 2024 12M 2023 Increase/(Decrease)
    Net sales ($ million) 12,524 14,869 (16%)
    Operating income ($ million) 2,419 4,316 (44%)
    Net income ($ million) 2,077 3,958 (48%)
    Shareholders’ net income ($ million) 2,036 3,918 (48%)
    Earnings per ADS ($) 3.61 6.65 (46%)
    Earnings per share ($) 1.81 3.32 (45%)
    EBITDA* ($ million) 3,052 4,865 (37%)
    EBITDA margin (% of net sales) 24.4% 32.7%  
           

    *EBITDA in 12M 2024 includes a $107 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $3,159 million, or 25.2% of sales.

    Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity. EBITDA and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales, and was affected by a reduction of $43 million from our participation in Ternium related to the same case.

    Cash flow provided by operating activities amounted to $2.9 billion during 2024. This was used to fund capital expenditures of $694 million, with the remainder distributed to shareholders through dividend payments of $758 million and share buybacks for $1,440 million in the year. We maintained a net cash position of $3.6 billion at the end of December 2024.

    Change of Chief Financial Officer

    Effective as of May 2, 2025, Mr. Carlos Gomez Alzaga will assume the position of Chief Financial Officer, replacing Ms. Alicia Mondolo, who will retire from this role.

    Mr. Gomez Alzaga, who has more than 20 years of experience in Administration and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director, among other positions, and currently holds the position of Regional CFO for Argentina and South America.

    Ms. Mondolo will continue to serve as senior advisor to our Chairman and CEO.

    Paolo Rocca and the Board of Tenaris would like to express their gratitude and appreciation for Alicia´s contribution as CFO of Tenaris and her 41 years of service within the Techint Group.

    Market Background and Outlook

    Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.

    These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit with some regional nuances.

    In North America, consolidation among major operators and drilling efficiencies led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.

    OCTG reference prices in North America, which fell steadily for two years until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government’s announced reset of Section 232 tariffs on all imports of steel products without exception.

    In this environment, we expect our sales and EBITDA (excluding extraordinary effects) in the first quarter to be in line with the previous one before rising moderately in the second quarter. Beyond that, likely changes in US tariffs and their possible ramifications on trade flows will introduce a new dynamic with a high level of uncertainty for costs and prices to our results.

    Annual Dividend Proposal

    Upon approval of the Company´s annual accounts in April 2025, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on May 6, 2025, the payment of a dividend per share of $0.83 (in an aggregate amount of approximately $0.9 billion), which would include the interim dividend per share of $0.27 (approximately $0.3 billion) paid in November 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per share ($1.12 per ADS), or approximately $0.6 billion, will be paid according to the following timetable:

    • Payment date: May 21, 2025
    • Record date: May 20, 2025
    • Ex-dividend for securities listed in Europe and Mexico: May 19, 2025
    • Ex-dividend for securities listed in the United States: May 20, 2025

    Analysis of 2024 Fourth Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 4Q 2024 3Q 2024
    		 4Q 2023
    Seamless 748 746 0% 760 (2%)
    Welded 164 191 (14%) 246 (33%)
    Total 913 937 (3%) 1,006 (9%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 4Q 2024 3Q 2024 4Q 2023
    (Net sales – $ million)          
    North America 1,131 1,273 (11%) 1,501 (25%)
    South America 595 484 23% 590 1%
    Europe 341 280 22% 302 13%
    Asia Pacific, Middle East and Africa 629 754 (17%) 805 (22%)
    Total net sales ($ million) 2,695 2,790 (3%) 3,198 (16%)
    Services performed on third party tubes ($ million) 93 97 (4%) 34 176%
    Operating income ($ million) 533 527 1% 780 (32%)
    Operating margin (% of sales) 19.8% 18.9%   24.4%  
               

    Net sales of tubular products and services decreased 3% sequentially and 16% year on year. Sequentially volumes sold decreased 3% while average selling prices decreased less than 1% as a favorable product mix offset price declines in North America. Sequentially, in North America sales declined due to lower prices throughout the region and lower activity in Mexico. In South America sales increased as higher sales in Brazil with shipments to the Raia pipeline and a recovery of OCTG offset lower sales for pipelines and the industrial market in Argentina. In Europe sales increased due to shipments to the Sakarya offshore line pipe project and higher sales of OCTG in Turkey. In Asia Pacific, Middle East and Africa sales declined due to lower sales in Saudi Arabia upon completion of inventory replenishment program and lower activity, partially offset by an increase in sales to the UAE.

    Operating results from tubular products and services amounted to a gain of $533 million in the fourth quarter of 2024 compared to a gain of $527 million in the previous quarter and a gain of $780 million in the fourth quarter of 2023. This quarter’s operating income includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter, a 12% sequential reduction following the decline in sales and margins. Margins declined due to the decline in prices and a more costly product mix.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 4Q 2024 3Q 2024 4Q 2023
    Net sales ($ million) 150 125 20% 217 (31%)
    Operating income ($ million) 25 10 156% 39 (36%)
    Operating margin (% of sales) 16.8% 7.9%   18.1%  
               

    Net sales of other products and services increased 20% sequentially and decreased 31% year on year. Sequentially, sales increased mainly due to higher sales of oil services in Argentina and coiled tubing.

    Selling, general and administrative expenses, or SG&A, amounted to $446 million, or 15.7% of net sales, in the fourth quarter of 2024, compared to $454 million, 15.6% in the previous quarter and $471 million, 13.8% in the fourth quarter of 2023. Sequentially, the decline in SG&A is mainly due to lower shipment costs due to a reduction in volumes shipped.

    Other operating results amounted to a net gain of $81 million in the fourth quarter of 2024, compared to a gain of $11 million in the previous quarter and a $5 million loss in the fourth quarter of 2023. The fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $48 million in the fourth quarter of 2024, compared to a gain of $48 million in the previous quarter and a gain of $93 million in the fourth quarter of 2023. Financial result of the quarter is mainly attributable to a $42 million net finance income from the net return of our portfolio investments.

    Equity in earnings of non-consolidated companies generated a gain of $35 million in the fourth quarter of 2024, compared to a gain of $8 million in the previous quarter and a gain of $57 million in the fourth quarter of 2023. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment includes a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Income tax charge amounted to $123 million in the fourth quarter of 2024, compared to $134 million in the previous quarter and $177 million in the fourth quarter of 2023.

    Cash Flow and Liquidity of 2024 Fourth Quarter

    Net cash generated by operating activities during the fourth quarter of 2024 was $492 million, compared to $552 million in the previous quarter and $0.8 billion in the fourth quarter of 2023. During the fourth quarter of 2024 cash generated by operating activities includes a net working capital increase of $37 million.

    With capital expenditures of $182 million, our free cash flow amounted to $310 million during the quarter. Following a dividend payment of $299 million and share buybacks of $454 million in the quarter, our net cash position amounted to $3.6 billion at December 31, 2024.

    Analysis of 2024 Annual Results

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 12M 2024
    		 12M 2023
    		 Increase/(Decrease)
    Tubes 11,907 95% 14,185 95% (16%)
    Others 617 5% 684 5% (10%)
    Total 12,524   14,869   (16%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 12M 2024 12M 2023 Increase/(Decrease)
    Seamless 3,077 3,189 (4%)
    Welded 852 953 (11%)
    Total 3,928 4,141 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 12M 2024 12M 2023 Increase/(Decrease)
    (Net sales – $ million)      
    North America 5,432 7,572 (28%)
    South America 2,294 3,067 (25%)
    Europe 1,143 1,055 8%
    Asia Pacific, Middle East and Africa 3,038 2,491 22%
    Total net sales ($ million) 11,907 14,185 (16%)
    Services performed on third party tubes ($ million) 484 165 193%
    Operating income ($ million) 2,305 4,183 (45%)
    Operating margin (% of sales) 19.4% 29.5%  
           

    Net sales of tubular products and services decreased 16% to $11,907 million in 2024, compared to $14,185 million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity.

    Operating results from tubular products and services amounted to a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included in other operating expenses.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 12M 2024 12M 2023 Increase/(Decrease)
    Net sales ($ million) 617 684 (10%)
    Operating income ($ million) 113 133 (15%)
    Operating margin (% of sales) 18.4% 19.5%  
           

    Net sales of other products and services decreased 10% to $617 million in 2024, compared to $684 million in 2023.

    Operating results from other products and services amounted to a gain of $113 million in 2024, compared to a gain of $133 million in 2023.

    Selling, general and administrative expenses, or SG&A, amounted to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed costs.

    Other operating results amounted to a loss of $65 million in 2024, compared to a gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding to the transfer of the awards related to the Company’s Venezuelan nationalized assets.

    Financial results amounted to a gain of $129 million in 2024, compared to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results decreased significantly in respect to the previous year.

    Equity in earnings of non-consolidated companies generated a gain of $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2024

    Net cash provided by operating activities in 2024 amounted to $2.9 billion (including a reduction in working capital of $287 million), compared to cash provided by operations of $4.4 billion (including a reduction in working capital of $182 million) in 2023.

    Capital expenditures amounted to $694 million in 2024, compared to $619 million in 2023. Free cash flow amounted to $2.2 billion in 2024, compared to $3.8 billion in 2023.

    Following dividend payments of $758 million and share buybacks of $1.4 billion during 2024, our net cash position amounted to $3.6 billion at December 31, 2024.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on February 20, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/p836i5mj 

    If you wish to participate in the Q&A session please register at the following link:

    https://register.vevent.com/register/BIb7ae4609ff564d95a338d90813a3c8cc 

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
             
    Net sales 2,845,226 3,414,930 12,523,934 14,868,860
    Cost of sales (1,922,263) (2,120,591) (8,135,489) (8,668,915)
    Gross profit 922,963 1,294,339 4,388,445 6,199,945
    Selling, general and administrative expenses (445,988) (470,542) (1,904,828) (1,919,307)
    Other operating income 18,483 1,468 60,650 53,043
    Other operating expenses 62,919 (6,302) (125,418) (17,273)
    Operating income 558,377 818,963 2,418,849 4,316,408
    Finance income 51,331 63,621 242,319 213,474
    Finance cost (8,928) (19,759) (61,212) (106,862)
    Other financial results 5,777 49,249 (52,051) 114,365
    Income before equity in earnings of non-consolidated companies and income tax 606,557 912,074 2,547,905 4,537,385
    Equity in earnings of non-consolidated companies 35,283 56,859 8,548 95,404
    Income before income tax 641,840 968,933 2,556,453 4,632,789
    Income tax (122,709) 176,848 (479,680) (674,956)
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
             
    Attributable to:        
    Shareholders’ equity 516,213 1,129,098 2,036,445 3,918,065
    Non-controlling interests 2,918 16,683 40,328 39,768
      519,131 1,145,781 2,076,773 3,957,833
             

    Consolidated Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At December 31, 2024   At December 31, 2023
             
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,121,471     6,078,179  
    Intangible assets, net 1,357,749     1,377,110  
    Right-of-use assets, net 148,868     132,138  
    Investments in non-consolidated companies 1,543,657     1,608,804  
    Other investments 1,005,300     405,631  
    Deferred tax assets 831,298     789,615  
    Receivables, net 205,602 11,213,945   185,959 10,577,436
    Current assets          
    Inventories, net 3,709,942     3,921,097  
    Receivables and prepayments, net 179,614     181,368  
    Current tax assets 332,621     256,401  
    Contract assets 50,757     47,451  
    Trade receivables, net 1,907,507     2,480,889  
    Derivative financial instruments 7,484     9,801  
    Other investments 2,372,999     1,969,631  
    Cash and cash equivalents 675,256 9,236,180   1,637,821 10,504,459
    Total assets   20,450,125     21,081,895
    EQUITY          
    Shareholders’ equity   16,593,257     16,842,972
    Non-controlling interests   220,578     187,465
    Total equity   16,813,835     17,030,437
    LIABILITIES          
    Non-current liabilities          
    Borrowings 11,399     48,304  
    Lease liabilities 100,436     96,598  
    Derivative financial instruments –     255  
    Deferred tax liabilities 503,941     631,605  
    Other liabilities 301,751     271,268  
    Provisions 82,106 999,633   101,453 1,149,483
    Current liabilities          
    Borrowings 425,999     535,133  
    Lease liabilities 44,490     37,835  
    Derivative financial instruments 8,300     10,895  
    Current tax liabilities 366,292     488,277  
    Other liabilities 585,775     422,645  
    Provisions 119,344     35,959  
    Customer advances 206,196     263,664  
    Trade payables 880,261 2,636,657   1,107,567 2,901,975
    Total liabilities   3,636,290     4,051,458
    Total equity and liabilities   20,450,125     21,081,895
               

    Consolidated Statement of Cash Flows

      Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
    (all amounts in thousands of U.S. dollars) 2024 2023 2024 2023
             
    Cash flows from operating activities        
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
    Adjustments for:        
    Depreciation and amortization 167,781 156,347 632,854 548,510
    Bargain purchase gain – – (2,211) (3,162)
    Income tax accruals less payments (160) (277,559) (222,510) (143,391)
    Equity in earnings of non-consolidated companies (35,283) (56,859) (8,548) (95,404)
    Interest accruals less payments, net 7,246 (8,554) (1,067) (53,480)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas (87,975) – 89,371 –
    Changes in provisions (19,808) (651) (25,155) 21,284
    Reclassification of currency translation adjustment reserve – (878) – (878)
    Changes in working capital (36,604) (65,697) 286,917 182,428
    Others, including net foreign exchange differences (22,100) (56,195) 39,794 (18,667)
    Net cash provided by operating activities 492,228 835,735 2,866,218 4,395,073
             
    Cash flows from investing activities        
    Capital expenditures (181,870) (166,820) (693,956) (619,445)
    Changes in advance to suppliers of property, plant and equipment 5,092 834 (10,391) 1,736
    Acquisition of subsidiaries, net of cash acquired – (161,238) 31,446 (265,657)
    Other investments at fair value – (1,126) – (1,126)
    Additions to associated companies – – – (22,661)
    Loan to joint ventures (1,414) (1,092) (5,551) (3,754)
    Proceeds from disposal of property, plant and equipment and intangible assets 9,646 3,858 28,963 12,881
    Dividends received from non-consolidated companies 20,674 25,268 73,810 68,781
    Changes in investments in securities 458,407 740,153 (821,478) (1,857,272)
    Net cash provided by (used in) investing activities 310,535 439,837 (1,397,157) (2,686,517)
             
    Cash flows from financing activities        
    Dividends paid (299,230) (235,128) (757,786) (636,511)
    Dividends paid to non-controlling interest in subsidiaries – – (5,862) (18,967)
    Changes in non-controlling interests 28 – 1,143 3,772
    Acquisition of treasury shares (454,462) (213,739) (1,439,589) (213,739)
    Payments of lease liabilities (17,248) (15,524) (68,574) (51,492)
    Proceeds from borrowings 344,222 365,455 1,870,666 1,723,677
    Repayments of borrowings (382,656) (406,774) (1,999,427) (1,931,747)
    Net cash used in financing activities (809,346) (505,711) (2,399,429) (1,125,007)
             
    (Decrease) increase in cash and cash equivalents (6,583) 769,861 (930,368) 583,549
             
    Movement in cash and cash equivalents        
    At the beginning of the year 681,306 864,012 1,616,597 1,091,433
    Effect of exchange rate changes (13,925) (17,276) (25,431) (58,385)
    (Decrease) increase in cash and cash equivalents (6,583) 769,861 (930,368) 583,549
    At December 31, 660,798 1,616,597 660,798 1,616,597
             

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
    Income tax charge / (credit) 122,709 (176,848) 479,680 674,956
    Equity in earnings of non-consolidated companies (35,283) (56,859) (8,548) (95,404)
    Financial results (48,180) (93,111) (129,056) (220,977)
    Depreciation and amortization 167,781 156,347 632,854 548,510
    EBITDA 726,158 975,310 3,051,703 4,864,918
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
    Net cash provided by operating activities 492,228 835,735 2,866,218 4,395,073
    Capital expenditures (181,870) (166,820) (693,956) (619,445)
    Free cash flow 310,358 668,915 2,172,262 3,775,628
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At December 31,
      2024 2023
    Cash and cash equivalents 675,256 1,637,821
    Other current investments 2,372,999 1,969,631
    Non-current investments 998,251 398,220
    Current borrowings (425,999) (535,133)
    Non-current borrowings (11,399) (48,304)
    Net cash / (debt) 3,609,108 3,422,235
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended December 31,
      2024 2023
    Inventories 3,709,942 3,921,097
    Trade receivables 1,907,507 2,480,889
    Customer advances (206,196) (263,664)
    Trade payables (880,261) (1,107,567)
    Operating working capital 4,530,992 5,030,755
    Annualized quarterly sales 11,380,904 13,659,720
    Operating working capital 145 134
         

    Giovanni Sardagna        
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: Vital Energy Reports Fourth-Quarter and Full-Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    Reports record total and oil production for 4Q-24 and FY-24

    Updates development inventory to >11 years of oil-weighted locations

    TULSA, OK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today reported fourth-quarter and full-year 2024 financial and operating results and provided its 2025 outlook. Supplemental slides have been posted to the Company’s website and can be found at www.vitalenergy.com. A conference call to discuss results is planned for 7:30 a.m. CT, Thursday, February 20, 2025. A webcast will be available on the Company’s website.

    Fourth-Quarter 2024 Highlights

    • Successfully integrated Point Energy assets; acquired production exceeding expectations and operating cost reductions in-line with expectations
    • Reported a net loss of $359.4 million, Adjusted Net Income1 of $86.5 million and cash flows from operating activities of $257.2 million
    • Generated Consolidated EBITDAX1 of $383.5 million and Adjusted Free Cash Flow1 of $110.8 million
    • Produced Company-record 147.8 thousand barrels of oil equivalent per day (“MBOE/d”) and oil production of 69.8 thousand barrels of oil per day (“MBO/d”)
    • Reported lease operating expense (“LOE”) of $8.89 per BOE, below guidance of $9.35 per BOE
    • Reported capital investments of $226.1 million, excluding non-budgeted acquisitions and leasehold expenditures

    Full-Year 2024 Highlights

    • Increased oil-weighted inventory to ~925 locations, ~400 of which breakeven below $50 per barrel WTI
    • Issued an aggregate $1 billion of senior unsecured notes due 2032 at 7.875% and utilized the proceeds to repurchase higher coupon notes, resulting in annualized interest expense savings of $11 million
    • Reported a net loss of $173.5 million, Adjusted Net Income1 of $270.0 million and cash flows from operating activities of $1.0 billion
    • Generated Consolidated EBITDAX1 of $1.3 billion and Adjusted Free Cash Flow1 of $232.8 million
    • Reported year-end 2024 proved reserves of 455.3 million BOE, an increase of 12% versus prior year

    1Non-GAAP financial measure; please see supplemental reconciliations of GAAP to non-GAAP financial measures at the end of this release. 

    “We strengthened our business in 2024 through enhanced scale, optimized assets and a lengthened runway of high-quality inventory,” said Jason Pigott, President and Chief Executive Officer. “We successfully integrated our largest ever asset purchase in the Delaware Basin and early results positively impacted our operating and financial performance. Vital Energy continues to show that our talented people can capture important synergies from acquisitions while expanding inventory.”

    “In 2025, our primary goals are reducing costs, maximizing Adjusted Free Cash Flow generation, absolute debt reduction, and extending and enhancing our existing inventory,” continued Pigott. “Our inventory provides us with ample high-return development opportunities and a strong outlook for Adjusted Free Cash Flow generation. Recent operational achievements, like horseshoe wells, are creating new efficiencies and allowing us to develop highly productive, stranded leasehold. We will continue to focus on optimizing our asset base to achieve our cash flow and debt repayment targets.”

    Fourth-Quarter 2024 Financial and Operations Summary
    Financial Results. The Company reported a net loss of $359.4 million, or $(9.59) per diluted share, which included a non-cash pre-tax impairment loss on oil and gas properties of $481.3 million, and Adjusted Net Income of $86.5 million, or $2.30 per adjusted diluted share. Cash flows from operating activities were $257.2 million and Consolidated EBITDAX was $383.5 million.

    Production. Vital Energy’s total and oil production exceeded the high end of guidance, averaging 147,819 BOE/d and 69,827 BO/d, respectively. Volumes were driven by better-than-expected production from the Point Energy assets.

    Capital Investments. Total capital investments, excluding non-budgeted acquisitions and leasehold expenditures, were $226 million, including approximately $17 million of additional drilling and completions investments related to increased working interest and carried interest and $5 million from acceleration of activity into the fourth quarter.

    Investments included $190 million for drilling and completions, $22 million in infrastructure investments, $8 million in other capitalized costs and $6 million in land, exploration and data-related costs.

    Operating Expenses. LOE during the period was $8.89 per BOE, below guidance of $9.35 per BOE, as the Company integrated its Point Energy assets. Lower expenses were primarily related to reduced workover activity on the Point Energy assets during integration.

    General and Administrative Expenses. General and administrative expenses totaled $1.95 per BOE for fourth-quarter 2024, in line with guidance. General and administrative expenses, excluding long-term incentive plan (“LTIP”) and transaction expenses were $1.71 per BOE. Cash LTIP expenses were $0.02 per BOE and reflected the decrease in Vital Energy’s common stock price during the third quarter. Non-cash LTIP expenses were $0.22 per BOE.

    Liquidity. At December 31, 2024, the Company had $880 million drawn on its $1.5 billion senior secured credit facility and cash and cash equivalents of $40 million.

    2025 Outlook

    Vital Energy’s 2025 development plan is designed to maximize cash flow to facilitate debt repayment, supported by its robust hedge position. In comparison to the Company’s earlier projections, the finalized 2025 outlook has lower capital investment levels and slightly lower oil production. In 2025, the Company expects to generate approximately $330 million of Adjusted Free Cash Flow at $70 per barrel WTI.

    Capital Investments. Vital Energy plans to invest $825 – $925 million in 2025, excluding non-budgeted acquisitions and leasehold expenditures. Efficiencies and lower costs are driving capital investments approximately 3% lower than earlier projections while expecting to complete approximately the same net lateral feet as in 2024.

    Production. The Company expects total production of 134.0 – 140.0 MBOE/d and oil production of 62.5 – 66.5 MBO/d. Production is approximately 3% lower than earlier projections. The shortfall is related to operational delays and the underperformance of a seven-well development package in Upton County.

    Operating Expenses. The Company has made significant progress reducing operating expenses through integration of its Point Energy assets. Some workover expense was deferred from fourth-quarter 2024 into the first quarter of 2025. Average LOE for the two quarters is expected to be around $9.20 per BOE, putting the Company on pace to achieve LOE below $9.00 per BOE by the end of 2025.

    Oil-Weighted Inventory

    The Company has continued to extend and enhance its inventory of high-return development locations. At year-end 2024, Vital Energy had approximately 925 locations with an average breakeven WTI oil price of around $50 WTI. Approximately 400 of these locations breakeven below $50 per barrel WTI. Additionally, there are an additional approximately 250 locations that can be added to inventory pending successful delineation.

    2024 Proved Reserves

    Vital Energy’s total proved reserves at year-end 2024 were 455.3 MMBOE (40% oil, 70% developed). The standardized measure of discounted net cash flows was $4.22 billion and the PV-10 value was $4.51 billion utilizing SEC benchmark pricing of $75.48 per barrel WTI for oil ($76.76 per barrel average realized price) and $2.13 per MMBtu Henry Hub for natural gas ($0.85 per Mcf average realized price).

    First-Quarter 2025 Guidance

    The table below reflects the Company’s guidance for production and capital investments.

        1Q-25E
    Total production (MBOE/d)           135.0 – 141.0
    Oil production (MBO/d)           62.0 – 66.0
    Capital investments, excluding non-budgeted acquisitions ($ MM)           $230 – $260
         

    The table below reflects the Company’s guidance for select revenue and expense items.

        1Q-25E
    Average sales price realizations (excluding derivatives):    
    Oil (% of WTI)           101%
    NGL (% of WTI)           26%
    Natural gas (% of Henry Hub)           50%
         
    Net settlements received (paid) for matured commodity derivatives ($ MM):    
    Oil           $14
    NGL           ($2)
    Natural gas           $0
         
    Selected average costs & expenses:    
    Lease operating expenses ($ MM)           $115 – $120
    Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues)           6.30%
    Oil transportation and marketing expenses ($ MM)           $11.5 – $12.5
    Gas gathering, processing and transportation expenses ($ MM)           $7.0 – $8.0
    General and administrative expenses (excluding LTIP and transaction expenses, $ MM)           $21.5 – $23.0
    General and administrative expenses (LTIP cash, $ MM)           $0.5 – $0.6
    General and administrative expenses (LTIP non-cash, $ MM)           $3.0 – $3.5
    Depletion, depreciation and amortization ($ MM)           $180 – $190
         

    Conference Call Details

    Vital Energy plans to host a conference call at 7:30 a.m. CT on Thursday, February 20, 2025, to discuss its fourth-quarter and full-year 2024 financial and operating results and its 2025 outlook. Supplemental slides will be posted to the Company’s website. Interested parties are invited to listen to the call via the Company’s website at www.vitalenergy.com, under the tab for “Investor Relations | News & Presentations | Upcoming Events.”

    About Vital Energy

    Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.

    Additional information about Vital Energy may be found on its website at www.vitalenergy.com.

    Forward-Looking Statements
    This press release and any oral statements made regarding the contents of this release, including in the conference call referenced herein, contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties. General risks relating to Vital Energy include, but are not limited to, continuing and worsening inflationary pressures and associated changes in monetary policy that may cause costs to rise; changes in domestic and global production, supply and demand for commodities, including as a result of actions by the Organization of Petroleum Exporting Countries and other producing countries (“OPEC+”) and the Russian-Ukrainian or Israeli-Hamas military conflicts, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, reduced demand due to shifting market perception towards the oil and gas industry; competition in the oil and gas industry; the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties and its ability to successfully execute on its strategy to enhance well productivity, including by drilling long-lateral horseshoe wells, pipeline transportation and storage constraints in the Permian Basin, the effects and duration of the outbreak of disease, and any related government policies and actions, long-term performance of wells, drilling and operating risks, the possibility of production curtailment, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, and under the Inflation Reduction Act (the “IRA”), including those related to climate change, the impact of legislation or regulatory initiatives intended to address induced seismicity on our ability to conduct our operations; uncertainties in estimating reserves and production results; hedging activities, tariffs on steel, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, technological innovations and scientific developments, physical and transition risks associated with climate change, to ESG and sustainability-related matters, risks related to our public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential sustainability-related benefits, risks regarding potentially conflicting anti-ESG initiatives from certain U.S. state or other governments, possible impacts of litigation and regulations, the impact of the Company’s transactions, if any, with its securities from time to time, the impact of new environmental, health and safety requirements applicable to the Company’s business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and imposition of any additional taxes under the IRA or otherwise, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), subsequent Quarterly Reports on Form 10-Q and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). These documents are available through Vital Energy’s website at www.vitalenergy.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Vital Energy’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Vital Energy can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Vital Energy does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

    This press release and any accompanying disclosures include financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as Adjusted Free Cash Flow, Adjusted Net Income, Net Debt and Consolidated EBITDAX. While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For a reconciliation of such non-GAAP financial measures to the nearest comparable measure in accordance with GAAP, please see the supplemental financial information at the end of this press release.

    Unless otherwise specified, references to “average sales price” refer to average sales price excluding the effects of the Company’s derivative transactions.

    All amounts, dollars and percentages presented in this press release are rounded and therefore approximate.

    Vital Energy, Inc.
    Selected operating data

        Three months ended December 31,   Year ended December 31,
          2024     2023       2024     2023
        (unaudited)   (unaudited)
    Sales volumes:                
    Oil (MBbl)             6,424     4,881       22,585     16,894
    NGL (MBbl)              3,703     2,808       13,270     9,128
    Natural gas (MMcf)             20,836     16,644       78,794     55,404
    Oil equivalent (MBOE)(1)             13,599     10,465       48,987     35,256
    Average daily oil equivalent sales volumes (BOE/d)(1)             147,819     113,747       133,845     96,591
    Average daily oil sales volumes (Bbl/d)(1)             69,827     53,070       61,708     46,284
    Average sales prices(1):                
    Oil ($/Bbl)(2)           $ 70.80   $ 79.37     $ 76.55   $ 78.64
    NGL ($/Bbl)(2)           $ 16.75   $ 14.14     $ 14.38   $ 15.00
    Natural gas ($/Mcf)(2)           $ 0.59   $ 0.90     $ 0.20   $ 1.14
    Average sales price ($/BOE)(2)           $ 38.92   $ 42.26     $ 39.51   $ 43.36
    Oil, with commodity derivatives ($/Bbl)(3)           $ 76.08   $ 77.73     $ 76.56   $ 76.99
    NGL, with commodity derivatives ($/Bbl)(3)           $ 16.75   $ 14.14     $ 14.29   $ 15.00
    Natural gas, with commodity derivatives ($/Mcf)(3)           $ 1.25   $ 1.18     $ 0.95   $ 1.34
    Average sales price, with commodity derivatives ($/BOE)(3)           $ 42.42   $ 41.94     $ 40.70   $ 42.87
    Selected average costs and expenses per BOE sold(1):                
    Lease operating expenses           $ 8.89   $ 8.33     $ 9.15   $ 7.41
    Production and ad valorem taxes             2.43     2.27       2.41     2.64
    Oil transportation and marketing expenses             0.76     0.85       0.92     1.17
    Gas gathering, processing and transportation expenses             0.42     0.16       0.36     0.06
    General and administrative (excluding LTIP and transaction expenses)             1.71     2.12       1.75     2.26
    Total selected operating expenses           $ 14.21   $ 13.73     $ 14.59   $ 13.54
    General and administrative (LTIP):                
    LTIP cash           $ 0.02   $ (0.09 )   $ 0.05   $ 0.11
    LTIP non-cash           $ 0.22   $ 0.22     $ 0.27   $ 0.28
    General and administrative (transaction expenses)           $ —   $ 0.79     $ 0.01   $ 0.32
    Depletion, depreciation and amortization           $ 15.77   $ 14.58     $ 15.15   $ 13.14

    _______________________________________________________________________________

    (1) The numbers presented are calculated based on actual amounts and may not recalculate using the rounded numbers presented in the table above.
    (2) Price reflects the average of actual sales prices received when control passes to the purchaser/customer adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point.
    (3) Price reflects the after-effects of the Company’s commodity derivative transactions on its average sales prices. The Company’s calculation of such after-effects includes settlements of matured commodity derivatives during the respective periods.
       

    Vital Energy, Inc.
    Consolidated balance sheets

    (in thousands, except share data)   December 31, 2024   December 31, 2023
        (unaudited)
    Assets        
    Current assets:        
    Cash and cash equivalents           $ 40,179     $ 14,061  
    Accounts receivable, net             299,698       238,773  
    Derivatives             101,474       99,336  
    Other current assets             25,205       18,749  
    Total current assets             466,556       370,919  
    Property and equipment:        
    Oil and natural gas properties, full cost method:        
    Evaluated properties             13,587,040       11,799,155  
    Unevaluated properties not being depleted             242,792       195,457  
    Less: accumulated depletion and impairment             (8,966,200 )     (7,764,697 )
    Oil and natural gas properties, net             4,863,632       4,229,915  
    Midstream and other fixed assets, net             134,265       130,293  
    Property and equipment, net             4,997,897       4,360,208  
    Derivatives             34,564       51,071  
    Operating lease right-of-use assets             104,329       144,900  
    Deferred income taxes             239,685       188,836  
    Other noncurrent assets, net             35,915       33,647  
    Total assets           $ 5,878,946     $ 5,149,581  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities           $ 185,115     $ 159,892  
    Accrued capital expenditures             95,593       91,937  
    Undistributed revenue and royalties             187,563       194,307  
    Operating lease liabilities             73,143       70,651  
    Other current liabilities             59,725       78,802  
    Total current liabilities             601,139       595,589  
    Long-term debt, net             2,454,242       1,609,424  
    Derivatives             5,814       —  
    Asset retirement obligations             82,941       81,680  
    Operating lease liabilities             26,733       71,343  
    Other noncurrent liabilities             7,506       6,288  
    Total liabilities             3,178,375       2,364,324  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.01 par value, 50,000,000 shares authorized, and zero and 595,104 issued and outstanding as of December 31, 2024 and 2023, respectively             —       6  
    Common stock, $0.01 par value, 80,000,000 shares authorized, and 38,144,248 and 35,413,551 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively             381       354  
    Additional paid-in capital             3,823,241       3,733,775  
    Accumulated deficit             (1,123,051 )     (948,878 )
    Total stockholders’ equity             2,700,571       2,785,257  
    Total liabilities and stockholders’ equity           $ 5,878,946     $ 5,149,581  
                     

    Vital Energy, Inc.
    Consolidated statements of operations

        Three months ended December 31,   Year ended December 31,
    (in thousands, except per share data)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Revenues:                
    Oil sales           $ 454,852     $ 387,536     $ 1,728,971     $ 1,328,518  
    NGL sales             62,023       39,705       190,775       136,901  
    Natural gas sales             12,394       14,954       15,544       63,214  
    Sales of purchased oil             3,759       121       12,745       14,313  
    Other operating revenues             1,342       2,205       4,279       4,658  
    Total revenues             534,370       444,521       1,952,314       1,547,604  
    Costs and expenses:                
    Lease operating expenses             120,922       87,190       448,078       261,129  
    Production and ad valorem taxes             33,010       23,726       117,947       93,224  
    Oil transportation and marketing expenses             10,366       8,893       44,843       41,284  
    Gas gathering, processing and transportation expenses             5,759       1,642       17,825       2,013  
    Costs of purchased oil             3,912       209       13,243       15,065  
    General and administrative             26,644       31,766       101,578       104,819  
    Organizational restructuring expenses             795       1,654       795       1,654  
    Depletion, depreciation and amortization             214,498       152,626       741,966       463,244  
    Impairment expense             481,305       —       481,305       —  
    Other operating expenses, net             3,434       1,685       8,799       6,223  
    Total costs and expenses             900,645       309,391       1,976,379       988,655  
    Gain on disposal of assets, net             508       132       1,513       672  
    Operating income (loss)             (365,767 )     135,262       (22,552 )     559,621  
    Non-operating income (expense):                
    Gain (loss) on derivatives, net             (43,924 )     229,105       38,140       96,230  
    Interest expense             (53,564 )     (50,431 )     (177,794 )     (149,819 )
    Loss on extinguishment of debt, net             —       (4,039 )     (66,115 )     (4,039 )
    Other income, net             1,139       6,051       7,060       9,748  
    Total non-operating income (expense), net             (96,349 )     180,686       (198,709 )     (47,880 )
    Income (loss) before income taxes             (462,116 )     315,948       (221,261 )     511,741  
    Income tax benefit (expense)             102,724       (34,514 )     47,740       183,337  
    Net income (loss)              (359,392 )     281,434       (173,521 )     695,078  
    Preferred stock dividends             —       (449 )     (652 )     (449 )
    Net income (loss) available to common stockholders           $ (359,392 )   $ 280,985     $ (174,173 )   $ 694,629  
    Net income (loss) per common share:                
    Basic           $ (9.59 )   $ 10.04     $ (4.74 )   $ 34.30  
    Diluted           $ (9.59 )   $ 9.44     $ (4.74 )   $ 33.44  
    Weighted-average common shares outstanding:                
    Basic             37,477       27,991       36,725       20,254  
    Diluted             37,477       29,813       36,725       20,783  
                                     

    Vital Energy, Inc.
    Consolidated statements of cash flows

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Cash flows from operating activities:                
    Net income (loss)           $ (359,392 )   $ 281,434     $ (173,521 )   $ 695,078  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Share-settled equity-based compensation, net             3,398       2,592       14,646       10,994  
    Depletion, depreciation and amortization             214,498       152,626       741,966       463,244  
    Impairment expense             481,305       —       481,305       —  
    Mark-to-market on derivatives:                
    (Gain) loss on derivatives, net             43,924       (229,105 )     (38,140 )     (96,230 )
    Settlements received (paid) for matured derivatives, net             47,571       (3,328 )     58,322       (17,648 )
    Loss on extinguishment of debt, net             —       4,039       66,115       4,039  
    Deferred income tax (benefit) expense             (102,474 )     31,089       (50,196 )     (189,060 )
    Other, net             8,055       5,672       27,663       13,983  
    Changes in operating assets and liabilities:                
    Accounts receivable, net             (74,978 )     (38,935 )     (61,163 )     (77,742 )
    Other current assets             1,211       6,835       (6,456 )     (2,754 )
    Other noncurrent assets, net             (315 )     (782 )     (1,151 )     484  
    Accounts payable and accrued liabilities             34,084       48,520       12,803       52,763  
    Undistributed revenue and royalties             (10,169 )     (32,106 )     (29,762 )     (31,907 )
    Other current liabilities             (23,572 )     7,190       (25,004 )     (5,656 )
    Other noncurrent liabilities             (5,972 )     (2,007 )     (17,097 )     (6,632 )
      Net cash provided by operating activities             257,174       233,734       1,000,330       812,956  
    Cash flows from investing activities:                
    Acquisitions of oil and natural gas properties, net             (19,686 )     (309,379 )     (850,911 )     (849,508 )
    Capital expenditures:                
    Oil and natural gas properties             (231,158 )     (162,351 )     (864,437 )     (617,397 )
    Midstream and other fixed assets             (6,711 )     (3,329 )     (23,341 )     (14,021 )
    Proceeds from dispositions of capital assets, net of selling costs             133       60       2,874       2,403  
    Other investing activities             —       311       (1,776 )     2,393  
      Net cash used in investing activities             (257,422 )     (474,688 )     (1,737,591 )     (1,476,130 )
    Cash flows from financing activities:                
    Borrowings on Senior Secured Credit Facility             310,000       135,000       1,750,000       765,000  
    Payments on Senior Secured Credit Facility             (290,000 )     —       (1,005,000 )     (700,000 )
    Issuance of senior unsecured notes             —       —       1,001,500       897,710  
    Extinguishment of debt             —       (457,792 )     (952,214 )     (457,792 )
    Proceeds from issuance of common stock, net of offering costs             —       220       —       161,223  
    Stock exchanged for tax withholding             (36 )     (21 )     (3,569 )     (3,077 )
    Payments for debt issuance costs             (340 )     (10,680 )     (22,078 )     (27,011 )
    Other, net             (1,389 )     (1,407 )     (5,260 )     (3,253 )
    Net cash provided by (used in) financing activities             18,235       (334,680 )     763,379       632,800  
    Net increase (decrease) in cash and cash equivalents             17,987       (575,634 )     26,118       (30,374 )
    Cash and cash equivalents, beginning of period             22,192       589,695       14,061       44,435  
    Cash and cash equivalents, end of period           $ 40,179     $ 14,061     $ 40,179     $ 14,061  
                                     

    Vital Energy, Inc.
    Supplemental reconciliations of GAAP to non-GAAP financial measures

    Non-GAAP financial measures

    The non-GAAP financial measures of Adjusted Free Cash Flow, Adjusted Net Income, Consolidated EBITDAX, Net Debt and Net Debt to Consolidated EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Furthermore, these non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures of liquidity or financial performance, but rather should be considered in conjunction with GAAP measures, such as net income or loss, operating income or loss or cash flows from operating activities.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions, less capital investments, excluding non-budgeted acquisition costs. Management believes Adjusted Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Adjusted Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Adjusted Free Cash Flow reported by different companies.

    The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Adjusted Free Cash Flow (non-GAAP) for the periods presented:

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Net cash provided by operating activities           $ 257,174     $ 233,734     $ 1,000,330     $ 812,956  
    Less:                
    Net changes in operating assets and liabilities             (79,711 )     (11,285 )     (127,830 )     (71,444 )
    General and administrative (transaction expenses)             19       (8,221 )     (548 )     (11,341 )
    Cash flows from operating activities before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions              336,866       253,240       1,128,708       895,741  
    Less capital investments, excluding non-budgeted acquisition costs:                
    Oil and natural gas properties(1)(2)             221,033       179,696       873,637       663,025  
    Midstream and other fixed assets(1)             5,043       4,511       22,276       15,601  
    Total capital investments, excluding non-budgeted acquisition costs              226,076       184,207       895,913       678,626  
    Adjusted Free Cash Flow (non-GAAP)            $ 110,790     $ 69,033     $ 232,795     $ 217,115  

    _______________________________________________________________________________

    (1) Includes capitalized share-settled equity-based compensation and asset retirement costs.
    (2) For the three months and year ended December 31, 2024, capital investments for oil and natural gas properties, excluding non-budgeted acquisition costs, includes $16.8 million of additional drilling and completions investments related to increased working interest and carried interest.
       

    Adjusted Net Income

    Adjusted Net Income is a non-GAAP financial measure that the Company defines as net income or loss (GAAP) plus adjustments for mark-to-market on derivatives, premiums paid or received for commodity derivatives that matured during the period, organizational restructuring expenses, impairment expense, gains or losses on disposal of assets, income taxes, other non-recurring income and expenses and adjusted income tax expense. Management believes Adjusted Net Income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of net income (loss) (GAAP) to Adjusted Net Income (non-GAAP) for the periods presented:

        Three months ended December 31,   Year ended December 31,
    (in thousands, except per share data)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Net income (loss)            $ (359,392 )   $ 281,434     $ (173,521 )   $ 695,078  
    Plus:                
    Mark-to-market on derivatives:                
    (Gain) loss on derivatives, net             43,924       (229,105 )     (38,140 )     (96,230 )
    Settlements received (paid) for matured derivatives, net             47,571       (3,328 )     58,322       (17,068 )
    Settlements received for contingent consideration             —       311       —       1,813  
    Organizational restructuring expenses             795       1,654       795       1,654  
    Impairment expense             481,305       —       481,305       —  
    Gain on disposal of assets, net             (508 )     (132 )     (1,513 )     (672 )
    Loss on extinguishment of debt, net             —       4,039       66,115       4,039  
    Income tax (benefit) expense             (102,724 )     34,514       (47,740 )     (183,337 )
    General and administrative (transaction expenses)             (19 )     8,221       548       11,341  
    Adjusted income before adjusted income tax expense             110,952       97,608       346,171       416,618  
    Adjusted income tax expense(1)             (24,410 )     (21,474 )     (76,158 )     (91,656 )
    Adjusted Net Income (non-GAAP)           $ 86,542     $ 76,134     $ 270,013     $ 324,962  
    Net income (loss) per common share:                
    Basic           $ (9.59 )   $ 10.04     $ (4.74 )   $ 34.30  
    Diluted           $ (9.59 )   $ 9.44     $ (4.74 )   $ 33.44  
    Adjusted Net Income per common share:                
    Basic           $ 2.31     $ 2.72     $ 7.35     $ 16.04  
    Diluted           $ 2.31     $ 2.55     $ 7.35     $ 15.64  
    Adjusted diluted           $ 2.30     $ 2.55     $ 7.21     $ 15.64  
    Weighted-average common shares outstanding:                
    Basic             37,477       27,991       36,725       20,254  
    Diluted             37,477       29,813       36,725       20,783  
    Adjusted diluted             37,670       29,813       37,445       20,783  

    _______________________________________________________________________________

    (1) Adjusted income tax expense is calculated by applying a statutory tax rate of 22% for each of the periods ended December 31, 2024 and 2023.
       

    Consolidated EBITDAX

    Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled equity-based compensation, depletion, depreciation and amortization, impairment expense, organizational restructuring expenses, gains or losses on disposal of assets, mark-to-market on derivatives, accretion expense, interest expense, income taxes and other non-recurring income and expenses. Consolidated EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, working capital movement or tax position. Consolidated EBITDAX does not represent funds available for future discretionary use because it excludes funds required for debt service, capital expenditures, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Consolidated EBITDAX is useful to an investor because this measure:

    • is used by investors in the oil and natural gas industry to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;
    • helps investors to more meaningfully evaluate and compare the results of the Company’s operations from period to period by removing the effect of the Company’s capital structure from the Company’s operating structure; and
    • is used by management for various purposes, including (i) as a measure of operating performance, (ii) as a measure of compliance under the Senior Secured Credit Facility, (iii) in presentations to the board of directors and (iv) as a basis for strategic planning and forecasting.

    There are significant limitations to the use of Consolidated EBITDAX as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income or loss and the lack of comparability of results of operations to different companies due to the different methods of calculating Consolidated EBITDAX, or similarly titled measures, reported by different companies. The Company is subject to financial covenants under the Senior Secured Credit Facility, one of which establishes a maximum permitted ratio of Net Debt, as defined in the Senior Secured Credit Facility, to Consolidated EBITDAX. See Note 7 in the 2024 Annual Report, to be filed with the SEC, for additional discussion of the financial covenants under the Senior Secured Credit Facility. Additional information on Consolidated EBITDAX can be found in the Company’s Eleventh Amendment to the Senior Secured Credit Facility, as filed with the SEC on September 13, 2023.

    The following table presents a reconciliation of net income (loss) (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Net income (loss)            $ (359,392 )   $ 281,434     $ (173,521 )   $ 695,078  
    Plus:                
    Share-settled equity-based compensation, net             3,398       2,592       14,646       10,994  
    Depletion, depreciation and amortization             214,498       152,626       741,966       463,244  
    Impairment expense             481,305       —       481,305       —  
    Organizational restructuring expenses             795       1,654       795       1,654  
    Gain on disposal of assets, net             (508 )     (132 )     (1,513 )     (672 )
    Mark-to-market on derivatives:                
    (Gain) loss on derivatives, net             43,924       (229,105 )     (38,140 )     (96,230 )
    Settlements received (paid) for matured derivatives, net             47,571       (3,328 )     58,322       (17,068 )
    Settlements received for contingent consideration             —       311       —       1,813  
    Accretion expense             1,107       988       4,209       3,703  
    Interest expense             53,564       50,431       177,794       149,819  
    Loss extinguishment of debt, net             —       4,039       66,115       4,039  
    Income tax (benefit) expense             (102,724 )     34,514       (47,740 )     (183,337 )
    General and administrative (transaction expenses)             (19 )     8,221       548       11,341  
    Consolidated EBITDAX (non-GAAP)           $ 383,519     $ 304,245     $ 1,284,786     $ 1,044,378  
                                     

    The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
        (unaudited)   (unaudited)
    Net cash provided by operating activities           $ 257,174     $ 233,734     $ 1,000,330     $ 812,956  
    Plus:                
    Interest expense             53,564       50,431       177,794       149,819  
    Organizational restructuring expenses             795       1,654       795       1,654  
    Current income tax (benefit) expense             (250 )     3,425       2,456       5,723  
    Net changes in operating assets and liabilities             79,711       11,285       127,830       71,444  
    General and administrative (transaction expenses)             (19 )     8,221       548       11,341  
    Settlements received for contingent consideration             —       311       —       1,813  
    Other, net             (7,456 )     (4,816 )     (24,967 )     (10,372 )
    Consolidated EBITDAX (non-GAAP)           $ 383,519     $ 304,245     $ 1,284,786     $ 1,044,378  
                                     

    Net Debt

    Net Debt is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and cash equivalents, where cash and cash equivalents are capped at $100 million when there are borrowings on the Senior Secured Credit Facility. Management believes Net Debt is useful to management and investors in determining the Company’s leverage position since the Company has the ability, and may decide, to use a portion of its cash and cash equivalents to reduce debt.

    Net Debt to Consolidated EBITDAX

    Net Debt to Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as Net Debt divided by Consolidated EBITDAX for the previous four quarters, which requires various treatment of asset transaction impacts. Net Debt to Consolidated EBITDAX is used by the Company’s management for various purposes, including as a measure of operating performance, in presentations to its board of directors and as a basis for strategic planning and forecasting.

    PV-10

    PV-10 is a non-GAAP financial measure that is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before deducting future income taxes, discounted at 10 percent. Management believes that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to the Company’s estimated proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of the Company’s proved oil, NGL and natural gas assets. Further, investors may utilize the measure as a basis for comparison of the relative size and value of proved reserves to other companies. The Company uses this measure when assessing the potential return on investment related to proved oil, NGL and natural gas assets. However, PV-10 is not a substitute for the standardized measure of discounted future net cash flows. The PV-10 measure and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil, NGL and natural gas reserves of the property.

    (in millions)   December 31, 2024
        (unaudited)
    Standardized measure of discounted future net cash flows           $ 4,215  
    Less: present value of future income taxes discounted at 10%             (295 )
    PV-10 (non-GAAP)           $ 4,510  

    Investor Contact:
    Ron Hagood
    918.858.5504
    ir@vitalenergy.com

    The MIL Network –

  • MIL-OSI Africa: Community engagement in the fight against cholera in Angola: Mr Celestino Mbambali – “The Lifesaver”

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), February 19, 2025/APO Group/ —

    For more than twenty-five years of volunteering in his community, 55-year-old Celestino Mbambali has witnessed countless health emergencies, including cholera outbreaks. A qualified nurse by profession, he was always concerned about the lack of a health center in his neighborhood and, driven by his commitment to his neighbors, decided to take action. In the improvised space he built next to his house, he assists his neighbors on a daily basis, ensuring that they have access to first aid without having to travel long distances.

    In front of the modest sheet metal structure he built with his own hands, Celestino says: “Here, neighbors are family. Taking care of my community is a duty and a pleasure. From malaria cases to diarrheal diseases, I’m always available to help.”

    A resident of the Ngueto Maka neighborhood, in the municipality of Cabiri, Icolo e Bengo province, Celestino has become a health reference for his neighbors and is affectionately referred to as the “life saver” of his neighborhood. When he heard about the cholera outbreak on the radio, Celestino began a tireless door-to-door awareness campaign with his patients, warning them about the importance of drinking treated water, hand hygiene and safe food handling. With 512 cases and 19 deaths recorded by February 17 in his province, Celestino has become an essential partner in epidemiological surveillance, promptly reporting suspected cases to the health authorities.

    “So far, I’ve assisted 16 suspected cases of cholera, 10 of which have been confirmed. Thanks to the support of the health authorities, all the patients have had prompt access to treatment and have returned home alive.”

    The efforts of Celestino and other community volunteers have been essential at a critical time for Angola, which is facing a cholera outbreak in ten provinces, with a total of 4,235 cases and 150 deaths. “With his quick action and proximity to the community, we’ve managed to greatly reduce the risk of cholera deaths. Whenever he notifies us of a suspected case, we immediately send the ambulance to ensure the patient is brought for the necessary treatment. Collaboration with community volunteers has been essential in saving lives, especially in places that are further away from health facilities.’’ Says Dr. Santos, Municipal Health Director of Catete.

    The fight against cholera is not an individual one, and Celestino also has the support of community development agents (ADECOs) who reinforce social mobilization. With the support of The World Health Organization (WHO), as part of the response to the outbreak, door-to-door awareness-raising activities, educational sessions and the distribution of information materials on the prevention of the disease have been promoted throughout the country, reinforcing families’ awareness of safe hygiene and sanitation practices.

    The WHO has played a key role in responding to the cholera outbreak in Angola, collaborating closely with the Ministry of Health (MINSA), Ministry of Water and Energy and the Provincial Health Office to contain the spread of the disease. ‘‘With a community-based approach, WHO has facilitated the implementation of the National Cholera Response Plan, mobilizing human and material resources to the affected provinces and reinforcing epidemiological monitoring, which is essential for containing the outbreak.’’ says Dr Zabulon Yoti, WHO Representative in Angola.

    In addition, community mobilizers have been trained in effective communication strategies on hygiene, sanitation and early case detection. Thanks to this coordination, rapid responses have enabled suspected cases to be identified, referred to and treated quickly. 

    Celestino Mbambali’s story demonstrates the impact an individual can have on protecting their community, but it also highlights the importance of the coordinated response between local authorities, international organizations and civil society. With collective work, solidarity and awareness, it is possible to save lives and defeat cholera.

    “I’m relieved to know that we have life saver in our neighborhood. When I started having symptoms, I was quickly helped by Mr. Celestino and transferred to the hospital. After two difficult weeks, I was finally able to return home, healthy and grateful for everything they did for me.’’ Fernando Alberto, one of the patients who successfully recovered, says with emotion.

    In the context of this public health emergency, the Ministry of Health, with the support of the WHO, the United Nations Children’s Fund (UNICEF) and the World Bank, carried out a reactive vaccination campaign from 3 to 7 February 2025 to immunize around 930,000 people aged one year and above in the provinces most affected by cholera, namely Luanda, Bengo and Icolo e Bengo. The oral cholera vaccine is being used to compliment other preventive measures including improving access to safe water, addressing sanitation and hygiene gaps.

    MIL OSI Africa –

  • MIL-OSI Europe: Written question – Making use of the infrastructure that has been implemented in Greece and that can ensure the energy security of the EU – E-000579/2025

    Source: European Parliament

    Question for written answer  E-000579/2025
    to the Commission
    Rule 144
    Yannis Maniatis (S&D)

    According to recent statements by a representative of the Turkish Government, ‘Türkiye is one of the main routes for the supply of natural gas to the EU’. The representative proposed ‘resuming the EU-Türkiye High-level Energy Dialogue’ (opposed only by Cyprus), as well as ‘connecting Mediterranean reserves with the Southern Corridor’.

    At the same time, despite increased gas needs and the extensive investment undertaken by Greece (such as upgrades to the Revithoussa terminal and national network capacity, the new FSRU in Alexandroupolis) and Bulgaria (upgrades to the national network), full use has still not been made of the Vertical Corridor. At the same time, the EastMed pipeline, which has been included in the list of European Projects of Common Interest since 2013, will allow Eastern Mediterranean reserves to be directly connected to both the Vertical Corridor and the Trans-Adriatic Pipeline.

    In view of the above:

    • 1.What initiatives does the Commission intend to take to complete the Vertical Corridor project and resolve the last outstanding issues, such as upgrading the Interconnector Greece-Bulgaria pipeline and the network in Romania and addressing the matter of high network charges between Romania and Moldova?
    • 2.How does the Commission intend to improve the diversification of natural gas supply sources and routes, for example by promoting the implementation of the EastMed pipeline project?
    • 3.Bearing in mind that Russia is using Türkiye to circumvent EU sanctions, is the Commission considering resuming the EU-Türkiye Energy Dialogue and under what conditions?

    Submitted: 7.2.2025

    Last updated: 19 February 2025

    MIL OSI Europe News –

  • MIL-OSI USA:  Welch Provides Remarks at the Vermont Dairy Producers Conference 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    BURLINGTON, VT — U.S. Senator Peter Welch (D-Vt.) delivered remarks at the Vermont Dairy Producers Conference on Monday. He discussed the path forward to protect Vermont’s dairy industry from harmful policies put forth by the Trump Administration, including the Administration’s actions on immigration and the Trump Tariffs, which will raise prices for farms, businesses and families.
    “I’m fighting to strengthen Vermont’s dairy farms, but many of President Trump’s actions during his first month in office are hurting farms and rural communities. His policies—threatened and enacted through Executive Order—are already putting pressure on dairy farmers and the USDA. None of us want this to happen, and we have to resist,” said Senator Welch. “A strong dairy industry is a strong Vermont, and I’ll do everything I can to fight for Vermont’s dairy farmers in Washington.” 
    As Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, Senator Welch has led bipartisan efforts to support Vermont’s dairy farmers and strengthen the state’s dairy industry. 
    View photos from the event below: 
    In 2023, Vermont imported $76 million worth of livestock feed from Canada. New blanket tariffs proposed by the Trump Administration on Canada and Mexico would increase costs for dairy farmers by raising the cost of livestock feed and eventually reduce the size of their milk check. Additionally, President Trump’s actions on immigration risk limiting Vermont’s agricultural workforce, with farming communities across the state reporting increased presence from Immigrations and Customs Enforcement, especially in Addison County. 
    The Trump Administration’s illegal freeze on programs across the federal government have caused serious harm to farmers and producers across Vermont. The unconstitutional funding freeze broke the government’s promise to reimburse farmers for projects funded by the Inflation Reduction Act, leaving farmers to foot the bill–sometimes hundreds of thousands of dollars. 
    Last Congress, Senator Welch introduced several bills to support Vermont’s dairy, organic, and specialty crop farmers; strengthen rural development and infrastructure; increase energy efficiency and renewable energy adoption; improve access to nutrition; strengthen our local food systems and expand markets; and make our communities more resilient to flooding—all of which were included in the Rural Prosperity and Food Security Act. Senator Welch plans to reintroduce many of these bills and policy provisions in the 119th Congress, including his bipartisan, bicameral Whole Milk for Healthy Kids Act, which would bring nutritious whole milk back into schools. 

    MIL OSI USA News –

  • MIL-OSI Global: How refugee entrepreneurs are supplying sustainable energy to the camps they live in

    Source: The Conversation – UK – By Sarah Rosenberg-Jansen, Research Advisor on Humanitarian Energy, University of Oxford

    Refugees are providing energy within camps home to millions of displaced people around the world, my research has found.

    There are now more than 120 million forcibly displaced people globally. Although United Nations humanitarian agencies provide firewood and small electric lanterns, these are often not enough for most families.

    To make up the shortfall, entrepreneurial refugees in the camps I visited have become energy suppliers by establishing shops, phone charging stations, even cinemas.

    While visiting camps administered by the UN Refugee Agency in Rwanda, Kenya, the Democratic Republic of the Congo, Somalia, Sudan, Uganda and other countries across Africa, I was struck by the hum of electricity and the smell of cooking in the camps’ markets. Energy was everywhere.

    A mobile phone and electronics market shop at the Kakuma refugee camp, Kenya.
    Sarah Rosenberg-Jansen, CC BY-NC-ND

    In all the camps I visited, people were selling clothes, cooking bowls and toys, as well as lighting and electrical appliances. These shops all used energy – computers totted up bills and printed receipts, radios played music, and people everywhere were using mobile phones and the internet. Fans and motors were working hard to keep things cool and the power on. Refugees buy these products at local markets – which are often run by refugees themselves.

    After conducting over 170 interviews with refugees and humanitarian practitioners, it became clear refugees buy their own energy to run many of these cafes and shops: buying their own diesel, generators, or electricity technologies including solar panels and batteries.

    Formal refugee energy access provided by humanitarian agencies or national governments is projected to be very low: Chatham House statistics suggest 94% of forcibly displaced people living in camps have no meaningful access to power, and 81% lack anything other than the most basic fuels for cooking.

    Renewable connections

    Local energy businesses operating around the camps in Rwanda and Kenya, such as BBOX or MESH Power, provide solar solutions such as selling solar panels and solar home systems from which refugees can have lighting, charge their phones and plug in electrical appliances. These renewable systems help to lower the costs – but sometimes the companies are not able to expand their businesses within refugee camps due to UN restrictions.

    As one of the refugees I spoke to in Rwanda explained: “You can see two types of solar business really. Those using energy that is easy to get to – off-the-shelf products and services – to keep the lights on in the night, or offer cool drinks or a fan. And those businesses where really energy is the business … where people can use solar home systems or other technologies.”

    Sadly, this picture is not uniform across the world. For example, buying diesel in refugee camps or purchasing kerosene for lanterns can be very expensive. Spending by displaced people on simple cooking fuels and technologies, as well as basic lighting, is estimated to be around US$200 (£160) per year per family, for less than four hours of energy a day.

    Buying from external energy suppliers often comes at great cost to refugee families as energy in refugee camps can be incredibly expensive. Estimates suggest that refugee households in Kenya and Burkina Faso spend between 15% and 30% of their income on energy – a figure that in the UK would mean a household was in a situation of extreme fuel poverty.

    In total, refugee households around the world spend at least US$2.1 billion (£1.68 billion) on energy each year.

    Refugee-led businesses

    In the face of such challenges, refugee energy entrepreneurs are expanding the range of energy services and products available to refugee communities in terms of sustainability: providing new solar solutions and electricity connections from solar-powered energy sources. For members of the refugee community who use this service, this can reduce the cost of energy.

    These refugee-led enterprises often start after refugees have saved or borrowed money from friends and family to start their energy businesses – for example, by buying a solar panel and battery and charging customers to use the electricity it generates. Sometimes referred to as micro-enterprises or energy entrepreneurs, they go beyond being passive users of electricity and become active participants in the energy economies of refugee camps.

    Examples of such businesses include Kakuma Ventures, based in Kakuma refugee camp in Kenya, which provides wifi and solar energy access to more than 1,500 people in the camps.

    A grid pylon next to refugee homes at Kigeme refugee camp, Rwanda.
    Sarah Rosenberg-Jansen, CC BY-NC-ND

    Another example is Patapia, based in camps in Uganda, which helps refugee women launch and grow businesses powered by clean energy. Successful refugee-led energy businesses are highlighted by the work of climate change charity Ashden through its Humanitarian Energy Award, and its support for local businesses leading the way on sustainable energy in humanitarian settings.

    Indeed, many new global initiatives and humanitarian programmes are starting to take seriously the role of refugee-led organisations and businesses. Take the work of Last Mile Climate, which is dedicated to helping grassroots initiatives, refugee-led businesses, charities, humanitarian agencies and government organisations tackle climate-related challenges.

    Refugees are also writing on this issue in the media, highlighting how important the issue of inclusivity is in delivering the sustainable energy transition in humanitarian contexts.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Sarah Rosenberg-Jansen received funding from the Independent Social Research Foundation (ISRF)

    – ref. How refugee entrepreneurs are supplying sustainable energy to the camps they live in – https://theconversation.com/how-refugee-entrepreneurs-are-supplying-sustainable-energy-to-the-camps-they-live-in-242862

    MIL OSI – Global Reports –

  • MIL-OSI Global: How satellites revolutionised climate change science

    Source: The Conversation – UK – By Will de Freitas, Environment + Energy Editor, UK edition

    aappp / shutterstock

    Until relatively recently, humans were limited by the horizon. Climate scientists of the early 20th century could gather data from the world around them and perhaps what they were able to see from a hot air balloon or plane. But the really big picture – the global snapshot – remained out of sight.

    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

    The first satellite of any kind was the USSR’s Sputnik 1, launched in 1957. But it wasn’t until the 1960s that satellites designed specifically to observe the Earth and its climate made it into orbit and gave us the first overview of weather patterns. By the 1970s Nasa’s Landsat satellites were able to monitor things like tree cover.

    Jonathan Bamber, a climate scientist at the University of Bristol, says this “revolutionised our ability to carry out a comprehensive and timely health check on the planetary systems we rely on for our survival”. Data that once required months or even years of fieldwork was suddenly available in the time it took a satellite to orbit the planet.

    These days, this data can be remarkably precise and detailed. Bamber says: “We can measure changes in sea level down to a single millimetre, changes in how much water is stored in underground rocks, the temperature of the land and ocean and the spread of atmospheric pollutants and greenhouse gases, all from space.”

    Here’s a map of sea level rise, from Bamber’s article highlighting five satellite images that show how fast our planet is changing:

    The sea is rising quickly – but not evenly.
    ESA/CLS/LEGOS, CC BY-SA

    “This image,” writes Bamber, “shows mean sea level trends over 13 years in which the global average rise was about 3.2mm a year. But the rate was three or four times faster in some places, like the south western Pacific to the east of Indonesia and New Zealand, where there are numerous small islands and atolls that are already very vulnerable to sea level rise.”



    Read more:
    Five satellite images that show how fast our planet is changing

    In recent years, scientists have used AI to sift through and analyse satellite data. Bamber’s latest research, published in January this year, illustrates this nicely.

    A team of scientists, lead by Tian Li also of the University of Bristol, gathered millions of satellite images of glaciers in Svalbard, a remote and icy archipelago in the Arctic Ocean. In their write up, they note that human researchers once painstakingly looked through this sort of data.

    “This process”, they write, “is highly labour-intensive, inefficient and particularly unreproducible as different people can spot different things even in the same satellite image. Given the number of satellite images available nowadays, we may not have the human resources to map every region for every year.”

    Their solution was to use AI to “quickly identify glacier patterns across large areas”. The satellite-AI combo meant they could examine Svalbard’s retreating glaciers – surely among the least accessible places on the planet – in “unprecedented scale and scope”.

    They found that 91% of the many glaciers that flow into the sea around the archipelago have been “shrinking significantly”. They note that the same types of glacier can be found across the Arctic, and “what happens to glaciers in Svalbard is likely to be repeated elsewhere”.



    Read more:
    We built an AI model that analysed millions of images of retreating glaciers – what it found is alarming

    Many of those glaciers can be found in Greenland, home of the northern hemisphere’s largest ice sheet. In research published earlier this month, Tom Chudley of Durham University used satellite images to assess crevasses (cracks in the glaciers) in Greenland.

    A large glacier in west Greenland flows into the sea. That iceberg filled fjord is several miles wide.
    Copernicus Sentinel / lavizzara / shutterstock

    Chudley also combined satellite images with computerised analysis. His work made use of “ArcticDEM”, three dimensional maps of the polar regions based on high resolution satellite images.

    “By applying image-processing techniques to over 8,000 maps, we could estimate how much water, snow or air would be needed to “fill” each crevasse across the ice sheet. This enabled us to calculate their depth and volume, and examine how they evolved.“

    His conclusion was very blunt: the Greenland ice sheet is falling apart.



    Read more:
    The Greenland ice sheet is falling apart – new study

    Health watchdogs

    Many of you will be well aware that satellites are being used to monitor the health of the planet. What’s less well known is the role they can play in monitoring human health.

    Dhritiraj Sengupta, a satellite scientist at Plymouth Marine Laboratory, says satellites have become Earth’s new health and nature watchdog. His article details how satellites can map mosquito breeding sites to combat malaria, for instance, or can identify air pollution hotspots in cities.

    In his own research, he’s used satellite-derived chlorophyll data to assess the risk of cholera. Chlorophyll is the green pigment in plants that helps them use sunlight to make their food and grow.

    “Many bacteria like Vibrio cholerae which causes cholera, thrive in stagnant water,” Sengupta writes. “My team worked with the European Space Agency to show that its presence can be modelled using the concentration of chlorophyll found on the surface of bodies of water.”



    Read more:
    How satellites have become Earth’s new health and nature watchdogs

    So far, so good. Satellites have undeniably been useful for climate scientists. But in the longer-term, the satellites themselves may have an unforeseen effect on the climate.

    Last year, SpaceX announced it would “deorbit” 100 of its Starlink satellites to burn up in the atmosphere. Fionagh Thomson is a space expert, also at Durham University. She says that “atmospheric scientists are increasingly concerned that this sort of apparent fly-tipping by the space sector will cause further climate change down on Earth.”

    Particles from the satellites themselves won’t have a huge effect compared to the “440 tonnes of meteoroids that enter the atmosphere daily, along with volcanic ash and human-made pollution from industrial processes on Earth.”

    But one team “recently, and unexpectedly, found potential ozone-depleting metals from spacecraft in the stratosphere, the atmospheric layer where the ozone layer is formed.” The worry is that satellite debris may help form certain types of clouds that lead to ozone loss and may add to the greenhouse effect.

    She notes that this is all uncertain and needs more research. “But,” she writes, “we’ve also learnt that if we wait until indisputable evidence is available, it may be too late, as with the loss of ozone. It’s a constant dilemma.”

    Something for SpaceX scientists to look into, perhaps, once they’ve finished rescuing stranded astronauts from the International Space Station.



    Read more:
    Satellites are burning up in the upper atmosphere – and we still don’t know what impact this will have on the Earth’s climate

    – ref. How satellites revolutionised climate change science – https://theconversation.com/how-satellites-revolutionised-climate-change-science-250312

    MIL OSI – Global Reports –

  • MIL-OSI USA: Andrea Watson Named Associate Director for Innovation, Partnering, and Outreach at NREL

    Source: US National Renewable Energy Laboratory

    Andrea Watson has been selected to serve as the next associate laboratory director (ALD) for the Innovation, Partnering, and Outreach (IPO) directorate at the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) after directing NREL’s Strategic Partnerships Office (SPO) for the past two years.

    Andrea Watson.

    Watson joined NREL in 2009 as a junior researcher, and in the 15 years since, she has established a reputation for fostering collaboration, teamwork, and strategic approaches to expanding NREL’s impact in renewable energy futures.

    NREL Director Martin Keller commended Watson’s selection, stating, “We are fortunate to have someone as qualified as Andrea to further the success of the IPO directorate. Andrea has demonstrated skill in securing partnerships to advance NREL technologies and programs, and the Leadership Team congratulates her on this deserved position.”

    As the inaugural director of the newly created SPO in 2022, Watson focused on broadening NREL’s network of partners and strengthening relationships across the globe, which resulted in a record $143 million in partnerships during Fiscal Year 2023. She also played a key role in launching Impact26, NREL’s strategic approach to increasing non-DOE funding. Following its rollout in December 2023, NREL successfully closed $170 million in new partnership agreements and modifications in FY 2024, exceeding its target of $153 million.

    Prior to her leadership of the SPO, Watson served as NREL’s laboratory program manager for strategy, where she developed the organization’s first strategic agenda, in addition to her roles as a group manager and researcher.

    In her new position, Watson will remain dedicated to advancing Impact26 while strengthening partnerships and expanding NREL’s outreach efforts.

    “I am incredibly grateful to have the opportunity to serve on the NREL leadership team as the IPO ALD,” Watson said. “I am so excited about the impact IPO can have through partnerships, enabling startups, and tech transfer and licensing.”

    Watson is replacing Bill Farris as associate laboratory director as he transitions to his new role as chief external development officer at NREL.

    “Andrea was a natural choice for this role,” Farris said. “Her close familiarity with lab strategy, research agendas, and NREL’s partnership portfolio, in addition to her track record of leading high-performing teams, have made her a strong asset to IPO and the lab.”

    MIL OSI USA News –

  • MIL-OSI USA: WISER Awarded Eight UConn Projects to Advance Weather Innovation and Energy Resilience

    Source: US State of Connecticut

    The National Science Foundation (NSF) has awarded UConn and its partners several new projects to advance weather- and climate-based solutions for the energy industry.

    On Feb. 6-7, the NSF Industry-University Cooperative Research Center (IUCRC) for Weather Innovation and Smart Energy and Resilience (WISER) hosted its Industry Advisory Board meeting. During the gathering, the NSF announced funding for 10 new projects, with UConn is involved in eight of them.

    UConn Tech Park Executive Director Emmanouil Anagnostou speaks at a recent meeting with the WISER Industry Advisory Board. (contributed photo)

    Established in 2023, WISER NSF IUCRC is a two-site center shared by the University at Albany and UConn. The Center combines cutting-edge technologies with the benefits of industry partnerships to address the evolving challenges posed by extreme weather and climate change.

    “By fostering collaboration between academia and industry, WISER is poised to become a leading resource for solutions that enhance resilience and sustainability in the energy sector, says Emmanouil Anagnostou, the primary investigator for UConn’s WISER site.

    During the meeting, the 10-member Advisory Board announced the awarded projects following a highly competitive selection process. The Board was enthusiastic about WISER’s proposals, continuing a legacy of successful and impactful projects that have resulted from the collaboration between the UConn and Albany.

    The projects will expand WISER’s research portfolio in weather and power outage prediction, energy demand, grid resilience, and risk management. “I am excited by the number of highly competitive proposals submitted by UConn faculty and look forward to growing UConn’s research and technology innovation on energy resilience and security,” Says Anagnostou.

    This year WISER’s Industry Advisory Board consists of ten members: Avangrid, Central Hudson Gas & Electric Corp, Con Edison, Eversource Energy, Hydro‑Québec, National Grid, New York Power Authority, New York State Energy Research and Development Authority, New York State Foundation for Science, Technology, and Innovation, and Pacific Gas and Electric Company.

    The following are the eight WISER projects in which UConn will take part:

    • Wind power resources for Northeast US under a changing climate (PI: M. Astitha, School of Civil and Environmental Engineering)
    • Extreme heat metrics for more accurate energy demand prediction (PI: G. Wang, School of Civil and Environmental Engineering)
    • Integrating interdisciplinary resilience indices for power outages and restorations (PI: W. Zhang, School of Civil and Environmental Engineering)
    • Predicting extreme weather–induced power outages with spatially aware hybrid graph neural networks (PI: D. Song, School of Computing)
    • A mapping tool for addressing socioeconomic and demographic disparities in power outage impacts (PI: A. Bagtzoglou, School of Civil and Environmental Engineering)
    • Quantifying grid resiliency using GFM with HELICS co-simulation for enhancing outage management during the extreme weather events (PI: S.Y. Park, Department of Electrical and Computer Engineering)
    • Weather-power-grid testbed experiments for risk contingency management during hazards: cascading failures, fragility curves, and grid and weather monitoring needs (PI: M. Peña, School of Civil and Environmental Engineering)
    • Snowstorm changes and their impact on power outages over the Northeast (co-PI: D. Cerrai, School of Civil and Environmental Engineering)

    MIL OSI USA News –

  • MIL-OSI USA: King Working to Protect Maine’s Coastal Ecosystem

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME), a member of the Senate Committee on Energy and Natural Resources, is introducing legislation to help improve conditions for kelp forest and marine life. The Help Our Kelp Act — which also has a companion bill in the House of Representatives — would invest federal resources to address ongoing crises that kelp forest ecosystems face along the Maine coastline and across the country.
    Kelp forest ecosystems in Maine and along the nation’s shores provide food and habitat for hundreds of fish and marine mammals. These aquatic regions stabilize Maine’s coasts allowing for responsible economic activities including fishing, shipping and innovations in the blue economy. Over the last 50 years, changes in climate, poor water quality and overfishing have damaged between 40-60 percent of America’s kelp forests.
    “Kelp forests are key to helping keep our waters clean — and healthy waters make for healthy people,” said Senator King. “However, climate change and human activity are having devastating consequences on our coastal ecosystems, putting at harm the iconic Maine fishery and our coastal communities. The Help Our Kelp Act is an important  investment that will help to restore these intricate, sensitive underwater habitats, and better protect Maine’s waters and way of life. I want to thank my colleagues for acknowledging the importance of our kelp forests and am encouraged that we are coming together in the House and Senate to safeguard this critical ecological and economic resource.”
    The Help Our Kelp Act would:
    Establish a new National Oceanic and Atmospheric Administration (NOAA) grant program to fund conservation, restoration, and management efforts to support kelp forest ecosystems;
    Take steps to address the greatest relative regional declines, long-term ecological or socioeconomic resilience, and focal recovery areas identified by Tribal, federal, or state management plans;
    Authorize $5 million annually for FY2026 through FY2030.
    In the Senate, this legislation is led by Senator Jeff Merkley (D-OR) and cosponsored by Senators Ron Wyden (D-OR), Alex Padilla (D-CA) and Adam Schiff (D-CA).
    Bill text can be found here and a bill summary can be found here.
    As a member of the Senate Committee on Energy and Natural Resources, Senator King has been a longtime advocate for Maine’s wild ecosystems. For his dedication to preserving the outdoors, Senator King was awarded the inaugural National Park Foundation Hero Award. Last year, Senator King helped secure critical funding for the American Lobster Research Program—an organization that supports projects to address critical knowledge gaps about American lobster and its fishery in a dynamic and changing environment. Senator King also helped pass the Thomas R. Carper Water Resources Development Act, legislation that provides approval for the restoration of a Maine fishway to allow fish such as herring, alewives, and the endangered Atlantic salmon to migrate upstream.

    MIL OSI USA News –

  • MIL-OSI Canada: Making Home Construction More Affordable in Saskatchewan

    Source: Government of Canada regional news

    Released on February 19, 2025

    Shifting national priorities, increasing prices and a renewed focus on local industry means the province of Saskatchewan will revert to Tier 1 on building energy efficiency, effective with approval of regulatory amendments. It is anticipated that builders may adopt Tier 1 immediately.

    “All provinces are dealing with the challenges of growth, including affordable housing for all residents, and removing red tape allows us to harmonize our standards and support Canadian industries,” Government Relations Minister Eric Schmalz said. “While Saskatchewan is one of the most affordable places to live in Canada, we understand there is more work to be done, and we have heard from industry that this decision will help maintain housing affordability in the province.”

    “Let’s be clear—our industry will continue to build safe, durable, and energy efficient structures because we take pride in our work and the communities we serve,” Construction Association of Saskatchewan Treasurer Dan Yungwirth said. “This change allows us to prioritize affordability while still achieving exceptional outcomes.”

    “Eliminating red tape is always a good thing when it comes to affordability,” Construction Association of Saskatchewan President and CEO Shannon Friesen said. “We trust the expertise of Saskatchewan’s construction professionals who have a deep understanding of our province’s unique climate and building needs. With less red tape, our industry can continue to deliver exceptional, high-quality infrastructure that meets the needs of our communities.”

    In January 2024, Saskatchewan adopted the 2020 edition of the National Building Code (NBC) by regulation under The Construction Codes Act. The energy efficiency tiers of the NBC only apply to housing and small buildings. Energy efficient standards found in the National Energy Code for Buildings (NECB) applicable to large buildings remain at Tier 1.

    The Ministry of Government Relations had previously announced a delay of implementing additional energy efficiency tiers. Part of this pause was to review the implementation of the codes across Canada with an eye on parity with other provinces. Tiered energy efficiency provisions in the NBC and NECB provide Saskatchewan the tools to determine when and how far to advance energy efficiency in new building construction without imposing a burden on building owners, consumers and industry.

    Any builder retains the ability under The Constructions Code Act to pursue higher tier energy efficiency targets voluntarily, as per their building practices and customer demands.

    To learn more about Saskatchewan’s building code regulations, visit: saskatchewan.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Africa: UTM Offshore Chief Executive Officer (CEO) to Join Industry Leaders at Invest in African Energy (IAE) 2025

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, February 19, 2025/APO Group/ —

    As a leader in offshore energy, Julius Rone, CEO of UTM Offshore, is confirmed to speak at the upcoming Invest in African Energy (IAE) 2025 Forum in Paris. UTM Offshore is currently playing a pivotal role in Nigeria’s energy sector, including the development of the country’s first floating LNG (FLNG) facility, along with broader investments in Africa’s energy future.

    The company’s $5 billion UTM FLNG project continues to progress, with significant milestones achieved in design, construction and timeline for production. The 2.8 MTPA facility is poised to make a substantial contribution to Nigeria’s LNG capacity, strengthening the country’s position in the global energy market. In September 2024, UTM Offshore received the license from the Nigerian Federal Government to construct the project, bringing it one step closer to making a final investment decision, which is expected in 2025.

    IAE 2025 (apo-opa.co/3Qlfj69) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    The UTM FLNG facility serves as a prime example of the steps required to secure significant funding for large-scale gas projects, including diversifying funding sources, securing off-take agreements and gaining government support. According to Rone, UTM Offshore signed an MOU with the African Export-Import Bank in 2021 to raise up to $2 billion for the project. The bank has since received preliminary approval to invest $350 million, while UTM has secured contracts with JGC Corp and KBR Inc. for the facility’s design. Additionally, Vitol Group has entered into an LNG off-take agreement, and last year, UTM signed a deal with the Nigerian National Petroleum Company for it to acquire a 20% stake in the project.

    UTM Offshore’s participation at IAE 2025 underscores the company’s commitment to maximizing returns on investment in Africa’s energy sector, particularly through projects like UTM FLNG that connect the global investment community to Africa’s emerging energy opportunities. As Africa becomes an increasingly important player in the global energy landscape, UTM Offshore’s initiatives represent the continent’s growing capacity to provide sustainable energy solutions while fostering collaboration with international investors and stakeholders.

    MIL OSI Africa –

  • MIL-OSI Security: Japan: IAEA Samples Water with Experts from China, Korea and Switzerland

    Source: International Atomic Energy Agency – IAEA

    The IAEA Director General and his team have been collecting water samples off the coast of Fukushima Daiichi nuclear power station, with scientists from China, Korea and Switzerland, as part of additional measures to promote transparency and build trust in the region, during the ongoing release of ALPS-treated water from the plant.

    MIL Security OSI –

  • MIL-OSI: Ashtrom Renewable Energy Announces Power Purchase Agreement (PPA) with CPS Energy for El Patrimonio Solar Project in Texas

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 19, 2025 (GLOBE NEWSWIRE) — Ashtrom Renewable Energy, a global independent power producer and renewable energy developer and subsidiary of Ashtrom Group, has signed a Power Purchase Agreement (PPA) to sell electricity to the municipality of San Antonio, Texas through CPS Energy, the city’s local utility company.

    According to the signed agreement, CPS Energy (Aa2 Moody’s) will purchase approximately 70% of the electricity produced by the project, along with purchasing green certificates (RECs), for a period of 20 years at a predetermined fixed price. Under the agreement, Ashtrom has committed to achieve the commercial operation of the El Patrimonio project by the second half of 2027. The remaining electricity produced by the project is expected to be sold within Texas’s open electricity market. The project will produce electricity equivalent to the annual consumption for about 37,500 households.

    “We are proud to announce a significant collaboration and the signing of an important agreement with CPS Energy, the largest municipal utility company in the U.S.,” said Yitsik Mermelstein, CEO of Ashtrom Renewable Energy. “The agreement is not only an expression of our great partnership with CPS Energy, but also a central pillar in realizing our strategic vision to expand renewable energy activities in the country. This step strengthens our position as a leading player in the industry and is a significant milestone in the company’s growth journey.”

    El Patrimonio is Ashtrom’s second solar project in Texas, marking a key achievement for the company that further deepens its presence in the ERCOT market. The completion of the PPA is expected to accelerate the project’s development and construction processes. The solar project is expected to be constructed in Bexar County, Texas, with a planned capacity of approximately 150 megawatts (AC).

    In addition to delivering electricity to San Antonio, the El Patrimonio project will support the local economy and community through educational activities. Ashtrom will establish an annual scholarship program, offer field tours of the El Patrimonio site for local students, and host job fairs on-site. Through these efforts, Ashtrom aims to enhance community knowledge of renewable energy and the role people can play in its future.

    About Ashtrom Renewable Energy

    Ashtrom Renewable Energy is delivering clean energy at scale. We build best-in-class renewable energy projects in the United States and around the globe. With a hands-on, risk-informed approach that emphasizes strategic and cost-effective execution, the company is an independent power producer (IPP) led by a team of energy experts with decades of experience in solar and wind siting, development, construction, financing, and operation. Ashtrom Renewable Energy leverages the financial stability and culture of excellence cultivated by Ashtrom Group (TASE: ASHG), a leading infrastructure, construction, and real estate development company with a 60-year legacy of success. With a development pipeline of ~1.8 GWdc in the U.S. and ~2.5 GWdc worldwide, Ashtrom Renewable Energy is poised to rapidly scale its development and investment activities in the U.S. market for the long term. Learn more about Ashtrom Renewable Energy at https://www.ashtromrenewableenergy.co.il/en

    About Ashtrom Group 
    Ashtrom is one of Israel’s leading construction and real estate companies whose shares are traded on the Tel Aviv Stock Exchange 90 index The group operates in several operating sectors: Construction and infrastructure contracting in Israel – including, inter alia, residential and infrastructural contract constructions; Franchise – participation in tenders and executing planning, operations and financing activities for large-scale infrastructure and residential projects; Housing entrepreneurship in Israel, through Ashdar, a subsidiary that is a leader and among the oldest companies in the field; Investment and entrepreneurial real estate, through Ashtrom Properties, a subsidiary operating in Israel, Germany and England, holding and managing shopping malls and commercial centers, office buildings and employment centers, industrial structures and more; Industries – mainly manufacturing, marketing and selling raw materials to the construction industry and importing and marketing finishing products for the construction industry; Construction and infrastructures contracting abroad, as well as residential real estate development in the U.S. and Europe – performed by Ashtrom International; Renewable energy – investment in wind, solar, storage and other energy related projects in Israel and worldwide. Ashtrom Group chairperson is Mr. Rami Nussbaum, and the group’s CEO is Mr. Gil Gueron.

    Media Contact
    Nic Savo
    nic@teamsilverline.com

    The MIL Network –

  • MIL-OSI United Kingdom: Communities gather to strengthen Climate Action at regional event

    Source: City of Derby

    A recent event in Derby brought together community groups, sustainability experts, and local organisations to explore key topics in community-led sustainability efforts. The event facilitated conversations on funding, decarbonisation, renewable energy, community engagement, and sustainable transport solutions.

    Delegates were able to hear from topic experts, engage with case studies, and participate in meaningful discussions aimed at driving action and collaboration within their communities.

    As part of the event, attendees were able to take part in table discussions guided by facilitators, ensuring that key insights, innovative ideas, and critical challenges were captured and shared. 

    The event aimed to provide community groups with the knowledge and resources to take action on pressing sustainability issues. By fostering collaboration and knowledge-sharing, the event hoped to empower communities to drive change at a local level.

    Key topics at the event included: 

    • Community funding and creating bids 
    • Decarbonising community buildings and local homes 
    • Local sustainable transport and travel 
    • Local Area Energy Planning 

    Joanna Watson, Founder of Darley Community Energy Ltd commented: 

    “The Derbyshire and Nottinghamshire Community Event was packed full of interesting speakers and representatives from across the Community Energy sector. Of particular interest was insight into the Local Area Energy Plan consultation process and that Community Energy groups are recognised as key stakeholders. It was good to see many familiar faces from across the sector sharing their work, and also a great networking opportunity.” 

    Peter Burgess-Allen, Project Manager and Development Lead at Marches Energy Agency added: 

    “A lot of my work at Marches Energy Agency involves talking to community activists or council officers, and sometimes managing to get them together. It was great to see community groups given a platform to share their work and hear about council strategy to tackle emissions, in the same space.  I look forward to more debate and interaction going forwards!”

    Councillor Carmel Swan, Derby City Council Cabinet Member for Climate Change, Transport and Sustainability said: 

    “Community groups are a vital part of our journey to net-zero and really hold the key to accelerating projects in their local area. This event showed that we’re lucky to have lots of engaged communities in the area and I look forward to taking forward the learning and knowledge shared at the event.” 

    The event was funded by Fast Followers, part of Innovate UK’s Net Zero Living Programme, designed to help places and businesses across the UK to accelerate the delivery of the transition to Net Zero. 

    The event was hosted by a partnership of Derby City Council, Derbyshire County Council, Nottingham City Council, Nottinghamshire County Council, Rushcliffe Borough Council, Gedling Borough Council and Broxtowe Borough Council.

    MIL OSI United Kingdom –

  • MIL-OSI: ACT-ion announces Anthony Thurston as Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 19, 2025 (GLOBE NEWSWIRE) — ACTion Battery Technologies, Inc. (“ACT-ion”) announced the appointment of Anthony Thurston as Chief Operating Officer. Thurston has decades of experience working with diverse cathode active materials (CAM) including multiple technical leadership positions at Tesla, BASF, and Apple. The move comes as the CAM innovator accelerates commercialization of its leading manufacturing process.

    Thurston joins ACT-ion from Tesla, where he spent five years leading Tesla’s Cathode Materials and Manufacturing operations globally, including the Austin Texas high nickel cathode Gigafactory. Prior to Tesla, Thurston held prominent Research and Development leadership roles at Apple and BASF.

    “Tony’s proven ability to translate cutting-edge battery technologies into high-volume production makes him the ideal leader for this phase of ACT-ion’s growth,” said Jin Lim, CTO and interim CEO of ACT-ion. “His experience with industry-leading CAM manufacturing lines at Tesla, BASF, and Apple will be invaluable as we prepare to bring our first pilot-scale CAM production line online in 2025.”

    In his new role, Thurston will oversee the buildout of ACT-ion’s pilot facility in Dallas, Texas — a critical step in validating the company’s continuous process technology with automotive and grid storage partners. The facility will demonstrate ACT-ion’s ability to produce chemistry-agnostic single crystal CAM at scale.

    “ACT-ion’s technology represents a fundamental manufacturing breakthrough,” Thurston said. “The potential to make domestic CAM production cost-competitive while improving battery cycle life aligns perfectly with the needs of next-generation EVs and renewable energy systems. I’m excited to help transform this innovation into a global industrial reality.”

    Thurston’s appointment follows three months after the company’s Pre-Series A round led by BASF Venture Capital, with participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management, and LG Technology Ventures.

    About ACTion Battery Technologies, Inc.
    ACTion Battery Technologies, Inc. (“ACT-ion”) is a leading lithium battery cathode active material (CAM) technology company. As an advanced manufacturing technology company, ACT-ion produces coated single crystal CAMs for lithium batteries through its novel, clean, and chemistry-agnostic process that requires lower energy and cost. For more information, please visit www.act-ion.com.

    Media Contact:
    For more information, please contact ACT-ion Communications

    Email: inquiry@act-ion.com

    The MIL Network –

  • MIL-OSI Economics: Isabel Schnabel: Interview with the Financial Times

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025

    19 February 2025

    How relevant is the natural rate – R* – for day-to-day policymaking from your point of view?

    The natural rate of interest is an important theoretical concept. But it’s not well-suited to determine the appropriate monetary policy stance. The ECB staff analysis that was published recently had one main message: we know that we know very little. Model and estimation uncertainty result in confidence bands that are so wide that they include any reasonable interest rate that the ECB may set at this point. Moreover, R* is a steady-state concept for a world without shocks. That’s certainly not the world that we are in today. Just look at what’s happening with the evolving trade conflict on which we are getting news on a daily basis. So for all those reasons, I think R* cannot be any reliable guide for monetary policy in real time.

    Has your view on this changed?

    The point I have always emphasised is how R* is evolving over the longer term. People have focused too much on the narrow range for R* that was given in the staff note. This is misleading for several reasons. The narrow range only includes the models for which estimates were already available for the fourth quarter of 2024. If you look at the R* estimates for the third quarter, you see that the range actually goes up all the way to 3%. This is even above the current deposit facility rate of 2.75%. And that range still only includes the uncertainty stemming from using different models. If you add the parameter and filtering uncertainty, you get even wider bands. The one thing that you do see is that the overall range seems to have moved up over recent years. For me, that is the key point.

    But the most recent ECB estimates of R* also suggest that the current level is still lower than it was before the global financial crisis and the European sovereign debt crisis.

    That remains to be seen. There has been a clear upward trend. I expect this trend to continue for a number of reasons, including high and rising public debt and the huge investment needs for the digital and green transitions. Another factor is increasing global fragmentation. It leads to a partial reversal of the global savings glut, due to shrinking current account surpluses of some major economies, which was one of the main factors that had pushed R* down. So for me, the main message from the R* analysis is: maintaining price stability over the medium term is likely to require higher real rates in the future than before the pandemic. We cannot pin down the level of R* with any degree of confidence, but we can get an impression about the direction. For me, that direction for R* now is upwards again.

    The Euro zone economy suffers from a lack of economic dynamism and economic growth. Doesn’t this put downward pressure on the natural interest rate?

    Yes, there have been secular factors that have pushed R* down. But we are currently in a situation of transformation that may actually reverse that trend. That’s the whole point.

    When you say that R* is not very helpful for short-term monetary policymaking, why have you stressed it so much in your speeches and interviews?

    It’s important that we understand general macroeconomic trends. Also in the pre-pandemic period, it was very important to understand the underlying natural real rate environment. It can never be precise, but it helps us understand the broader picture. It has no impact on any individual rate decision.

    But would you say that it is relevant for the medium-term trajectory of monetary policy, let’s say for the next year or two? Or does it only matter over the next ten or 20 years?

    I think it has an impact on our medium-term thinking.

    Medium-term thinking would mean: it matters over the next two to three years, right?

    Well, it’s hard to pin down precisely.

    Some ECB observers have suggested that the natural rate was used by more hawkish voices as an argument in favour of being more careful and not lowering interest rates too fast. Would you agree?

    If you believe that R* has moved up, this argues for a more cautious approach. But this cannot just depend on R*. We need to look at the incoming data in order to understand how restrictive our monetary policy is. And the more evidence we have that monetary policy is no longer restrictive, the more cautious we have to become because further rate cuts may no longer be appropriate.

    So how restrictive is the ECB’s monetary policy at the moment?

    The data are showing that the degree of restriction has come down significantly, up to a point where we can no longer say with confidence that our monetary policy is still restrictive. One of the important data sources in this context is the bank lending survey.

    We’re looking at that very carefully. For corporate loans, 90% of banks said in the most recent round that the general level of interest rates has no impact on loan demand, while 8% said it has lifted credit demand. A year ago, a third of banks said that interest rates were weighing on loan demand. It’s even clearer when you look at mortgages. Almost half of banks said in the most recent round that the general level of interest rates is supporting loan demand. A year ago, more than 40% said that it was constraining loan demand. This is also reflected in a historically strong increase in mortgage demand in that same survey, which is gradually transmitting into the hard data on loan growth. Corporate loans were growing by 1.5% in December, mortgages by 1.1%.

    The easing is also being transmitted to the real economy. Consumption picked up in the third quarter by more than we had expected. And the savings rate has started to come down from its very high level. But of course, there are transmission lags, and part of the easing is still in the pipeline.

    You said that you can’t say with confidence anymore if monetary policy is still restrictive. The last ECB policy statement clearly stated that it still is. Do you have a different view than the ECB stated in its latest policy statement?

    No, I fully agreed with the statement last time. But we are now a step further, right? The January monetary policy statement referred to the interest rate of 3% and the level of restrictiveness before the latest monetary policy decision. The further we go down, the lower my conviction in such a statement will be. And note that I’m not saying our monetary policy is no longer restrictive. What I’m saying is I’m no longer sure whether it is still restrictive. But we should not overstate a difference of 25 basis points.

    Should the ECB drop the reference to restrictiveness in March?

    That is a discussion we should have in the next meeting.

    In an FT survey of Euro zone economists just before Christmas, half of them said they think that the ECB is behind the curve. What is your view on this?

    I’m firmly in the camp of the other half who think that we are right on track. The data that we’ve seen have confirmed that our gradual and cautious approach has been appropriate. Domestic inflation is still high, wage growth is still elevated, and we’ve seen new shocks to energy prices. We’ve also seen that inflation expectations are very sensitive to such shocks. So I think our approach is just right.

    Some economists argue that the big uncertainty and all those shocks could justify insurance cuts. Do you have any view on that?

    I don’t see any argument for that at this point, especially as we are getting closer to no longer being restrictive. If anything, we are getting closer to the point where we may have to pause or halt our rate cuts.

    Pause or halt… but not increase?

    No. That I would exclude.

    How close do you think we are to the point where the ECB should pause its easing?

    I will leave that to your interpretation. I don’t know what’s going to happen in the next meetings, so let’s see. But we need to start that discussion.

    That’s not what markets take as the base case scenario right now. Do you think that markets are ahead of themselves?

    Well, markets have been jumping around a bit in response to what is happening in the world. But an April rate cut is no longer fully priced in. So markets are not entirely sure either.

    How well is monetary transmission working at the moment? We saw quite an uptick in yields in December although there wasn’t any change in monetary policy. All other things being equal, this slows down monetary policy transmission, doesn’t it?

    We have lowered the deposit facility rate by 125 basis points over the past eight months, and this has been transmitted smoothly to short-term market rates. We’ve also seen that bank lending rates have come down quite a bit – corporate loan rates by 92 basis points and mortgage rates by 64 basis points by December. This is significant. It tells you that transmission is working. When it comes to government bond yields, it’s important to look through the short-term volatility and take a somewhat longer perspective. And what you see then is that sovereign bond yields have remained rather stable. We had a strong repricing in 2022, when the ten-year Bund moved from negative territory at the end of 2021 to around 2.4% in October 2022. That is very close to the number that we’re seeing today. So we’ve been seeing a return of long-term sovereign bond yields to their new normal. We shouldn’t overstate the short-term volatility that we’ve experienced over the past weeks.

    There’s another aspect that is quite important. One of the most interesting features of this tightening cycle is that it has not led to a comparable tightening of broader financial conditions. The exceptionally strong risk appetite of financial investors has even boosted equity prices and compressed credit spreads, and that has weakened monetary policy transmission. And part of that is due to the fact that we are still holding a very large monetary policy bond portfolio.

    But overall, also taking into account the lags, monetary policy transmission is working fine.

    Is the ECB’s “meeting-by-meeting” communication really credible? The ECB now says that the direction of travel is clear. Isn’t this a pre-commitment to further rate cuts?

    I firmly believe in the meeting-by-meeting approach. The current time of high volatility is certainly not the time to tie our hands through forward guidance. And this is also what we stress in our monetary policy statements: we are not pre-committing to any particular rate path. At the time when it was still relatively clear that monetary policy was restrictive, one could infer the direction of travel from that. But this is no longer the case. And therefore, for me, the direction of travel is not so clear anymore.

    Is this view shared by the majority of the Executive Board or the Governing Council?

    It’s not for me to comment on that. It’s going back to the point that we now have to start the discussion on how far we should go. I’m not saying that we’re there yet. But we have to start the discussion.

    If we take the meeting-by-meeting approach and data dependency as a given, does the type of data that has to be assessed need to change over time?

    There are broadly two sets of data that we need to focus on. The first one refers to the inflation outlook: inflation itself, inflation expectations, wages, productivity, exchange rates. We use incoming data to cross-check the assumptions underlying our projections. This is why I never saw data dependence as a backward-looking concept. It was always forward-looking because we use incoming data to learn more about the credibility of our inflation outlook. The second set of data relates to the level of restrictiveness of monetary policy: interest rates, broader financial conditions, lending markets, the housing market as well as domestic demand, that is consumption, savings and investment. Of course, when we have a monetary policy meeting, we always look at all available data.

    Can I challenge you on your claim that it was always forward-looking? At the time of high inflation, the ECB put a lot of emphasis on the actual inflation data from the previous month, which by definition is backward-looking. GDP numbers are by definition also very backward-looking.

    I don’t agree. What do we learn from the current inflation data? We learn whether the transmission of our policy or of shocks is working as expected. High services inflation tells us something about its stickiness. If we spot deviations, we will eventually adjust our models but we also have to change our view about the medium-term outlook. So, in my view it was never backward-looking.

    Data dependence is all the more important in today’s world. Some people say that the projections have become more credible. But who knows what’s going to happen as regards the trade conflict, the war in Ukraine and so on. We are faced with an unusual number of shocks, and that requires us to be always able to react. I don’t have a fixed mindset about what to do. Quite the opposite. I think we need to be able to adjust to whatever data or shock is coming in and what’s happening in the world and in the euro area economy.

    What are the current data telling us about the inflation outlook?

    Both services inflation and wage growth are still at an uncomfortably high level. Our projections foresee a deceleration of both. But this still needs to materialise. Services inflation has been stuck at around 4% since November 2023, and it still has to come down. For me, this is actually quite important. And therefore, the incoming data will be very relevant because our projections foresee a relatively quick deceleration of services inflation over this year.

    How quickly do you want to see service inflation coming down?

    It should start to come down in February. That’s what we expect. Over time, it does not necessarily have to come down to 2% but to a level that is consistent with our medium-term 2% target. Wage growth is also still high, but we have many indications that it is going to decelerate. For example, our wage tracker shows that wage growth is expected to drop steeply in the second half of the year. Part of that is due to a base effect from one-off payments. Hence, wage growth is expected to stay relatively elevated over the first half of the year. So we still need to see this deceleration. This is something that I pay a lot of attention to.

    How concerned are you about recent swings in energy prices?

    Energy and food prices can always offer surprises. We have seen some relatively strong moves in energy prices recently. Gas prices moved up a lot. That was mainly driven by cold temperatures. Very recently, gas prices dropped sharply. This seems to be driven partly by uncertainty about whether countries will fill up their gas storages as quickly as originally intended. A second reason is the debate about a potential ceasefire in Ukraine. This can cause a lot of volatility, which can have a strong impact on headline inflation and also on underlying inflation because energy serves as an input. We have to monitor this carefully.

    What are the implications for monetary policy from energy price volatility? Is this deflationary or inflationary?

    Recent volatility has been extreme. Before the recent fall in gas prices it was clearly inflationary. But now we have to see how that is going to play out. In general, I see risks to our inflation outlook as somewhat skewed to the upside. So I would not exclude that inflation comes back to 2% later than we had anticipated. But that remains to be seen.

    The ECB this year will review its monetary strategy. President Lagarde has excluded the current inflation target from that review. Do you think that’s the right call?

    Our symmetric, medium-term inflation target of 2% has served us very well in the high inflation period. So I really don’t see any reason to question it. And I believe there is strong support for this view in the Governing Council. What we have seen, however, is how quickly the inflation environment can change. And we have also learned how much people dislike inflation. But for me, that has implications primarily for the reaction function and not for the target. I think these two should be kept apart.

    What are the potential implications for the reaction function?

    The reaction function should be part of the debate. Back in 2021 during the previous strategy review, the discussion was very much under the impression of the low-for-long period. The main concern at the time was that our monetary policy was constrained by the effective lower bound on interest rates. When you read the monetary policy strategy statement today, you would think it comes from a different world. It focused on the risk of inflation being too low, and stated that we should be particularly forceful or persistent in such a scenario. But we have shifted to a new world. The past few years have shown that there are also risks of a de-anchoring of inflation expectations to the upside and that upside inflation risks can materialise quickly and become more persistent due to second-round effects. And therefore, I believe that the new reaction function should be symmetric in order to take into account the risks in both directions. This is especially true given that we are likely to face more adverse supply-side shocks going forward.

    So effectively you are arguing in favour of a more hawkish reaction function?

    I don’t like these notions of hawks and doves, and I don’t think that they are relevant here. My point is that our reaction function should acknowledge the fundamental shift of the macroeconomic environment. Up to 2021, we paid very little attention to upside risks to inflation. There was the perception that central banks would know precisely how to deal with a surge in inflation. But we’ve experienced that it has been quite difficult. Inflation has been above target now for almost four years. Looking forward, we should be putting equal weight on risks in both directions. And I wouldn’t call that a hawkish assertion.

    Should the ECB toolkit be changed?

    We’ve gained a lot of experience with the different tools. I do believe that all the tools we have should remain in our toolkit. But we’ve learned how important it is to carefully weigh the benefits and costs of our instruments – especially when it comes to asset purchases. They have proven very effective in stabilising markets. But as a monetary policy stance instrument, they have been less beneficial and costlier than we thought. This should be taken into account. The same applies to forward guidance. Many people believe that forward guidance led to a delayed response to the inflation surge. So forward guidance is another tool that we need to look at very carefully.

    Are you implicitly saying that ECB should not have done as much quantitative easing as it did in the years up to 2021?

    My point is that once we are back to a more normal world – a situation where inflation expectations are well anchored, and services inflation and unit labour cost growth have come down – and we are confident that we are sustainably back at our target, then we could become more tolerant of moderate deviations from our target. We should stop fine-tuning and responding to single data points. We should instead focus on large persistent shocks that give rise to a risk of a de-anchoring of inflation expectations in either direction.

    So is your point that the ECB should be more willing to tolerate downward deviations to the 2% target in a steady state?

    We should be more willing to tolerate both moderate downward and upward deviations, and act when there is a threat of de-anchoring.

    But that’s an implicit change to the inflation target, is it not?

    No, not at all. My point is that we should be less activist and rather take the time to assess whether shocks pose a serious risk to inflation expectations. Of course, we should keep in mind that the vulnerability of inflation expectations may have changed after the recent inflation experience. People have learned that inflation can increase sharply and that this is very harmful. Firms have learned that they can reprice relatively quickly, and we have to take this into account.

    Finally, we need to think about how to deal with the uncertainty around our economic and inflation outlook. For me, the most useful way to deal with that is to make greater use of scenario analysis – and in a different way than we’ve done over the past years. Back then we were looking at tail risks, which was very useful. But in the future, we should also look at plausible alternative scenarios in order to get away from the illusion of precision that we create by just focusing on the baseline point estimate. We all know there is a lot of uncertainty around it. So I think it would be important to also look at plausible alternative scenarios to illustrate this uncertainty.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: LCQ10: Colorectal Cancer Screening Programme

    Source: Hong Kong Government special administrative region

         Following is a question by Dr the Hon David Lam and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (February 19):Question:     The Colorectal Cancer Screening Programme (CRCSP) has been implemented since 2016, under which participants will be arranged to undergo a Faecal Immunochemical Test (FIT) screening. According to the information released by the Government in December last year, about 60 per cent of the colorectal cancer patients diagnosed under CRCSP were in earlier stages (i.e. stage I and stage II) of cancer, which was higher than the 40 per cent of those who were not diagnosed under CRCSP. On the other hand, according to the information on the website of the Hong Kong Cancer Registry, among all cancers, the incidence rate of colorectal cancer dropped from the first place in 2016 to the third place in 2022, and the age-standardised mortality rate of colorectal cancer also dropped from about 14.1 to 12.7 per 100 000 population during the same period, indicating that CRCSP is effective in detecting colorectal cancer at an earlier stage and in lowering the mortality rate. However, there are views that only early detection and removal of advanced adenoma can further minimise the incidence rate of colorectal cancer. In recent years, studies have found that although FIT has a high sensitivity and specificity for colorectal cancer, the sensitivity for advanced adenoma ranges from 25 per cent to 34 per cent only, which is lower than that of the newer multi-target stool DNA test (about 42 per cent) and faecal bacterial gene markers test (about 57 per cent). Moreover, the Asian Pacific Association of Gastroenterology and the Asian-Pacific Society for Digestive Endoscopy do not even recommend the use of FIT for screening of colorectal polyps. In this connection, will the Government inform this Council whether it has plans to review CRCSP and consider adopting screening other than FIT for testing by participants; if so, of the relevant progress; if not, the reasons for that?Reply:President,     The reply, in consultation with the Department of Health (DH), to the question raised by Dr the Hon David Lam is as follows:     The Government attaches great importance to cancer prevention and control. In 2001, it established the Cancer Coordinating Committee (CCC) to formulate strategies for cancer prevention and control and to steer the direction of work covering cancer prevention and screening, surveillance, research and treatment. The CCC is chaired by the Secretary for Health and comprising members who are cancer experts, academics, doctors in public and private sectors as well as public health professionals. The Cancer Expert Working Group on Cancer Prevention and Screening (CEWG) established under the CCC regularly reviews local and international scientific evidence and makes recommendations on cancer prevention and screening applicable to the local setting.     From the public health perspective, the Government must carefully assess various factors when formulating a cancer screening programme with reference to evidence-based advice from the relevant experts. These include the local prevalence of the cancer concerned, the accuracy and safety of the relevant screening tools, and the effectiveness and cost-effectiveness in reducing incidence and mortality rates. Meanwhile, a screening programme will lead the public and relevant medical specialties to change the demand and supply model of related medical services. The Government needs to carefully assess the impact of a screening programme on the current healthcare system to avoid a severe imbalance in the use of limited healthcare resources, with a view to ensuring the optimal use of the overall public health and healthcare resources.      Regarding screening for colorectal cancer (CRC), the CEWG recommends that average-risk (e.g. without hereditary bowel syndromes), asymptomatic individuals aged 50 to 75 should consider annual or biennial faecal occult blood test; or sigmoidoscopy every five years; or colonoscopy every 10 years.     Based on the CEWG recommendations, the Government launched the Colorectal Cancer Screening Programme (the Programme) in 2016, which currently subsidises asymptomatic Hong Kong residents aged between 50 and 75 to undergo screening tests every two years in the private sector. The programme adopts faecal immunochemical test (FIT) as the screening tool. If the FIT result is positive, the participant will be referred to an enrolled colonoscopy specialist to receive a colonoscopy examination subsidised by the Government. If the FIT result is negative, the participant is advised to undergo the screening two years later.      As of the end of 2024, the cumulative total number of eligible persons participated in the Programme was approximately 510 000. About 77 000 persons (15 per cent) had positive FIT results, about 40 000 persons (7.7 per cent) were diagnosed to have colorectal adenomas after colonoscopy examination, and about 3 400 persons (0.7 per cent) had CRC. In 2024, there were around 86 000 new participants in the Programme, a record annual high since its launch. Among the CRC cases diagnosed under the Programme, a preliminary analysis of around 2 400 cases has been conducted, and about 56 per cent of these cases were in earlier stages, while less than 40 per cent of CRC cases in the general population (excluding cases from the Programme) belonged to earlier stages. This demonstrates that participation in the Programme allows early detection and treatment of CRC, thereby leading to a more favourable prognosis.     Regarding the screening method, the Programme uses FIT as the primary screening tool, which is in line with practices of the CRC screening programmes of most overseas places (such as Singapore, the United Kingdom and Australia). The CEWG has reviewed the scientific evidence on other non-invasive tests for CRC screening such as stool DNA, RNA, “microbial marker” and blood DNA tests in 2023, including the Joint Asian Pacific Association of Gastroenterology (APAGE)–Asian Pacific Society of Digestive Endoscopy (APSDE) clinical practice guidelines on the use of non-invasive biomarkers for diagnosis of colorectal neoplasia published in 2023. Upon CEWG’s review, there was currently insufficient evidence on better effectiveness and cost-effectiveness in reducing CRC incidence and mortality by these newer non-invasive CRC screening tools. The CEWG therefore reaffirmed the recommendations on CRC screening. In general, the cost of FIT ranges from several dozens to several hundred dollars, while the service charge of other newer non-invasive CRC screening tests mentioned above could amount to several thousand dollars. The CEWG shall continue to keep in view further local and overseas scientific evidence and practice related to CRC screening.     Apart from participating in regular CRC screening, leading a healthy lifestyle is also important in the prevention of CRC. According to CEWG’s current recommendation on prevention of CRC, the public is advised to adopt healthy lifestyle such as increasing intake of dietary fibre, reducing consumption of red and processed meat, having regular exercise, maintaining a healthy body weight and waist circumference, avoiding drinking alcohol and smoking. The DH has long been promoting a healthy lifestyle as the primary strategy for cancer prevention. The DH makes every effort in stepping up public education related to cancers with a view to raising public awareness of cancer prevention and screening.      At the same time, the Primary Healthcare Commission is actively promoting the Life Course Preventive Care Plan via District Health Centres (DHCs)/DHC Expresses and family doctors. Based on the core principles of prevention-oriented and whole-person care, a personalised preventive care plan will be formulated to address the health needs of citizens across different life stages with reference to the latest evidence. Family doctors and primary healthcare professionals will collaborate to provide health advice and education on chronic disease and cancer screening, and healthy lifestyles according to personal factors, such as recommending persons aged 50 or above to undergo CRC screening.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India is no longer just a follower; it is now leading the way in multiple fields: Dr. Jitendra Singh

    Source: Government of India (2)

    Posted On: 19 FEB 2025 3:04PM by PIB Delhi

    • India’s Space Sector Soars: From Chandrayaan-3 to Bharatiya Antariksh Station, Nation Emerges as a Global Leader in Space Exploration
    • India Leads Global Healthcare Innovation with DNA-Based COVID-19 Vaccine and First Herpesvirus Vaccine for Cervical Cancer
    • India’s Bioeconomy Booms: From $10 Billion to $140 Billion, Poised to Reach $250 Billion with Thriving Biotech Startups
    • India Pioneers Space Biology: Advancing Research in Space Medicine and Sustainable Life Beyond Earth
    • India’s Nuclear Energy Vision: 100 GW by 2047 to Drive Sustainability and Global Climate Leadership
    • India Rises as a Global Research Powerhouse, Poised to Lead the World in Scientific Publications by 2030
    • India’s Space Economy Poised for 10X Growth, Strengthening Global Leadership in Science and Bio-Manufacturing

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh has asserted that India is no longer just a follower but is now setting global benchmarks, offering leadership and pioneering innovations across sectors. He highlighted the remarkable advancements India has made in recent years, in the fields of space, biotechnology, and nuclear energy etc positioning itself as a key player on the world stage.

    Dr. Jitendra Singh pointed out that India’s space sector has witnessed an unprecedented transformation, with a surge in ambitious missions and international collaborations. The Space Docking Experiment (SpaDeX) is a testament to India’s technological progress, paving the way for future space missions, including Gaganyaan, Chandrayaan-4, and the Bharatiya Antariksh Station, India’s upcoming international space station.

    India has also emerged as a preferred destination for satellite launches, earning global credibility. The nation has successfully launched 433 foreign satellites, of which 396 were deployed in the last decade alone, generating $157 million and €260 million in revenue from 2014-2023. The historic success of Chandrayaan-3, which made India the first country to land near the Moon’s south pole, has positioned ISRO at the forefront of lunar exploration. The world’s leading space agencies, including NASA, are now awaiting India’s findings from the Moon’s southern pole, a milestone that underscores the nation’s rising dominance in space research.

    The Minister also highlighted India’s pioneering role in biotechnology and bioeconomy. India became the first country to develop a DNA-based COVID-19 vaccine, demonstrating its leadership in vaccine research and development. Furthermore, India has introduced the first herpesvirus vaccine for cervical cancer, reinforcing its position as a leader in preventive healthcare.

    India’s bioeconomy has surged from $10 billion in 2014 to nearly $140 billion today, with projections to reach $250 billion in the coming years. The number of biotech startups has skyrocketed from just 50 in 2014 to nearly 9,000 today, making India a global hub for biotech innovation. In bio-manufacturing, India now ranks third in the Asia-Pacific region and 12th globally, with its influence expanding rapidly.

    India has also taken a bold step into space biology, laying the foundation for human survival beyond Earth. ISRO and the Department of Biotechnology have signed an MoU to advance space biotechnology research, focusing on growing plants in space to sustain long-term space missions. The study of space medicine and human physiology in extraterrestrial environments is becoming a critical area of research, and India is now setting global standards instead of just following them.

    India’s nuclear energy program, once met with scepticism, is now recognized for its peaceful and sustainable ambitions. The country has set an ambitious target of 100 gigawatts of nuclear energy by 2047, aiming to reduce carbon emissions by 50%, a commitment that is influencing global climate strategies. The world has now acknowledged India’s nuclear policy, which was envisioned by Homi Bhabha for peaceful purposes, as a model for responsible energy development.

    India’s scientific output is gaining global recognition, with the country now ranked fourth worldwide in scientific publications. Projections suggest that by 2030, India could surpass the United States to become the world’s top-ranked country in scientific research.

    India’s space economy is set to grow 5 to 10 times in the next decade, further solidifying its leadership. The nation’s rapid economic ascent is evident in its global rankings, including its 12th position in bio-manufacturing and fourth place in scientific research publications.

    Dr. Jitendra Singh concluded by emphasizing that India’s rise is no longer just about catching up but about setting the agenda for the world. “The clock has turned 360 degrees. Earlier, we learned from others; now, the world is looking up to us. The traffic is both ways,” he remarked.

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    MIL OSI Asia Pacific News –