Sri Lanka raised electricity prices by 66 per cent on Thursday (February 16) with the government hoping that the move will pursuade the International Monetary Fund (IMF) to think of a bailout for the crisis stricken country. The increase in power prices was announced by Power and Energy Minister Kanchana Wijesekra. The current spike has followed a 75 per cent increase last year and is sure to add to the hardships of ordinary Sri Lankans already battlibg inflation that has crossed 54 per cent year-on-year in January. The income taxes are as high as 36 per cent.

"It is not the view of the government that we should continue this by placing the entire burden on the people. After looking at all options, we had to come to this conclusion reluctantly, as it's the only viable option available," Wijesekera told reporters.

Wijesekra said that the latest price hike is aimed at helping the power ministry offset dip in revenue caused by cessation of government subsidies in January. He added that the price hike will also help the ministry manage long-termfuel contracts.

The IMF agreed to loan Sri Lanka $2.9 billion in September to overcome its worst financial crisis in seven decades, but the deal comes with conditions that include raising taxes, removing subsidies and cutting public sector debt. The government of President Ranil Wickremesinghe, who took over after mass protests against economic mismanagement ousted his predecessor last year, desperately needs the funds and has been courting multilateral agencies for support since taking office in July.

(With inputs from agencies)

Sri Lanka raised electricity prices by 66 per cent on Thursday (February 16) with the government hoping that the move will pursuade the International Monetary Fund (IMF) to think of a bailout for the crisis stricken country.

Sri Lanka raised electricity prices by 66 per cent on Thursday (February 16) with the government hoping that the move will pursuade the International Monetary Fund (IMF) to think of a bailout for the crisis stricken country. The increase in power prices was announced by Power and Energy Minister Kanchana Wijesekra. The current spike has followed a 75 per cent increase last year and is sure to add to the hardships of ordinary Sri Lankans already battlibg inflation that has crossed 54 per cent year-on-year in January. The income taxes are as high as 36 per cent. "It is not the view of the government that we should continue this by placing the entire burden on the people. After looking at all options, we had to come to this conclusion reluctantly, as it's the only viable option available," Wijesekera told reporters. Wijesekra said that the latest price hike is aimed at helping the power ministry offset dip in revenue caused by cessation of government subsidies in January. He added that the price hike will also help the ministry manage long-termfuel contracts. The IMF agreed to loan Sri Lanka $2.9 billion in September to overcome its worst financial crisis in seven decades, but the deal comes with conditions that include raising taxes, removing subsidies and cutting public sector debt. The government of President Ranil Wickremesinghe, who took over after mass protests against economic mismanagement ousted his predecessor last year, desperately needs the funds and has been courting multilateral agencies for support since taking office in July. (With inputs from agencies)

With hopes to gain IMF support, Sri Lanka hikes power prices by 66 per cent

Pakistan faced a major power breakdown on Monday due to a "frequency variation" in the national grid, leaving millions of people in the country, including capital Islamabad and financial hub Karachi, without electricity. Neha Khanna brings you more insights.

Pakistan suffers major power outage after grid failure

72-year-old, Fabrizio Cardinali has created a small world with zero dependence on energy. He is one of the few people in Europe not worried about rising energy costs this winter. He has no electricity, no gas, and no indoor plumbing.

Meet the 'Hermit of Cupramontana': 72-year-old creates small world with zero dependence on energy

Renewable energy is the most harnessed using two natural phenomena and those are the sun and the wind but one city in Northern Japan - Aomori - believes otherwise, it is firm that it can use a resource that it has in abundance - yes, we are talking about snow. Watch the video to know more about it.

WION Climate Tracker: Electricity from snow? Japan's Aomori to conduct snow power trials

Following Russian air strikes a day before what&nbsp;triggered an automatic disconnect, all three nuclear power reactors under Ukrainian control have been restored to the electricity grid, the Ukrainian energy ministry confirmed on Thursday.

"After yesterday's massive shelling, energy workers were able to unify the power system and reconnect three nuclear power plants to the power grid by morning," the ministry said on social media.

The Russian strikes intensified pressure on&nbsp;Ukrainian infrastructure, causing power outages in the country's southern and eastern parts&nbsp;as well as water and electricity outages in Kyiv, the capital.

According to mayor Vitali Klitschko, energy suppliers in Kyiv were having a difficult time restoring power on Thursday since most of the city was still without electricity.

Also read |&nbsp;<a href="https://www.wionews.com/world/american-missile-goes-off-the-rails-in-ukraine-harms-civilians-537147">American missile goes off the rails in Ukraine, harms civilians</a>

"Seventy per cent of the capital remains without electricity," Klitschko said. "Energy companies are making every effort to return it as soon as possible," he added.

After months of targeted strikes, Ukraine said that Russian forces launched 70 cruise missiles on Wednesday against sites all throughout the country, worsening the energy crisis.&nbsp;

WION Fineprint: Who is profiting from Russia-Ukraine war?

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The governor of the eastern Kharkiv region, home to the country's second-largest city, said Thursday the eponymous city was experiencing "issues with electricity supplies" and reported&nbsp;"emergency power shutdowns".

The head of the central region of Poltava, Dmytro Lunin, said authorities were "working around the clock to restore power."

"In the coming hours, we will start supplying energy to critical infrastructure and then to the majority of households," Lunin said.

(With inputs from agencies)

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Following Russian air strikes a day before what triggered an automatic disconnect, all three nuclear power reactors under Ukrainian control have been restored to the electricity grid, the Ukrainian energy ministry confirmed on Thursday.

Following Russian air strikes a day before what triggered an automatic disconnect, all three nuclear power reactors under Ukrainian control have been restored to the electricity grid, the Ukrainian energy ministry confirmed on Thursday. "After yesterday's massive shelling, energy workers were able to unify the power system and reconnect three nuclear power plants to the power grid by morning," the ministry said on social media. The Russian strikes intensified pressure on Ukrainian infrastructure, causing power outages in the country's southern and eastern parts as well as water and electricity outages in Kyiv, the capital. According to mayor Vitali Klitschko, energy suppliers in Kyiv were having a difficult time restoring power on Thursday since most of the city was still without electricity. Also read | American missile goes off the rails in Ukraine, harms civilians "Seventy per cent of the capital remains without electricity," Klitschko said. "Energy companies are making every effort to return it as soon as possible," he added. After months of targeted strikes, Ukraine said that Russian forces launched 70 cruise missiles on Wednesday against sites all throughout the country, worsening the energy crisis. WION Fineprint: Who is profiting from Russia-Ukraine war? The governor of the eastern Kharkiv region, home to the country's second-largest city, said Thursday the eponymous city was experiencing "issues with electricity supplies" and reported "emergency power shutdowns". The head of the central region of Poltava, Dmytro Lunin, said authorities were "working around the clock to restore power." "In the coming hours, we will start supplying energy to critical infrastructure and then to the majority of households," Lunin said. (With inputs from agencies) WATCH WION LIVE HERE:

Day after Russian strikes, Ukrainian nuclear plants reconnect to electricity grid

Japan has asked all the household and companies across the country to conserve electricity as it is the peak season in terms of electricity demand. All of this is designed to prevent potential electricity shortages in the world's third largest economy.

Japan's household, companies to save electricity during winter

British PM Liz Truss has been forced to withdraw a proposal to cut the highest rate of income tax. This comes after several senior Conservative lawmakers opposed the move. Priyanka Sharma tells you more.

Gravitas: Truss faces a rebellion, one month into office

Hurricane Ian has battered Florida, leaving towns flooded, and residents stranded in their homes without electricity. Reports say at least 2 million homes and businesses are currently without electricity. Priyanka Sharma brings you a report.

Gravitas: Hurricane Ian batters Florida

There is a total electricity blackout in Cuba after strong winds and heavy rains broke down the country's main power system. The electric union says that the work is underway to gradually restore services after 11 million people were left without power last night.

WION Climate Tracker | Hurricane Ian: Cuba's main electricity grid goes offline, 11 mn people left without power

As the world struggles with the soaring power course, there is one woman in Japan who has discovered how to dodge the worldwide energy crisis. In fact, she has not paid a single electricity bill in the last 10 years and lives completely off the power grid.

WION Climate Tracker | 62-year-old woman finds solution to dodge energy crisis

The American state of California&nbsp;is bracing for imminent power blackouts as the grid operators have been authorised to rotate power outages so as to balance the soaring electricity demand that has broken records.&nbsp;

Reportedly, amid a sweltering heatwave, the operators will be shutting power supplies to different districts of the state. Governor Gavin Newsom remarked that the state was heading into the 'worst part' as regulators urged the residents to conserve&nbsp;power and turn up their thermostats to help reduce power demand.

Pacific Gas &amp; Electric (PG&amp;E), one of the largest companies to provide electricity to more than 5.5 million customers of northern California tweeted a list of measures that residents could employ to conserve energy.&nbsp;

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— Pacific Gas &amp; Electric (@PGE4Me) <a href="https://twitter.com/PGE4Me/status/1567319113852194817?ref_src=twsrc%5Etfw">September 7, 2022</a></blockquote>
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According to&nbsp;&nbsp;California Independent System Operator (ISO), the peak power demand touched a historic 'all-time' high of 52,000 megawatts on Tuesday, eclipsing the 50,270 megawatts record set way back in 2006.&nbsp;

As reported by WION, to battle the extreme heat, the state has&nbsp;set up 40 cooling centres. These centres,&nbsp;offering shelter in air-conditioned rooms and cold drinks during the heat of the day have been established in libraries, recreation and park facilities, and senior living facilities.

Read more:&nbsp;<a href="https://www.wionews.com/world/california-opens-cooling-centres-as-rapid-wildfire-spreads-512638" target="_blank">California opens cooling centres as wildfire spreads rapidly, mercury soars</a>

With thermometers logging highs of over 110 Fahrenheit (43 Celsius) in some places, forecasters have issued an excessive heat warning for most of California, as well as parts of Nevada and Arizona.

Such has been the sweltering heat that&nbsp;two people died on Monday after another wildfire broke out in the southern part of the state.&nbsp;

The fire, nicknamed Fairview Fire started on Monday, shortly after 2 PM, and rapidly grew from there. According to reports, the fire had spread to an area of over 2,000 acres, engulfing the city of Hemet.&nbsp;

Read more:&nbsp;<a href="https://www.wionews.com/world/two-dead-in-fairview-wildfire-in-southern-california-513571">Two dead in Fairview wildfire in Southern California</a>

(With inputs from agencies) 
 
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The American state of California is bracing for imminent power blackouts as the grid operators have been authorised to rotate power outages so as to balance the soaring electricity demand that has broken records.

The American state of California is bracing for imminent power blackouts as the grid operators have been authorised to rotate power outages so as to balance the soaring electricity demand that has broken records. Reportedly, amid a sweltering heatwave, the operators will be shutting power supplies to different districts of the state. Governor Gavin Newsom remarked that the state was heading into the 'worst part' as regulators urged the residents to conserve power and turn up their thermostats to help reduce power demand. Pacific Gas & Electric (PG&E), one of the largest companies to provide electricity to more than 5.5 million customers of northern California tweeted a list of measures that residents could employ to conserve energy. • Set thermostat at 78 degrees or higher, health permitting • Avoid using major appliances • Turn off all unnecessary lights • Avoid charging electric vehicles https://t.co/XJtBV8fi8I — Pacific Gas & Electric (@PGE4Me) September 7, 2022 × According to California Independent System Operator (ISO), the peak power demand touched a historic 'all-time' high of 52,000 megawatts on Tuesday, eclipsing the 50,270 megawatts record set way back in 2006. As reported by WION, to battle the extreme heat, the state has set up 40 cooling centres. These centres, offering shelter in air-conditioned rooms and cold drinks during the heat of the day have been established in libraries, recreation and park facilities, and senior living facilities. Read more: California opens cooling centres as wildfire spreads rapidly, mercury soars With thermometers logging highs of over 110 Fahrenheit (43 Celsius) in some places, forecasters have issued an excessive heat warning for most of California, as well as parts of Nevada and Arizona. Such has been the sweltering heat that two people died on Monday after another wildfire broke out in the southern part of the state. The fire, nicknamed Fairview Fire started on Monday, shortly after 2 PM, and rapidly grew from there. According to reports, the fire had spread to an area of over 2,000 acres, engulfing the city of Hemet. Read more: Two dead in Fairview wildfire in Southern California (With inputs from agencies) WATCH WION LIVE HERE:

Planned outages to take place in California as the mercury continues to rise

Bangladesh has cut school and office hours in a bid to conserve electricity. How will the ongoing power crisis affect Bangladesh's economic growth? Could cheaper Russian energy offer some relief? Mariam Wardak tells you.

South Asia Diary | Bangladesh cuts school, office hours amid power crisis

The Russia-Ukraine war has affected the entire continent of Europe. The oil and gas prices have shot up considerably, forcing countries to employ measures to cut back on their usage.

The Russia-Ukraine war has affected the entire continent of Europe. The oil and gas prices have shot up considerably, forcing countries to employ measures to cut back on their usage. Joining the list is France which has cautioned of a price increase but simultaneously assured that it will be kept in check. Reportedly, French Finance Minister Bruno Le Maire on Saturday, soothing the jangling nerves of French citizens remarked that the hike in electricity prices will be limited. "Increases that the President and Prime Minister have spoken about will be limited increases. The four per cent cap will be maintained to the end of the year." said Bruno Le Maire. The minister further added, "There will be no catch-up of costs on the ceiling in 2023," As reported by WION, earlier this week, President Emmanuel Macron added to the woes of the public by stating that it was the 'end of abundance' for the country. Read more: Living through a tipping point or great upheaval, says French President Macron "I believe that we are in the process of living through a tipping point or great upheaval. Firstly because we are living through... what could seem like the end of abundance," Terming the current situation as a battle that needed to be fought, Macron added, “Freedom has a cost. The battles we have to fight will only be won through our efforts.” It is pertinent to note that gas prices in France have been currently capped by the government at 4 per cent up until the end of the year. Moreover, the government is expected to refine the process of businesses gaining access to the three billion euro fund, set up for those unable to meet energy bills. Other European nations are not as lucky While the French government is assuring its citizens that price rises will be regulated, other countries and their citizens do not have the same reliability at their end. As reported by WION, in the United Kingdom, an average UK household is expected to shell out as much as $5,000, come the winters. Meanwhile, UK natural gas prices have risen nearly 96 per cent in the year to July, while electricity prices are up 54 per cent. Read more: British energy regulator blames Russia for 80 per cent price hike (With inputs from agencies) WATCH WION LIVE HERE:

France to 'limit' soaring electricity rates next year; cap on prices to continue till the end of year

Chief of Ofgem, Britain's energy regulator, has blamed Russia-fuelled&nbsp;Ukraine conflict for a huge, 80 per cent hike in electricity and gas bills. This dramatic rise is sure to worsen cost-of-living crisis before winter. Ofgem has said that its energy price cap will increase from October 1 to an average of £3,549 ($4,197) per year from the current £1,971. The energy cap sets prices for consumers who are not on a fixed deal with their supplier.

In an interview to BBC, Jonathan Brearley, the chief executive of Ofgem linked the massive hike to Ukraine conflict.

"It is possible that there may be peace between Russia and Ukraine, that things may change and indeed prices may stabilise or come down, but it is more likely that prices continue to rise," he said as quoted by the BBC.

It is expected that worse is still to come in the month of January, when Ofgem updates its cap further. The average bills are predicted to top GBP 5,000 or more.

Inflation in the UK is already in double digits. There is a forecast that it would reach 13 per cent in coming months. Energy bills are sure to add to the woes of British public.

The chief executive of Marie Curie cancer care charity, Matthew Reed, said terminally ill people it helps need specialist medical equipment and warned they "could freeze to death this winter without further support".

Also Read | <a href="https://www.wionews.com/world/putin-signs-decree-to-boost-the-size-of-russian-forces-510230">Putin signs decree to boost the size of Russian forces</a>

The near-doubling in the energy cap will likely tip millions into fuel poverty, forcing them to choose between heating or eating, anti-poverty experts say.

"Some parents are coming to us in tears, terrified about how they are going to feed their children," said Rossanna Trudgian, head of campaigns and public affairs at Action for Children charity.

(With inputs from agencies)

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Chief of Ofgem, Britain's energy regulator, has blamed Russia-fuelled Ukraine conflict for a huge, 80 per cent hike in electricity and gas bills. This dramatic rise is sure to worsen cost-of-living crisis before winter.

Chief of Ofgem, Britain's energy regulator, has blamed Russia-fuelled Ukraine conflict for a huge, 80 per cent hike in electricity and gas bills. This dramatic rise is sure to worsen cost-of-living crisis before winter. Ofgem has said that its energy price cap will increase from October 1 to an average of £3,549 ($4,197) per year from the current £1,971. The energy cap sets prices for consumers who are not on a fixed deal with their supplier. In an interview to BBC, Jonathan Brearley, the chief executive of Ofgem linked the massive hike to Ukraine conflict. "It is possible that there may be peace between Russia and Ukraine, that things may change and indeed prices may stabilise or come down, but it is more likely that prices continue to rise," he said as quoted by the BBC. It is expected that worse is still to come in the month of January, when Ofgem updates its cap further. The average bills are predicted to top GBP 5,000 or more. Inflation in the UK is already in double digits. There is a forecast that it would reach 13 per cent in coming months. Energy bills are sure to add to the woes of British public. The chief executive of Marie Curie cancer care charity, Matthew Reed, said terminally ill people it helps need specialist medical equipment and warned they "could freeze to death this winter without further support". Also Read | Putin signs decree to boost the size of Russian forces The near-doubling in the energy cap will likely tip millions into fuel poverty, forcing them to choose between heating or eating, anti-poverty experts say. "Some parents are coming to us in tears, terrified about how they are going to feed their children," said Rossanna Trudgian, head of campaigns and public affairs at Action for Children charity. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

British energy regulator blames Russia for 80 per cent price hike

China's Sichuan province has shut all factories to save electricity. A heatwave and a drought are derailing China's economic recovery. Palki Sharma tells you how the workshop of the world is struggling.

Gravitas: China's Sichuan shuts all factories to save electricity

As a <meta charset="utf-8" /><a href="https://www.wionews.com/world/amid-heatwave-uk-declares-drought-across-eight-areas-of-england-506260">heatwave</a>&nbsp;drives up power consumption and depletes reservoirs, Sichuan Province, China's lithium hub, will restrict electricity delivery to manufacturers until Saturday, according to official media.

According to data from China's Meteorological Administration, temperatures in the province, which is home to about 84 million people, have been averaging above 40 to 42 degrees Celsius since last week, driving up demand for air conditioning.

The area depends on dams to produce 80% of its electricity, but last summer, rivers in the area dried up, according to Beijing's water resources ministry.

As reported by the Guardian, the province in southwest China generates half of the country's lithium, which is used in electric vehicle batteries, and its hydropower projects power industrial hubs along the nation's east coast.

Also read |&nbsp;<meta charset="utf-8" /><a href="https://www.wionews.com/photos/china-on-alert-amid-extreme-heatwave-499935#chinas-big-heat-499922">China on alert amid extreme heatwave</a>

According to a notification published on Sunday, the local government has made the decision to prioritise residential power supply and has ordered industrial users in 19 out of the province's 21 cities to halt operations until Saturday.

A number of businesses, including those that produce fertiliser and aluminium, Henan Zhongfu Industrial and Sichuan Meifeng Chemical Industry, announced their production suspension in stock exchange declarations.

Production has also been halted at a Foxconn facility in the province, a supplier to Apple and a Taiwanese powerhouse, according to Taipei's Central news agency.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/chinese-surveillance-ship-arrives-in-sri-lanka-amid-india-us-concerns-507276">Chinese 'surveillance' ship docks at Sri Lankan port amid concerns in India</a>

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Depending on their demand for production, some businesses will be allowed to function at a restricted level.

“Sources estimate at least 1,200 tonnes of lithium output will be cut due to the operations disruptions in these five days,” Susan Zou, an analyst at Rystad Energy, told AFP, adding the cost of lithium carbonate had jumped since Monday.

China has had a summer of extraordinary weather, with several major cities recording their warmest days ever.

As temperatures climbed beyond 40 degrees Celsius (104 degrees Fahrenheit) in many portions of the country on Monday, official media reported that China's national observatory has once again issued a red alert for extreme temperatures.

(With inputs from agencies)

Also Watch |&nbsp;US delegation's Taiwan visit irks China, sanctions 7 Taiwanese officials

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As a heatwave drives up power consumption and depletes reservoirs, Sichuan Province, China's lithium hub, will restrict electricity delivery to manufacturers until Saturday, according to official media.

As a heatwave drives up power consumption and depletes reservoirs, Sichuan Province, China's lithium hub, will restrict electricity delivery to manufacturers until Saturday, according to official media. According to data from China's Meteorological Administration, temperatures in the province, which is home to about 84 million people, have been averaging above 40 to 42 degrees Celsius since last week, driving up demand for air conditioning. The area depends on dams to produce 80% of its electricity, but last summer, rivers in the area dried up, according to Beijing's water resources ministry. As reported by the Guardian, the province in southwest China generates half of the country's lithium, which is used in electric vehicle batteries, and its hydropower projects power industrial hubs along the nation's east coast. Also read | China on alert amid extreme heatwave According to a notification published on Sunday, the local government has made the decision to prioritise residential power supply and has ordered industrial users in 19 out of the province's 21 cities to halt operations until Saturday. A number of businesses, including those that produce fertiliser and aluminium, Henan Zhongfu Industrial and Sichuan Meifeng Chemical Industry, announced their production suspension in stock exchange declarations. Production has also been halted at a Foxconn facility in the province, a supplier to Apple and a Taiwanese powerhouse, according to Taipei's Central news agency. Also read | Chinese 'surveillance' ship docks at Sri Lankan port amid concerns in India Depending on their demand for production, some businesses will be allowed to function at a restricted level. “Sources estimate at least 1,200 tonnes of lithium output will be cut due to the operations disruptions in these five days,” Susan Zou, an analyst at Rystad Energy, told AFP, adding the cost of lithium carbonate had jumped since Monday. China has had a summer of extraordinary weather, with several major cities recording their warmest days ever. As temperatures climbed beyond 40 degrees Celsius (104 degrees Fahrenheit) in many portions of the country on Monday, official media reported that China's national observatory has once again issued a red alert for extreme temperatures. (With inputs from agencies) Also Watch | US delegation's Taiwan visit irks China, sanctions 7 Taiwanese officials

China limits electricity to factories as heatwave drives up demand

In pics: Japanese asked to save power as country's east sizzles

With the crypto winter continuing to consume the crypto miner's income, and&nbsp;the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.&nbsp;

According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-crypto-firm-harmony-hit-by-100-million-heist-491627">Hackers steal $100 million worth digital coins from US crypto firm Harmony</a>

Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar.

For both the companies, the reason for the fall remains the same.&nbsp;

The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts.&nbsp;

This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy.

The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit.

Watch |&nbsp;Why is the crypto market crashing?

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The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)."

"For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added.

In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-industry-fears-contagion-as-bitcoin-slips-under-20000-490041">Crypto industry fears contagion as bitcoin slips under $20,000</a>

The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments.

The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently.

(With inputs from agencies)

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With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.

With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian. According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year. Also read | Hackers steal $100 million worth digital coins from US crypto firm Harmony Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar. For both the companies, the reason for the fall remains the same. The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts. This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy. The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit. Watch | Why is the crypto market crashing? The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)." "For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added. In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry. Also read | Crypto industry fears contagion as bitcoin slips under $20,000 The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments. The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Electricity used to mine Bitcoin falls as crypto crisis widens

Protests force South Africa's Eskom to widen power cuts - See pics

Australians have been warned to expect blackouts across the densely populated east coast on Tuesday,&nbsp;as an energy crisis grips one of the world's biggest coal and gas producers.

The Australian Energy Market Operator warned there could be significant power shortfalls in the states of Queensland and New South Wales, which are home to more than 13 million people.

It also issued notices for a forecast of reserve shortfalls in the states of Victoria, South Australia and Tasmania.

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Newly elected Prime Minister Anthony Albanese blamed the energy crisis on the previous government, which was in power for nearly a decade.&nbsp;

"The consequences of the former government's failure to put in place an energy policy is being felt right now," he told reporters in Brisbane.&nbsp;

Albanese said "all things are on the table" as his government examines how to ease the crisis, which has dominated his centre-left government's first weeks in power.&nbsp;

The Australian Energy Market Operator spent much of Tuesday negotiating with generators but an Aus$300/MWh&nbsp;($208) price cap left many unwilling to pump more power into the system.&nbsp;

It was also exploring the option of forcing companies to generate more electricity, a lever it pulled Monday to avoid blackouts in Queensland.&nbsp;

Watch |&nbsp;Blizzard in Australia wreaks havoc, eight rescued

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Australia is one of the world's top three producers of gas and coal, but&nbsp;about a quarter of the east coast's coal-fired power stations are currently offline because of outages and maintenance.&nbsp;

Russia's invasion of Ukraine has also seen export demand for Australian gas spike, mopping up any potential surplus that could ease the domestic shortfall.

The supply issues have been exacerbated by a cold snap across the east coast, prompting calls from electricity providers for households to conserve their energy use.

Energy Minister Chris Bowen said Tuesday he had confidence there was enough supply in the system to avoid load-shedding and blackouts, as long as there were no further outages.

But he told Australians to "expect a bumpy winter" with low temperatures, coal station outages, geopolitical pressures and record east coast floods combining to create the crisis.

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Fossil fuels provided an estimated 71 per cent of Australia's electricity last year, and coal alone 51 per cent, government figures show.&nbsp;

Energy expert Richie Merzian of The Australia Institute said the balance needs to shift to avoid these kinds of crises.

"As long as Australia remains dependent on gas and coal, Australian consumers will be over the barrel of global fuel prices influenced by events beyond our control," he said.

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Australians have been warned to expect blackouts across the densely populated east coast on Tuesday, as an energy crisis grips one of the world's biggest coal and gas producers.

Australians have been warned to expect blackouts across the densely populated east coast on Tuesday, as an energy crisis grips one of the world's biggest coal and gas producers. The Australian Energy Market Operator warned there could be significant power shortfalls in the states of Queensland and New South Wales, which are home to more than 13 million people. It also issued notices for a forecast of reserve shortfalls in the states of Victoria, South Australia and Tasmania. Also read | Australia, China defence ministers meet for first time in 3 years Newly elected Prime Minister Anthony Albanese blamed the energy crisis on the previous government, which was in power for nearly a decade. "The consequences of the former government's failure to put in place an energy policy is being felt right now," he told reporters in Brisbane. Albanese said "all things are on the table" as his government examines how to ease the crisis, which has dominated his centre-left government's first weeks in power. The Australian Energy Market Operator spent much of Tuesday negotiating with generators but an Aus$300/MWh ($208) price cap left many unwilling to pump more power into the system. It was also exploring the option of forcing companies to generate more electricity, a lever it pulled Monday to avoid blackouts in Queensland. Watch | Blizzard in Australia wreaks havoc, eight rescued Australia is one of the world's top three producers of gas and coal, but about a quarter of the east coast's coal-fired power stations are currently offline because of outages and maintenance. Russia's invasion of Ukraine has also seen export demand for Australian gas spike, mopping up any potential surplus that could ease the domestic shortfall. The supply issues have been exacerbated by a cold snap across the east coast, prompting calls from electricity providers for households to conserve their energy use. Energy Minister Chris Bowen said Tuesday he had confidence there was enough supply in the system to avoid load-shedding and blackouts, as long as there were no further outages. But he told Australians to "expect a bumpy winter" with low temperatures, coal station outages, geopolitical pressures and record east coast floods combining to create the crisis. Also read | Australia-France reach 555 million euro settlement deal Fossil fuels provided an estimated 71 per cent of Australia's electricity last year, and coal alone 51 per cent, government figures show. Energy expert Richie Merzian of The Australia Institute said the balance needs to shift to avoid these kinds of crises. "As long as Australia remains dependent on gas and coal, Australian consumers will be over the barrel of global fuel prices influenced by events beyond our control," he said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Top energy producer Australia braces for blackouts

Russia has cut electricity supply to Finland, a Finnish grid operator has said. The official was quoted by AFP. Tensions are rising between Russia and Finland over the latter's bid to join North Atlantic Treaty Organisation (NATO). Finland announced on Thursday that it wanted to join NATO 'without delay'. Russia has termed such a move to be a 'threat'.

The supplies "are zero since midnight," Timo Kaukonen, the Finnish official&nbsp;told AFP.

RAO Nordic, a subsidiary of Russian state energy holding Inter RAO had told AFP on Friday (May 13) that Finland's electricity supply would be cut on May 14. The company mentioned issue of arrears.

“We are forced to suspend the electricity import starting from May 14,” RAO Nordic said as per AFP.

“RAO Nordic is not able to make payments for the imported electricity from Russia,” they added,

“This situation is exceptional and happened for the first time in over 20 years of our trading history.”

Russian President Vladimir Putin is fiercely against former Soviet states and countries bordering Russia joining NATO. Putin has expressed displeasure at Ukraine's moves to join the alliance prior to Russian invasion that took place on February 24.

“The expansion of NATO and the approach of the alliance to our borders does not make the world and our continent more stable and secure,”&nbsp; Kremlin spokesman Dmitry Peskov has been quoted as saying by Reuters.

Russia said on Saturday that it will take necessary precautionary measures if NATO nuclear forces and infrastructure was deployed near Russian borders

"It will be necessary to respond ... by taking adequate precautionary measures that would ensure the viability of deterrence," Interfax agency quoted Deputy Foreign Minister Alexander Grushko as saying&nbsp;

(With inputs from agencies)

Russia has cut electricity supply to Finland, a Finnish grid operator has said. The official was quoted by AFP. Tensions are rising between Russia and Finland over the latter's bid to join North Atlantic Treaty Organisation (NATO).

Russia has cut electricity supply to Finland, a Finnish grid operator has said. The official was quoted by AFP. Tensions are rising between Russia and Finland over the latter's bid to join North Atlantic Treaty Organisation (NATO). Finland announced on Thursday that it wanted to join NATO 'without delay'. Russia has termed such a move to be a 'threat'. The supplies "are zero since midnight," Timo Kaukonen, the Finnish official told AFP. RAO Nordic, a subsidiary of Russian state energy holding Inter RAO had told AFP on Friday (May 13) that Finland's electricity supply would be cut on May 14. The company mentioned issue of arrears. “We are forced to suspend the electricity import starting from May 14,” RAO Nordic said as per AFP. “RAO Nordic is not able to make payments for the imported electricity from Russia,” they added, “This situation is exceptional and happened for the first time in over 20 years of our trading history.” Russian President Vladimir Putin is fiercely against former Soviet states and countries bordering Russia joining NATO. Putin has expressed displeasure at Ukraine's moves to join the alliance prior to Russian invasion that took place on February 24. “The expansion of NATO and the approach of the alliance to our borders does not make the world and our continent more stable and secure,” Kremlin spokesman Dmitry Peskov has been quoted as saying by Reuters. Russia said on Saturday that it will take necessary precautionary measures if NATO nuclear forces and infrastructure was deployed near Russian borders "It will be necessary to respond ... by taking adequate precautionary measures that would ensure the viability of deterrence," Interfax agency quoted Deputy Foreign Minister Alexander Grushko as saying (With inputs from agencies)

Russia has cut Finland's electricity supply, says Finnish grid operator

Match 59 of IPL 2022 edition between Chennai Super Kings (CSK) and Mumbai Indians (MI) got underway in an unusual manner on Thursday evening (May 12), at the iconic Wankhede Stadium, Mumbai.&nbsp;

Firstly, the coin toss was delayed by a bit due to one of the floodlights going off. After Rohit Sharma-led MI franchise opted to bowl first, both sides were informed that they couldn't use the DRS for sometime due to powercut at the stadium. Thus, CSK opener and in-form batter Devon Conway paid the price by getting dismissed on the first ball he faced, which was clearly sliding down the leg side. Nonetheless, the New Zealander couldn't take the&nbsp;decision upstairs due to the unfortunate power cut.

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The DRS became available after ten completed deliveries. By then, Dhoni-led CSK were tottering at 5-3 with Conway, Moeen Ali and Robin Uthappa perishing for cheap.&nbsp;

The defending champions and four-time winners Chennai, who are playing a must-win match to keep the playoff hopes alive, have paid a big price for the power shortage. The Yellow Army lost half their side for a paltry 29 runs on board in less than six overs. The 2021 winners need to win all their remaining games to stand any chance of qualifying for the playoffs, which looks like&nbsp;an improbable task at present.

ALSO READ |&nbsp;<a href="https://www.wionews.com/sports/ipl-2022-rishabh-pant-joins-ms-dhoni-led-elite-list-of-indian-wicketkeeper-batters-with-4k-runs-in-t20s-478369">IPL 2022: Rishabh Pant joins MS Dhoni-led elite list of Indian wicketkeeper-batters with 4k runs in T20s</a>

At the coin toss, Rohit reflected on the CSK-MI rivalry and stated, "It's brilliant to play against Chennai, it's always like that. We need to try and win the game."

On the other hand, Dhoni opined on all-rounder Ravindra Jadeja being ruled out due to injury and said, "It's tough to replace him, don't think anyone can field better, no replacement in that aspect."

Match 59 of IPL 2022 edition between Chennai Super Kings (CSK) and Mumbai Indians (MI) got underway in an unusual manner on Thursday evening (May 12), at the iconic Wankhede Stadium, Mumbai.

Match 59 of IPL 2022 edition between Chennai Super Kings (CSK) and Mumbai Indians (MI) got underway in an unusual manner on Thursday evening (May 12), at the iconic Wankhede Stadium, Mumbai. Firstly, the coin toss was delayed by a bit due to one of the floodlights going off. After Rohit Sharma-led MI franchise opted to bowl first, both sides were informed that they couldn't use the DRS for sometime due to powercut at the stadium. Thus, CSK opener and in-form batter Devon Conway paid the price by getting dismissed on the first ball he faced, which was clearly sliding down the leg side. Nonetheless, the New Zealander couldn't take the decision upstairs due to the unfortunate power cut. ALSO READ | Ravindra Jadeja might not be with CSK in IPL 2023, says ex-Indian opener amid rift rumours The DRS became available after ten completed deliveries. By then, Dhoni-led CSK were tottering at 5-3 with Conway, Moeen Ali and Robin Uthappa perishing for cheap. The defending champions and four-time winners Chennai, who are playing a must-win match to keep the playoff hopes alive, have paid a big price for the power shortage. The Yellow Army lost half their side for a paltry 29 runs on board in less than six overs. The 2021 winners need to win all their remaining games to stand any chance of qualifying for the playoffs, which looks like an improbable task at present. ALSO READ | IPL 2022: Rishabh Pant joins MS Dhoni-led elite list of Indian wicketkeeper-batters with 4k runs in T20s At the coin toss, Rohit reflected on the CSK-MI rivalry and stated, "It's brilliant to play against Chennai, it's always like that. We need to try and win the game." On the other hand, Dhoni opined on all-rounder Ravindra Jadeja being ruled out due to injury and said, "It's tough to replace him, don't think anyone can field better, no replacement in that aspect."

CSK vs MI: EXPLAINED! Here's why both teams were deprived of DRS during first 10 balls of the contest

Beating blackouts: Congo nun builds power plant to overcome daily electricity cuts in her city - see pics

India's&nbsp;electricity&nbsp;shortage&nbsp;from&nbsp;March&nbsp;1 to&nbsp;March&nbsp;30 was its&nbsp;worst&nbsp;since&nbsp;October, a Reuters analysis of government data shows.

A surge in power demand in&nbsp;March&nbsp;has forced India to cut&nbsp;coal&nbsp;supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories.

Many northern states suffered hours-long power outages in&nbsp;October, when a crippling&nbsp;coal&nbsp;shortage&nbsp;caused the worst electricity deficit in nearly five years.

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Shortages in the eastern state of Jharkhand and Uttarakhand in the north surpassed those of&nbsp;October, the latest data showed.

The western state of Gujarat, one of the country's most industrialized, has ordered a staggered shutdown of "non-continuous process" industries in key cities next week, according to a government note reviewed by Reuters.

A Gujarat energy department official said the move was due to power&nbsp;shortages and to facilitate continuous power supply to farmers, adding a similar strategy was last used in 2010. He declined to comment on how long the staggered shutdown will be in place.

The official declined to be named as he was not authorized to speak to the media.

The southern state of Andhra Pradesh and the tourist resort state of Goa, which registered marginal&nbsp;shortages in&nbsp;October, suffered deficits several times larger in&nbsp;March.

The deficit in&nbsp;March&nbsp;was 574 million kilowatt-hours, a measure that multiplies power level by duration, a Reuters analysis of data from federal grid regulator POSOCO showed.

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That amounted to 0.5 per cent&nbsp;of overall demand for the period, or half the deficit of 1per cent&nbsp;in&nbsp;October.

The northern states of Haryana, Rajasthan and Punjab and the eastern state of Bihar, some parts of which suffered widespread outages in&nbsp;October, accounted for most of the deficit in&nbsp;March, but shortfalls were lower, the data showed.

Watch |&nbsp;Gravitas: NYT misleads readers on Indian strike

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India's electricity shortage from March 1 to March 30 was its worst since October, a Reuters analysis of government data shows. A surge in power demand in March has forced India to cut coal supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories.

India's electricity shortage from March 1 to March 30 was its worst since October, a Reuters analysis of government data shows. A surge in power demand in March has forced India to cut coal supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories. Many northern states suffered hours-long power outages in October, when a crippling coal shortage caused the worst electricity deficit in nearly five years. Also read | Kashmir sets an example of brotherhood, Sharda Peeth base temple near LoC Shortages in the eastern state of Jharkhand and Uttarakhand in the north surpassed those of October, the latest data showed. The western state of Gujarat, one of the country's most industrialized, has ordered a staggered shutdown of "non-continuous process" industries in key cities next week, according to a government note reviewed by Reuters. A Gujarat energy department official said the move was due to power shortages and to facilitate continuous power supply to farmers, adding a similar strategy was last used in 2010. He declined to comment on how long the staggered shutdown will be in place. The official declined to be named as he was not authorized to speak to the media. The southern state of Andhra Pradesh and the tourist resort state of Goa, which registered marginal shortages in October, suffered deficits several times larger in March. The deficit in March was 574 million kilowatt-hours, a measure that multiplies power level by duration, a Reuters analysis of data from federal grid regulator POSOCO showed. Also read | India is an important partner in trade, space says Mexico Foreign Minister Ebrard That amounted to 0.5 per cent of overall demand for the period, or half the deficit of 1per cent in October. The northern states of Haryana, Rajasthan and Punjab and the eastern state of Bihar, some parts of which suffered widespread outages in October, accounted for most of the deficit in March, but shortfalls were lower, the data showed. Watch | Gravitas: NYT misleads readers on Indian strike

India's March electricity shortage worst since coal crisis in October

According to a new analysis, wind and solar generated a 10% of global electricity for the first time in 2021. This could pave a way for a less warm and a green world.

Wind & Solar: Future of global electricity

In the oilfields of southern&nbsp;Iraq, billions of cubic feet of gas literally go up in smoke, burnt off on flare stacks for want of the infrastructure to capture and process it.

The flares produce vast amounts of carbon dioxide and other greenhouse gases, contributing to global warming without any economic or social benefit.

Analysts say the waste is particularly egregious, as&nbsp;Iraq&nbsp;is a significant importer of natural gas, meeting a third of its needs through expensive and not always reliable supplies from neighbouring Iran.

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The government has pledged to phase out the practice by 2030 but the road to a greener, less wasteful energy sector is proving a long one.

For the oil companies exploiting the mega fields around Basra, it is actually cheaper to flare off the associated gas than to capture, process and market it, despite the obvious environmental costs.

Currently, only half of the three million cubic feet of gas that comes out of Iraqi oil wells each day is captured and processed.

The rest is burnt off in flares creating the plumes of acrid black smoke that blight the skies.

"Flared gas, if captured and processed, could provide electricity to three million homes," said Yesar al-Maleki, Gulf analyst at Middle East Economic Survey.

"This could definitely help the country end its acute power shortages that go up all the way to a supply and demand gap of nine gigawatts in summer."

Up in smoke

In December,&nbsp;Iraq's oil minister Ihsan Ismail pledged to cut flare gas by 90 per cent by 2024.

But despite contracts with foreign oil majors, including France's TotalEnergies, the target is likely to face bureaucratic obstacles in a sector which provides 90 per cent of government revenues.

Over the past two years, the government has cut flare gas by just five per cent.

The captured gas is fuel that&nbsp;Iraq&nbsp;desperately needs for its power stations.

Under an exemption from US sanctions on Iran,&nbsp;Iraq&nbsp;imports 750 million cubic feet per day from its eastern neighbour.

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Any disruption to that supply can lead to widespread power cuts, particularly in summer when the demand for air conditioning and refrigeration peaks.

Maleki said the failure to address the issue bore multiple costs for&nbsp;Iraq.

"It loses financially by burning money in the air; it loses more money by importing gas from neighbouring countries at a premium; it loses more money resolving resultant issues in its power sector when it switches its gas turbines to costly and pollutive liquid fuels; and it definitely loses environmentally."

Basra province is home to&nbsp;Iraq's five largest oilfields and accounts for 65 percent of its flared gas, according to World Bank figures.

The Basrah Gas Company, a consortium of&nbsp;Iraq's state-owned South Gas Company, Shell and Mitsubishi, captures one billion cubic feet of gas from the three fields in which it operates.

It plans to raise that figure to 1.4 billion cubic feet by the end of 2023 but doing so requires heavy investment, in processing as well as capture.

Managing director Malcolm Mayes said the consortium was investing around $1.5 billion in a giant new processing facility in Artawi, outside Basra.

"In Artawi, we are building two processing trains," Mayes said.&nbsp;

"The first will be on stream in May 2023 and the second will come on stream in November 2023, and at that point we will have the capacity to process 1.4 billion cubic feet -- approaching 90 percent from our lease area."

Cleaner electricity

Iraq&nbsp;has also signed a mega-contract with TotalEnergies that includes building a processing facility for the associated gas from three southern oilfeilds.

"The plant's launch is scheduled for 2026," the French firm said.

Iraq&nbsp;says the plant will process 300 million cubic feet a day of gas that is currently flared off, rising to 600 million in a second phase.

Teams from TotalEnergies are already on the ground carrying out preliminary studies, but the process is dragging on.

Watch |&nbsp;The nuclear threat in Ukraine: UN atomic watchdog condemns Russia after fire incident

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Last month, Baghdad said some clauses of the contract "require time and cannot be implemented or solved in a short period".

A similar project awarded to Chinese firms in neighbouring Maysan province is only half finished.

In the meantime, Basra's residents continue to live with the environmental consequences.

"Everything is polluted by these flares -- the water, the animals, they're all dead," said Salem, an 18-year-old shepherd in the village of Nahr Bin Omar, site of a major oilfield just north of Basra.

In the oilfields of southern Iraq, billions of cubic feet of gas literally go up in smoke, burnt off on flare stacks for want of the infrastructure to capture and process it.

In the oilfields of southern Iraq, billions of cubic feet of gas literally go up in smoke, burnt off on flare stacks for want of the infrastructure to capture and process it. The flares produce vast amounts of carbon dioxide and other greenhouse gases, contributing to global warming without any economic or social benefit. Analysts say the waste is particularly egregious, as Iraq is a significant importer of natural gas, meeting a third of its needs through expensive and not always reliable supplies from neighbouring Iran. Also read | Pope Francis lands in Iraq on first-ever papal visit The government has pledged to phase out the practice by 2030 but the road to a greener, less wasteful energy sector is proving a long one. For the oil companies exploiting the mega fields around Basra, it is actually cheaper to flare off the associated gas than to capture, process and market it, despite the obvious environmental costs. Currently, only half of the three million cubic feet of gas that comes out of Iraqi oil wells each day is captured and processed. The rest is burnt off in flares creating the plumes of acrid black smoke that blight the skies. "Flared gas, if captured and processed, could provide electricity to three million homes," said Yesar al-Maleki, Gulf analyst at Middle East Economic Survey. "This could definitely help the country end its acute power shortages that go up all the way to a supply and demand gap of nine gigawatts in summer." Up in smoke In December, Iraq's oil minister Ihsan Ismail pledged to cut flare gas by 90 per cent by 2024. But despite contracts with foreign oil majors, including France's TotalEnergies, the target is likely to face bureaucratic obstacles in a sector which provides 90 per cent of government revenues. Over the past two years, the government has cut flare gas by just five per cent. The captured gas is fuel that Iraq desperately needs for its power stations. Under an exemption from US sanctions on Iran, Iraq imports 750 million cubic feet per day from its eastern neighbour. Also read | Even as Covid rages in Iraq, vaccines viewed with suspicion Any disruption to that supply can lead to widespread power cuts, particularly in summer when the demand for air conditioning and refrigeration peaks. Maleki said the failure to address the issue bore multiple costs for Iraq. "It loses financially by burning money in the air; it loses more money by importing gas from neighbouring countries at a premium; it loses more money resolving resultant issues in its power sector when it switches its gas turbines to costly and pollutive liquid fuels; and it definitely loses environmentally." Basra province is home to Iraq's five largest oilfields and accounts for 65 percent of its flared gas, according to World Bank figures. The Basrah Gas Company, a consortium of Iraq's state-owned South Gas Company, Shell and Mitsubishi, captures one billion cubic feet of gas from the three fields in which it operates. It plans to raise that figure to 1.4 billion cubic feet by the end of 2023 but doing so requires heavy investment, in processing as well as capture. Managing director Malcolm Mayes said the consortium was investing around $1.5 billion in a giant new processing facility in Artawi, outside Basra. "In Artawi, we are building two processing trains," Mayes said. "The first will be on stream in May 2023 and the second will come on stream in November 2023, and at that point we will have the capacity to process 1.4 billion cubic feet -- approaching 90 percent from our lease area." Cleaner electricity Iraq has also signed a mega-contract with TotalEnergies that includes building a processing facility for the associated gas from three southern oilfeilds. "The plant's launch is scheduled for 2026," the French firm said. Iraq says the plant will process 300 million cubic feet a day of gas that is currently flared off, rising to 600 million in a second phase. Teams from TotalEnergies are already on the ground carrying out preliminary studies, but the process is dragging on. Watch | The nuclear threat in Ukraine: UN atomic watchdog condemns Russia after fire incident Last month, Baghdad said some clauses of the contract "require time and cannot be implemented or solved in a short period". A similar project awarded to Chinese firms in neighbouring Maysan province is only half finished. In the meantime, Basra's residents continue to live with the environmental consequences. "Everything is polluted by these flares -- the water, the animals, they're all dead," said Salem, an 18-year-old shepherd in the village of Nahr Bin Omar, site of a major oilfield just north of Basra.

It's a long road ahead for Iraq's pledge to phase out gas flares

Power failures were&nbsp;reported&nbsp;in many&nbsp;parts&nbsp;of&nbsp;Taiwan&nbsp;on Thursday following what the presidential office said was "an incident" at a power plant.

The&nbsp;blackouts&nbsp;occurred after 9 am (0100 GMT)&nbsp;across&nbsp;the island, from the capital Taipei to central Taichung city and southern Pingtung county, reports said.&nbsp;

The electricity failures came as&nbsp;President Tsai Ing-wen was set to meet the former US secretary of state Mike Pompeo.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/united-states-sends-delegation-to-taiwan-amid-invasion-fears-457815">United States sends delegation to Taiwan amid ‘invasion’ fears</a>

They also came a day after a visit by a delegation of former US security officials, a trip denounced by Beijing, which sees&nbsp;Taiwan&nbsp;as its territory and denounces any official ties the island has with other countries.&nbsp;

The Presidential Office said an initial probe showed the&nbsp;blackouts&nbsp;were caused by "an incident" at a power plant in southern Kaohsiung city. &nbsp;

While power supply at the president's office was normal, it said a scheduled live stream of Tsai's meeting with Pompeo was cancelled.

"President Tsai has instructed the cabinet and relevant agencies to clarify the cause of the incident... and resume power supplies as soon as possible," the statement read.

State-run Taipower said a malfunction occurred at Kaohsiung's Hsinta power plant, the island's third-largest coal-fired station which supplies around a seventh of&nbsp;Taiwan's power.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/china-says-us-warship-sailing-in-taiwan-strait-provocative-456800">China says US warship sailing in Taiwan Strait 'provocative'</a>

It then caused an ultra-high voltage station in neighbouring Tainan to trip, which led to the blackouts, it said.

The outage hit about 5.5 million homes across&nbsp;Taiwan, the company said, of which 4 million have since had power restored.

Economic minister Wang Mei-hua told reporters the Hsinta plant has been cut off from the power system after the incident, with hydro and other power plants being brought online to supply electricity.&nbsp;

TV footage showed police officers directing cars as traffic lights failed and some shops were forced to stay closed due to the lack of power.

Taiwan&nbsp;High-Speed Rail said an unspecified number of its trains were affected by the power outage.&nbsp;

Taiwan&nbsp;Railways Administration said some of its trains operating in southern Tainan, Pingtung and central Nantou have been delayed or suspended.&nbsp;

The island does occasionally experience large power outages, particularly during warmer seasons when demand spikes.&nbsp;

In 2017,&nbsp;Taiwan's economic minister resigned following an outcry over massive power failures across the island, affecting more than six million households.

Blackouts also hit in May last year as demand spiked during a heatwave.&nbsp;

Power failures were reported in many parts of Taiwan on Thursday following what the presidential office said was "an incident" at a power plant. The blackouts occurred after 9 am (0100 GMT) across the island, from the capital Taipei to central Taichung city and southern Pingtung county, reports said.

Power failures were reported in many parts of Taiwan on Thursday following what the presidential office said was "an incident" at a power plant. The blackouts occurred after 9 am (0100 GMT) across the island, from the capital Taipei to central Taichung city and southern Pingtung county, reports said. The electricity failures came as President Tsai Ing-wen was set to meet the former US secretary of state Mike Pompeo. Also read | United States sends delegation to Taiwan amid ‘invasion’ fears They also came a day after a visit by a delegation of former US security officials, a trip denounced by Beijing, which sees Taiwan as its territory and denounces any official ties the island has with other countries. The Presidential Office said an initial probe showed the blackouts were caused by "an incident" at a power plant in southern Kaohsiung city. While power supply at the president's office was normal, it said a scheduled live stream of Tsai's meeting with Pompeo was cancelled. "President Tsai has instructed the cabinet and relevant agencies to clarify the cause of the incident... and resume power supplies as soon as possible," the statement read. State-run Taipower said a malfunction occurred at Kaohsiung's Hsinta power plant, the island's third-largest coal-fired station which supplies around a seventh of Taiwan's power. Also read | China says US warship sailing in Taiwan Strait 'provocative' It then caused an ultra-high voltage station in neighbouring Tainan to trip, which led to the blackouts, it said. The outage hit about 5.5 million homes across Taiwan, the company said, of which 4 million have since had power restored. Economic minister Wang Mei-hua told reporters the Hsinta plant has been cut off from the power system after the incident, with hydro and other power plants being brought online to supply electricity. TV footage showed police officers directing cars as traffic lights failed and some shops were forced to stay closed due to the lack of power. Taiwan High-Speed Rail said an unspecified number of its trains were affected by the power outage. Taiwan Railways Administration said some of its trains operating in southern Tainan, Pingtung and central Nantou have been delayed or suspended. The island does occasionally experience large power outages, particularly during warmer seasons when demand spikes. In 2017, Taiwan's economic minister resigned following an outcry over massive power failures across the island, affecting more than six million households. Blackouts also hit in May last year as demand spiked during a heatwave.

Mass blackouts reported across parts of Taiwan, 5.5 million homes affected

President Moon Jae-in said Friday that South Korea will fully use its nuclear power plants under its nuclear phase-out scheme, calling nuclear power a mainsource of electricity over the next 60 years. 
 
"Over the next 60 years, while nuclear power plants continue to operate, nuclear power plants should be fully utilized as a main base source of electricity," Moon told a meeting on stable supply of power, according to presidential spokesperson Park Kyung-mee. 
 
Construction of four nuclear reactors -- Shin-Hanul No. 1 and No. 2, as well as Shin-Kori No. 5 and No. 6 -- have been delayed due to safety inspections and other issues, Xinhua news agency reported.

Also read |&nbsp;<a href="https://www.wionews.com/world/south-korea-issues-new-warning-to-evacuate-last-remaining-citizens-from-ukraine-454800">South Korea issues new warning to evacuate last remaining citizens from Ukraine</a> 
 
Moon urged officials to make efforts to gradually start operations at the four nuclear reactors, because safety standards for operations have increased, Park said. 
 
Moon said the Korean government's energy transition policy is to gradually suspend construction of new nuclear power plants and prohibit the extension of the lifespan for older nuclear power plants until 2084. 
 
Moon called for officials to "make every effort to ensure the safety of nuclear power plants while maintaining proper operation rate," according to Park. 
 
The nuclear phase-out scheme set by Moon's government centers on slowly breaking away from nuclear energy by refraining from building additional plants while retiring old ones.

Also read |&nbsp;<a href="https://www.wionews.com/world/south-korea-weighs-penalty-against-tesla-for-exaggerating-mileage-453748">South Korea weighs penalty against Tesla for exaggerating mileage</a> 
 
Under the roadmap, South Korea plans to decrease the number of nuclear plants in operation to 17 by 2034, from this year's 24. 
 
The government plans to reduce nuclear energy to account for 23.9 per cent of the country`s total power generation by 2030 from around 30 per cent last year. It targets to raise the proportion of renewable sources to 20 per cent from 6.6 per cent over the same period.

President Moon Jae-in said Friday that South Korea will fully use its nuclear power plants under its nuclear phase-out scheme, calling nuclear power a mainsource of electricity over the next 60 years.

President Moon Jae-in said Friday that South Korea will fully use its nuclear power plants under its nuclear phase-out scheme, calling nuclear power a mainsource of electricity over the next 60 years. "Over the next 60 years, while nuclear power plants continue to operate, nuclear power plants should be fully utilized as a main base source of electricity," Moon told a meeting on stable supply of power, according to presidential spokesperson Park Kyung-mee. Construction of four nuclear reactors -- Shin-Hanul No. 1 and No. 2, as well as Shin-Kori No. 5 and No. 6 -- have been delayed due to safety inspections and other issues, Xinhua news agency reported. Also read | South Korea issues new warning to evacuate last remaining citizens from Ukraine Moon urged officials to make efforts to gradually start operations at the four nuclear reactors, because safety standards for operations have increased, Park said. Moon said the Korean government's energy transition policy is to gradually suspend construction of new nuclear power plants and prohibit the extension of the lifespan for older nuclear power plants until 2084. Moon called for officials to "make every effort to ensure the safety of nuclear power plants while maintaining proper operation rate," according to Park. The nuclear phase-out scheme set by Moon's government centers on slowly breaking away from nuclear energy by refraining from building additional plants while retiring old ones. Also read | South Korea weighs penalty against Tesla for exaggerating mileage Under the roadmap, South Korea plans to decrease the number of nuclear plants in operation to 17 by 2034, from this year's 24. The government plans to reduce nuclear energy to account for 23.9 per cent of the country`s total power generation by 2030 from around 30 per cent last year. It targets to raise the proportion of renewable sources to 20 per cent from 6.6 per cent over the same period.

President Moon calls nuclear power main source of electricity over next 60 years

Power-starved Lebanon signed an agreement to import electricity from Jordan via Syria to reduce chronic outages and heed international calls for reform. Ghadi Francis brings you this ground report from Beirut on The West Asia Post.

The West Asia Post: Lebanon to get electricity from Jordan

Sri Lanka's present fuel inventories, according to authorities at the Ceylon Electricity Board, will last until Tuesday morning, which is less than 24 hours away.

Officials are scheduled to meet tomorrow in what appears to be a last-minute effort to examine fuel procurement strategies to ensure an uninterrupted electricity supply.

Speaking to WION, Minister of Energy Udaya Gammanpila said if the Ceylon Electricity Board needs fuel continuously, it must provide US dollars to the Ceylon Petroleum Corporation.

Minister Gammanpila stated that, in light of the country's current dollar problem, the CPC is having major challenges earning $400 million every month in order to secure an appropriate supply of fuel stocks for transportation and other businesses.

He said the Ministry of Energy informed the CEB three months ago that if they require fuel for power generation, they should inform them in advance.

However, according to the Energy Minister, the CEB informed the CPC on the 11th of January that they required diesel from the 13th of January.

Minister Gammanpila said the CPC does not possess additional stocks of diesel to supply at such short notice.

The Minister said if the CEB provides dollars, the Ministry of Energy is prepared to import and supply the required stocks of fuel for power generation.

(With inputs from agencies)

Sri Lanka's present fuel inventories, according to authorities at the Ceylon Electricity Board, will last until Tuesday morning, which is less than 24 hours away.

Sri Lanka's present fuel inventories, according to authorities at the Ceylon Electricity Board, will last until Tuesday morning, which is less than 24 hours away. Officials are scheduled to meet tomorrow in what appears to be a last-minute effort to examine fuel procurement strategies to ensure an uninterrupted electricity supply. Speaking to WION, Minister of Energy Udaya Gammanpila said if the Ceylon Electricity Board needs fuel continuously, it must provide US dollars to the Ceylon Petroleum Corporation. Minister Gammanpila stated that, in light of the country's current dollar problem, the CPC is having major challenges earning $400 million every month in order to secure an appropriate supply of fuel stocks for transportation and other businesses. He said the Ministry of Energy informed the CEB three months ago that if they require fuel for power generation, they should inform them in advance. However, according to the Energy Minister, the CEB informed the CPC on the 11th of January that they required diesel from the 13th of January. Minister Gammanpila said the CPC does not possess additional stocks of diesel to supply at such short notice. The Minister said if the CEB provides dollars, the Ministry of Energy is prepared to import and supply the required stocks of fuel for power generation. (With inputs from agencies)

Exclusive: As Sri Lanka set to run out of power in 24 hours, minister says ready to import fuel

The intervention by Pakistan Prime Minister Imran Khan came nearly a month after the Gwadar fishermen took to the streets to press the government for their demands including a halt to illegal fishing. WION brings you a live report from the protest site.

Gwadar residents protest for electricity, water, PM Imran Khan promises to act on demands

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