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EU electricity demand set to drop to lowest level in 20 years – IEA

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EU electricity demand set to drop to lowest level in 20 years – IEA

Electricity demand in the European Union is set to fall by 3% in 2023 to its lowest level in twenty years, according to new estimates by the International Energy Agency (IEA).

Spiraling energy prices and economic slowdowns in European economies are mainly accountable for the decrease in demand.

A record two-year slump of 6% in EU electricity consumption was recorded during the first half of 2023, showing the heavy blow dealt to Europe’s consumers and industries by the energy crisis following Russia’s invasion of Ukraine. 

The industrial slowdown was responsible for two-thirds of the net reduction in EU electricity demand in 2022.

This puts industrial competitiveness in Europe under pressure, according to the IEA report, as industry outputs continue to lag despite prices coming down from last year’s record highs. The report says overseas subsidies such as the US Inflation Reduction Act (IRA) and Japan’s Green Transformation Act “are influencing production curtailment, plant closures, and the pausing and diverting of investment.”

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Meanwhile, global electricity demand is set to rise, driven by the decarbonisation of energy systems, the increasing use of indoor cooling as world temperatures climb, and the growth in emerging and developing economies. Electricity demand is forecast to increase in China and India, with China expected to record an annual growth of 5.2% over the next two years.

These emerging countries continue to rely on fossil fuels, with China and India both increasing coal-fired electricity generation in the first half of 2023 due to drought-induced cuts in hydropower.

The IEA foresees a rebound in global electricity demand in 2024 as the economic outlook improves, and says 2024 could become the first year in which more electricity is generated worldwide from renewables than from coal. 

The new insights came as the European Parliament’s Industry Committee backed plans to reform the EU’s electricity market based on a deal struck by the main European political parties earlier this month.

The reform, first tabled by the European Commission in March, aims to shield consumers from soaring prices, boost the uptake of renewables and maintain European companies’ competitive edge on an increasingly competitive global stage.

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The Parliament backed consumers’ right to more stable, long-term contracts, banning suppliers from being able to unilaterally change the terms of a contract and from cutting electricity supply to vulnerable customers.

It also supported so-called ‘Contracts for Difference’ (CFDs), where public authorities can compensate energy producers if market prices fall too steeply, but can collect payments from them if prices are too high.

“This reform aims to give the European electricity market a sense of stability, so that we never again have to experience the prices of this crisis,” the Parliament’s rapporteur on the file, Nicolás González Casares, said.

But the Parliament’s adopted position does not include a cap on energy companies’ windfall revenues in a future energy crisis, a measure originally supported by Casares. The EU introduced a temporary windfall tax on energy companies in 2022 to help cushion consumer bills during the energy crisis.

“Not all political groups saw it the same way,” Casares said.

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The center-right EPP and industry groups had opposed the revenue cap as a deterrent to investments in new technologies.

The planned reform was backed by 55 MEPs, while 15 voted against and 2 abstained. The Committee also voted to open negotiations with the Council, a decision which will need approval in the next plenary session.

But EU ministers have so far failed to reach a common position due to difficulties in striking a deal that satisfies 27 countries with very different economies and energy mixes. Spain, which holds the EU’s rotating presidency, is expected to play a pivotal role in finding a compromise.

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Cartier owner Richemont posts 10% increase in Q3 sales

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Cartier owner Richemont posts 10% increase in Q3 sales
Cartier jewellery owner Richemont on Thursday reported a 10% increase in constant currency sales during the three months to the end of December, a strong early indicator for the performance of European luxury companies over the all-important holiday season.
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Ancient Pompeii excavation uncovers lavish private bath complex

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Ancient Pompeii excavation uncovers lavish private bath complex

Archaeologists have unearthed a lavish private bath complex in Pompeii, highlighting the wealth and grandeur of the ancient Roman city before it was destroyed by Mount Vesuvius in AD 79, the site said on Friday.

The baths, featuring hot, warm and cold rooms, could host up to 30 guests, allowing them to relax before heading into an adjacent, black-walled banquet hall, decorated with scenes from Greek mythology.

ITALY’S ANCIENT POMPEII PARK CRACKS DOWN ON DAILY VISITORS TO COMBAT OVERTOURISM

The pleasure complex lies inside a grand residence that has been uncovered over the last two years during excavations that have revealed the opulent city’s multifaceted social life before Vesuvius buried it under a thick, suffocating blanket of ash.

A central courtyard with a large basin adds to the splendour of the house, which is believed to have been owned by a member of Pompeii’s elite in its final years.

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“This discovery underscores how Roman houses were more than private residences, they were stages for public life and self-promotion,” said Gabriel Zuchtriegel, director of the Pompeii Archaeological Park.

The private thermal baths complex discovered by archaeologists in a villa of the ancient city of Pompeii is seen in Pompeii, Italy, in this undated handout picture released on January 17, 2025.  (Pompeii Archeological Park/Ministry of Cultural Heritage and Activities and Tourism/Handout via REUTERS )

Zuchtriegel said the layout recalled scenes from the Roman novel “The Satyricon”, where banquets and baths were central to displays of wealth and status.

Decorated with frescoes, the complex draws inspiration from Greek culture, emphasizing themes of leisure and erudition.

“The homeowner sought to create a spectacle, transforming their home into a Greek-style palace and gymnasium,” Zuchtriegel said.

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The remains of more than 1,000 victims have been found during excavations in Pompeii, including two bodies inside the private residence with the bathhouse – a woman, aged between 35-50, who was clutching jewellery and coins, and a younger man.

The discovery of their bodies was announced last year.

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‘Fields were solitary’: Migration raids send chill across rural California

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‘Fields were solitary’: Migration raids send chill across rural California

Los Angeles, California — Recent raids carried out by the United States Customs and Border Protection (CBP) in a rural California county have struck fear into immigrant communities as President-elect Donald Trump prepares to return to the White House.

CBP says that the operation in Kern County, which took place over three days in early January, resulted in the detention of 78 people. The United Farm Workers (UFW) union says it believes the number is closer to 200.

“The fields were almost solitary the day after the raids,” a 38-year-old undocumented farmworker named Alejanda, who declined to give her last name, said of the aftermath.

She explained that many workers stayed home out of fear. “This time of year, the orchards are usually full of people, but it felt like I was by myself when I returned to work.”

The raids are being seen by local labourers and organisations like UFW as a shot across the bow from immigration enforcement agencies before Trump’s inauguration on Monday.

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His second term as president is expected to ring in a new era of enhanced restrictions and deportation efforts.

While the number of people arrested represents a small fraction of the hundreds of thousands of undocumented workers underpinning California’s agricultural sector, the anxieties caused by such raids extend far beyond those detained.

“On Wednesday [the day after the raids], I stayed home from work. I barely left my house,” said Alejanda, adding that she kept her five-year-old son home from daycare rather than risk driving to drop him off.

“Everyone is talking about what happened. Everyone is afraid, including me. I didn’t actually see any of the agents myself, but you still feel the tension.”

Emboldened agencies

Following a presidential campaign where he routinely depicted undocumented migrants as “criminals” and “animals”, Trump will likely try to fulfill his promise to carry out the “largest deportation programme” in the country’s history on his first day in office.

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About 11 million people live in the United States without legal documentation, some of whom have worked in the country for decades, building families and communities.

The January arrests in Kern County appear to be the first large-scale Border Patrol raid in California since Trump’s victory in the November election, which set off speculation about the potential impact of mass deportations on immigrant communities and the economic sectors dependent on their labour.

About 50 percent of California’s agricultural workforce is made up of undocumented immigrants.

In California, undocumented status has been cited as a source of persistent anxiety for workers — as well as a means of leverage for employers, who often pay such labourers lower wages and grant them fewer protections in the fields.

But Alejanda says that workplace raids like the ones that took place in Kern County have not been common in the area.

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“I have been here for five years and never experienced anything like this before,” she said, noting that workers were detained while leaving the fields to go home.

CBP said in a statement that the operation, named “Return to Sender”, had targeted undocumented people with criminal backgrounds and connections to criminal organisations.

The raids were carried out by agents from the CBP El Centro Sector, located near the border between Mexico and southern California, more than five hours by car from the site of the raids.

“The El Centro Sector takes all border threats seriously,” Chief Patrol Agent Gregory Bovino said in a press release. “Our area of responsibility stretches from the US/Mexico Border, north, as mission and threat dictate, all the way to the Oregon line.”

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Antonio De Loera-Brust, a spokesperson for UFW, said that the operation shows that agencies like CBP are likely to become more aggressive as Trump takes office.

He also disputed CBP’s characterisation of the raids as focused on people with criminal records, saying that the operation cast a wide net and profiled people who looked like farmworkers.

Two of those arrested were UFW members, whom the organisation described as fathers who had lived in the area for more than 15 years.

“By operating over 300 miles north of the Mexican border, and apparently conducting this untargeted sweep based on profiling on their own initiative and authority, Border Patrol has shown itself to be clearly emboldened by a national political climate of hostility towards hard-working immigrant communities,” De Loera-Brust told Al Jazeera.

“It’s certainly deeply concerning that this sort of operation could be the new normal under the incoming Trump administration.”

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