Enel head of global power generation says company’s coal exit will happen faster than expected

first_imgEnel head of global power generation says company’s coal exit will happen faster than expected FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Italian utility Enel SpA will likely close its remaining coal-fired power stations around the world faster than anticipated, with worsening economics for the fuel leading to billions in write-downs and making an even stronger case to replace capacity with gas-fired plants and renewable energy.The company is still one of the largest owners of coal plants among European utilities and last month was placed on a watchlist by Norway’s $1 trillion sovereign wealth fund for falling foul of new environmental guidelines, which require companies to own less than 10,000 MW of coal capacity.But Antonio Cammisecra, head of global power generation at Enel, said in an interview that the company expects to reach that milestone by the end of this year — likely accelerating Enel’s eventual exit from coal, tentatively planned for 2030.Enel now wants to close its last coal plant in Chile several years ahead of schedule, after which it will have only one small Colombian unit left in Latin America. In October, the company sold its last coal plant in Russia. “We’ll do it faster than we expected just one year ago,” Cammisecra said. “No doubt, by 2025, Enel will be out of coal in Italy and, mostly, around the world.”The rest of its coal stock, roughly 11,000 MW in all, is in Europe: In Italy, the company just got permission to close a 660-MW unit at its plant in Brindisi, while two of its five remaining plants in Spain also have the green light for decommissioning.“It must be done. And the quicker we do it, the better for everybody,” Cammisecra said. “We’re basically not burning coal right now … and this is not a temporary factor,” Cammisecra said, pointing to increasing generation from wind and solar, cheap gas and a tightening emissions market in Europe, which are all eating into margins for coal. “I think this [dynamic] is here to stay,” he said. “So better to close these plants now.”[Yannic Rack]More ($): Enel eyes faster coal exit as worsening economics ‘here to stay’last_img read more

Lakers’ Jeanie Buss ‘surprised’ Magic Johnson resigned … but she doesn’t blame him

first_img“It was a surprise when Magic turned in his resignation,” Buss told reporters at the NBA Awards Show. “I didn’t see that coming.”As surprising as it was, it kind of reminded me of back in 1981 when he asked to be traded after winning a championship with the Lakers because he wasn’t happy with the way the offense had changed. That led us to getting Pat Riley as our head coach. Related News Magic Johnson denies report he was toxic to Lakers Magic Johnson looks into crystal ball, dissects 2020 Lakers “So he’s got good instincts. He’s got to stay true to who he is and do what’s right for him. I wish I would’ve had a little bit more notice, but I think we’re going to be just fine.”The Lakers are now in the hands of general manager Rob Pelinka. Johnson told ESPN last month the former agent had been “backstabbing” him, which Pelinka quickly denied. Whatever happened between the two men, Buss said she is comfortable with Pelinka guiding the franchise’s future.”I’ve always had confidence in Rob, whatever the speculation is out there,” Buss said. “We don’t need outside media to validate the things that we do. I’m very happy and I think we’re on the right path.”center_img Magic Johnson takes four tweets to congratulate Rob Pelinka for Anthony Davis trade Magic Johnson’s abrupt resignation as Lakers president of basketball operations on April 9 stunned the NBA, but team owner Jeanie Buss said Monday she doesn’t blame him.Finally addressing the issue for the first time Monday, Buss admitted Johnson’s resignation was surprising.last_img read more

NIH, 10 Drug Companies Partner to Study Four Diseases

first_imgRamping up its efforts in drug discovery, the National Institutes of Health (NIH) today unveiled what it called an unprecedented $230 million, 5-year partnership with 10 drug companies aimed at finding new treatments for Alzheimer’s disease, diabetes, rheumatoid arthritis, and lupus.In a room at the Washington, D.C., National Press Club packed with representatives from industry, patient groups, and federal officials, NIH Director Francis Collins described the Accelerating Medicines Partnership (AMP). The goal is to cut down on the more than 95% failure rate for drug candidates. As a result, it now takes some 10 years and more than $1 billion to develop a successful drug. By combining forces, companies and academics hope to cut costs and speed things up by sorting through a wealth of new genomic and molecular data on disease biology to find the most promising new drug targets. “This is a job too big for any single group,” Collins said.The 10 companies, which include giants like GlaxoSmithKline, Merck, Eli Lilly, and Sanofi, will put up about one-half of the $230 million; NIH is providing the other half. AMP, which will also involve patients groups, will be overseen by the Foundation for the NIH. Although the foundation already oversees various similar-sounding public-private partnerships, this one will be more comprehensive, participants say. Pfizer President of Worldwide Research & Development Mikael Dolsten explained: “What we would like to have is a … GPS for human disease.”Sign up for our daily newsletterGet more great content like this delivered right to you!Country *AfghanistanAland IslandsAlbaniaAlgeriaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo, The Democratic Republic of theCook IslandsCosta RicaCote D’IvoireCroatiaCubaCuraçaoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and Mcdonald IslandsHoly See (Vatican City State)HondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Republic ofIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea, Democratic People’s Republic ofKorea, Republic ofKuwaitKyrgyzstanLao People’s Democratic RepublicLatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacaoMacedonia, The Former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMartiniqueMauritaniaMauritiusMayotteMexicoMoldova, Republic ofMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorwayOmanPakistanPalestinianPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalQatarReunionRomaniaRussian FederationRWANDASaint Barthélemy Saint Helena, Ascension and Tristan da CunhaSaint Kitts and NevisSaint LuciaSaint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwanTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofVietnamVirgin Islands, BritishWallis and FutunaWestern SaharaYemenZambiaZimbabweI also wish to receive emails from AAAS/Science and Science advertisers, including information on products, services and special offers which may include but are not limited to news, careers information & upcoming events.Required fields are included by an asterisk(*)Collins said NIH spent more than 2 years in “intense discussions” with companies to put together the partnership, and it has personal significance. As director of NIH’s genome institute, Collins helped lead the massive sequencing effort that produced the first draft of the human genome in 2001. The Human Genome Project has since been criticized for failing to appreciably improve medical care or drive down costs. For example, researchers have found more than 1000 genetic variants pointing to proteins that predispose some people to disease. But only about a half-dozen promising drug targets have come out of this effort, Collins notes.The problem, Collins says, is not a lack of candidates but the challenge of sorting through “a deluge of information.” AMP will do this by bringing together academic scientists and industry for several 3- to 5-year pilot projects. Participants will share data openly. (In some cases, access will be restricted to researchers in order to protect patient privacy.) For companies, the payoff will come later, when they develop compounds to block the newly identified drug targets.The projects include:Alzheimer’s disease—At $130 million, this project will receive the lion’s share of AMP funding. It will look for new biomarkers for disease progression, such as imaging data or molecules in blood and spinal fluid. The biomarkers will be studied as part of four NIH-funded clinical trials that are testing ways to delay or prevent the disease. The project will also analyze existing brain tissue samples from Alzheimer’s patients to validate biological targets, develop network models for late-onset Alzheimer’s, and screen compounds against novel targets.Type 2 diabetes—This $58 million project will pool genetic and clinical data on up to 150,000 patients, some contributed by companies, and share this information through a web portal. One goal is to understand in more detail the complications of diabetes, such as kidney failure, Dolsten says. The project will also search for rare individuals with unusually severe or mild disease who could be studied to validate targets. Rheumatoid arthritis and lupus—A major goal of the $42 million project will be to analyze single cells from newly collected tissue samples, particularly from the synovium (the tissue lining joints), to better understand these autoimmune diseases at a molecular level and search for new drug targets.AMP follows on other NIH initiatives in the past few years to accelerate drug development, such as the creation 2 years ago of a new National Center for Advancing Translational Sciences (NCATS). For example, NCATS has launched a project in which companies work with academic researchers to find new uses for abandoned drugs. NCATS is not directly involved with AMP; instead, three disease-specific NIH institutes will fund the projects, Collins said.Later this year, the institutes will release requests for proposals to seek academic partners. The investigators who win the grants will then become part of joint disease steering committees. If AMP is successful, NIH hopes it will expand to other diseases.last_img read more