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Record heat tests power grid. (00:14) EU slaps fee on low-cost imports. (01:32) FedEx nears $1.4B logistics sale. (02:20)
This is an abridged transcript.
The Department of Energy declared a power emergency Tuesday for PJM Interconnection, the largest U.S. energy grid.
The emergency order said a statutory emergency exists in the region due to a combination of surging electricity demand and limited generation capacity.
The PJM region serves 67M people across 13 states.
The order authorizes power plants in the region to operate at maximum levels and exceed some environmental requirements.
PJM submitted a formal request for the action on June 29, warning of an “imminent electricity reliability emergency” driven by the potential for record power demand amid temperatures forecast to exceed 100F.
This summer is proving to be a challenge for the U.S. power system; last month, the DoE issued an emergency order authorizing the deployment of backup generation resources in PJM to help mitigate blackouts in the Mid-Atlantic.
Utilities operating in the PJM region: Constellation Energy (CEG), NextEra Energy (NEE), Vistra (VST), American Electric Power (AEP), Exelon (EXC), Dominion Energy (D), Duke Energy (DUK), Southern Company (SO), NRG Energy (NRG), Consolidated Edison (ED).
The European Union has begun imposing a €3 customs fee on low-value e-commerce imports from outside the bloc.
This move is expected to raise costs for shoppers buying from Chinese online marketplaces such as Shein, Temu and AliExpress.
The customs fee, which takes effect today, applies to imports valued below €150. The €3 charge is a temporary measure that will be replaced by category-specific duties starting July 1, 2028, when the new EU Customs Authority is scheduled to begin operations.
The European policymakers argue that the previous duty exemption for goods under €150 was being exploited by ultra-low-cost retailers, creating unfair competition for local businesses and overwhelming customs authorities.
CMA CGM is nearing a deal to buy FedEx’s (FDX) third-party logistics business for $1.4B in cash.
The Financial Times reported, citing people familiar with the matter, that talks with the French container shipping group are at an advanced stage, and a deal could come together as soon as today.
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Universal’s Minions & Monsters will open at U.S. theaters. The animated comedy is expected to top $80M in box office revenue for the extended five-day holiday weekend opening.
US stock index futures are lower.
Crude oil is down 1.5% at $68. Bitcoin is up 0.5% at $58,000. Gold is down 0.7% at $3,978.
The FTSE 100 is down 0.1% and the DAX is up 0.4%. The Hong Kong (HSI) market was closed for a holiday.
One stock on the biggest movers list: Bloom Energy (BE) +8% – Shares rallied after the company expanded its partnership with Brookfield Asset Management (BAM) to finance AI infrastructure power projects, increasing the funding commitment from $5B to $25B.
Economic calendar:
