Increase in Power Producers’ Shares

Shares of power producers have experienced an upward movement in recent times. This comes as Maui County has filed a lawsuit against utility company Hawaiian Electric, alleging that the company’s power lines were responsible for a series of devastating wildfires on the island. One of these fires destroyed the town of Lahaina and tragically claimed the lives of at least 115 people. In response to these developments, Hawaiian Electric has announced the suspension of its dividend, starting in the third quarter, as a measure to bolster its cash position.

Saudi Arabia Explores Chinese Nuclear-Power Plant Bid

Officials from Saudi Arabia have revealed that they are considering a bid from China to construct a nuclear-power plant within the kingdom. This move is seen as a strategic maneuver to exert pressure on the Biden administration to soften their conditions for U.S. assistance in Saudi Arabia’s pursuit of nuclear power. The U.S. has made it clear that its nuclear aid depends on the stipulation that Saudi Arabia refrains from uranium enrichment and mining within the kingdom—a condition that China, with its ambitions to expand its influence in the Middle East, does not support, much to the disquiet of Washington.