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• Equinor Acquires Nearly 10% Stake in Ørsted for $2.5B
  Norway's Equinor ASA has become the second...
  
  
  Norway's Equinor ASA has become the second largest shareholder in Denmark-based Ørsted AS after acquiring a 9.8% minority stake, consisting of 41.19 million shares, with the current market value of the holding estimated at around US$2.5 billion based on the Oct. 4 closing price of DKK 418 per share; according to an Oct. 7 press release, Equinor plans to increase its ownership to 10%.
  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  
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• Winter heating costs to follow last year’s
  The U.S. Energy Information Administration released a report this week...
  The U.S. Energy Information Administration released a report this week saying it expects most U.S. households will pay about the same to heat their homes on average as they did last winter. A notable exception is that EIA expects Midwestern homes heated by natural gas will pay about 11% more on average for heat than last winter.
  

  In its 2024 Winter Fuels Outlook, EIA forecasts a colder winter, leading to more energy consumption for heat. With energy prices similar to or slightly lower than last winter, EIA expects spending for many households will be about the same as last winter.

  
  

  “There’s a lot of uncertainty about the weather over an entire season—not to mention uncertainty over commodity prices,” said EIA Administrator Joe DeCarolis.

  
  Source: OK Energy Today
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• Gas-fired Power Generation Sets New Records Over Summer EIA
  Gas-fired power plant usage continued trending...
  
  
  Gas-fired power plant usage continued trending upward during the hot summer months, at times accounting for half of U.S. electricity generation, according to an analysis released by the U.S. Energy Information Administration on Oct. 8.
  
  Nine of the ten highest days in U.S. gas-fired power generation history occurred from June to August, according to the EIA. On Aug. 2, gas-fired power added 7.1 million megawatt-hours (MWh) to the U.S. power grid, a record. 
  
  Overall, U.S. electricity generation rose 3% from 2023, with gas-fired power rising 3% as well. Several factors encouraged power companies to rely on natural gas. Prices for natural gas remained low, utilities continued to move away from coal usage, summer temperatures remained high, and many utilities have grown their gas-fired capacities. 
  
  
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• 🌀Hurricane Milton to hit Florida tonight as millions told to flee
  The strongest storm in the Gulf of Mexico since 2005 is expected to ...
  The strongest storm in the Gulf of Mexico since 2005 is expected to make landfall tonight in the Tampa Bay area, where experts warn the storm surge could reach 15 feet. Nearly 6 million Floridians across 11 counties in coastal and low-lying areas are under mandatory or voluntary evacuation orders. More than 1,500 flights have been canceled as of Tuesday. Milton, still a Category 5 as of this morning, is likely to weaken into a Category 3 before it lands, but experts warn it will have devastating effects. Tampa Mayor Jane Castor said that debris left from Hurricane Helene two weeks ago could be picked up by Milton and used as a “weapon.”
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• ☕️What Else is Brewing Wedensday Morning
  TikTok sued by 14 states for being intentionally addictive to...
  TikTok sued by 14 states for being intentionally addictive to kids. A bipartisan group of more than a dozen attorneys general filed separate lawsuits against TikTok yesterday, alleging that the popular social media company harmed young people’s mental health by getting them hooked on the app’s addictive algorithm and infinite scroll design. A TikTok spokesperson called the allegations “inaccurate and misleading” and said the company is committed to protecting teens. The lawsuits are the latest in an avalanche of legal trouble for TikTok, following a federal lawsuit and a proposed bill that could see it banned in the US. Dozens of states filed a similar lawsuit against Instagram owner Meta last year.
  
  McDonald’s sued several major meat producers, alleging that they conspired to limit their supplies and jack up prices.
  
  Kamala Harris announced a plan to broaden Medicare to cover home healthcare for the first time in an effort to help the “sandwich generation” of Americans who are taking care of both their children and their parents.
  
  WeightWatchers said it will offer cheaper copycat versions of Novo Nordisk’s weight loss drug, Wegovy.
  
  A new book by Watergate journalist Bob Woodward alleges that Donald Trump secretly sent Vladimir Putin Covid-19 test machines for the Russian’s personal use at a time when they were rare in the US.
  
  Home Depot ordered all of its corporate employees, including senior management, to work one eight-hour retail shift every quarter so they could “truly understand the challenges and opportunities our store associates face every day.”
  
  Mega Millions tickets will cost more next year—$5 instead of $2—in a move that will also lead to bigger prizes.
  
  The New York Jets fired head coach Robert Saleh, ensuring another season of misery.
  
  
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