Northwest China's Gansu Province has achieved a significant milestone in renewable energy generation as of midnight on Friday, reaching an annual output of 90.3 billion kilowatt-hours (kWh), according to the State Grid Gansu Electric Power Company.
This marks a 21-percent increase year on year and accounts for 38 percent of the province's total annual electricity generation, setting a historical record.
The output is equivalent to saving approximately 27 million tonnes of standard coal and reducing carbon dioxide emissions by around 72 million tonnes.
As a key renewable energy base in the country, Gansu boasts abundant wind and solar resources. In recent years, the province has been accelerating the development of clean energy projects, particularly in wind and solar power. These in turn help power the province's robust smelting industry and other production sectors.
By the end of November, Gansu's total installed power capacity reached over 121,603.6 megawatts (MW), with installed capacities for wind and solar power hitting 39,287.6 MW and 38,340 MW, respectively.
Notably, renewable energy sources made up over 64 percent of the province's total installed power capacity, reaching 77,955.6 MW.
Annual new energy power generation of China's Gansu exceeds 90 bln kilowatt-hours
Annual new energy power generation of China's Gansu exceeds 90 bln kilowatt-hours
U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.
The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.
Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.
Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.
As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.
In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.
Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.
On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.
U.S. stocks sink as Middle East tensions trigger oil price surge
