Connect with us

Published

4 years ago

on

In this article

Russian President Vladimir Putin delivers a speech during the Russian Energy Week event on October 13, 2021 in Moscow, Russia.
Mikhail Svetlov | Getty Images

Russian President Vladimir Putin thinks cryptocurrencies have value — but he’s not convinced they can replace the U.S. dollar in settling oil trades.

Some months ago, Russia’s deputy prime minister, Alexander Novak, suggested the country could move away from greenback-denominated crude contracts if the U.S. continues to impose targeted economic sanctions.

Asked whether bitcoin or another cryptocurrency could be used as an alternative to the dollar, Putin said it’s “too early to talk about the trade of energy resources in crypto.”

“I believe that it has value,” he told CNBC’s Hadley Gamble at the Russian Energy Week event in Moscow Wednesday. “But I don’t believe it can be used in the oil trade.”

“Cryptocurrency is not supported by anything as of yet,” Putin said. “It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

The Russian leader also flagged cryptocurrencies’ massive consumption of energy as a potential barrier to their use. Bitcoin requires lots of computing power to process transactions and mint new tokens.

However, Putin didn’t mince words on Russia’s attempt to move away from reliance on the dollar.

“I believe the U.S. makes a huge mistake in using the dollar as a sanction instrument,” he said. “We are forced. We have no other choice but to move to transactions in other currencies.”

“In this regard, we can say the United States bites the hand that feeds it,” Putin added. “This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to pursue political goals, and they harm their strategic and economic interests as a result.”

In June, Russia announced it would drop U.S. dollar assets from its sovereign wealth fund.

Related Topics:
Continue Reading

Environment

Google agrees to fund the development of three new nuclear sites

Published

2 hours ago

on

May 7, 2025

By

Google agrees to fund the development of three new nuclear sites

People take photos in front of a giant Google logo at Google’s Bay View campus in Mountain View, California on Aug 13, 2024 where the “Made by Google” media event was held today.

Josh Edelson | AFP | Getty Images

Nuclear developer Elementl Power said Wednesday it’s signed an agreement with Google to develop three sites for advanced reactors. It’s the latest example of tech giants teaming up with the nuclear industry in an effort to meet the vast energy needs of data centers. 

Google will commit early-stage development capital to the three projects, although the exact terms of the deal remain private. Each site will generate at least 600 megawatts of power capacity, and Google will have the option to buy the power once the sites are up and running. The proposed locations remain private, but Elementl said Google’s funding will be used for things like site permitting, securing interconnection rights to the transmission system, contract negotiations and other early-stage matters.

“Google is committed to catalyzing projects that strengthen the power grids where we operate, and advanced nuclear technology provides reliable, baseload, 24/7 energy,” said Amanda Peterson Corio, global head of data center energy at Google. 

“Our collaboration with Elementl Power enhances our ability to move at the speed required to meet this moment of AI and American innovation,” she added.

Elementl Power, which was founded in 2022 as a nuclear power project developer, hasn’t yet built any sites.

The company is currently technology agnostic, meaning it hasn’t yet chosen what type of reactor it will use at its sites. Rather, when the company is ready to begin construction it will choose the reactor technology that’s furthest along in development.

“Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals,” said Chris Colbert, Elementl Power’s chairman and CEO. Colbert was previously CFO, COO and chief strategy officer at NuScale Power, which is developing small modular reactors. 

Colbert added that once the projects reach a final investment stage Elementl will raise capital from other sources – for example infrastructure funds – to actually build the projects. The company is aiming to add 10 gigawatts of nuclear to the grid by 2035. 

In October, Google teamed up with small modular reactor company Kairos Power, pledging to buy power from the company’s fleet of reactors. At the time, Google said the first reactor would enter service by 2030, with more coming online through 2035.

Earlier this year, China’s AI startup DeepSeek prompted concerns that the improved efficiency of emerging AI models may reduce the need to invest in the build out new power sources to support data centers. However, tech leaders such as Amazon and Nvidia have since said the need for baseload power is continuing to grow at a quick pace.

In April, Anthropic co-founder Jack Clark estimated 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.

Catch up on the latest energy news from CNBC Pro:

Continue Reading

Environment

Tesla launches cheaper Model Y RWD in the US

Published

11 hours ago

on

May 7, 2025

By

Tesla launches cheaper Model Y RWD in the US

Tesla has opened orders for the Model Y Long Range RWD for $45,000 in the US. It’s the new entry-level Model Y following the design refresh earlier this year.

Since launching the updated Model Y earlier this year, Tesla has only offered the best-selling electric SUV in a single Long-Range AWD configuration.

First, it was as a fully-loaded $60,000 Launch Edition, and last month, it started deliveries of the regular Model Y AWD starting at $49,000.

As we recently noted, Tesla didn’t have much of an order backlog for the new Model Y in the US, and it has already started gathering new Model Y AWD in inventory just weeks after launching the vehicle.

Advertisement – scroll for more content

Tesla even started offering subsidized financing rates on the new SUV this weekend.

Now, the automaker is starting to take orders for the new Model Y Long Range RWD

The new trim starts at $44,990 and enables 357 miles of range – an extra 30 miles over the AWD version.

However, due to its single motor powertrain, the lower-priced version is slightly slower with a 0-60 mph acceleration in 5.4 seconds rather than 4.6 seconds.

The automaker says that deliveries of the new version will start in the US in the next 3 to 5 weeks. It launched the new Model Y RWD in Europe weeks ago.

Tesla also offers a Standard Range RWD in Europe and China for even cheaper, and deliveries have already started in China.

Electrek’s Take

Tesla appears to have waited to open orders for the Model Y RWD in the US to optimize demand for the Long Range AWD.

But now it needs a cheaper model to sustain demand at the current production rate.

In the coming weeks, it will start building a mix of RWD and AWD in Fremont and Austin to

Interestingly, Tesla currently only offers the subsidized 1.99% financing rate on the Model Y Long Range AWD. I would assume that Tesla plans to take advantage of the boost in demand that the cheaper model will create.

However, US buyers probably won’t have to wait more than a few weeks before Tesla starts to offer lower interest rates on all versions, like it already does in Europe and China.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]

Published

13 hours ago

on

May 7, 2025

By

Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]

On today’s thrilling episode of Quick Charge, we’ve got some of the highlights of the 2025 ACT Expo, including the all-electric Windrose and Mack Pioneer Class 8s trucks, a hydrogen fuel sell [sic] from Honda, a fun charging surprise, and – after an eight year wait – we finally get a ride in the all-new (in 2017) Tesla Semi!

ACT Expo is North America’s premier clean truck and transport trade show – and for 2025 it was bigger than ever, with more exhibitors and more, more capable battery electric vehicles than ever. The downsides? NACFE have scored with their “messy middle” messaging, and the return of “clean diesel” talking points. We’ve got a brief rundown and links to all the details, below.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Advertisement – scroll for more content

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending