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Extreme cold snap causes near-record breaking demand for power, prompting electricity emergency alerts – Edmonton Journal

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Furnaces and heaters working overtime thanks to the extreme cold weather across the province have caused a near record-breaking demand for power, according to the Alberta Electric System Operator.

As an extreme cold warning issued by Environment Canada remains in effect across the province, the cold snap has affected the operations of some generation facilities and low wind across the province prompted the AESO to active an Energy Emergency Alert (EEA) protocol Monday evening.

An EEA is based on a 0-3 tiered alert system with protocols and processes to balance supply and demand for power. Zero is normal conditions.

At 5:18 p.m. Monday, AESO declared an EEA 1 followed by an EEA 2 at 7:15 p.m. While both alerts were issued, power needs continued to be met across the province but AESO had to dip into reserves, AESO said in a release Tuesday.

If AESO has to declare an EEA3, it’s anticipated power would be lost in parts of the province until generation returns to the grid or power usage is reduced to a point where supply and demand can be balanced.

However, AESO did not specify what areas could be affected if a level three is declared.

As the extreme cold weather — with Environment Canada warning the coldest wind chill values will be between minus 45 and minus 50 — continues into the week, AESO said they are closely monitoring the system and will notify Albertans if the grid conditions worsen.

Energy-saving tips

Energy conservation tips include:

  • Turn off unnecessary lights and electrical appliances
  • Minimize the use of air conditioning/space heaters
  • Delay the use of major power-consuming appliances such as washers, dryers and dishwashers until after the peak hours of 5 p.m. — 7 p.m.
  • Use cold water for washing clothes — most of the energy used goes to heating the water. Only running full loads helps, too
  • Cook with your microwave, crockpot or toaster oven instead of the stove
  • Limit the use of kitchen or bathroom ventilation fans
  • Use motion-detector lights in storage areas, garages, and outdoors when possible
  • Work on a laptop instead of a desktop computer — laptops are more energy-efficient than desktop units

Air quality

Edmonton’s air quality health index was sitting at a 3, or low risk, on Tuesday but is expected to climb to a 4, or moderate risk, on Wednesday.

For those brave enough to do outdoor activities, it’s recommended to adjust appropriately by reducing intensity, duration and more frequent rest periods.

The city is also asking residents to look out for those in need during the cold snap. Call 911 for someone in serious distress or 211 for non-emergency support. Donations can also be made to one of Edmonton’s social agencies.

A list of shelters and drop-in centres can be found online at wer-yeg.ca

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

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