Host good morning and welcome to bloomberg daybreak europe. Lets get to the top stories. Yields sinking on dovish fed speak. Netanyahu vows retaliation against hamas has only started as militants worn they are prepared to kill hostages. In europe leaders are going to hold an emergency meeting. A lot going on geopolitically. Lets see how it is being priced into the markets. We are going to see a potential turnaround from yesterdays price action. Futures action is crucial. You are seeing a complete reversal. The idea here is that if you have war on the horizon and breaking out your gut reaction is to sell everything. Today it is the opposite. Looking at it from a sectorial basis. The defense bid is being actively priced into the market. Some might view it as an overreaction in the market which is why we are seeing futurists outperform. Futures outperform. Some of that is going to be a function of the yield picture. What is lacking is what is going on in the u. S. Markets and that has a l
The subcommittee on energy will now come to order and the chair will recognize himself or an opening statement. This years atlantic Hurricane Season was unprecedented. More named storms in close succession slammed the gulf and the u. S. Virgin islands. These hurricanes caused catastrophic damage in Energy Supply disruptions across the country. Both texas and florida are further down the road to recovery in the humanitarian crisis is unfolding in puerto rico. A number of colleagues from this committee have been down there and the u. S. Virgin islands where the majority of folks still remain without power for more than a month after Hurricane Maria made landfall. Todays hearing will review the response in Energy Recovery efforts in the wake of the storms that will help us begin to understand what went right and what went wrong. What lessons can be learned and how we as a risk and identify gaps so when the next hurricane hits we will be better prepared. As a result of Hurricane Harvey mor
Institute, the association that represents all u. S. Investorowned electric companies. Im addressing you today in my role as one of three cochairs of the electricity subsector coordinating council. We collaborate closely with power utilities and cooperatives on the escc. Im please today address the subcommittee and to share the steps the electric power is taking, allowing us to continue to deliver affordable and reliable power. The 2017 Hurricane Season highlights the critical importance of cooperation and coordination among Utility Companies, the government and other key infrastructure industry to assure fast, efficient recovery for customers. The electric sector faces constantly evolving threats to the energy grid. The industries Risk Mitigation strategy emphasizes a defense in debt approach. We focus on preparation, response and recovery with emphasis isolation of and enhanced protection of critical asset. While this hearing is focused on storm response and recovery, our companies d
Season was unprecedented. More named storms in close succession slammed the gulf and the u. S. Virgin islands. These hurricanes caused catastrophic damage in Energy Supply disruptions across the country. Both texas and florida are further down the road to recovery in the humanitarian crisis is unfolding in puerto rico. A number of colleagues from this committee have been down there and the u. S. Virgin islands where the majority of folks still remain without power for more than a month after Hurricane Maria made landfall. Todays hearing will review the response in Energy Recovery efforts in the wake of the storms that will help us begin to understand what went right and what went wrong. What lessons can be learned and how we as a risk and identify gaps so when the next hurricane hits we will be better prepared. As a result of Hurricane Harvey more than 275,000 customers lost power in texas and severe flooding affected supplies and fuel. Compounding the response to challenges in Energy
Okay, second panel. Yall ready . And just like before, start out with Opening Statements from all the panelists followed by questions from members and i recognize thomas fanning. President and ceo of Southern Company. Hes here on behalf of electricity sub sector counsel. Tom, you have five minutes for your opening statement. Microphone please. Thank you. Thank you for inviting me to testify today. My name is tom fanning. I am the chairman, president , and ceo of Southern Company and past chairman of the Edison Electric institute, the association that represents all the u. S. Investorowned electric companies. Im addressing you today as my role as one of three cochairs of the council. We collaborate closely with our colleagues from public power utilities and rural cooperatives on escc. Im pleased to address the subcommittee and to chair the steps the electric Power Industry is taking to make Energy Infrastructure smarter and more resilient. Allowing us to continue delivering affordable a