Canada hikes US-bound electricity + US mulls cancelling oil reserve drawdowns, Taiwan starts anti-dumping investigation

Ontario officially hikes price of US-bound electricity: Canada’s Ontario province has increased the prices for electricity it exports to three US states by 25% on Monday in response to US President Donald Trump’s tariffs, Bloomberg reports. The Canadian province directed its grid operator the Independent Electricity System Operator (MISO) to add a CAD 10 (USD 7) per megawatt hour surcharge.

We knew this was coming: Ontario said it would increase the price of electricity supplied to 1.5 mn homes in the US states of Minnesota, Michigan, and New York last week. Ontario expects to make as much as CAD 400k per day from this surcharge, which it will use to “support Ontario workers, families and businesses,” according to the news outlet.

IN OTHER US NEWS- US mulls cancelling oil reserve drawdowns: US Energy Secretary Chris Wright is planning on working with Congress to cancel 100 mn barrels in previously mandated sales from the Strategic Petroleum Reserve (SPR) to address decreasing stockpiles, Reuters reports. The move includes a 7 mn barrel sale set for FY 2026-2027, as well as other sales scheduled until 2031.

Trump pledged in August 2024 to fill the US SPR if he won the election, stating that the US would need to purchase around 300 mn barrels of oil to reach the levels seen during his last presidency.

It’s not that simple: Refilling the reserve will take more time than selling it due to ongoing maintenance issues, Wright told the newswire. He estimates it would take five to seven years and USD 20 bn to refill the reserve, but he likely will not request the full amount from Congress on the back of budget restrictions.

Betting big on LNG with Alaska pipeline: The Energy Secretary is also looking to boost US exports of LNG starting with the AlaskaLNG pipeline project in possible partnership with Japan, South Korea, and other countries. The Alaska LNG project will require an 800-mile pipeline to ship gas from Alaska’s north to Asian markets. No final decisions about the project were made and the investment tickets are yet to be disclosed.

Taiwan starts anti-dumping investigation against China: Taiwan has launched anti-dumping probes into beer and certain steel products from China amid concerns over unfair competition and low prices, Bloomberg reports. The investigation will look into whether some hot-rolled and flat-rolled steel products from China harm Taiwan’s domestic industry and if Chinese-made beer with “artificially low prices” is hurting the Taiwanese economy.

Trade in numbers: China exported 2.57 mn tons of steel products to Taiwan in 2024, Bloomberg reports, citing US Trade data. China also exported beer worth USD 125.4 mn, during the same year — solidifying it as Taiwan's largest beer supplier.

This is not the first time: Taiwan has imposed anti-dumping tariffs on China in 2023 on goods that include cement, chemical, and metal products.