Daily Update — January 09, 2026
US Intervention in Venezuela; Transformer Shortage; and Mixed Outlook for US Public Finance
Today is Friday, January 9, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Geopolitical Risk
Venezuelan President’s Removal
US forces apprehended Venezuelan President Nicolás Maduro and his wife in a Jan. 3 military operation. The Venezuelan Supreme Court announced that Delcy Rodríguez would assume presidential functions, designating the absence as temporary to avoid new elections and allowing her to serve for up to 180 days. S&P Global Market Intelligence assesses that the US will support Rodríguez if she agrees to reduce support for foreign actors deemed hostile to US interests, redistribute oil contracts to favor US firms and curtail alleged cooperation with drug cartels, among other requirements. Compliance would likely result in US sanctions relief and a cessation of the oil blockade. Maduro’s removal indicates the potential for a marked change in Venezuela’s position in global energy supply chains, although renewed US military action is likely if Venezuela is unwilling to comply.
Energy Transition & Sustainability
No peak demand in sight for booming power grid demand: Hitachi Energy CEO
Demand for power grid equipment is expected to continue rising over the next decade, despite manufacturing bottlenecks and extended wait times for transformers and other components, Hitachi Energy CEO Andreas Schierenbeck told Platts, part of S&P Global Energy. “We haven’t seen peak demand yet,” Schierenbeck said. “I say that we have a good market for the next 10-15 years. Some of my customers say, you are too conservative, make that 15-20 years.”
For large transformers, Hitachi Energy has wait times up to 40 months due to a gap between demand and supply. These shortages are partly because transformers — building-sized components vital for long-distance electricity transmission — require significant time and expertise to manufacture. Production capacity was also reduced during a previous period of sluggish demand, exacerbating the current supply-demand gap.
Economy
U.S. Public Finance 2026 Outlook: A Mix Of Stability And Rising Vulnerabilities
Most US public finance sectors are expected to remain resilient in 2026, with strong reserves and capable management countering slower economic growth and rising costs to support creditworthiness, according to S&P Global Ratings. The outlooks for sectors including US states, not-for-profit healthcare, transportation and housing are stable due to healthy balance sheets and strong demand.
However, several key areas face significant headwinds. The outlooks for not-for-profit higher education, public power, small water utilities and K-12 public schools are negative, driven by the ongoing politicization of federal support, policy uncertainty, affordability pressures and evolving demographics.
In case you missed it
- The implementation of safeguard duties has boosted the outlook for Indian domestic steel prices.
- US permitting reform talks have stalled amid uncertainty over offshore wind.
- Leading shrimp exporters India and Ecuador are navigating US import tariffs with strategic adjustments.
Upcoming events
- S&P Global Energy Horizons Top Trends 2026: AI Growth and Geopolitical Shifts Reshape Global Energy Markets | January 14 (Webinar)
- Nordics Conference 2026 | January 29 (Stockholm)
- TPM26 | March 1–4 (Long Beach, California)
