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Governors' Wind Energy Coalition

June 9, 2021

Top Story

The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel

By Rachel Adams-Heard , Laura Hurst , and Kevin Crowley, Bloomberg  •    •  Posted 2021-06-09 15:10:20

When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp. There weren’t any takers. That left Iraq with narrowed options: sell to one of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the U.S. and Europe in retreat around the world, national oil champions are set to fill the void. [ read more … ]

Wind Energy

One Oil Company’s Rocky Path to Renewable Energy

By Sarah McFarlane, Wall Street Journal  •    •  Posted 2021-06-09 15:09:39

As many oil companies now seek to follow suit, Ørsted is a case study on how hard the shift is. It took government intervention, years of subsidies and a wide-open competitive landscape for Ørsted to succeed. Shareholders and board members repeatedly questioned the strategy shift, and the costs ballooned the company’s debt, nearly derailing it. Today, subsidies are falling, if they exist at all. Competition for new wind and solar projects is fierce. And returns are lower than most big oil developments. [ read more … ]

Solar Energy

First Solar to Build New Solar-Panel Factory in Ohio

By Bob Davis, Wall Street Journal  •    •  Posted 2021-06-09 15:07:54

The biggest American-owned solar-panel maker is set to announce plans Wednesday to invest $680 million in a new Ohio factory, in one of the largest bets on domestic solar manufacturing since China began dominating the industry a decade ago. First Solar Inc., FSLR 1.27% based in Tempe, Ariz., said it plans to begin construction after necessary permits and local incentives have been secured and is aiming to open the plant early in 2023.
[ read more … ]

Biden Administration

Biden’s Climate Chief Plans Oil-CEO Talk on Carbon Crackdown

By Jennifer A Dlouhy, Bloomberg  •    •  Posted 2021-06-09 15:09:18

Chief executives of some of the largest U.S. oil companies are set to meet with White House National Climate Adviser Gina McCarthy on Wednesday as the Biden administration nears pivotal decisions on drilling and auto emissions. The session will be at least the second meeting this year between top oil executives and McCarthy, who is coordinating the Biden administration’s efforts to clamp down on greenhouse gas emissions from burning the industry’s core products. The meeting is set to involve McCarthy and members of the American Petroleum Institute’s executive committee, according to two people familiar with the matter. [ read more … ]

Markets

Most Coal Plants in Biggest U.S. Grid Are Becoming Money-Losers

By Will Wade, Bloomberg  •    •  Posted 2021-06-09 15:11:04

Coal plants, nuclear reactors and other generators will take a hit next year on the biggest U.S. power grid as payments designed to ensure the lights remain on from New Jersey to Illinois plunge 64%. Suppliers to PJM Interconnection LLC’s grid, which serves more than 65 million people, will get $50 a megawatt-day to provide backup capacity for the year starting June 2022, according to the results of an auction released Wednesday. It’s the lowest price in 11 years. [ read more … ]

EVs

Automakers face a threat to EV sales: Slow charging times

By TOM KRISHER, Associated Press  •    •  Posted 2021-06-09 15:08:39

If the auto industry is to succeed in its bet that electric vehicles will soon dominate the roads, it will need to overcome a big reason why many people are still avoiding them: fear of running out of juice between Point A and Point B. Automakers have sought to quell those concerns by developing EVs that go farther per charge and fill up faster. Problem is, most public charging stations now fill cars much too slowly, requiring hours — not minutes — to provide enough electricity for an extended trip. [ read more … ]

Poll finds broad support for EV policies — even in the GOP

By Arianna Skibell, E&E News reporter  •    •  Posted 2021-06-09 15:08:23

Nearly 3 out of 4 U.S. voters support federal efforts to spur a transition to electric vehicles, according to a new poll. The survey from the American Lung Association found that 74% of voters would back a push by the federal government to set stronger standards for tailpipe emissions that would grow more strict over time. And 72% said the country should invest in zero-emissions vehicles to help bolster the economy. [ read more … ]

Electric truck start-up Lordstown doesn’t have cash to begin production.

By Neal E. Boudette and Matthew Goldstein, New York Times  •    •  Posted 2021-06-09 15:08:55

Lordstown Motors, an electric vehicle start-up that aimed to revive a shuttered General Motors factory in Ohio, said on Tuesday that it did not have enough cash to start commercial production of its electric pickup truck and might have to close its doors. The company, which was once held up as a savior by former President Donald J. Trump, is now being investigated by the Securities and Exchange Commission. In a regulatory filing, Lordstown said it will not be able to begin “commercial scale production” without raising more money from investors and lenders. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.