Geothermal energy gains momentum
In the world of energy, the week has been marked by a mix of developments, controversies, and shifts in market trends.
Offshore Wind Controversies
Active discussions are ongoing regarding the future of Revolution Wind, an offshore wind farm project off the coast of Massachusetts. The U.S. Secretary of Energy, Chris Wright, has expressed opposition to the project, citing concerns about electricity prices and downplaying climate risks. Wright has also been vocal about prioritizing energy independence from foreign sources, particularly Russian uranium (Bloomberg, New York Times).
EV Sales Surge
As the federal tax credits for electric vehicles (EVs) are set to expire at the end of September, consumers in the U.S. are rushing to buy or lease EV options. EV sales are surging, with the number of purchases and leases increasing significantly (Washington Post). However, this surge in demand has led to a setback for Fortescue, which has cancelled plans for a $210 million EV battery plant in Detroit due to the cancellation of federal tax credits and other market conditions (Crain's Detroit).
Hydrogen Hub Imperiled
In Oregon, the proposed hydrogen production, storage, and generation complex by Portland General Electric and Mitsubishi Power has been cancelled, potentially imperiling the nascent Pacific Northwest Hydrogen Hub. This decision comes at a time when the U.S. is exploring hydrogen as a potential clean energy source (Washington State Standard).
Nuclear Reactors' Extended Life
A study by The Brattle Group found that keeping New York's four existing nuclear reactors online until 2050 could save the state $50 billion in energy costs. This extension could help these reactors to continue operating beyond their original decommissioning dates (RTO Insider).
Solar and Storage Setbacks
Solar and storage account for the majority of new power plant construction in the U.S., but could see a 21% reduction in installation by 2030 due to Trump administration policies. This potential reduction could have significant implications for the renewable energy sector (E&E News).
EV Battery Factory Disruption
U.S. Department of Homeland Security officials have detained 475 people, including about 300 South Korean citizens, at Hyundai and LG Energy Solution's new EV battery factory in Georgia. The detentions have disrupted the production at the factory, potentially impacting the timeline for the release of new EV models (Atlanta Journal-Constitution, New York Times).
Mitsubishi's Gas Turbine Capacity
Mitsubishi Heavy Industries plans to double its gas turbine manufacturing capacity, but this would not significantly reduce wait times for the equipment, which currently stretch to seven years (Utility Dive).
University of Michigan's Greenhouse Gas Study
A new study by the University of Michigan found that gas-powered vehicles on average will produce 70% more greenhouse gas emissions than EVs with 300-mile charging ranges. This finding underscores the importance of transitioning to electric vehicles to combat climate change (Detroit News).
As always, stay tuned for the latest developments in the world of energy.
Read also:
- Solar Shutdown: Merz Proposes Billions of Gas Discharge - Reverse Plan
- New guidelines for NEPA processes unveiled by federal agencies, in alignment with Executive Order 14154 and the Seven County Decision of the Supreme Court
- Central Illinois grapples with concerns over carbon capture technologies
- Anticipated Rise in Electricity Bills Coming in July for Latvian Residents
