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Good morning, and go back to the energy source and come to you from New York.
Greenpeace has been ordered to pay more than $600 million in damages for protests against North Dakota’s oil pipeline.
The verdict concludes the nearly ten-year legal battle between Greenpeace and the energy transfer of pipeline operators. It was co-founded by billionaire and well-known donor to Donald Trump Kelsey Warren.
The protests against the Dakota Access Pipeline revitalized the country in 2016, attracting thousands of demonstrators to the oil-rich North Dakota, and became a flashpoint for indigenous rights and the expansion of fossil fuels. The protest began when members of the Standing Rocksou tribe set up camps near bookings, fearing that the pipeline route would put drinking water and sovereignty at risk.
Lawyers and activists warn that the energy transfer victory over Greenpeace will set a dangerous precedent for freedom of speech and opposition to the oil and gas sector and the oil and gas sector, defending the targeted activists and political opponents. To learn how the oil and gas sector has used the national judicial and legislative system, see how it uses it here.
In other news, in Europe, energy group Iberdrola has warned Spanish policymakers that electricity prices will skyrocket if they proceed with plans to abolish the country’s reactor fleet.
Thank you for reading,
Amanda
Cerawek energy executives respond to Trump
Last week, thousands of energy executives and politicians descended on downtown Houston to attend the S&P Global annual meeting.
This year’s meeting arrives at a flux moment for the sector. This is the new Trump administration, a global oil market with unabashed expansion of fuel fuels and excessive supply.
Energy Source interviewed about 30 leaders during the meeting and participated in numerous panels. There are four takeaways on how industry understands this new political age.
Gas is everyone’s favorite molecule
Natural gas is the town’s story at this year’s conference, with executives pointing to the abundance of the US as the key to meeting races’ 24-hour electricity needs to lead artificial intelligence and strengthen relationships with allies.
“With rising gas prices, the time has come for Haynesville,” BP CEO Murray Autcolos mentions the gas layers below Louisiana and Texas. Chevron CEO Mike Wirth told executives on his panel that off-grid gas-fired power plants are the solution to alleviate the power bottlenecks in AI data centers.
The surge in AI data centers will drive a historic surge in U.S. electricity demand, and excitement around gas will reach as the Trump administration promotes restrictions on fossil fuel production and speeds up permits for projects such as pipelines and export terminals.
Climate behavior, on the other hand, is in the back burner. Gregory Ebel, chief executive of North American pipeline company Enbridge, said the energy transition was significantly delayed and the target for the Paris contract, Net Zero, could reach 20 years by 2050. “The IEA was wrong about virtually everything. A lot of people are talking about 2070. Even the people at the bank are off 1.5 to 2 degrees.”
. . . But we shouldn’t risk becoming a “one-trick pony”
Despite excitement around gas, the conference’s renewable project developers warn that excessive reliance on energy sources will undermine the country’s competitiveness in AI, and prices will increase due to constraints in gas turbine supply chains.
“If we leaned towards gas-fired power generation as our only option and became a one-trick pony, then there could only be two.
According to Bloombergnef, approximately 90% of the new US power generation capacity expected to be online in the coming years is expected to come online. Two of the largest gas turbine manufacturers, Siemens Energy and Ge Ververnova, told ES that customers looking to buy today’s large turbine must wait until they receive one until almost the end of the decade.
Sandhya Ganapathy, CEO of EDP Renewables North America, said the need for renewables was “not an ideology.” She told ES:
I’m tired of customs
Trump’s Mercury Agenda on Trade is causing problems for energy executives.
“I can’t tell you what my exposure is because (taxes) are coming out faster than we can handle,” said Andreas Schelenbeck, CEO of electrical equipment manufacturer Hitachi Energy.
Last week, Canada’s most populous province retaliated against Trump’s tariff threat with an additional 25% charge on electricity exports to the US. This was quickly retracted when Trump threatened to double the tariffs on Canadian steel and aluminum. The US president has repeatedly threatened taxes in Canada and Mexico, from which a significant amount of grid equipment, crude oil and cars have been imported.
Several executives have expressed concern about Trump’s tariff whiplash, and warning taxes have opposed his plans to cut electricity prices, making investments in the US difficult.
“When making investment decisions, we want clearer about the supply chain and visibility into potential tariffs,” said Markus Krebber, CEO of RWE.
“We need certainty, and that’s what drives investment,” said Larry Coben, CEO of electricity producer NRG Energy.
Where is the council?
Executives cheered in Ceraware for fossil fuel production from Trump’s cabinet, but are calling for action that is more durable beyond the White House and that the new president cannot regain overnight.
“What you just saw is a lot of executive action when what we really need is the actions of Congress,” said Gordon Huddleston, president of Aton Energy, a large-scale private gas producer.
Alaska Gov. Mike Dunleavy agreed that Trump’s executive order banned Joe Biden’s oil and gas leases and prioritized the development of a $44 billion liquefied natural gas terminal.
“The bigger risk isn’t the price of oil, but the bigger risk has always been a regulatory risk. You can make sure that the recent whip saw events don’t continue to happen,” Dunleavy told ES. “You have to make many changes to these laws to continue these changes beyond President Trump’s terminology.”
The Republicans have a triple government that is in charge of the White House and in charge of minorities in both Congresses. But Congressional actions codified Trump’s energy priorities will require support from Democrats to overcome Senate filibuster rules.
“If it doesn’t happen in the next four years, it probably won’t happen,” Dunleavy said. (Amanda Chu)
Job movements
Wind industry veteran Joanne Metero joined Apiya Power as president. He founded coastal infrastructure development company Gateway Zero, and previously worked as executive vice president of EDP Renewables.
Rebecca Kujawa, president and CEO of Nextera Energy Resources, is leaving the Florida-based company. She will be passed on to Chief Financial Officer Brian Bolster. Treasurer Mike Dunn will be the new CFO.
John Snead, interim director of the Department of Energy’s Loan Programs Office, will leave the agency later this month. According to DOE, the new director will be announced in the “next weeks.”
Algonquin Power & Utilities announced that Chief Executive Rod West is on the board. The utility will also add Starboard Value’s senior partner and portfolio manager Gavin Molinelli to its board.
power point
The energy source has been written and edited by Jamie Smith, Miles McCormick, Amanda Chew, Tom Wilson and Malcolm Moore, with the support of FT’s global team of reporters. Contact us at Energy.source@ft.com and follow us on X at @ftenergy. Check out previous editions of our newsletter here.
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