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TROUBLE FOR OFFSHORE WIND BUILD-OUT: The Biden administration has allocated billions of federal dollars towards new offshore wind projects, but both project developers and governors are arguing it’s not nearly enough cash for the massive build-outs—threatening near-term projects unless it helps foot the bill for higher costs and eases requirements for IRA tax credits.
Just weeks prior, Orsted warned of impairments of up to $2.3 billion on its U.S. projects due to the higher costs and its inability, at least for now, to qualify for the IRA’s domestic credits. “And if they don’t, neither we nor any of our colleagues are going to build more offshore,” Nipper said. “It’s very simple.”
Fain is seeking wage hikes of 40% for UAW workers, commensurate with what he says are the average salary increases of Ford, GM, and Stellantis. …Meanwhile, Biden dispatched White House adviser Gene Sperling and acting Labor Secretary Julie Su to Detroit today to aid in the contract negotiations.. “Doing so would strip vital consumer, domestic manufacturing, and energy security safeguards, and would eliminate an important check that export to non-FTA countries will be consistent with U.S. law and policy,” the White House said in a statement of administrative policy. “The Administration believes that the critical protections current law provides, which this legislation would repeal, should be retained to protect residential and industrial consumers and national and energy security.
BIG CLIMATE MOVES FROM THE GOLDEN STATE: California has been making a number of climate-related moves, topping off with a lawsuit filed on Friday against some of the biggest oil companies and their allies. “It has been decades of damage and deception,” Newsom said during a Sunday press conference. “Wildfires wiping out entire communities, toxic smoke clogging our air, deadly heat waves, record-breaking droughts parching our wells. California taxpayers shouldn’t have to foot the bill.”
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