Trump ends financing for power line project

In the ever-evolving world of energy, a myriad of developments have been unfolding recently. Here's a round-up of some key updates from various sectors.

Geothermal Energy

Advanced geothermal startup Quaise Energy has made strides in its innovation, successfully drilling to a depth of 100 meters using its millimeter wave technology. This breakthrough could pave the way for more efficient geothermal energy production in the future.

Fossil Fuels and Power Generation

In a move aimed at expediting energy production, President Trump signed an executive order to prioritise permitting for data centers and related power generation on federal land. The order focuses on fossil fuel, advanced nuclear, and geothermal energy, but excludes wind and solar power.

Meanwhile, the U.S. Energy Information Administration expects coal power generation to temporarily increase this year before falling again in 2026, with more plants retiring.

Nuclear Energy and Partnerships

Oklo, a nuclear energy company, has partnered with fracking firm Liberty Energy, with Liberty set to provide gas generation to data centres. Oklo's advanced nuclear reactors are slated to replace fossil fuel later on. No further details about the partnership announcement were available.

Renewable Energy Challenges

The renewable energy sector faces challenges, with foreign entity of concern provisions and a new federal trade investigation making it harder for U.S. solar panel manufacturers to source solar cells. This could potentially lead to higher energy prices.

Electric Vehicles and Battery Technology

Tesla, the electric vehicle (EV) giant, has reported a 16% decline in revenue for the second quarter, with the end of EV tax credits and looming tariffs negatively impacting the business. Despite this, Tesla has begun producing a more affordable EV model, a product it has long promised.

Elsewhere, Volkswagen's battery arm, PowerCo, has shown confidence in QuantumScape's battery technology by investing $130.7 million in the solid-state battery developer to expand their partnership.

Offshore Wind and Tax Credits

Equinor incurred a $995 million impairment on its Empire Wind project due to the revocation of tax credits that would have supported offshore wind development off New York. However, Iberdrola expects the tax credit rollback to have minimal impact on its under-construction offshore wind projects, and its New England Wind 1 project may still qualify for tax credits despite not having started construction.

Grid Operations and Interconnection Processes

Federal energy regulators have approved temporary fast-tracked interconnection processes proposed by grid operators MISO and SPP, aiming to streamline the process for new energy projects to connect to the grid.

As these developments unfold, the energy landscape continues to evolve, with challenges and opportunities abound for various players in the sector. Stay tuned for more updates.