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Prime Power - April 22, 2024


State Coalition Sues Biden Administration Over Vehicle Emissions Rule: On Thursday, state attorneys general, led by Kentucky Attorney General Russell Coleman, filed a lawsuit against the Biden administrations final vehicle emissions rules; the state AGs claim the guidance forces an “unrealistic transition” that may “devastate the American economy.

FERC Plans to Finalize Transmission Rules in May: According to their monthly agenda, posted Thursday, the Federal Energy Regulatory Commission plans to finalize electric transmission planning rules in May. Some experts believe that the national grid may need to expand by as much as 60% by 2035 in order to meet Biden’s goal of eliminating carbon from the power grid, and the new rules would allow utilities to take back more control of transmission planning and consider the future resource mix when planning new power lines.  

Increased Tensions in Middle East Sets Oil Market on Alert: Just months away from summer, global oil markets are nervous about potential expanded conflict in the Middle East, according to Tom Kloza, Global Head of Energy Analysis with the Oil Price Information Service. On April 13, Iran launched more than 300 ballistics towards Israel, and, according to reports, Israel responded on April 13th with targeted strikes within Iran. However, neither state has publicly stated much of the covert response, potentially signaling a desire by both parties to temporarily deescalate... Iran’s attack had a small impact on prices, but prices could change if Israel launches a counteroffensive.

DOE Expects LNG Permit Pause to End by March: In testimony before the House Oversight Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs D.O.E. Assistant Secretary for the Office of Fossil Energy and Carbon Management Brad Crabtree said the department plans to end the LNG export pause by March of 2025. Crabtree indicated the pause on new permits was necessary to protect companies that might have had their applications approved during the review from having their permits later challenged in court.

Senate Resolution to Overturn SEC Climate Rule Gains Bipartisan Support: On Wednesday, Senator Joe Manchin (D-WV) became the lone Democrat to cosign on a Congressional Review Act (CRA) resolution to stop implementation of the SEC’s enhanced climate disclosure rules. The resolution, led by Senate Banking Ranking Member Tim Scott (R-SC) would overturn requirements for corporations to disclose climate-related risks to their operations. The Scott CRA resolution is one of several CRA provisions that could receive consideration on the Senate floor in the weeks ahead.

Three New York Offshore Wind Projects Again Delayed: On Friday, the New York State Energy Research and Development Authority said it failed to come to terms with three major offshore wind energy projects. A major setback, these three projects would have delivered four gigawatts of offshore wind to the state, amounting to almost half of New York's 2035 goal. The scrapped plans were caused by leading contractors being unable to deliver on 18-megawatt turbines, which meant they would have had to install more turbines and raise project costs to deliver planning goals.  

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