DAILY ON ENERGY: • Supply shortages, price hikes, and security • Treasury gives guidance to industry on price cap compliance • Labor reverses Trump-era rules on ESG in retirement plans
Supply shortages, price hikes and security: Russia’s war in Ukraine has fundamentally reshaped the global energy landscape as we know it. In the nearly 10 months since the invasion, countries have faced abrupt supply shortages, soaring energy costs, and security issues that threaten supply disruption or blackouts for millions of people around the world.1) Europe’s scramble for fossil fuels:
The bloc is currently in a stronger-than-expected storage position thanks to a mild autumn and lower demand from China. Germany, which had long been among the most prominent anti-nuclear voices in the EU, had perhaps the most high-profile shift: In recent months, leaders were forced to walk back their nuclear phaseout plan, which had the country on track to shut down all of its nuclear plants by the end of 2022, and instead move to extend the lifespan of its three remaining reactors.
3) New England’s home heating oil inventory in crisis: The war has also exacerbated a home heating oil supply crisis in the Northeast, the densest-populated corner of the U.S. that relies most heavily on the fuel for winter heating, including supplies once sent from Russia. Welcome to Daily on Energy, written by Washington Examiner Energy and Environment Writers Jeremy Beaman and Breanne Deppisch . Email [email protected] or [email protected] for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.
Going forward, Russia “will have two options,” Treasury officials told reporters: It can either sell the oil underneath the price cap and use Western services, or Russia can find alternative buyers. Port Arthur is one among more than a dozen approved yet incomplete LNG export terminals. Commissioners just unanimously approved the Commonwealth LNG project planned for Louisiana last week, giving the sector even more capacity to supply global customers.
Trump-era restrictions “unnecessarily restrained” plan fiduciaries’ ability to weigh ESG factors when picking investments, even when those factors would benefit plan participants financially, the Labor Department said. Its final rule on the matter will take effect in 60 days. NEW YORK TO IMPLEMENT FIRST CRYPTO MINING BAN: New York is set to implement the United States' first ban on crypto mining in an attempt to cut back on the digital currency's effects on the environment, the Washington Examiner’s Chris Hutton reports.
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