Daily on Energy: Election Aftermath Issue

But it’s official – former president Donald Trump defeated the vice president Kamala Harris in the 2024 presidential election, winning three key swing states: Wisconsin, Pennsylvania and Georgia. Republicans also flipped the Senate, but the race for control of the House is not yet decided.

In today’s episode Everyday on energyCalley and Maydin look at several energy and environmental measures that voters passed last night. We also cover the immediate oil and renewable energy market and Wall Street reactions to Trump’s announcement as the next President of the United States.

Welcome to Daily on Energy by: Washington Examiner energy and environment writers Callie Patteson (@Callie Patteson) And Maidin Merino (@MaydeenMerino). Email cpattteson@washingtonexaminer dot com or mmerino@washingtonexaminer dot com for tips, suggestions, calendar entries and more. If a friend sent you this and you want to sign up, Click here. If registration does not work, please email us and we will add you to our list.

WASHINGTONians VOTE TO KEEP ‘CAB AND INVESTMENT’: Voters in Washington last night rejected an initiative that would have repealed the Washington Climate Commitment Act (CCA), a state law that would have limit and invest program to reduce greenhouse gas emissions.

As of last night, 62% of Washingtonians voted against Initiative 2117. Governor. Jay InsleeDemocrat, signed the CCA into law in May 2021, and it took effect in 2023.

The CCA sets a state cap on emissions with the goal of reducing greenhouse gas emissions by 95% by 2050. Under the program, enterprises are required to obtain emissions permits. Revenues from purchased quotas are reinvested in clean energy.

Let’s Go Washington was the organization campaigning to repeal the CCA, arguing that the program led to higher gas and utility prices for state residents.

Find out more from Maydin Here.

SOUTH DAKOTA VOTS AGAINST CARBON PIPELINE MEASURE: South Dakotans have voted to kill Senate Bill 201, a state law that would clear the way for a massive carbon pipeline through the Midwest, a highly controversial project.

Voters approved “no” in the Carbon Pipeline Referendum, a referendum on legislation that would make it easier for carbon pipeline companies and other developers to build projects by eliminating local permitting restrictions. As of this morning, South Dakotans voted about 60% to repeal Senate Bill 201.

The bill was intended to help build Summit Carbon Solutions’ proposed 2,500-mile pipeline in Iowa. The project would bury carbon emissions from 50 ethanol plants in Iowa, Minnesota, Nebraska, North Dakota and South Dakota underground in North Dakota.

Representatives of Summit Carbon Solutions reported Washington Examiner however, he plans to reapply for a permit in South Dakota on November 19 after denied last year.

Find out more from Maydin Here.

CALIFORNIA VOTE FOR $10 BILLION GREEN BONDS: California voters have decided to allow the state to issue $10 billion in bonds for climate projects, despite critics warning that it would impose a long-term financial burden on the state.

As of Wednesday afternoon, 57.9% of Californians had voted in favor of Proposition 4, which required a 50% vote to pass, according to New York Times. California will now have the authority to issue billions of dollars in bonds to protect drinking water, prevent wildfires, restore the environment and other climate projects.

But Sen. Brian Jonesmain opponent, said the measure would create a long-term financial burden for the state.

“Proposition 4 places a significant financial burden on California taxpayers, costing us $20 billion over the life of the bonds,” Jones said. “While I am disappointed that it ultimately passed, I respect the will of the voters and intend to carry it out. As Senate Minority Leader, I will lead my caucus to ensure these funds are used responsibly and effectively to provide the greatest possible benefit to Californians.”

Find out more from Maydin Here.

OIL PRICES REACT TO TRUMP’S VICTORY: Oil prices fell on Wednesday after former President Donald Trump was declared the winner of the 2024 presidential election.

Just before 8:30 a.m. EST, prices for benchmark Brent crude fell 2.6% to trade at $73.59. according to To Wall Street Journal. West Texas Intermediate crude also fell 2.8% to $69.99 a barrel. Analysts attribute the fall in prices to Trump’s victory. Mukesh Sachdev Rystad Energy reportedly said this “reflects expectations of increased US supply and potential slowdown in demand associated with the tariff approach to key trading partners, particularly China.”

Around noon, after news of the US election results began to calm down, oil began to rise again, with Brent reaching $75.38 and WTI $72.08 around 12:30 pm EST.

BERKELEY NATURAL GAS TAX NOT CANCELED: Residents of Berkeley, California, have rejected an attempt to tax large buildings for using natural gas to increase the use of renewable energy instead of fossil fuels – seemingly changing the city’s attitude toward natural gas.

Details: The initiative appearing on Tuesday’s ballot as Measure GG would have adopted tax of $2.9647 per therm of natural gas consumed by large buildings of at least 15,000 square feet. Private homes, government buildings, and residential buildings with at least 50% of the available units were required to be exempt. The tax would be adjusted annually for inflation, and the funds would be directed toward decarbonization programs. It was expected to generate about $26.7 million in its first year through 2050.

The measure required a simple majority of 50% of voters to pass, but was a complete failure to defeat supporters of gas stoves and natural gas hookups. From 100% of the city’s polling stations. reporting68.25% of Berkeley voters rejected the proposal. Only 31.75% of voters voted for the tax.

A little background: The use of natural gas for gas stoves and heating is coming under growing criticism across the country as Democratic-led cities and states impose restrictions. In 2019, Berkeley actually became the first city in the country to ban natural gas connections in new buildings. New York State passed a similar ban just two years later.

RENEWABLE ENERGY SUPPORTS GOP VICTORIES: Investors appeared increasingly concerned about the impact of a new Trump presidency on Wednesday morning as shares of numerous renewable energy companies fell sharply.

Details: In the US, shares of solar companies Sunnova Energy International Inc. and First Solar fell about 23% and 14%, respectively. according to To Bloomberg. Shares of hydrogen fuel cell developer Plug Power Inc. also fell 14%, while some international stocks fell further.

Shares of leading Danish wind turbine maker Vestas reportedly fell nearly 10%. according to To Luck. Likewise, Danish wind energy giant Orsted saw its shares take a major hit, falling around 14%.

With Republicans capturing the White House, House and Senate, energy executives don’t expect to see much momentum for renewables in the next four years. “The world has changed in the last 24 hours” said Rob WestCEO of Thunder Said Energy, according to Bloomberg. “The momentum behind many of the themes of the energy transition has slowed in 2024. It’s harder to see a re-acceleration now.”

A little background: Throughout the election cycle, Trump has railed against renewable energy sources like offshore wind and promised to kill green projects on his first day in office. In May, Trump vowed to immediately halt offshore wind projects, saying he would issue an executive order banning new development due to risks to marine life. Trump also said he would seek a waiver of unspent funds from the Democrats’ Inflation Reduction Act, which includes grants and incentives earmarked for solar, battery, transmission and electric vehicle projects.

ICYMI – IRAQ TRANSPORTS OIL FROM KURDISH REGION: Iraq has reportedly called for the supply of oil produced in the Kurdistan Region to a state-owned company in Baghdad after crude oil supplies from the region were suspended for more than a year.

Details: On Tuesday, the Iraqi cabinet confirmed that the Kurdish region has been ordered to immediately transfer oil production to the State Oil Marketing Organization (SOMO) through the Kurdistan Regional Government (KRG) pipeline. according to To Reuters. The price Baghdad will have to pay for the oil has not yet been determined. However, the Iraqi cabinet has reportedly set a budget for settlement with the Kurdish government, with Baghdad expected to pay a rate of $16 per barrel.

Crude oil supplies through the Kurdish region pipeline have been halted since March 2023 amid tensions between Iraq and Turkey over the region’s oil supply authority. Last year, the International Chamber of Commerce ruled in Iraq’s favor. order Türkiye will pay up to $1.5 billion in damages for unauthorized exports. The resumption of supplies through the Kurdish pipeline has reportedly been delayed due to demands from foreign companies, the Kurdistan Region government and the Iraqi government.

RUN IN

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