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DAILY ENERGY NEWS | 08/07/2024
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** According to The New York Times, mandating the elimination of fossil fuels in the generating sector is popular with moderate voters. If only the DNC could be as good at messaging.
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New York Times ([link removed]) (8/6/24) reports: "Gov. Tim Walz of Minnesota, a former schoolteacher who was first elected to Congress in 2006, will be Vice President Kamala Harris’s running mate, she announced this morning, ending several days of speculation. The choice will very likely shine a light on the state of Minnesota, home to areas like 'climate-proof Duluth,' which has seen a flood of new residents fleeing climate change over the last few years. But Minnesota is also home of the one of the most remarkable transitions to clean energy in the country. As Coral Davenport put it, over his two terms as governor, Walz 'has quietly emerged as one of the
nation’s most forceful advocates for tackling climate change.'...In 2023, Walz signed a law requiring Minnesota to generate or procure all of its electricity from wind, solar and other carbon-free sources by 2040, eliminating the climate-warming pollution from coal and gas-fired power plants. Working with Democrats in the State Legislature, Walz managed to push through nearly 40 other climate initiatives...Whether Walz’s efforts to fight climate change will matter to voters depends on how Democrats sell it, experts in public opinion told me. Walz has been praised for his plain-spoken, often upbeat communication style that could break through with moderate swing state voters."
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** "[Minnesota's 100% renewable mandate] is an essential investment in our future that will continue to pay off for generations to come."
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– Governor Tim Walz (D-MN) ([link removed])

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Let's face it, he's just weird.

** E&E News ([link removed])
(8/7/24) reports: "Vice President Kamala Harris’ choice Tuesday of Minnesota Gov. Tim Walz as her running mate is spiking enthusiasm among climate-focused progressives — and fossil fuel supporters backing former President Donald Trump. Walz, a 60-year-old former school teacher and football coach with military experience, has a long energy record that is under renewed scrutiny from both the right and left. Within weeks of being sworn into a second term as governor last year, Waltz signed a bill over fierce Republican opposition to force utilities to provide 100 percent carbon-free power by 2040. He’s also aligned the Gopher State with California in its quest to crack down on vehicle emissions beyond federal standards...But the same Walz energy policies that are animating the left have Trump allies prepping new attacks. 'This is just a doubling down on Biden’s and Harris’ bad energy policies,' Tom Pyle, president of the pro-fossil fuel American Energy Alliance, said of Walz. 'We’re actually
kind of excited about it.' 'He’s just weird, especially when it comes to energy policy,' Pyle. said. Coal, carbon and clean cars Walz took multiple steps as governor to remake Minnesota’s electricity sector, often winning support from industry, labor and climate advocates."

Here's what America has to look forward to from renewable mandates like the one Governor Walz imposed on Minnesota.

** Wall Street Journal ([link removed])
(8/5/24) reports: "California is doing all it can to expand renewable energy production and rebuild its electrical infrastructure after flaws led to a series of devastating wildfires. The state’s big utilities are spending billions to bury power lines and insulate wires, while at the same time moving quickly away from fossil fuels by building big solar and wind farms and transmission lines to carry the power. As a result, resident Jessica Simpson Nehrer, who lives in Borrego Springs, near San Diego, has seen her electricity bill for her ranch-style house soar. It hit $1,873.90 in June, far exceeding her $1,200 rent and around double what it was two summers ago. Grocery store owner Rodger Gucwa tried cutting his power bill by raising the thermostat to 85 degrees—but found that the chocolate bars melted. Nationwide, the costs of utility companies’ capital investments are being passed on to customers. Those added fees, combined with higher inflation and a series of heat waves, mean painful
bills for many this summer. California has seen some of the sharpest increases in the country—electricity prices in the state have nearly doubled during the past decade and are now higher than those of anywhere but Hawaii. The consumer advocate’s office at California’s utilities regulator has called the trajectory 'untenable.'"

If you want the full rundown on Governor Walz's "moderate" energy policies, check out this great thread from Isaac Orr.

** ([link removed])

Guess where all of Governor Walz's mandated solar panels are going to be made? I guess it makes sense for a guy who brags about how often he has been to China.

** Bloomberg ([link removed])
(8/5/24) reports: "After a drawn-out saga involving a restructuring and a management shakeup, one of the most prominent names in US solar, SunPower Corp., has now filed for bankruptcy. Over the course of less than two years, the once-darling of the industry was forced to fire workers to cut costs, restate earnings and default on a credit agreement. In 2024, the firm replaced its chief executive officer, restructured its operations and lost its accountant. Industry headwinds added to the woes: High interest rates and subsidy changes in California — the US sector’s biggest market — have been a drag for solar firms that expected big growth from President Joe Biden’s signature climate law of 2022. SunPower said in court papers that it’s carrying about $2 billion in long-term debt and has been struggling since October to avoid potential defaults under various financing arrangements. Shareholders in the firm include France’s TotalEnergies SE...The company notified dealers on July 17 that it was
halting new installations and shipments. Analysts interpreted the move as a sign that the company was ceasing operations, prompting some to suspend coverage or lower their share-price targets to $0."

Energy Markets


WTI Crude Oil: ↑ $74.46
Natural Gas: ↑ $2.08
Gasoline: ↓ $3.45

Diesel: ↓ $3.79
Heating Oil: ↑ $233.52
Brent Crude Oil: ↑ $77.71
** US Rig Count ([link removed])
: ↑ 624



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