Watt’s Happening aims to provide breaking news, sharp analysis, and thoughtful commentary from the cutting edge of the energy sector as this dynamic area of the world continues to expand and grow before our eyes.
Weekly Highlights:
The Cause of Spain’s Energy Blackout Revealed?
It appears, at long last, that the cause of Spain’s disastrous energy blackout may finally come to light. On June 17, a government report blamed Redeia, the company that runs Spain’s electrical grid, for miscalculating the energy mix that ran through its transformers. Redeia disagrees and argues that the cause was due to its power plants failing to maintain adequate voltage levels. Had they done so, the blackout would never have occurred. The Spanish lobbying organization Aelec disagreed with Redeia’s defense, arguing that the decision to blame a few power plants damages not only the reputation of the company but the reputation of the sector as a whole. To read the latest TNI analysis, click here.
The Supreme Court Weighs in on Nuclear Waste Disposal
In a six-three decision, the Supreme Court recently ruled that the Nuclear Regulatory Commission’s decision to issue a permit to a company that wanted to store nuclear waste offsite was legal. While Texas and a firm called Fasken Land and Minerals may not have approved of the other company’s decision, the Court ruled that they did not have standing. Justice Kavanaugh, writing for the majority, stated that since neither Texas nor Fasken applied for the license or intervened in the licensing process, they were not “aggrieved parties.” Justices Alito, Thomas, and Gorsuch dissented, arguing that due to the inherent dangers of nuclear waste, Texas and Fasken should have been allowed to go ahead with the lawsuit.
The Federal Judiciary Blocks Another Trump Action
A federal judge issued a ruling that blocked the Trump administration’s recent move to cancel $500 million in grant money, much of which came as part of former President Joe Biden’s Inflation Reduction Act, earmarked for addressing pollution in under-served communities. The goal was for the EPA to send the money to regional organizations that would then disburse the money to local organizations. Calling the decision “arbitrary, capricious, [and] an abuse of discretion,” as well as stating that the decision showed a “lack of any reasoned decision-making, or reasoned explanation,” federal judge Adam Abelson precluded the EPA’s ability to terminate the grants.
An Oil Stabilization Triumvirate Emerges?
In the wake of jittery oil markets following Israel’s assault on Iranian nuclear facilities and fears of further escalation or even a full-on war that would disrupt oil shipments through the Strait of Hormuz, the question is not whether oil prices will rise. The question is by how much? However, there is a possibility that the United States, Saudi Arabia, and Russia could act in concert to stabilize the demand for oil. This is not new. After all, during the COVID-19 pandemic, Presidents Putin and Trump, along with Crown Prince Mohammed bin Salman, hammered out a deal to cut production. As of right now, though, the possibilities of such an agreement being forged remain bound to the realm of speculative possibility.
Banks’ Clean-Energy Pledges Crumble
Once leading the way in pledging to fund the clean energy revolution, big banks have proven themselves to be fickle friends of the climate movement. A recent report coauthored by many climate change and environmental organizations has revealed that the titans of finance increased their funding for coal, oil, and gas projects last year. Not only does this decision — along with the decision by major U.S. banks to drop out of the Net-Zero Banking Alliance — come at a time when both the public and world leaders seem to be backing away from agreements to limit carbon emissions, but it also places the decision made at COP28 to transition away from fossil fuels in jeopardy.
About the Author: Toni Mikec
Toni Mikec is the Managing Editor for Energy World, a publication of the Center for the National Interest. Before that, he worked as a political consultant for Your Voter Guide in Sacramento and as a Senior Editor at Eagle Financial Publications in Washington DC. He holds a B.A. in International Relations (summa cum laude) from the University of California, Davis and a M.A. in International Relations and International Economics from the Johns Hopkins School of Advanced International Studies.
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