EnviroPolitics Blog

The energy grid is being squeezed by a crypto boom in oil country

Illustration by Claudine Hellmuth/POLITICO (source images via iStock)P

By JOEL KIRKLAND / Politico/ 06/03/2024 06:46 PM EDT

The nation’s most prolific oil-producing region is now home to bitcoin miners and digital data centers — forcing more electricity demand onto a Texas power grid that is increasingly plagued by blackouts.

Of all places, this technology revolution is happening in the Permian Basin, the West Texas jewel of the U.S. oil and gas industry. Today’s story by Shelby Webb provides an eye-opening account of surging electricity consumption stemming from America’s technology and industrial booms. The reporting also shows just how quickly the oil industry itself is adopting electric power to meet net-zero goals.

Electric fracking rigs can use about as much electricity as a small town.

The Electric Reliability Council of Texas, also called ERCOT, the state’s main grid operator, estimates electricity demand from industries in the Permian region will more than double by 2030 compared with 2021. Companies will consume almost 24 gigawatts at peak demand times — more power than the entire state of Tennessee generates during similar periods.

“It’s sort of stunning how much is coming online, and not from oil and gas,” said Cyrus Reed, a member of a state committee studying electricity demand and conservation director of the Sierra Club’s Texas chapter. “It’s almost overwhelming.”

Click to read the full story

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Soldier Hill Commons in Paramus, NJ lands a $46.5M loan

By Jessica Perry, NJBIZ

HKS Real Estate Advisors facilitated a $46.5 million commercial mortgage-backed securities loan with Citigroup for Soldier Hill Commons in Paramus.

The New York-based real estate advisory announced the financing with Citigroup May 30. HKS Principal and founding partner John Harrington managed the transaction.

Located at 1-5 Soldier Hill Road, the 35-acre site offers 140 Class A residences. Spread across three buildings, the total footprint is approximately 240,000 square feet.

According to HKS, the units feature spacious layouts, gourmet kitchens and quartz countertops, spa-like bathrooms, stainless steel appliances and private outdoor balconies. The living package is rounded out by amenities, such as a pool and game and conference rooms.

The property has a controversial local history centered on contamination concerns. The development won approval in 2020 following 45 years of litigation.

Click to read the full story

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Wilmington port expansion poses cargo rival for Philadelphia

*Jessica Griffin / Inquirer Staff Photographer*

From the Philadelphia Inquirer

The Port of Philadelphia is an economic powerhouse, last year processing 743,000 container cargo units holding goods like produce and meats from around the world. Hundreds of millions in state investments have contributed to substantial growth in recent years.

Now, just 25 miles south on the Delaware River, it’s facing competition as the Port of Wilmington’s years-in-the-making expansion moves forward. The Inquirer’s business and power reporter, Andrew Seidman, has the full story on why Pennsylvania officials and businesses see the expansion as a threat to Philly.

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Exxon foils activist investors

From Morning Brew

A virtual meeting likely hasn’t seen this much tension since your family tried to play Quiplash during the pandemic. Most shareholders (95%) sided with Exxon Mobil yesterday during the company’s annual shareholder meeting, voting to reelect all 12 directors despite intense drama leading up to the meeting over climate change and shareholder rights.

Some backstory

Earlier this year, Exxon sued Arjuna Capital and Follow This, two activist investor groups that proposed more aggressive targets for emissions cuts. The company, which has the weakest emissions reduction targets among the “oil supermajors” around the world, according to Carbon Tracker, claimed their proposal pushed an “extreme agenda” that would obliterate shareholder value.

Arjuna and Follow This withdrew the resolution.
But Exxon is forging ahead with its lawsuit, hoping to change the current process and block future resolutions it believes will hurt the company.

The Chamber of Commerce and the Business Roundtable have filed briefs in support of Exxon in the suit, but not everyone is a fan. CalPERS, the nation’s largest public pension fund, said last week it would vote against all of Exxon’s current board members, including its CEO, to protest the company’s lawsuit. It claimed the suit’s repercussions could be “devastating” and threaten shareholder power to hold corporations accountable.

It’s not just CalPERS: Seven Exxon shareholders filed documents with the SEC to protest the company’s lawsuit. And just days before the CalPERS announcement, the New York State Common Retirement Fund said it would vote against most of the board because of the company’s climate policies.

Activists are hitting a Big Oil wall. Exxon ended yesterday with an overwhelming win, and last week, Shell shareholders ignored protesters on and around their voting floor. Activist investors pushing for Big Oil to make serious changes for the climate, like Follow This, will need to put their energy toward winning over more shareholders like pension funds and investment firms to succeed.—MM

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EPA sending $12 Million in Rebates for Clean School Buses Across NJ

From the Environmental Protection Agency

Today the U.S. Environmental Protection Agency (EPA) announced the selections to receive rebates under the 2023 Clean School Bus Program rebate competition, including rebates to benefits kids in New Jersey.

Eleven school districts in New Jersey will benefit from a total of over $12 million in rebates that will provide almost 70 clean school buses. The program will help New Jersey accelerate the transition to zero emission vehicles and to replace older, diesel school buses, which have been linked to asthma and other conditions that harm the health of students and surrounding communities.

In September 2023, the EPA announced the availability of at least $500 million for its 2023 Clean School Bus rebates. The rebate application period closed in February 2024 with an outstanding response from school districts across the country seeking to purchase electric and clean school buses. Given the overwhelming demand, including in low-income communities, Tribal nations and U.S. territories, EPA doubled the amount of available funding to nearly $1 billion.

This third round of funding will build on the previous almost $2 billion investment via the 2022 Rebates and 2023 Grants to further improve air quality in and around schools, reduce greenhouse gas pollution fueling the climate crisis, and help accelerate America’s leadership in developing the clean vehicles of the future.

The selections announced today will provide funds to school districts in 47 states and Washington D.C., along with several federally recognized Tribes and U.S. territories. Prioritized school districts in low-income, rural, and Tribal communities make up approximately 45 percent of the selected projects and will receive approximately 67 percent of the total funding. The program delivers on President Biden’s Justice40 Initiative, which aims to deliver 40 percent of the overall benefits of certain federal investments to disadvantaged communities that are marginalized, underserved and overburdened by pollution.

The EPA is also partnering with the Joint Office of Energy and Department of Transportation to provide school districts with robust technical assistance to ensure effective implementation.

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Webinar: Using MyCoast NJ App

ANJEC’S 2024 CITIZEN SCIENTIST SERIES

Session 1: Using MyCoast NJ App to Capture Important Weather & Climate Related Events in your Community

Tuesday, June 18, 2024, 7 p.m. Via Zoom Webinar

CLICK HERE TO REGISTER NOW!

Have you experienced more frequent or intense flooding in your community and would like to report the issue? Learn how to become a Citizen Scientist by using the MyCoast NJ App to capture important weather and climate related events in your community.

The MyCoast initiative launched in 2021 is designed to give you a platform where you can share photos and stories to document impacts of flooding due to rain, storms, or high tides and changes to our environment over time. The collected data helps determine how often a community is flooding and where, leading a collaborative effort to identify and prioritize climate change resilience strategies and make informed management decisions for New Jersey.

Learn how to use the app from the NJDEP and the Jacques Cousteau National Estuarine Research Reserve who partnered together to create this platform. We will also hear from a former Aberdeen Environmental Board member on how the how this app is being used locally.

ANJEC Members: No charge Non-Members: $15 Click here to register now

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