EnviroPolitics Blog

California got a lot of rain, but not nearly enough to end the drought

By Scott Wilson New York Times

SANTA BARBARA, Calif. — The torrential rain that fell on much of California in recent days recharged rivers, filled storage tanks and prepared the ground for the next storm, providing what many climate experts say is an auspicious start to the winter.

But the rainfall, which set records in some northern cities, was not nearly enough to end the state’s deep drought, now affecting 37 million of California’s 40 million residents.

One reason is simple. The deficit of water from a drought now entering its third year is too great to be made up with just one storm, no matter how powerful it may have been. Compounding the problem, California’s warming climate is undermining its ability to dent its droughts in the long term, even when the rains do come.

The storm did leave several feet of snow in the high Sierra Nevadas. But warmer-than-usual weather meant that snow did not accumulate at lower altitudes where it once would have. The Sierra snowpack is the key to California’s water, filling rivers and reservoirs with a steady stream of cool water as it melts in the spring.

Read the full story here

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$10,000 invested In Tesla 10 years ago is worth how much now?

By MATT KRANTZ Invetor’s Business Daily

It’s been an amazing decade-long ride for Tesla (TSLA) investors — literally better than any other S&P 500 stock. It’s a millionaire maker.

The consumer discretionary stock debuted on June 29, 2010, and it’s up a stunning 21,323% since then to a new high Monday of 1,023.59. Tesla outperformed every single large stock currently in S&P 500 plus all those on the midsized S&P 400 and S&P 600 small caps on a percentage basis, shows an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith.

If you invested $10,000 with founder Elon Musk 10 years ago, your stake would be worth $1.8 million now. That works out to a more than 68% average annual return. The same $10,000 put into the S&P 500 during that time grew just 272% to $37,115. That’s just 14% compounded annually.

Who’s better to bet on than Musk? Not many people. None rival Tesla’s sheer wealth creation power.

The $1 Trillion Company In The S&P 500

The magnitude of Tesla’s boom is almost difficult to fathom.

Over the past roughly 10 years, Tesla’s market value soared $1 trillion to hit $1.01 trillion. It’s already the fifth most valuable company in the S&P 500, ahead of Facebook (FB).

And at its current value, Tesla is worth roughly five time more than Toyota Motor (TM), making it the most valuable automaker in the world.

What about General Motors (GM) and Ford (F)? They’re almost rounding errors. Tesla is worth roughly seven times General Motors and Ford, combined.

And that’s no mystery for growth investors who know what to look for.

Shares of GM are up about 131% in the 10 years since being relisted in November 2010 following the 2008-2009 Financial Crisis bailouts. And Ford? Shares are up just 61% in the 10 years since Tesla went public.

Read the full story here

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Rivian test drive along North Shore turns heads in Chicago

Public gets first look at the new $73,000 Illinois-built electric truck

The Rivian R1T electric truck at Gillson Park in Wilmette on Oct. 20, 2021. (Jose M. Osorio / Chicago Tribune)

By ROBERT CHANNICK CHICAGO TRIBUNE

In Chicago, drivers want to know how the $73,000 electric truck will handle Chiberian winters, vehicle-swallowing potholes and the daily demolition derby of rush hour traffic.

Rivian, the electric truck startup that launched production last month at its downstate Normal factory, has put its R1T pickup to the test in grueling settings from the Colorado Rockies to the Nevada desert.

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Those questions will remain unanswered for now, but the Tribune did get to tool breezily on a sunny fall afternoon test drive on Sheridan Road along the North Shore, turning heads as suburbanites got their first in-person look at a bright blue Rivian truck.

Founded in 2009 by CEO RJ Scaringe, Rivian is building an electric truck and SUV, as well as 100,000 custom delivery vans for Amazon, an investor in the company. Rivian has raised about $10.5 billion from investors since 2019, a roster that also includes Ford Motor Co. and T. Rowe Price.

Rivian is planning an initial public offering that has yet to be priced, but could raise at least $100 million, according to an Oct. 1 Securities and Exchange Commission filing.

Read the full story here

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Nor’easter to make landing in N.J. tonight

A flash flood watch was issued in 17 counties as a coastal storm is expected to move through the state tonight. Here's the latest forecast: — *A flash flood watch was issued in 17 counties as a coastal storm is expected to move through the state tonight.*

By Kimberlee Bongard, Patch Staff

NEW JERSEY — A slow-moving coastal storm with damaging winds and heavy rain is expected to move through New Jersey on Monday night bringing up to four inches of rain, with potential for flooding across the state, forecasters said.

A flash flood watch has been issued for all counties except Camden, Cumberland, Gloucester and Salem from 8 p.m. Monday through 5 p.m. Tuesday, according to the National Weather Service.

About 2.5 to 3.5 inches of rain is expected across the state, which could cause flash flooding in creeks, streams, urban areas and areas with poor drainage. Most of the rain is predicted to take place Monday night into Tuesday, also scattered afternoon showers are also possible.

Minor coastal flooding is expected during Tuesday and Wednesday high tides along the coast and near the Delaware Bay, according to the weather agency.

Severe thunderstorms could be possible tonight with damaging winds strong enough to pull down trees and power lines. Up to 45 mph winds could strike along the Jersey Shore.

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‘Old Ladies’ dive in Cape ponds to remove sunken litter

‘It’s like treasure hunting’

Susan Baur, left, and Mary Grauerholz swim in wetsuits to gather trash in Deep Pond in East Falmouth as part of the group Old Ladies Against Underwater Garbage.

By Rachael Devaney Cape Cod Times

About 10 minutes after Susan Baur, 81, and Mary Grauerholz, 71, two members of Old Ladies Against Underwater Garbage, disappeared into the depths of Deep Pond in Falmouth, the duo, clad in full-body wetsuits and scuba gear, broke the surface.

They carried handfuls of long forgotten fishing lures, golf balls and birthday balloons, all of which had settled on the bottom of the outer edges of the natural kettle hole pond.

“It’s like treasure hunting. Every single outing, we wonder what we will find, who will be with us, and what will we see,” Baur said. “It’s wonderful to set out and explore — except that the underwater litter hurts the plants and animals that are all part of this pond community.”

As Baur reached the shore, and fought her way out of her wetsuit, she explained that during the last four years group members traveled to Great Ponds – fresh bodies of water that are at least 10 acres – from Chatham to Falmouth. They clean up trash left behind by visitors and residents and debris that blows into the water from nearby homes and roadways.

What lies beneath

They find lawn ornaments, deflated footballs, lawn chairs, beer and soda cans, discarded ropes and boat rigs, garden gnomes, charcoal grills and more. While 75% of the trash is along the water’s edge, Baur said, the group often travels into the middle of ponds to pull out bigger and heavier objects like car tires.

Read the full story here

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Turbine blade facility for offshore wind project expected to bring 300-plus jobs to Portsmith, Virginia

By Nathan Crawford, Brian Reese, 10 WAVY.com

PORTSMOUTH, Va. (WAVY) — Dominion Energy will partner with Siemens Gamesa Renewable Energy for their offshore wind project, Gov. Ralph Northam said Monday, bringing more than 300 new jobs to the region.

Siemens Gamesa will build a facility at Portsmouth’s Marine Terminal to produce wind turbine blades for the overall $8 billion project off the coast of Virginia Beach. The blade production project will cost $200 million, with $80 in investment for buildings and equipment at the terminal.

50 of the roughly 310 new jobs with be service jobs for the offshore project, and there will be hundreds of other indirect jobs needed to support the overall project, U.S. Secretary of Energy Jennifer Granholm said Monday. Granholm and other speakers emphasized how production and upkeep of the project will come from American workers.

“Virginians want renewable energy, our employers want it, and Virginia is delivering it,” Northam said. “The Commonwealth is joining these leading companies to create the most important clean-energy partnership in the United States. This is good news for energy customers, the union workers who will bring this project to life, and our business partners. Make no mistake: Virginia is building a new industry in renewable energy, with more new jobs to follow, and that’s good news for our country.”

The announcement is two months to the day that Dominion announced that they would use part of Portsmouth Marine Terminal as a staging and pre-assembly area for Dominion’s $8 billion project.

Currently, Dominion is operating a two-turbine pilot project 27 miles off the coast of Virginia Beach, but plans call for 180 of the 14-megawatt turbines with construction starting in 2024.

The project is expected to provide enough electricity for 660,000 homes when complete.

Read the full story here

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