Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

AM Briefing

Canada Gets One Step Closer to Becoming an Energy Superpower

On routs begetting routs, Google’s second CCS project, and Poland’s nuclear progress

Newfoundland.
Heatmap Illustration/Getty Images

Current conditions: Late-week downpours and cooler temperatures are sweeping into the American Northeast • Record floods swelled the river in McCaysville, Georgia, near the border with Tennessee, to the point that residents needed aerial rescue • The hottest place on Earth today is Tete, Mozambique, a northwestern city where temperatures are nearing 110 degrees Fahrenheit.


THE TOP FIVE

1. Anxious about Democrats, Wall Street sells off AI stocks

Democrats’ electoral rout of the GOP is giving way to a Wall Street rout on artificial intelligence stocks. The stock market wiped out $2.5 trillion from Asian chipmakers, Texas power producers, New Jersey compute providers, Silicon Valley software giants, and data center developers amid an “AI reality check” that The Wall Street Journal called an “historic rout of tech stocks.” CNBC, meanwhile, called the selloff the great “tech wreck.”

As I wrote yesterday, nearly half of proposed data centers in the country are in states set to be ruled by governors who vowed to crack down on the industry. Texas, where data centers are booming, just elected its first Democratic governor in a generation. Governor-elect Gina Hinojosa, as my colleague Matthew Zeitlin wrote yesterday, campaigned on putting a moratorium on new projects until the legislature could pass new restrictions through law.

2. Shell’s next big offshore drilling bet? Canada.

St. John\u2019s, the capital of Newfoundland and Labrador. Photo: Orjan F. Ellingvag/Corbis via Getty ImagesSt. John’s, the capital of Newfoundland and Labrador. Photo: Orjan F. Ellingvag/Corbis via Getty Images

Exxon Mobil’s offshore oil bet in Guyana is booming, and Chevron’s gamble on Venezuela reopening is paying off. Both American oil giants are eyeing new patches in South America and Africa, as I previously reported. Shell, on the other hand, is looking further north in the Western Hemisphere. The Anglo-Dutch major has bid $150 million for licenses off the coast of Canada’s Newfoundland and Labrador. Upstream described the offer as “big exploration dollars.”

The move comes as Canadian Prime Minister Mark Carney looks to transform the country into an energy superpower in hopes of gaining leverage over the U.S. following President Donald Trump’s repeated threats to absorb Canada as the 51st state.

3. Exclusive: New polling suggests U.S. voters back permitting reform even when they hear the downsides

Hopes of passing the Senate’s permitting reform deal have dimmed since Democrats pulled off the party’s biggest legislative victory in half a century this week. The win emboldened progressive critics of the Bipartisan American Affordability and Jobs Act who want to put off voting to hold out for a bill with fewer benefits to fossil fuels. But the legislation’s supporters are still pushing for a vote before the next Congress arrives in January. New polling suggests the bill has purchase among voters. In a nationwide survey of 1,000 registered voters taken in the last week of October, 79% of respondents expressed support for the bill after an initial description. After hearing arguments against the legislation, including that it would “rush environmental reviews” and help “big corporations” to “override local communities,” support dropped to 66%.

The poll, commissioned by the centrist think tank Third Way and shared exclusively with me for this newsletter, shows that “Americans want more affordable, reliable energy, and they see the value in legislation that could help deliver it,” analysts Mary Sagatelova and Ryan Fitzpatrick wrote in a memo. Yet the findings come as opposition to the bill mounts. On Thursday night, a spokesperson for the likely next Speaker of the House, Hakeem Jeffries of New York, told Politico reporter Nico Portuondo that the bill “falls short in several areas,” and that the Democrat would not “rubber stamp” the Senate’s deal.

Sign up to receive Heatmap AM in your inbox every morning:

4. Google is backing a carbon capture project in Wyoming

Google is building its first data center in Wyoming, powered by a 702-megawatt fuel cell and linear generator that uses natural gas fuel paired with carbon capture technology. On Thursday, the Alphabet-owned tech giant confirmed its plans to back the facility as part of a $17 billion investment in the Cowboy State. American Electric Power, the utility it’s partnering with on the project, announced the plans last month. If successful, the project would be Google’s second foray into carbon capture and sequestration technology. As my colleague Matthew Zeitlin reported last year, the company got into the CCS game with plans to build a project at a site in Illinois.

5. Poland picks a supplier for its first AP1000s

Poland’s plan to build its first nuclear power plant with three Westinghouse AP1000s reached a key milestone Thursday as the state-owned developer behind the project inked a deal for the reactor components. Japanese engineering giant IHI Corporation confirmed to World Nuclear News that it had received a long lead-time order from Westinghouse for the first reactor at the plant. The move comes a month after Polskie Elektrownie Jądrowe, the state-backed company building the nuclear station on its Baltic coast, gave Westinghouse the go-ahead to start ordering parts, which I told you about at the time. A week later, PEJ formally started the bidding process for a second nuclear plant.

Poland’s nascent push into geothermal energy largely stalled last year. But Warsaw granted the city of Kutno in central Łódź Voivodeship about $15 million from the National Fund for Environmental Protection and Water Management to support construction of a geothermal heating plant. The facility would have a maximum output of about 6.4 megawatts-thermal. Once complete, the plant would provide nearly half of Kutno’s heat, according to ThinkGeoEnergy. Cash-strapped France, meanwhile, has suspended applications for a government program meant to support clean methods for producing heat.

THE KICKER

Cybertruck, we hardly new ye. Tesla CEO Elon Musk announced during the wee hours of Friday morning that the company would wind down production of the controversial electric truck by the middle of next year. Though Musk predicted before its release that sales could reach 250,000 per year or more, customers failed to embrace the hulking, angular vehicles — Electrek estimates that Tesla sold fewer than 8,000 Cybertrucks in the third quarter of 2026. The company plans to refocus production at its Texas Gigafactory on the self-driving Cybercab, which began offering rides in Austin, Texas, at the beginning of September.

Blue

You’re out of free articles.

Subscribe to access Heatmap's exclusive climate and energy polling, award-winning journalism, and subscriber-only events. Save $57 on an annual subscription, just $156 $99/year.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Climate Tech

Exclusive: Coreshell Raises $30 Million to Replace Chinese Graphite With American Silicon

The fundraise comes on the heels of a $50 million grant from the Department of Energy.

An American rock.
Heatmap Illustration/Coreshell, Getty Images

Almost all lithium-ion batteries on the market rely on graphite for their anodes, more than 90% of which is processed in China. That concentration has created a chokepoint in the Pentagon’s supply chain as the military increasingly turns to batteries to help its transportation network operate more quietly and reduce reliance on complex refueling logistics.

So when Congress passed the latest National Defense Authorization Act at the end of 2025, barring Chinese-linked battery materials from military use starting in 2028, Coreshell saw an opening. While the California-based silicon-anode battery startup had previously focused on automakers as its beachhead customers, it’s now shipping its first battery cells to the military for use on Navy ships and Army ground vehicles. On Wednesday, Coreshell announced a $30 million Series B to scale up manufacturing operations to meet the needs of this growing customer base.

Keep reading...Show less
Blue
AM Briefing

Late and Over Budget

On inflation, Sublime’s lawsuit, and Bill Gates’ trash

A GE Vernova rendering.
GE Vernova

Current conditions: A large storm is roaring across the Northeast that will shower Michigan and Upstate New York with rain and snow by tomorrow • AccuWeather declared an early end to the 2026 Atlantic hurricane season, which saw 10 named storms and only one hurricane in October, breaking a 121-year record for the latest first hurricane • It’s a mild, cloudy day at the Rethondes Clearing in France’s Forest of Compiègne, where the armistice that ended World War I was signed 108 years ago today.


THE TOP FIVE

1. Electricity prices jumped again last month

Inflation is ticking up again, and faster than expected. That’s my colleague Matthew Zeitlin’s read on the latest numbers from the Bureau of Labor Statistics. Preliminary data from Heatmap and MIT’s Electricity Price Hub shows that electricity prices in particular spiked nearly 8% to 19.9 cents per kilowatt-hour in October from 18.5 cents in the same month last year. But that’s largely due to a change in the timing of a bill credit in California. Without that, the year over year price jump was just under 4%.

Keep reading...Show less
Green
Daily Briefing

Exclusive: Martin Heinrich on What’s Next for Permitting Reform

One of the bill’s Democratic co-authors speaks about the bill’s outlook in Congress, what it means for clean energy and data centers, and why the president it helps most won’t take office until 2029.

Heatmap's Washington, DC event.
Heatmap Illustration/Taylor Mickal, Getty Images

The bipartisan permitting reform bill took a big step toward becoming law last night, when more than 70 senators voted to advance it past a key procedural hurdle.

About 12 hours later, I sat down at a Heatmap breakfast event in Washington, D.C. with one of its Democratic coauthors: Senator Martin Heinrich of New Mexico.

Keep reading...Show less
Yellow