AM Briefing
Trump Gets Into Fusion
On permitting reform passing, Oklo’s Swedish bet, and GM’s heir apparent
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On permitting reform passing, Oklo’s Swedish bet, and GM’s heir apparent
On permitting reform hangups, transformers, and Last Energy’s big fundraise
On EU’s EV reversal, ‘historic’ mineral deals, and India’s nuclear opening
The seminal global climate agreement changed the world, just not in the way we thought it would.
On Trump’s electricity insecurity, Rivan’s robots, and the European grid
Current conditions: A series of clipper storms blowing southeastward from Alberta are set to deliver the first measurable amount of snow to the Interstate 95 corridor in the coming days • Planes, trains, and ferries are facing cancellations in Scotland as Storm Bram makes landfall with 70-mile-per-hour winds • In India’s northern Punjab region, a cold snap is creating such a dense fog that travel is being disrupted in some areas.
For the past few days, I have written about alarming forecasts of flooding in the Pacific Northwest as back-to-back atmospheric rivers deluged the region. On Thursday, it became clear just how severe the crisis is becoming, as Washington State issued an urgent order to evacuate more than 100,000 residents, according to The New York Times. Several days of rain have swollen rivers and streams in the Skagit Valley, roughly halfway between Seattle and the Canadian border, putting everyone in the area within a 100-year flood plain. “You can stand downtown here and just see whole Doug firs and cottonwood trees coming down the river, like a freight train,” James Eichner, who fled floodwaters near the Snohomish River farm where he works, told the newspaper. “It’s just a giant steamroller.”
While it’s still difficult to link specific weather events to climate change, federal researchers have connected intensified atmospheric rivers to the planet’s rising temperatures. But the record heat the world has experienced over the past three years isn’t necessarily due entirely to global warming. In a new analysis published in Carbon Brief, climate scientist Zeke Hausfather found that the main culprits turn out to be a combination of El Niño effects, declining sulfur emissions from Chinese coal plants and global shipping no longer masking warming, and stronger than usual solar radiation.

China’s success at building new power plants has earned the country the title of the world’s first “electrostate,” a play on the old petrostate moniker afforded to nations where vast domestic oil and gas resources dominate the economy and politics. In the People’s Republic, blue-gray solar panels glaze entire mountainsides, nuclear reactors come online faster than the U.S. can pick a site for one, and wind turbines spring from the ground. In America, meanwhile, power-thirsty data centers are forced to jury-rig on-site power plants made of old jet engines. But that’s not how President Donald Trump sees it. In response to a Wall Street Journal story outlining how China’s vast grid is boosting Beijing’s artificial intelligence ambitions, Trump posted on his Truth Social website that the newspaper was “WRONG.” He went on: “Every AI plant being built in the United States is building its own Electric Generating Facilities. The approvals are being given carefully, but very quickly, a matter of weeks. Any excess Electricity being produced is going to our Electric Grid, which is being strengthened, and expanded, for other purposes than AI, like never before. In other words, AI has far more Electricity than they will ever need.”
The outburst came as Trump’s approval ratings on the economy sunk to the lowest point ever recorded by an Associated Press-NORC Center for Public Affairs Research poll taken while he’s been in office. Just 31% of U.S. adults now approve of how Trump is handling the economy, down from 40% in March.
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Like Tesla, electric vehicle giant Rivian is making a bet on self-driving cars. On Thursday, the company outlined what TechCrunch called “an ambitious effort that includes new hardware, including lidar and custom silicon, and eventually, a potential entry into the self-driving ride-hail market.” The automaker made the announcements at its inaugural “Autonomy & AI Day” event in Palo Alto, where the publication said the company sent “a very public signal to shareholders that it’s keeping pace, or even exceeding, the automated-driving capabilities of industry rivals like Tesla, Ford, General Motors, as well as automakers from Europe and China.”
It’s just the latest extension of Rivian’s empire. In March, Heatmap’s Katie Brigham reported that the company spun off its micromobility division. The startup, named Also, announced a $105 million Series B round on the same day it went independent.
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The Republican-led House of Representatives voted largely along partisan lines to pass three bills Thursday designed to speed up permitting for energy projects. While Politico noted the bills are unlikely to be taken up in the Senate, the package managed to pick up six Democrats’ votes in favor of a provision to ease Section 401 Clean Water Act rules and boost pipeline construction. Earlier this week, a bipartisan bill to modernize the federal permitting process and prepare to digitize the experience passed unanimously.
Heatmap’s Jael Holzman broke the news this week that the top three Senate Democrats focused on climate issues oppose another permitting reform bill with bipartisan support, the SPEED Act, on the grounds that it did too little to clear bottlenecks for renewables and transmission lines. For those hoping a long-anticipated bipartisan legislative push may finally come to fruition before tax credits expire for solar and wind projects, at least one thing is clear: A negotiation is underway.
The European Commission proposed what PV Tech called a “two-pronged approach to improving Europe’s energy infrastructure.” The plan aims to speed up and make more transparent the process for permitting projects related to the grid. The proposal also calls for establishing eight new “energy highways” to deliver transmission capacity to areas of “strategic importance” in the 27-nation bloc. The first part, called the “European Grids Package,” calls for creating the Trans-European Network for Energy, or TEN-E, that was first proposed in 2013. The report also noted how far behind Europe was on its previous targets. Despite a goal of 88 gigawatts of new cross-border electricity transmission capacity by 2030, the EU is on pace to build just 41 gigawatts.
The move comes days after European Commission President Ursula von der Leyen notched a victory for her deregulatory agenda when her center-right coalition in the European Parliament broke taboos and teamed up with the far-right to pass legislation easing environmental rules on most companies. As a result of the change, as I wrote in yesterday’s newsletter, 80% of businesses operating in the EU will no longer have to track and report their own environmental impacts.
Deep in the cloud forests of the Serra do Quiriri mountains in the southern Brazilian Atlantic Forest, scientists discovered an entirely new species of frog. Named Brachycephalus lulai, the tiny amphibian has pumpkin-orange skin with green and brown freckles and obsidian eyes. Males max out at a little over 11 millimeters, while females grow nearly 14 millimeters. They are, according to Phys.org, “among the smallest four-legged animals on Earth.” What makes the discovery so interesting is that the researchers identified the so-called “pumpkin toadlet” by its unique mating song, unlike any known species in its genus, which consists of two short bursts of sound, according to their paper in the journal PLOS One.
On gas turbine backorders, Europe’s not-so-green deal, and Iranian cloud seeding
Current conditions: Up to 10 inches of rain in the Cascades threatens mudslides, particularly in areas where wildfires denuded the landscape of the trees whose roots once held soil in place • South Africa has issued extreme fire warnings for Northern Cape, Western Cape, and Eastern Cape • Still roiling from last week’s failed attempt at a military coup, Benin’s capital of Cotonou is in the midst of a streak of days with temperatures over 90 degrees Fahrenheit and no end in sight.

Exxon Mobil Corp. plans to cut planned spending on low-carbon projects by a third, joining much of the rest of its industry in refocusing on fossil fuels. The nation’s largest oil producer said it would increase its earnings and cash flow by $5 billion by 2030. The company projected earnings to grow by 13% each year without any increase in capital spending. But the upstream division, which includes exploration and production, is expected to bring in $14 billion in earnings growth compared to 2024. The key projects The Wall Street Journal listed in the Permian Basin, Guyana and at liquified natural gas sites would total $4 billion in earnings growth alone over the next five years. The announcement came a day before the Department of the Interior auctioned off $279 million of leases across 80 million acres of federal waters in the Gulf of Mexico.
Speaking of oil and water, early Wednesday U.S. armed forces seized an oil tanker off the coast of Venezuela in what The New York Times called “a dramatic escalation in President Trump’s pressure campaign against Nicolás Maduro.” When asked what would become of the vessel's oil, Trump said at the White House, “Well, we keep it, I guess.”
The Federal Reserve slashed its key benchmark interest rate for the third time this year. The 0.25 percentage point cut was meant to calibrate the borrowing costs to stay within a range between 3.5% and 3.75%. The 9-3 vote by the central bank’s board of governors amounted to what Wall Street calls a hawkish cut, a move to prop up a cooling labor market while signaling strong concerns about future downward adjustments that’s considered so rare CNBC previously questioned whether it could be real. But it’s good news for clean energy. As Heatmap’s Matthew Zeitlin wrote after the September rate cut, lower borrowing costs “may provide some relief to renewables developers and investors, who are especially sensitive to financing costs.” But it likely isn’t enough to wipe out the effects of Trump’s tariffs and tax credit phaseouts.
GE Vernova plans to increase its capacity to manufacture gas turbines by 20 gigawatts once assembly line expansions are completed in the middle of next year. But in a presentation to investors this week, the company said it’s already sold out of new gas turbines all the way through 2028, and has less than 10 gigawatts of equipment left to sell for 2029. It’s no wonder supersonic jet startups, as I wrote about in yesterday’s newsletter, are now eyeing a near-term windfall by getting into the gas turbine business.
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The European Union will free more than 80% of the companies from environmental reporting rules under a deal struck this week. The agreement between EU institutions marks what Politico Europe called a “major legislative victory” for European Commission President Ursula von der Leyen, who has sought to make the bloc more economically self-sufficient by cutting red tape for business in her second term in office. The rollback is also a win for Trump, whose administration heavily criticized the EU’s green rules. It’s also a victory for the U.S. president’s far-right allies in Europe. The deal fractured the coalition that got the German politician reelected to the EU’s top job, forcing her center-right faction to team up with the far right to win enough votes for secure victory.
Ravaged by drought, Iran is carrying out cloud-seeding operations in a bid to increase rainfall amid what the Financial Times clocked as “the worst water crisis in six decades.” On Tuesday, Abbas Aliabadi, the energy minister, said the country had begun a fresh round of injecting crystals into clouds using planes, drones, and ground-based launchers. The country has even started developing drones specifically tailored to cloud seeding.
The effort comes just weeks after the Islamic Republic announced that it “no longer has a choice” but to move its capital city as ongoing strain on water supplies and land causes Tehran to sink by nearly one foot per year. As I wrote in this newsletter, Iranian President Masoud Pezeshkian called the situation a “catastrophe” and “a dark future.”
The end of suburban kids whiffing diesel exhaust in the back of stuffy, rumbling old yellow school buses is nigh. The battery-powered bus startup Highland Electric Fleets just raised $150 million in an equity round from Aiga Capital Partners to deploy its fleets of buses and trucks across the U.S., Axios reported. In a press release, the company said its vehicles would hit the streets by next year.