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“I am increasingly becoming irrelevant in the public conversation,” says Kate Marvel, a climate scientist who until recently worked at NASA’s Goddard Institute for Space Studies. “And I love it.”
For years, such an exalted state was denied to Marvel. Every week, it seemed, someone — a high-profile politician, maybe, or a CEO — would say something idiotic about climate science. Journalists would dutifully call her to get a rebuttal: Yes, climate change is real, she would say, yes, we’re really certain. The media would print the story. Rinse, repeat.
A few years ago, she told a panel, half as a joke, that her highest professional ambition was not fame or a Nobel Prize but total irrelevance — a moment when climate scientists would no longer have anything useful to tell the public.
That 2020 dream is now her 2023 reality. “It’s incredible,” she told me last week. “Science is no longer even a dominant part of the climate story anymore, and I think that’s great. I think that represents just shattering progress.”
We were talking about a question, a private heresy, I’ve been musing about for some time. Because it’s not just the scientists who have faded into the background — over the past few years, the role of climate science itself has shifted. Gradually, then suddenly, a field once defined by urgent questions and dire warnings has become practical and specialized. So for the past few weeks, I’ve started to ask researchers my big question: Have we reached the end of climate science?
“Science is never done,” Michael Oppenheimer, a professor of geosciences and international affairs at Princeton, told me. “There’s always things that we thought we knew that we didn’t.”
“Your title is provocative, but not without basis,” Katharine Hayhoe, a climate scientist at Texas Tech University and one of the lead authors of the National Climate Assessment, said.
Not necessarily no, then. My question, I always clarified, had a few layers.
Since it first took shape, climate science has sought to answer a handful of big questions: Why does Earth’s temperature change so much across millennia? What role do specific gases play in regulating that temperature? If we keep burning fossil fuels, how bad could it be — and how hot could it get?
The field has now answered those questions to any useful degree. But what’s more, scientists have advocated and won widespread acceptance of the idea that inevitably follows from those answers, which is that humanity must decarbonize its economy as fast as it reasonably can. Climate science, in other words, didn’t just end. It reached its end — its ultimate state, its Really Big Important Point.
In the past few years, the world has begun to accept that Really Big Important Point. Since 2020, the world’s three largest climate polluters — China, the United States, and the European Union — have adopted more aggressive climate policies. Last year, the global clean-energy market cracked $1 trillion in annual investment for the first time; one of every seven new cars sold worldwide is now an electric vehicle. In other words, serious decarbonization — the end of climate science — has begun.
At the same time, climate science has resolved some of its niggling mysteries. When I became a climate reporter in 2015, questions still lingered about just how bad climate change would be. Researchers struggled to understand how clouds or melting permafrost fed back into the climate system; in 2016, a major paper argued that some Antarctic glaciers could collapse by the end of the century, leading to hyper-accelerated sea-level rise within my lifetime.
Today, not all of those questions have been completely put aside. But scientists now have a better grasp of how clouds work, and some of the most catastrophic Antarctic scenarios have been pushed into the next century. In 2020, researchers even made progress on one of the oldest mysteries in climate science — a variable called “climate sensitivity” — for the first time in 41 years.
Does the field have any mysteries left? “I wouldn’t go quite so far as angels dancing on the head of a pin” to describe them, Hayhoe told me. “But in order to act, we already know what we need.”
“I think at the macro level, what we discover [next] is not necessarily going to change policymakers’ decisions, but you could argue that’s been true since the late 90s,” Zeke Hausfather, a climate scientist at Berkeley Earth, agreed.
“Physics didn’t end when we figured out how to do engineering, and now they are both incredibly important,” Marvel said.
Yet across the discipline, you can see research switching their focus from learning to building — from physics, as it were, to engineering. Marvel herself left NASA last year to join Project Drawdown, a nonprofit that focuses on emissions reduction. Hausfather now works at Frontier, a tech-industry consortium that studies carbon-removal technology. Even Hayhoe — who trained as a climate scientist — joined a political-science department a decade ago. “I concluded that the biggest barriers to action were not more science,” she said this week.
To fully understand whether climate science has ended, it might help to go back to the very beginning of the field.
By the late 19th century, scientists knew that Earth was incredibly ancient. They also knew that over long enough timescales, the weather in one place changed dramatically. (Even the ancient Greeks and Chinese had noticed misplaced seashores or fossilized bamboo and figured out what they meant.) But only slowly did questions from chemistry, physics, and meteorology congeal into a new field of study.
The first climate scientist, we now know, was Eunice Newton Foote, an amateur inventor and feminist. In 1856, she observed that glass jars filled with carbon dioxide or water vapor trapped more of the sun’s heat than a jar containing dry air. “An atmosphere of that gas,” she wrote of CO₂, “would give to our earth a high temperature.”
But due to her gender and nationality, her work was lost. So the field began instead with the contributions of two Europeans: John Tyndall, an Irish physicist who in 1859 first identified which gases cause the greenhouse effect; and Svante Arrhenius, a Swedish chemist who in 1896 first described Earth’s climate sensitivity, perhaps the discipline’s most important number.
Arrhenius asked: If the amount of CO₂ in the atmosphere were to double, how much would the planet warm? Somewhere from five to six degrees Celsius, he concluded. Although he knew that humanity’s coal consumption was causing carbon pollution, his calculation was a purely academic exercise: We would not double atmospheric CO₂ for another 3,000 years.
In fact, it might take only two centuries. Atmospheric carbon-dioxide levels are now 50 percent higher than they were when the Industrial Revolution began — we are halfway to doubling.
Not until after World War II did climate science become an urgent field, as nuclear war, the space race, and the birth of environmentalism forced scientists to think about the whole Earth system for the first time — and computers made such a daring thing possible. In the late 1950s and 1960s, the physicists Syukuro Manabe and Richard Wetherald produced the first computer models of the atmosphere, confirming that climate sensitivity was real. (Last year, Manabe won the Nobel Prize in Physics for that work.) Half a hemisphere away, the oceanographer Charles Keeling used data collected from Hawaii’s Mauna Loa Observatory to show that fossil-fuel use was rapidly increasing the atmosphere’s carbon concentration.
Suddenly, the greenhouse effect — and climate sensitivity — were no longer theoretical. “If the human race survives into the 21st century,” Keeling warned, “the people living then … may also face the threat of climatic change brought about by an uncontrolled increase in atmospheric CO₂ from fossil fuels.”
Faced with a near-term threat, climate science took shape. An ever-growing group of scientists sketched what human-caused climate change might mean for droughts, storms, floods, glaciers, and sea levels. Even oil companies opened climate-research divisions — although they would later hide this fact and fund efforts to discredit the science. In 1979, the MIT meteorologist Jules Charney led a national report concluding that global warming was essentially inevitable. He also estimated climate sensitivity at 1.5 to 4 degrees Celsius, a range that would stand for the next four decades.
“In one sense, we’ve already known enough for over 50 years to do what we have to do,” Hayhoe, the Texas Tech professor, told me. “Some parts of climate science have been simply crossing the T’s and dotting the I’s since then.”
Crossing the T’s and dotting the I’s—such an idea would have made sense to the historian Thomas Kuhn. In his book, The Structure of Scientific Revolutions, he argued that science doesn’t progress in a dependable and linear way, but through spasmodic “paradigm shifts,” when a new theory supplants an older one and casts everything that scientists once knew in doubt. These revolutions are followed by happy doldrums that he called “normal science,” where researchers work to fit their observations of the world into the moment’s dominant paradigm.
By 1988, climate science had advanced to the degree that James Hansen, the head of NASA’s Goddard Institute, could confidently warn the Senate that global warming had begun. A few months later, the United Nations convened the first Intergovernmental Panel on Climate Change, an expert body of scientists asked to report on current scientific consensus.
Yet core scientific questions remained. In the 1990s, the federal scientist Ben Santer and his colleagues provided the first evidence of climate change’s “fingerprint” in the atmosphere — key observations that showed the lower atmosphere was warming in such a way as to implicate carbon dioxide.
By this point, any major scientific questions about climate change were effectively resolved. Paul N. Edwards, a Stanford historian and IPCC author, remembers musing in the early 2000s about whether the IPCC’s physical-science team should pack it up: They had done the job and shown that climate change was real.
Yet climate science had not yet won politically. Santer was harassed over his research; fossil-fuel companies continued to seed lies and doubt about the science for years. Across the West, only some politicians acted as if climate change was real; even the new U.S. president, Barack Obama, could not get a climate law through a liberal Congress in 2010.
It took one final slog for climate science to win. Through the 2010s, scientists ironed out remaining questions around clouds, glaciers, and other runaway feedbacks. “It’s become harder in the last decade to make a publicly skeptical case against mainstream climate science,” Hausfather said. “Part of that is climate science advancing one funeral at a time. But it’s also become so clear and self-evident — and so much of the scientific community supports it — that it’s harder to argue against with any credibility.”
Three years ago, a team of more than two dozen researchers — including Hausfather and Marvel — finally made progress on solving climate science’s biggest outstanding mystery, cutting our uncertainty around climate sensitivity in half. Since 1979, Charney’s estimate had remained essentially unchanged; it was quoted nearly verbatim in the 2013 IPCC report. Now, scientists know that if atmospheric CO₂ were to double, Earth’s temperature would rise 2.6 to 3.9 degrees Celsius.
That’s about as much specificity as we’ll ever need, Hayhoe told me. Now, “we know that climate sensitivity is either bad, really bad, or catastrophic.”
So isn’t climate science over, then? It’s resolved the big uncertainties; it’s even cleared up climate sensitivity. Not quite, Marvel said. She and other researchers described a few areas where science is still vital.
The first — and perhaps most important — is the object that covers two-thirds of Earth’s surface area: the ocean, Edwards told me. Since the 1990s, it has absorbed more than 90% of the excess heat caused by greenhouse gases, but we still don’t understand how it formed, much less how it will change over the next century.
Researchers also know some theories need to be revisited. “Antarctica is melting way faster than in the models,” Marvel said, which could change the climate much more quickly than previously imagined. And though the runaway collapse of Antarctica now seems less likely, we could be wrong, Oppenheimer reminded me. “The money that we put into understanding Antarctica is a pittance compared to what you would need to truly understand such a big object,” he said.
And these, mind you, are the known unknowns. There’s still the chance that we discover some huge new climatic process out there — at the bottom of the Mariana Trench, perhaps, or at the base of an Antarctic glacier — that has so far eluded us.
Yet in the wildfires of the old climate science, a new field is being born. The scientists who I spoke with see three big projects.
First, in the past decade, researchers have gotten much better at attributing individual weather events to climate change. They now know that the Lower 48 states are three times more likely to see a warm February than they would without human-caused climate change, for instance, or that Oregon and Washington’s record-breaking 2021 heat wave was “virtually impossible” without warming. This work will keep improving, Marvel said, and it will help us understand where climate models fail to predict the actual experience of climate change.
Second, scientists want to make the tools of climate science more useful to people at the scales where they live, work, and play. “We just don’t yet have the ability to understand in a detailed way and at a small-enough scale” what climate impacts will look like, Oppenheimer told me. Cities should be able to predict how drought or sea-level rise will affect their bridges or infrastructure. Members of Congress should know what a once-in-a-decade heat wave will look like in their district five, 10, or 20 years hence.
“It’s not so much that we don’t need science anymore; it’s that we need science focused on the questions that are going to save lives,” Oppenheimer said. The task before climate science is to steward humanity through the “treacherous next decades where we are likely to warm through the danger zone of 1.5 degrees.”
That brings us to the third project: That climatologists must create a “smoother interface between physical science and social science,” he said. The Yale economist Richard Nordhaus recently won a Nobel Prize for linking climate science with economics, “but other aspects of the human system are still totally undone.” Edwards wanted to get beyond economics altogether: “We need an anthropology and sociology of climate adaptation,” he said. Marvel, meanwhile, wanted to zoom the lens beyond just people. “We don’t really understand ... what the hell plants do,” she told me. Plants and plankton have absorbed half of all carbon pollution, but it’s unclear if they’ll keep doing so or how all that extra carbon has changed how they might respond to warming.
Economics, sociology, botany, politics — you can begin to see a new field taking shape here, a kind of climate post-science. Rooted in climatology’s theories and ideas, it stretches to embrace the breadth of the Earth system. The climate is everything, after all, and in order to survive an era when human desire has altered the planet’s geology, this new field of study must encompass humanity itself — and all the rest of the Earthly mess.
Nearly a century ago, the philosopher Alexander Kojéve concluded it was possible for political philosophy to gain a level of absolute knowledge about the world and, second, that it had done so. In the wake of the French Revolution, some fusion of socialism or capitalism would win the day, he concluded, meaning that much of the remaining “work to do” in society lay not in large-scale philosophizing about human nature, but in essentially bureaucratic questions of economic and social governance. So he became a technocrat, and helped design the market entity that later became the European Union.
Is this climate science’s Kojéve era? It just may be — but it won’t last forever, Oppenheimer reminded me.
“Generations in the future will still be dealing with this problem,” he said. “Even if we get off fossil fuels, some future idiot genius will invent some other climate altering substance. We can never put climate aside — it’s part of the responsibility we inherited when we started being clever enough to invent problems like this in future.”
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The transition to clean energy will be expensive today, even if it’ll be cheaper in the long run.
Democrats have embraced a new theory of how to win: run on affordability and cost-of-living concerns while hammering Donald Trump for failing to bring down inflation.
There’s only one problem: their own climate policies.
In state after state, governors and lawmakers are considering pulling back from their climate commitments — or have already reneged on them outright — out of a concern for the high costs that they could soon impose on voters. Democrats have justified the retreat by citing a new regime of sharper inflation, reduced federal support, and a need to deliver cheap energy of all kinds.
“We need to govern in reality,” New York Governor Kathy Hochul, for instance, said in a recent statement defending her approval of new natural gas infrastructure. “We are facing war against clean energy from Washington Republicans.”
Leaders in Pennsylvania, Massachusetts, New Jersey, and California have all sounded similar notes while making or considering changes to their own states’ policies.
“The trend toward a different approach to energy policy that puts costs and pragmatism first is very real,” Josh Freed, the senior vice president for climate and energy programs at Third Way, a center-left think tank, told me.
“Affordability is the entry ticket for any other policy goal that politicians have,” he continued. “It particularly makes sense on climate and clean energy because we’ve all been talking for years about the need to electrify. If electricity is expensive, then electrification is simply not going to happen.”
The challenge is an old one for climate policy. Climate change — fueled by fossil fuel pollution — will ultimately raise costs through heat waves, extreme weather impacts, and a depleted natural world. But voters don’t go to the polls for lower costs in 2075. They want a cheaper cost of living now.
Democrats have more tools in this fight than ever before, with wind, solar, and batteries often much cheaper than other forms of generation. But to fully realize those cost savings — and to decarbonize the grid faster than utilities or power markets would otherwise go — politicians must push for politically or financially costly policies that speed up the transition, sometimes putting long-term climate goals ahead of near-term affordability concerns.
“We’ve been talking about affordability as the entry point and not the end of the story. It’s important to meet consumers and voters and elected officials where they are,” Justin Balik, the vice president for state policy at Evergreen Action, a climate-focused think tank and advocacy group, told me.
“We can make the argument — because the data is on our side — that clean energy is still cheaper and is a big part of lowering costs.”
Part of what’s driving this shift among Democrats on climate policy is economics. The Trump administration’s war on clean energy has made it more difficult to build clean energy than some state-level policies once envisioned. Many emissions reduction targets passed during the late 2010s or early 2020s — like New York’s, which requires the state to reduce emissions 40% from 1990 levels by 2030 and 85% by 2050 — assumed much faster clean electricity buildouts than have happened in practice. The president’s One Big Beautiful Bill Act will end wind and solar tax credits next year, driving up project costs in some cases by 40% more than once projected.
The president’s war on wind power, in particular, has hit particularly hard in Northeastern states, where grid managers once counted on thousands of megawatts of new offshore wind farms to supply power in the afternoon and evenings while meeting the states’ climate goals. The Trump administration has succeeded in cancelling virtually all of the Northeast’s offshore wind projects outside New York.
But economics do not explain all of the shifts. Democrats seem to believe the president’s war on clean energy has created a fresh rhetorical opening for them: They can now cast themselves as champions of cheap energy in all forms. Some have even revived the old Obama-era “all of the above” slogan for this new era.
“We have an energy crisis. Electricity prices for homeowners and businesses have gone up over 20% in New Jersey. The only answer is all of the above,” Representative Frank Pallone, the ranking member of the House energy committee, told Politico in September.
Even politicians who once championed climate change have downplayed it in recent speeches. New York Mayor-elect Zohran Mamdani, who once described himself as a “proud ecosocialist,” barely mentioned climate change during his general election campaign for mayor.
Hochul’s recent moves illustrate the shift. Over the past year, she has delayed implementing New York’s cap-and-invest law, which seeks to reduce statewide carbon emissions 40% by 2030. She also paused the state’s ban on gas stoves and furnaces in new homes and low-rise buildings, which is due to go into effect next year. (A state court has ordered her to implement the cap-and-invest law by February.)
This month, Hochul approved two new natural gas pipelines as part of a rumored deal with the Trump administration to salvage New York’s wind farms. She defended the decision by appealing to — you guessed it — affordability.
“We have adopted an all-of-the-above approach that includes a continued commitment to renewables and nuclear power to ensure grid reliability and affordability,” she said in a statement.
New York’s neighbors have gone down similar paths. In Pennsylvania, Governor Josh Shapiro struck a budget compromise with Republican lawmakers that will remove the state from the Regional Greenhouse Gas Initiative, or RGGI, a compact of Northeastern states to cap carbon pollution from power plants and invest the resulting revenue.
Shapiro blamed Republicans, who he said have “used RGGI as an excuse to stall substantive conversations about energy,” but said he was focused on — yes, again— “cutting costs.”
“I’m going to be aggressive about pushing for policies that create more jobs in the energy sector, bring more clean energy onto the grid, and reduce the cost of energy for Pennsylvanians,” he said before signing the budget deal.
California has also reworked its own climate policy in response to cost-of-living concerns. Earlier this year, it passed an energy package that re-upped its cap-and-trade program while allowing new oil extraction in south-central Kern County. The legislation was partly driven by a fear that local refineries would shutter — and gas prices could soar — without more crude production.
Massachusetts could soon join the pullback. Earlier this month, the state’s House of Representatives fast-tracked a bill that included a provision nullifying a legal mandate to cut carbon emissions in half by 2030, as compared to 1990 levels.
While the bill preserved the state’s longer-term goal to cut emissions by 80% by 2050, it rendered the 2030 mandate “advisory in nature and unenforceable.”
“The number one goal is to save money and adjust to the reality with clean energy,” Representative Mark Cusack, co-chair of the energy and utilities committee and the bill’s sponsor, told the local Commonwealth Beacon. He said the Trump administration’s “assault” on clean energy made the pullback necessary. “We want to get there, but if we’re going to miss our mandates and it’s not the fault of ours, it’s incumbent on us not to get sued and not have the ratepayers be on the hook,” he said.
Cusack’s bill also included measures to transform the state’s Mass Save program — which helps households and businesses to switch to electrified heating and appliances — by dropping the program’s climate mandate and its ban on buying efficient natural gas appliances.
On Monday, lawmakers removed the mandate provision from the bill but preserved its other reforms. While the bill is no longer fast tracked, they could choose to revisit the legislation as soon as next year.
New Jersey may also revisit its own climate commitments. Governor-elect Mikie Sherrill swept to victory this month in part by promising to freeze state utility rates. She could do that in part by lifting or suspending certain “social benefit charges” now placed on state power bills.
In the long term, though, Sherrill will have to pursue other policies to lower rates. Researchers at Evergreen Action and the National Resources Defense Council have argued that changing the state’s electricity policies could lower carbon emissions while saving ratepayers more than $400 a year by 2030.
Balik described the proposal as a “three-legged stool” of immediate rate relief, medium-term clean energy deployment, and long-term utility business model reform. He also mourned that other states have not used revenue from their climate programs to pay for climate programs.
“There’s a danger of looking at cost concerns a little myopically,” he said. “Cap and invest [in New York] was paused for the stated reason that it’s not helpful with cost, but you could use cap-and-invest revenues to pay for things on the rate base now.”
Current conditions: Severe thunderstorms will bring winds of up to 85 miles per hour to parts of the Texarkana region • A cold front in Southeast Asia is stirring waves up to three meters high along the shores of Vietnam • Parts of Libya are roasting in temperatures as high as 95 degrees Fahrenheit.
David Richardson, the acting head of the Federal Emergency Management Agency, resigned Monday after just six months on the job. Richardson had no experience in managing natural disasters, and Axios reported, he “faced sharp criticism for being unavailable” amid the extreme floods that left 130 dead in Central Texas in July. A month earlier, Richardson raised eyebrows when he held a meeting in which he told staff he was unaware the U.S. had a hurricane season. He was, however, a “loyalist” to Homeland Security Secretary Kristi Noem, CNN reported.
With hurricane season wrapping up this month, President Donald Trump was preparing to fire Richardson in the lead up to an overhaul of the agency, whose resources for carrying out disaster relief he wants to divvy up among the states. When FEMA staffers criticized the move in an open letter over the summer, the agency suspended 40 employees who signed with their names, as I wrote in the newsletter at the time.
The Environmental Protection Agency proposed stripping federal protections from millions of acres of wetlands and streams. The New York Times cast the stakes of the rollback as “potentially threatening sources of clean drinking water for millions of Americans” while delivering “a victory for a range of business interests that have lobbied to scale back the Clean Water Act of 1972, including farmers, home builders, real estate developers, oil drillers and petrochemical manufacturers.” At an event announcing the rulemaking, EPA Administrator Lee Zeldin recognized that the proposal “is going to be met with a lot of relief from farmers, ranchers, and other landowners and governments.” Under the Clean Water Act, companies and individuals need to obtain permits from the EPA before releasing pollutants into the nation’s waterways, and permits from the U.S. Army Corps of Engineers before discharging any dredged or fill material such as sand, silt, or construction debris. Yet just eliminating the federal oversight doesn’t necessarily free developers and farmers of permitting challenges since that jurisdiction simply goes to the state.

Americans are spending greater lengths of time in the dark amid mounting power outages, according to a new survey by the data analytics giant J.D. Power. The report, released last month but highlighted Monday in Utility Dive, cited “increased frequency and severity of extreme weather events” as the cause. The average length of the longest blackout of the year increased in all regions since 2022, from 8.1 hours to 12.8 by the midpoint of 2025. Ratepayers in the South reported the longest outages, averaging 18.2 hours, followed by the West, at 12.4 hours. While the duration of outages is worsening, the number of Americans experiencing them isn’t, J.D. Power’s director of utilities intelligence, Mark Spalinger, told Utility Dive. The percentage of ratepayers experiencing “perfect power” without any interruptions is gradually rising, he said, but disasters like storms and fires “are becoming so much more extreme that it creates these longer outage events that utilities are now having to deal with.”
The problem is particularly bad in the summertime. As Heatmap’s Matthew Zeitlin explained back in June, “the demands on the grid are growing at the same time the resources powering it are changing. Between broad-based electrification, manufacturing additions, and especially data center construction, electricity load growth is forecast to grow several percent a year through at least the end of the decade. At the same time, aging plants reliant on oil, gas, and coal are being retired (although planned retirements are slowing down), while new resources, largely solar and batteries, are often stuck in long interconnection queues — and, when they do come online, offer unique challenges to grid operators when demand is high.”

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You win some, you lose some. Earlier this month, solar developer Pine Gate Renewables blamed the Trump administration’s policies in its bankruptcy filing. Now a major solar manufacturer is crediting its expansion plans to the president. Arizona-based First Solar said last week it plans to open a new panel factory in South Carolina. The $330 million factory will create 600 new jobs, E&E News reported, if it comes online in the second half of next year as planned. First Solar said the investment is the result of Trump’s One Big Beautiful Bill Act. “The passage of the One Big Beautiful Bill Act and the Administration’s trade policies boosted demand for American energy technology, requiring a timely, agile response that allows us to meet the moment,” First Solar CEO Mark Widmar said in a statement. “We expect that this new facility will enable us to serve the U.S. market with technology that is compliant with the Act’s stringent provisions, within timelines that align with our customers’ objectives.”
If you want to review what actually goes into making a solar panel, it’s worth checking out Matthew’s explainer from the Climate 101 series.
French oil and gas giant TotalEnergies said Monday it would make a $6 billion investment into power plants across Europe, expanding what The Wall Street Journal called “a strategy that has set it apart from rivals focused on pumping more fossil fuels.” To start, the company agreed to buy 50% of a portfolio of assets owned by Energeticky a Prumyslovy Holding, the investment fund controlled by the Czech billionaire Daniel Kretinsky. While few question the rising value of power generation amid a surge in electricity demand from the data centers supporting artificial intelligence software, analysts and investors “question whether investment in power generation — particularly renewables — will be as lucrative as oil and gas.” Rivals Shell and BP, for example, recently axed their renewables businesses to double down on fossil fuels.
The world has successfully stored as much carbon dioxide as 81,044,946 gasoline-powered cars would emit in a year. The first-ever audit of all major carbon storage projects in the U.S., China, Brazil, Australia, and the Middle East found over 383 million tons of carbon dioxide stored since 1996. “The central message from our report is that CCS works, demonstrating a proven capability and accelerating momentum for geologic storage of CO2,” Samuel Krevor, a professor of subsurface carbon storage at Imperial College London’s Department of Earth Science and Engineering, said in a press release.
New Jersey Governor-elect Mikie Sherrill made a rate freeze one of her signature campaign promises, but that’s easier said than done.
So how do you freeze electricity rates, exactly? That’s the question soon to be facing New Jersey Governor-elect Mikie Sherrill, who achieved a resounding victory in this November’s gubernatorial election in part due to her promise to declare a state of emergency and stop New Jersey’s high and rising electricity rates from going up any further.
The answer is that it can be done the easy way, or it can be done the hard way.
What will most likely happen, Abraham Silverman, a Johns Hopkins University scholar who previously served as the New Jersey Board of Public Utilities’ general counsel, told me, is that New Jersey’s four major electric utilities will work with the governor to deliver on her promise, finding ways to shave off spending and show some forbearance.
Indeed, “We stand ready to work with the incoming administration to do our part to keep rates as low as possible in the short term and work on longer-term solutions to add supply,” Ralph LaRossa, the chief executive of PSE&G, one of the major utilities in New Jersey, told analysts on an earnings call held the day before the election.
PSE&G’s retail bills rose 36% this past summer, according to the investment bank Jefferies. As for what working with the administration might look like, “We expect management to offer rate concessions,” Jefferies analyst Paul Zimbrado wrote in a note to clients in the days following the election, meaning essentially that the utility would choose to eat some higher costs. PSE&G might also get “creative,” which could mean things like “extensions of asset recoverable lives, regulatory item amortization acceleration, and other approaches to deliver customer bill savings in the near-term,” i.e. deferring or spreading out costs to minimize their immediate impact. “These would be cash flow negative but [PSE&G] has the cushion to absorb it,” Zimbrado wrote.
In return, Silverman told me that the New Jersey utilities “have a wish list of things they want from the administration and from the legislature,” including new nuclear plants, owning generation, and investing in energy storage. “I think that they are probably incented to work with the new administration to come up with that list of items that they think they can accomplish again without sacrificing reliability.”
Well before the election, in a statement issued in August responding to Sherrill’s energy platform, PSE&G hinted toward a path forward in its dealings with the state, noting that it isn’t allowed to build or own power generation and arguing that this deregulatory step “precluded all New Jersey electric companies from developing or offering new sources of power supply to meet rising demand and reduce prices.” Of course, the failure to get new supply online has bedeviled regulators and policymakers throughout the PJM Interconnection, of which New Jersey is a part. If Mikie Sherrill can figure out how to get generation online quickly in New Jersey, she’ll have accomplished something more impressive than a rate freeze.
As for ways to accomplish the governor-elect’s explicit goal of keeping price increases at zero, Silverman suggested that large-scale investments could be paid off on a longer timeline, which would reduce returns for utilities. Other investments could be deferred for at least a few years in order to push out beyond the current “bubble” of high costs due to inflation. That wouldn’t solve the problem forever, though, Silverman told me. It could simply mean “seeing lower costs today, but higher costs in the future,” he said.
New Jersey will also likely have to play a role in deliberations happening in front of the Federal Energy Regulatory Commission about interconnecting large loads — i.e. data centers — a major driver of costs throughout PJM and within New Jersey specifically. Rules that force data centers to “pay their own way” for transmission costs associated with getting on the grid could relieve some of the New Jersey price crunch, Silverman told me. “I think that will be a really significant piece.”
Then there’s the hard way — slashing utilities’ regulated rates of return.
In a report prepared for the Natural Resources Defence Council and Evergreen Collective and released after the election, Synapse Economics considered reducing utilities’ regulated return on equity, the income they’re allowed to generate on their investments in the grid, from its current level of 9.6% as one of four major levers to bring down prices. A two percentage point reduction in the return on equity, the group found, would reduce annual bills by $40 in 2026.
Going after the return on equity would be a more difficult, more contentious path than working cooperatively on deferring costs and increasing generation, Silverman told me. If voluntary and cooperative solutions aren’t enough to stop rate increases, however, Sherrill might choose to take it anyway. “You could come in and immediately cut that rate of return, and that would absolutely put downward pressure on rates in the short run. But you establish a very contentious relationship with the utilities,” Silverman told me.
Silverman pointed to Connecticut, where regulators and utilities developed a hostile relationship in recent years, resulting in the state’s Public Utilities Regulatory Authority chair, Marissa Gillett, stepping down last month. Gillett had served on PURA since 2019, and had tried to adopt “performance-based ratemaking,” where utility payouts wouldn’t be solely determined by their investment level, but also by trying to meet public policy goals like energy efficiency and reducing greenhouse gas emissions.
Connecticut utilities said these rules would make attracting capital to invest in the grid more difficult. Gillett’s tenure was also marred by lawsuits from the state’s utilities over accusations of “bias” against them in the ratemaking process. At the same time, environmental and consumer groups hailed her approach.
While Sherrill and her energy officials may not want to completely overhaul how they approach ratemaking, some conflict with the state’s utilities may be necessary to deliver on her signature campaign promise.
Going directly after the utilities’ regulated return “is kind of like making your kid eat their broccoli,” Silverman said. “You can probably make them eat it. You can have a very contentious evening for the rest of the night.”