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Economy

European Energy Is Worried

On flaring, forests, and boardroom deliberations.

Tuesday.
Heatmap Illustration/Getty Images

Current conditions: At least 45 are dead and many more are trapped in the Indian state of Kerala after heavy rainfall triggered landslides • California’s Park Fire, only 14% contained, is now the sixth-largest in the state’s history • Typhoon Gaemi’s death toll continues to climb as the storm’s remnants batter southern China • A flash flood hit the popular Dollywood theme park in Tennessee.

THE TOP FIVE

1. European clean energy companies weigh their futures in the U.S. ahead of the presidential election

European companies are considering whether to invest in new clean energy projects in the U.S. as November’s election looms, Reuters reported on Monday. The Inflation Reduction Act’s incentives for clean energy, EVs, and hydrogen – which drew many European firms to cross the Atlantic – are perceived to be in jeopardy in the event of a Trump victory. Companies like Thyssenkrupp Nucera, Nel, SMA Solar, and H2Apex, which have undertaken clean energy projects in the U.S. in the last two years, are all delaying investment decisions over worries that tax credits and demand could dry up.

Their concerns are warranted. Donald Trump has pledged to redirect clean energy funding to other priorities like roads and bridges should he win re-election. And the Heritage Foundation’s Project 2025 (widely seen as a policy map for a second Trump term) proposes gutting key climate agencies like the Environmental Protection Agency and the Department of Energy’s Loans Program Office.

2. Nuclear fusion company concludes giant funding round

Type One Energy closed its seed funding round at $82.5 million, a testament to the hype surrounding the emerging nuclear fusion company. As Heatmap’s Katie Brigham reports, the company uses a reactor design known as a stellarator, which – unlike the traditional tokamak reactor – employs a twisted magnetic field to keep the plasma stabilized inside. The company’s novel technology sparked interest from major funders like Breakthrough Energy, Centaurus Capital, and New Zealand-based GD1. Type One CEO Chris Mowry called the funding round, “one of the largest, if not the largest ever, seed financings in the history of energy.”

3. Gas flaring in Azerbaijan hits a decadal high

The host of the UN COP29 climate summit flared 10.5% more methane in 2023 than it did in 2018, the last time the country reported its emissions, according to recent analysis by nonprofit group Global Witness. Flaring involves burning (rather than capturing) the natural gas produced as a byproduct of oil drilling, and it is responsible for over 381 million metric tons of CO2 equivalent emissions annually, according to the World Bank. Several of the facilities most at fault for the increase in flaring are owned or operated by British multinational energy company BP.

It’s a new black mark on Azerbaijan’s climate record, already under scrutiny by those who object to holding another climate conference in a major oil and gas-producing country.

4. Wildfires are hurting the U.S. economy

A forthcoming report by economic analysis group IMPLAN finds that wildfires could punch a nearly $90 billion hole in U.S. economic output this year. Wildfires are already displacing entire communities as they rage across much of the American West. That’s going to have an impact, says IMPLAN — potentially eliminating as many as 466,000 jobs by the end of the year. The report notes that some industries may actually benefit from the surge in wildfires. Businesses like electricity, healthcare, and (of course) fire prevention could see elevated spending as climate change increases the frequency of these destructive blazes.

5. A new study casts doubt on forests’ ability to curb emissions

Vegetation isn’t acting as the carbon sponge many had hoped it would. A new study by the French research organization Laboratory for Climate and Environmental Sciences (LCES) found that between 2022 and 2023, the growth rate of carbon dioxide in the atmosphere increased 86%. That’s partly because drought in the Amazon and wildfires in Canada constrained forests’ ability to sequester carbon as they normally do. While the report’s authors noted that carbon uptake changes from year to year, these findings cast doubt on forests’ reliability as a carbon sponge in the future. “We are pumping less carbon from the atmosphere into the land,” one of the study’s authors told Reuters. “Suddenly the pump is choking, and it's pumping less.”

THE KICKER

“Unfortunately, meteorological events beyond our control ... can alter water quality and compel us to reschedule the event for health reasons.” – A joint statement by World Triathlon and Paris 2024 blaming the weekend’s rain storms for the pollution in the Seine that caused them to postpone today’s men’s Olympic triathlon.

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Spotlight

The Moss Landing Battery Backlash Has Spread Nationwide

New York City may very well be the epicenter of this particular fight.

Moss Landing.
Heatmap Illustration/Getty Images, Library of Congress

It’s official: the Moss Landing battery fire has galvanized a gigantic pipeline of opposition to energy storage systems across the country.

As I’ve chronicled extensively throughout this year, Moss Landing was a technological outlier that used outdated battery technology. But the January incident played into existing fears and anxieties across the U.S. about the dangers of large battery fires generally, latent from years of e-scooters and cellphones ablaze from faulty lithium-ion tech. Concerned residents fighting projects in their backyards have successfully seized upon the fact that there’s no known way to quickly extinguish big fires at energy storage sites, and are winning particularly in wildfire-prone areas.

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The Race to Qualify for Renewable Tax Credits Is on in Wisconsin

And more on the biggest conflicts around renewable energy projects in Kentucky, Ohio, and Maryland.

The United States.
Heatmap Illustration/Getty Images

1. St. Croix County, Wisconsin - Solar opponents in this county see themselves as the front line in the fight over Trump’s “Big Beautiful” law and its repeal of Inflation Reduction Act tax credits.

  • Xcel’s Ten Mile Creek solar project doesn’t appear to have begun construction yet, and like many facilities it must begin that process by about this time next year or it will lose out on the renewable energy tax credits cut short by the new law. Ten Mile Creek has essentially become a proxy for the larger fight to build before time runs out to get these credits.
  • Xcel told county regulators last month that it hoped to file an application to the Wisconsin Public Services Commission by the end of this year. But critics of the project are now telling their allies they anticipate action sooner in order to make the new deadline for the tax credit — and are campaigning for the county to intervene if that occurs.
  • “Be on the lookout for Xcel to accelerate the PSC submittal,” Ryan Sherley, a member of the St. Croix Board of Supervisors, wrote on Facebook. “St. Croix County needs to legally intervene in the process to ensure the PSC properly hears the citizens and does not rush this along in order to obtain tax credits.”

2. Barren County, Kentucky - How much wood could a Wood Duck solar farm chuck if it didn’t get approved in the first place? We may be about to find out.

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Q&A

All the Renewables Restrictions Fit to Print

Talking local development moratoria with Heatmap’s own Charlie Clynes.

The Q&A subject.
Heatmap Illustration

This week’s conversation is special: I chatted with Charlie Clynes, Heatmap Pro®’s very own in-house researcher. Charlie just released a herculean project tracking all of the nation’s county-level moratoria and restrictive ordinances attacking renewable energy. The conclusion? Essentially a fifth of the country is now either closed off to solar and wind entirely or much harder to build. I decided to chat with him about the work so you could hear about why it’s an important report you should most definitely read.

The following chat was lightly edited for clarity. Let’s dive in.

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