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The president’s executive order is already too late to save at least one Arizona plant.

The Trump administration is trying to save coal again. But despite the president’s seemingly forceful actions, there’s little indication he’ll be any more successful at it this time than he was the last time around.
Backed by coal miners in hard hats and high visibility jackets, Trump on Tuesday announced a series of executive orders meant to boost “beautiful, clean coal.” The orders lift barriers to extracting coal on public lands, ask the Department of Energy to consider metallurgical coal a critical mineral, push out compliance with some air quality rules by two years, instruct the Department of Energy to use emergency authorities to keep coal plants open, and direct the attorney general to go after state climate laws that Trump claimed “discriminate” against greenhouse gas-emitting energy sources like coal.
What’s not clear is how much these orders will boost the coal industry, let alone save it. It’s not even clear whether the specific plant Trump said he was saving will burn coal again.
During the announcement, Trump said that his administration would keep open the Cholla Generating Station, an Arizona coal plant that began operating in 1962. The plant’s final two units were slated to be retired this year.
“We will ensure our nation’s critical coal plants remain online and operational,” Trump said. “To that end, I’m instructing Secretary Wright to save the Cholla coal plant in Arizona.”
But according to Arizona Public Service, the utility that co-owns the plant, the plant has already stopped generating power. A spokesperson told me the utility was “aware” of the president’s statement and is “evaluating what it means for the plant.” APS plans on preserving the site, possibly for nuclear power and has “procured reliable and cost-effective generation that will replace the energy previously generated by Cholla Power Plant,” the spokesperson said.
The Department of Energy didn’t return a request for comment.
Trump’s orders repeatedly cite Section 202 of the Federal Power Act, which allows the Secretary of Energy “during a continuance of a war in which the United States is engaged or when an emergency exists” to allow energy facilities to continue to operate on a temporary basis that otherwise would not.
In 2017, the first Trump administration used Section 202 to allow two coal plant units in Virginia to continue operating occasionally when necessary for grid reliability, despite their having been due to close to comply with air quality regulations. Two years later, the electricity market PJM told the Department of Energy that a new transmission line had rendered the emergency authorization unnecessary, and the plants closed in 2019.
The executive orders “don’t seem to realize that natural gas killed coal and if they aren’t banning fracking, none of this matters,” Grid Strategies president Rob Gramlich wrote on X. “Nothing here seems to change the economics, and it’s the economics that have held coal-fired power production down.” (Gramlich is also a Heatmap contributor.)
Of course, the United States has plenty of coal. But many of its uses — including electricity generation — can be easily substituted with other sources, such as natural gas. That’s why U.S. coal production has been falling since 2008.
“Coal is increasingly uncompetitive in deregulated electricity markets,” Seaver Wang, director of climate and energy at the Breakthrough Institute, told me. That’s because operating a coal-fired power plant comes with all sorts of extra costs that natural gas doesn’t, including the transportation and storage of coal — compare the barges and trains required to move rocks to the neat pipelines gas flows through. The energy research group Energy Innovation has found that nearly all coal plants are more expensive to run than the combinations of wind, solar, and storage that might replace them.
“I don’t see the demand drivers for this to remotely bring coal back. I have no idea who would ever invest as a result of this executive order or related policies,” Wang said.
While existing coal plants may stick around for another few years as a result of heightened demand or relaxed regulatory burdens, that’s a far cry from building new coal plants or opening new coal mines. A large coal plant hasn’t opened in the United States since 2013. In 2024, wind and solar generation surpassed coal generation on the grid, according to Ember.
Some 12.3 gigawatts of coal capacity are scheduled to be retired in 2025, according to the Energy Information Administration, making up two-thirds of planned retirements by capacity this year. But coal retirements have also been slowing down, according to EIA data. The 7.5 gigawatts retired last year was the least since 2011.
Jefferies analysts estimated that over 12 gigawatts of coal capacity is due for retirement in 2028. That could be pushed back thanks to the relaxation of the mercury and air toxics rules the president announced Tuesday.
“There is logic to delaying coal retirements to serve incremental high-density load customers like data centers,” the Jefferies analysts wrote. “Not all coal retirements are alike, and the economic-driven transitions will continue to draw support, but the calculus will change with more expensive renewables and natural gas alternatives from tariffs and potential changes to the Inflation Reduction Act.”
This is not the first time a Trump White House has tried to rescue this declining industry. During his first term, then Secretary of Energy Rick Perry proposed that coal and nuclear plants at risk of closing because of low demand have guaranteed payments, known as cost recovery, in order to stay open. The Federal Energy Regulatory Commission, with a Republican majority, said no to Perry by a vote of 5-0.
Despite the president’s promises throughout his campaign, the coal industry shrunk by a huge degree during his first term, part of a longer trend that brought down coal’s share in the electricity generating sector from about half in 2007 to 16% in 2023. During Trump’s time in office, coal mining jobs declined from 51,000 to 38,000 during the pandemic, and have recovered only to 40,000 today.
When it comes to mines, Wang said, investors would likely be leery of putting money into the sector, given the strong likelihood that a future Democratic administration would be far less friendly to coal. Coal investors “are going to be accounting for the fact that any policy swings are short lived,” Wang told me.
“We all know that lead times for mines are long. Everyone knows this administration only has four years in office. I don’t really expect that this will drive a lot of investment interest,” Wang said.
The critical mineral designation for coal, if it makes it through the Department of Energy’s process, may not change much initially, Wang explained. It could lead to some “beneficial outcomes in terms of agency prioritization,” he said. But much critical minerals policy is still being worked out, and there are few programs that specifically and programmatically target the critical minerals included on lists maintained by either the Department of Energy or the United States Geological Service.
“A lot of the politicking over critical minerals designation is about the expectation of future outcomes that would arise from broad bipartisan interest in critical minerals as a category,” Wang said.
And unlike with other critical minerals, the U.S. is essentially self-sufficient for coal’s industrial and energy uses. We’re not talking about graphite here, let alone praseodymium.
At least so far, the coal industry has not thrilled to having a more friendly figure in the White House, although the share prices of some coal companies are up in afternoon trading. Coal exports in January, the most recent month for which there is data, stood at 7.7 million short tons, compared to 8.4 million short tons a year prior. Central Appalachia coal prices stand at $78 per short ton, compared to $77.35 a year ago.
If nothing else, the announcements provided Trump with the type of photo-op he craves. He even got the opportunity to bash Hillary Clinton. “One thing I learned about the coal miners … they want to mine coal. She was gonna put them in a high-tech industry where you make little cell phones and things,” he told the audience in the White House. Of course, Secretary of Commerce Howard Lutnick on Sunday touted the “army of millions and millions of people screwing in little, little screws to make iPhones” that Trump’s tariffs will also help generate. But no matter what the president says or does, the coal industry may still be screwed.
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The enhanced geothermal darling is spending big on capex, but its shares will be structured more like a software company’s.
Fervo, the enhanced geothermal company that uses hydraulic fracturing techniques to drill thousands of feet into the Earth to find pockets of heat to tap for geothermal power, is going public.
The Houston-based company was founded in 2017 and has been a longtime favorite of investors, government officials, and the media (not to mention Heatmap’s hand-selected group of climate tech insiders) for its promise of producing 24/7 clean power using tools, techniques, and personnel borrowed from the oil and gas industry.
After much speculation as to when it would go public, Fervo filed the registration document for its initial public offering on Friday evening. Here’s what we were able to glean about the company, its business, and the geothermal industry from the filing.
The main theme of the document, known as an S-1, is the immense potential enhanced geothermal — and, thus, Fervo — has.
The company says that its Cape Station site in Utah, where it’s currently developing its flagship power plants, had “4.3 gigawatts of capacity potential” alone. That’s more than the 3.8 gigawatts of conventional geothermal capacity currently on the grid. Enhanced geothermal technology, otherwise known as EGS, “has the potential to make geothermal generation as ubiquitous as solar generation is in the U.S. today,” the company projects. (There’s about 280 gigawatts of installed solar capacity currently in the U.S., according to the Solar Energy Industries Association) “A broader subset of our reviewed leases represents over 40 gigawatts” of capacity, the document goes on.
Like all investor pitches, the S-1 features some eye-popping “total addressable market” figures. Citing analysis by the consulting firm Rystad, the document says that if there’s a sufficient shortfall in capacity due to retiring power plants (98 gigawatts by 2035), the annual market for enhanced geothermal would be approximately $70 billion by 2035, and that this would represent some $2.1 trillion in revenue potential over 30 years.
The company is already producing 3 megawatts at its Nevada Project Red site for the Nevada grid as part of a deal with Google. It also expects to begin generating power from the Cape Station site “by late 2026,” according to the filing, and get up to 100 megawatts “by early 2027.” In total, Fervo has “658 megawatts of binding power purchase agreements,” which it says represents ”approximately $7.2 billion in potential revenue backlog.”
Beyond that, Fervo says it has 2.6 gigawatts “in advanced development,” and “over 38 gigawatts” in “early-stage development,” where it’s still doing feasibility studies to “validate and confirm the path toward commercial development.”
Fervo says that the energy produced from its Cape Station facility will come in at around $7,000 per kilowatt. That’s already cheaper than “traditional and small modular nuclear power,” which the Department of Energy has estimated costs $6,000 to $10,000 per kilowatt, the filing says. Fervo is aiming to get the total project costs down to $3,000 per kilowatt, at which point it says it would outcompete natural gas without any of the price volatility due to fuel costs going up and down.
But Fervo’s upfront spending is still immense. Fervo says that it expects some $1.2 billion in capital expenditure this year, of which only $125 million is going toward the first phase of its Cape Station project, which it has said would deliver 100 megawatts of power. (Meanwhile, the $940 million it expects to spend on the second phase, which is due to be 400 megawatts, is mostly unfunded.) The company says the public offering will fund “project-level capital expenditures,” as well as land holdings and general corporate expenditures.
Google comes up some 36 times in the document, most times in reference to the “Geothermal Framework Agreement” Fervo signed with the hyperscaler this past March. The S-1 describes the deal as a “3-gigawatt framework agreement … to advance and structure potential power offtake opportunities for current and planned data centers in both grid-connected and alternative energy solutions.” This deal, the company says, “establishes a structured process for the development of geothermal projects across specified regions of the United States,” and could involve the offtake by Google of up to 3 gigawatts of Fervo-generated electricity by the end of 2033.
What the framework is not is a power purchase agreement. One of the risk factors Fervo lists in the IPO document says, “The GFA is a non-binding agreement, and does not obligate Google to purchase power from us.” Instead, it is “a binding framework under which we may propose geothermal development projects to Google, but it does not obligate Google to accept any project, execute any power purchase agreement or provide us with any project financing.”
The agreement also places limits on Fervo, including from whom it can accept investment or financing. (The deal outlines a “broad category of entities defined as competitors,” which are all no-nos.) Overall, the company says, the arrangement gives Google “significant priority over our near-term development pipeline and may limit our flexibility to pursue alternative commercial, strategic, or financing arrangements that would otherwise be available to us.”
Upon going public, the company will have two shares of stock: Class A shares available to the public, and Class B shares owned by its founders, chief executive officer Tim Latimer, and chief technology officer Jack Norbeck. These Class B shares will have 40 times the voting rights of the class A shares and will allow Latimer and Norbeck to “collectively continue to control a significant percentage of the combined voting power of our common stock and therefore are able to control all matters submitted to our stockholders for approval.”
These arrangements are familiar with venture-backed, founder-led software companies. Alphabet and Meta are the most prominent examples of large, publicly traded companies that are under the effective control of their founders thanks to dual class share structures. Tesla, rather famously, does not have a dual class share structure, which is why CEO Elon Musk convinced his board to award him more shares so that he would maintain a high degree of influence over the company.
While other technology companies such as Stripe pile up billions in revenue without any near term prospects of going public, Fervo largely has spending to report on its income statement.
In 2025, the company reported just $138,000 in revenues with a $58 million net loss; that’s compared to a $41 million net loss in 2024. The revenues were “ancillary fees associated with rights to geothermal production at Project Red,” the company said. “This type of revenue is not expected to be significant to our long-term revenue generation, as we have not yet commenced large-scale commercial operations.”
And there’s more spending to come.
Fervo expects that the second phase of its Cape Station project will “require approximately $2.2 billion in capital expenditures through 2028,” which it hopes to pay for with project-level financing.
Fervo said it is “continuing to evaluate the effect of the OBBB” — that is, the One Big Beautiful Bill Act, which slashed or curtailed tax credits for clean energy companies — and that it wasn’t able to “reasonably” estimate the effect on its financial statements by the end of last year. The company does say, however, that it “may benefit from ITCs and PTCs (including the energy community and domestic content bonuses available under the ITC and PTC, in certain circumstances) with respect to qualifying renewable energy projects,” referring to the investment and production tax credits, which acquired a strict set of eligibility rules under OBBBA. It cautioned that the current guidance regarding tax credit eligibility is “subject to a number of uncertainties,” and that “there can be no assurance that the IRS will agree with our approach to determining eligibility for ITCs and PTCs in the event of an audit.”
The company also disclosed that earlier this month, it reached a deal with Liberty Mutual, the insurance company “to sell and transfer tax credits generated at Cape Station Phase I,” taking advantage of a provision of the law that allows credits to be sold to other entities with tax liability, and not just harvested by investors in the project.
The COVID-era political divide is still having ripple effects.
Six years ago this month, the Centers for Disease Control and Prevention began advising that even healthy individuals to wear face coverings to protect themselves against the spread of what we were then still calling the “novel coronavirus.” Mask debates, mandates, bans, and confrontations followed. To this day, in the right parts of the country, covering your face will still earn you dirty looks, or worse.
If there were ever another year to have an N95 on hand, though, it’s this one. This winter was the warmest on record in nine U.S. states; Oregon, Colorado, Utah, and Montana have also recorded some of their lowest snowpacks since record-keeping began. That cues up the landscape in the West for “above normal significant fire potential,” in the words of the National Interagency Fire Center, which issues predictive outlooks for the season ahead. And it’s not just the West: the 642,000-acre Morrill grass fire, which ignited in early March, was the largest in Nebraska’s history, while exceptional drought conditions stretching from East Texas through Florida have set the stage for “well above normal fire activity” heading into the spring lightning season. As of the end of March, wildfires have already burned more than 1.6 million acres in the U.S., or 231% of the previous 10-year average.
“Air pollution is the most significant toxic environmental exposure that the average person is ever subjected to, and wildfire smoke in particular is probably the most toxic type of air pollution [they’re] ever exposed to,” Brian Moench, the president at Utah Physicians for a Healthy Environment, a nonprofit clean-air advocacy group, told me.
Our understanding of just how dangerous that smoke is grows by the year. After having their grant pulled by the Trump administration, researchers at the University of California, Davis Health and UCLA persisted in publishing a report this winter reviewing more than 8.6 million births in California and demonstrating a link between exposure to wood smoke during pregnancy and the increased likelihood of autism. Another report, also published this winter by researchers from UCLA, estimated that the particulate matter from wildfire smoke is responsible for nearly 25,000 deaths per year in the United States, with no safe threshold for exposure.
“If a person is in a circumstance where they really can’t avoid wildfire smoke,” Moench added, “they absolutely should be doing everything they can to protect themselves.”
As public health offices around the country will tell you, one of the best ways to do just that is by donning an effective mask. N95 respirators specifically are about 95% effective at protecting the wearer against the dangerous particulates in wildfire smoke (although not gases or asbestos). Though not recommended by public health departments due to their comparative ineffectiveness, even surgical and cloth masks can offer limited particulate protection of about 68% and 33%, respectively.
But you have to actually wear them. After the Los Angeles fires in early 2025, health officials warned that exposure to toxic ash and dust remained a threat even after the air quality index returned to safe levels; one public health official who spoke to The New York Times recommended wearing a face mask for at least a month after the fires, a duration likely to feel interminable to all but the most cautious of people. “I think there’s a reluctance on the part of a lot of people to wear masks based not on anything other than they don’t want to make a political statement with their public outings,” Moench said. “I think there are a lot of people who just want to shy away from the controversy that they represent, irrespective of whether or not it’s a good idea.”
Moench has first-hand experience with the frustrating experience of promoting lung health in the polarized, post-COVID world of masking. Last year, Utah lawmakers floated a statewide mask ban with exceptions only for Halloween and masquerades — but not for legitimate health concerns such as poor air quality due to wildfire smoke. Though the ban was swiftly shot down, in part due to the outcry from disability advocates and environmental health groups, including Physicians for a Healthy Environment, the fact that the legislature floated it at all underscores how masks remain divisive, even years after mandates ended.
Many in public health have approached post-COVID messaging around masking by promoting scientific facts. Bev Stewart, the regional director of health initiatives at the American Lung Association of the Mountain Pacific, told me that in her experience, “It’s rare that somebody would say, ‘I would never, under any circumstance, wear a mask.’” She called the process of trying to reach skeptics a “conversation,” noting that there tends to be “a large misunderstanding about how lungs work” — namely, that masks offer protections that extend beyond the associations with the pandemic.
“Many types of air quality concerns could be mitigated with masks,” Stewart told me. “Sometimes we’re just thinking too narrowly about one specific instance and forgetting the forest for the trees.”
Others I spoke to, though, were doubtful that the populations who are most resistant to mask-wearing could be reached through facts alone. A portion of the country has “lost all respect for empirical evidence, facts, and science — virtually everything that modern civilization was based upon,” Moench said.
Jonas Kaplan, an associate professor of psychology at the University of Southern California, has put numbers to Moench’s conjecture. During the COVID pandemic, Kaplan studied how messaging can reach anti-maskers, discovering that when “information about masks was framed in terms of pure science, there was no significant reduction in anti-mask beliefs or change in mask-wearing behavior.”
Kaplan told me that a lot of the resistance in the anti-masking community comes down to, “What will people in public think of me? What would my friends think of me?” The most effective messages, he’s found, are those that speak to in-group values rather than presenting straight facts. “It wasn’t like, ‘Studies show that this is safe …’” broke through with the skeptics, Kaplan said. “It was more about emphasizing, ‘This is important, and we should care about it.’”
Science, though, does still have a vital role to play. Though we already have a better understanding of the impacts of smoke exposure than we did even a few years ago, more research is needed into its long-term effects. That will also give us greater clarity into how to best protect the more than 25 million Americans who are exposed to wildfire smoke every year — both physically, via better masks and air filters, as well as through better public health messaging.
“Smoke by itself — we know what’s in it, and we know you don’t want to breathe it in,” Emily Fischer, a leading expert on air pollution and a researcher and professor at Colorado State University, told me. “We also know that there are protective actions that families can prepare for, and do their best to take.”
Unfortunately, under the Trump administration, the Environmental Protection Agency, the National Oceanic and Atmospheric Administration, and the National Science Foundation, which had previously led research in the area, have drastically reduced their funding. Just this week, The Hill reported that NOAA has cut off grant funding to the University of Colorado’s Cooperative Institute for Research in Environmental Sciences, which, in addition to research into greenhouse gases, has extensively studied wildfire-related air pollution.
Fischer has been affected, too. “My team has had grants terminated related to air quality and protecting public health, and that’s really sad because the smoke doesn’t care if you’re a kid, if you’re elderly, or if you live in a red or blue state,” she said. “Families really need to think right now about how to protect themselves and their loved ones” against the smoke ahead, she told me.
Current conditions: Temperatures in the Northeast are swinging from last week’s record 90 degrees Fahrenheit to a cold snap with the risk of freezing • After a sunny weekend, the United States’ southernmost capital — Pago Pago, American Samoa — is facing a week of roaring thunderstorms • It’s nearing 100 degrees in Bangui as the Central African Republic’s capital and largest city braces for another day of intense storms.
The price of crude spiked nearly 7% in pre-market trading Sunday after the fragile ceasefire between Iran and the U.S.-Israeli alliance. Things had been looking up on Friday, when President Donald Trump announced what appeared to be a breakthrough in talks with Tehran in a post on Truth Social, saying Iran would “fully reopen” the Strait of Hormuz. By Sunday, however, the U.S. commander in chief was accusing Tehran of firing bullets at French and British vessels in the waterway in “a total violation of our ceasefire agreement,” adding: “That wasn’t nice, was it?” On Sunday afternoon, Trump posted again to announce that the U.S. had seized an Iranian-flagged cargo ship attempting to traverse the strait. The prolonged conflict will only harden the historic rupture the severe contraction of oil and gas supply to the global market in modern history has triggered in global energy planning. “As happened with Russia’s war against Ukraine, the consequences of the Hormuz closure cannot simply be undone. That leaves countries — especially poorer countries dependent on fossil fuel imports — with a stark choice about how to fuel their future economic growth,” Heatmap’s Matthew Zeitlin wrote last week. “The crisis may have tipped the balance towards renewable and storage technology from China over oil and natural gas from the Persian Gulf, Russia, or the United States.”
While the surge in gasoline costs “likely peaked,” Secretary of Energy Chris Wright warned that the price at the pump could remain above $3 a gallon until 2027 during an interview with CNN’s Jake Tapper on Sunday.
The Trump administration pitched its deal to pay TotalEnergies nearly $1 billion to cancel the company’s offshore wind leases as a win-win: The government would reimburse the French energy giant for every penny it spent to acquire the leases, and in exchange, Total would “redirect” the money to U.S. oil and gas development. But new document released Friday and analyzed by Heatmap’s Emily Pontecorvo show that “Americans’ side of the bargain appears to be worthless” given that “Total did not have to make any new investments to get its check.” Indeed, the company was already planning investments in the U.S. that would likely qualify under the deal.
Offshore wind investments are, meanwhile, moving forward. Danish developer Orsted has installed the first wind turbine at its Sunrise Wind project off the coast of New York, offshoreWIND.biz reported. The turbine is the first of what’s expected to be 84 turbines totaling nearly a gigawatt of maximum capacity. It comes just weeks after Wind Scylla, the Cadeler-owned vessel specially designed to deploy turbines, completed work on Revolution Wind, Orsted’s flagship first project off the coast of Rhode Island. That the project is moving ahead as normal is a victory unto itself. The Trump administration pulled out every stop to halt construction of all offshore wind projects.
The Supreme Court ruled Friday that energy companies facing lawsuits over environmental damage to the Louisiana waterfront from oil and gas production can move those cases from state to federal court, where more favorable outcomes are expected. In a unanimous decision in favor of Chevron, Justice Clarence Thomas wrote that “Congress has long authorized” the transfer from state to federal courts. The New York Times described the ruling as “a significant victory for oil companies.”
The decision comes two months after the Supreme Court agreed to hear Suncor Energy Inc. v. County Commissioners of Boulder County, which concerns jurisdiction for “public nuisance” claims. It’s still awaiting a hearing date. But the litigation, which dates back to 2018, came when the city and county of Boulder, Colorado, sued the oil giants Exxon Mobil and Suncor for damages from climate change, bringing charges under state law. “The oil companies tried repeatedly to get the case dismissed, arguing that it belonged in federal court. But time and again, the courts disagreed. The Supreme Court already rejected an earlier petition to review the question of whether the case belonged in state or federal court in 2023,” Emily wrote in February. “Now it has agreed to consider a slightly different petition, filed last summer, over whether federal law preempts Boulder’s state-law claims.”
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Pharmaceutical giant Eli Lilly has agreed to work with the state of Indiana to build out “a future pathway for nuclear energy solutions” including “small modular reactors and other advanced nuclear technologies.” The drugmaker behind antidepressant Prozac and erectile dysfunction treatment Cialis signed a letter of intent with the state last month. The deal, first reported by Axios on Friday, marks the latest example of a big corporate power user laying out plans for atomic energy investments for something other than data centers. In 2022, the steelmaker Nucor signed a deal with nuclear developer NuScale to explore building a small modular reactor near one of its electric arc furnaces, and last year forged an alliance with The Nuclear Company to consider backing the startup’s efforts to establish a supply chain for building fleets of reactors. In 2023, Dow Chemical inked a deal with X-energy to use the next-generation nuclear developer’s high-temperature gas-cooled reactors to potentially swap out fossil fuels for splitting atoms as its industrial heat source.
Not all is looking rosy for the nuclear industry. Fermi America, the startup led by former Texas Governor Rick Perry and which promised to build a giant data enter complex backed by, isn’t just “faltering, it’s imploding,” according to a report by independent energy journalist Robert Bryce. But other projects are advancing. On Friday, the next-generation reactor startup Kairos Power broke ground on its demonstration project in Oak Ridge, Tennessee. Then, on Saturday, Bloomberg reported The Nuclear Company was moving forward with a bid to finish construction of either South Carolina's abandoned V.C. Summer nuclear plant or one of two other potential locations in the state.

Brazil is racing to develop its critical minerals as the U.S. looks for new sources in the hemisphere that can help Washington loosen China’s grip over the metals. Just how to regulate the nascent industry is a hot topic in Brazilian politics right now. Lawmakers who back left-wing President Luiz Inácio Lula da Silva are pushing to form a state-owned mining company. In a Sunday post on X, Lula boasted that Brazil “already holds the world’s largest reserve of niobium, the second largest of graphite and rare earths, and the third largest of nickel” — and “only 30% of the mineral potential” is mapped out as of yet. Following the lead of mineral-rich countries in Asia and Africa, Brazil said it would look to make deals for processing and refining. “We will not repeat the role of mere exporters of mineral commodities,” Lula wrote. “We are open to international partnerships that include stages of higher value added and technology transfer.”
That could be an opening for deals with China, which dominates the processing industry. Countries such as Indonesia and Zimbabwe banned exports of raw ore in a bid to capture more of the industrial supply chain. “There are a lot of countries that want something like this right now,” Tim Puko, a minerals analyst at the Eurasia Group, told me on X. “Brazil is one of the few with a good chance of pulling it off.”
Japan may be facing record gas prices as the Iran War squeezed shipments of liquified natural gas. But it’s got some backup coming onto the grid from two sources of clean firm power. Unit 6 of the Tokyo Electric Power Company’s Kashiwazaki-Kariwa nuclear power plant, a 1,356-megawatt Advanced Boiling Water Reactor shut down after Fukushima, has resumed commercial operation, World Nuclear News reported. Furusato Thermal Power has announced that the roughly 5-megawatt Waita No. 2 geothermal power plant, located in Kumamoto Prefecture, Japan, has officially started commercial operations, just two years after construction started, ThinkGeoEnergy reported.
Editor's note: This article was updated after publication to include other sites The Nuclear Company is considering in South Carolina.