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While you were watching Florida and Wisconsin, voters in Naperville, Illinois were showing up to fight coal.

It’s probably fair to say that not that many people paid close attention to last night’s city council election in Naperville, Illinois. A far western suburb of Chicago, the city is known for its good schools, small-town charm, and lovely brick-paved path along the DuPage River. Its residents tend to vote for Democrats. It’s not what you would consider a national bellwether.
Instead, much of the nation’s attention on Tuesday night focused on the outcomes of races in Wisconsin and Florida — considered the first electoral tests of President Donald Trump and Elon Musk’s popularity. Outside of the 80,000 or so voters who cast ballots in Naperville, there weren’t likely many outsiders watching the suburb’s returns.
But for clean energy and environmental advocates, the Naperville city council results represent an encouraging, if overlooked, victory. On Tuesday, voters in the suburb elected four candidates — incumbents Benjamin White and Ian Holzhauer, and newcomers Mary Gibson and Ashfaq Syed — all of whom oppose the city signing a new contract with the Prairie State Generating Station, the state’s largest and youngest coal-fired plant and the seventh-dirtiest electricity provider in the country.
Naperville is one of 30 municipal investors in the Prairie State plant whose contract with the Illinois Municipal Electric Agency, a public power agency and one of the nine partial owners of Prairie State, has it locked into coal through 2035. Recently, IMEA approached the municipal investors with the promise of favorable terms on a new contract if the cities and towns were willing to re-sign a decade early — by April 30 — and commit to another 20 years of coal power. Most municipalities took the deal, which will run through 2055; Naperville, along with the towns of St. Charles and Winnetka, are still debating the decision, with the deadline looming.
“IMEA’s proposition for communities is, ‘Hey, instead of paying Wall Street and shareholder dividends, we don’t have any of that because we’re a nonprofit, so you get lower energy costs,’” Fernando Arriola, the community relations chair for Naperville Environment and Sustainability Task Force, which opposes the deal with IMEA, told me. “But the way I look at it is, it’s a deal with the devil because you’re locked in for 30 years. And it’s like Hotel California — you can check in anytime you like, but you can never leave.”
In a statement to Heatmap, Staci Wilson, the vice president of government affairs and member services at IMEA, told me that the contract it offered to Naperville is “designed to help … secure more future green resources to serve our member communities for the long term. IMEA is the only power supplier to allow the city to have a direct voice in procuring their wholesale power supply and make reliable, economical, and sustainable resource decisions for the future.”
While it’s true that IMEA allows its municipal members a voice in its future planning, those in Naperville who oppose the new contract point out that the community has just one vote in the process despite making up 35% of the utility’s market.
The pending contract decision became one of the major themes of the city council race in Naperville — attention that caused some locals to grumble about the injection of partisan politics and outside interest in the campaigns. But Syed, a newly elected city council member and a recent immigrant from Dubai, told me that learning that his city relied on coal for 80% of its energy needs was what ultimately galvanized him into running. “Naperville has been a leader in many things, but in this area, we were not doing good,” he said. “So I stepped up.”
Illinois has one of the nation’s most aggressive decarbonization timelines, requiring coal and gas plants to close by 2030. But there is a carve-out for plants owned by public entities like municipal utilities or rural electric cooperatives, and Prairie State fits that bill. Instead, the power plant has to reduce emissions by 45% by 2038, a goal IMEA says it can reach by installing multi-billion dollar carbon capture and storage technologies. Energy experts have been widely skeptical of the proposal. “The people I’ve talked to say that’s unproven and it doesn’t necessarily work, and it’s a high price,” Arriola said.
Still, cost concerns related to transitioning away from coal had “definitely been a conversation in town” leading up to Tuesday’s election, Arriola told me. “A lot of people are seriously concerned about pricing, and there are also concerns about the reliability.” Syed told me that was one of the objections he heard the most when talking to constituents during his campaign. “Some of the Republicans who were against [exporing alternative energy options] were trying to influence people, saying we need to think about the cost,” he said. “My standard answer to these people was that I am not going to compromise clean energy just for the cost purpose.”
Perhaps most interestingly, unlike many communities that oppose power plants, Naperville is located almost 300 miles north of the Prairie State Generating Station and is unaffected by its immediate pollution. Naperville voters who opposed renewing the contract did so on the merits of finding cleaner energy sources and on the objection to dirty electricity that is otherwise out of sight and out of mind. As Amanda Pankau, the director of energy and community resiliency at the Prairie Rivers Network, an environmental nonprofit in the state, told me, “From a climate perspective, we should all care about the Prairie State coal plant.” She noted that the emissions from the plant — around 12.4 million tons of carbon dioxide a year — are “impacting every single Illinoisan and every single person that lives on planet Earth.”
Despite those existential stakes, it could be tempting to wave away the results in Naperville as being on trend for a relatively affluent and liberal-leaning town. Compared to the Wisconsin supreme court election, where the Democrat-backed candidate overcame enormous spending margins to trounce her Republican-backed opponent, it does not necessarily indicate the same momentum for the party heading into 2026’s midterms. (Nor does it even have the biggest climate-related election headline of the night: Tesla is suing Wisconsin for a law preventing car manufacturers from owning car dealerships, which the state’s high court will likely decide.)
But at a time of little good news in the climate sphere, the Naperville election is an encouraging and invigorating reminder that there are candidates who believe in cleaner technologies, and that the battles can still — or especially — be won at the local level. “Twenty-five or 30 years ago, the IMEA contract we signed for that time was okay,” Syed said. “But it’s not okay today. We cannot have this $2 billion contract until 2055 because the next generation will ask us this question: ‘What have you people done for us this time?’”
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Current conditions: A new nor’easter is washing the ocean over North Carolina’s Highway 12 right as crews complete reconstruction on the Outer Banks thoroughfare following last month’s storm • After whipping Mexico’s Pacific Coast with heavy rains, Hurricane Trudy has weakened to a Category 1 storm • Super Typhoon Champi knocked out power for more than half of Guam before barreling toward the Philippines as a potential Category 5 storm.
Last week was the worst week for the tech-heavy Nasdaq 100 Index since President Donald Trump’s tariffs roiled the market in April 2025. The reason? Hotter than expected federal data on inflation fueled fears of an interest rate hike that could prove devastating to the buildout of artificial intelligence infrastructure. Investors were already worrying the physical investments would cost more than giants such as ChatGPT-maker OpenAI or Claude-creator Anthropic are set to earn. But on Monday, semiconductor makers such as Oracle, Intel, and Micron Technology rallied as the AI rout came to an end. Yet CoreWeave, the cloud-computing heavyweight that led the selloff last week, closed slightly lower. The issue, investors told CNBC, is the company’s debt load. “The market tends to get worried about companies that have refinance risk when rates are higher, and CoreWeave was a little bit of the poster child,” John Lloyd, global head of multi-sector and corporate credit at Janus Henderson, whose firm owns CoreWeave bonds due in 2031, told the broadcaster. “They need the debt markets in order to grow, in some form or fashion.” That CoreWeave came close to bouncing back at all comes down at least in part to Ark Investment Management chief Cathie Wood opting to buy about $12 million of shares in the company amid the market plunge last week, a play for which The Street notes she’s known. Notably, Oracle, which was previously dubbed the “canary in the coal mine” for concern over AI debt, closed just 1% higher before plunging in after-market trading.
Microsoft, meanwhile, pulled out a major data center deal in the United Kingdom to anchor Nscale Global Holdings’ debut facility in the country, located in Loughton on the outskirts of London. But The Wall Street Journal reported that power supply issues ultimately caused Microsoft to back out of the 50-megawatt project, highlighting how hyperscalers can throw a major data center complex into disarray even at a later stage in the development. Nscale’s upcoming $35 billion stock market debut rests, as The Information noted, on its ability to build data centers.
Amazon is backing a deal for another power plant built with X-energy’s next-generation reactors. On Monday, the high temperature gas-cooled reactor startup, in which Amazon took an equity stake two years ago, signed a joint development agreement with American Electric Power to evaluate a potential 960-megawatt project at a former coal site in Sullivan County, Indiana. In a press release, AEP CEO Bill Fehrman said Amazon’s support provided “all necessary capital protections and financial safeguards that we have said are essential for any potential nuclear project to move forward.” That’s a notable departure from the line many utilities executives share in private, which is that — absent some kind of federal cost overrun insurance — building new reactors will prove too difficult a sell to shareholders. It’s part of a string of nuclear deals for Indiana, which currently has no operating atomic power reactors in its borders. On Monday evening, AtkinsRealis, the developer behind Canada’s signature CANDU reactor technology that can run on raw uranium, announced a memorandum of understanding to build up to 6 gigawatts of the pressurized heavy water reactors in Indiana. The state and the utility Hoosier Energy are the counterparties to the agreement.
In Arkansas, meanwhile, Google unveiled a new “enhanced partnership” with utility giant Entergy to power the tech giant’s West Memphis campus. As part of the agreement, Google pledged to support solar, battery, and transmission investments in Arkansas that the companies said would deliver “at least $500 million in new savings for all customers.”
Secretary of Energy Chris Wright called out New York Governor Kathy Hochul for holding up a natural gas pipeline he said would lower heating prices for residents in the Northeast as early as winter of 2028. During an appearance Monday on the Fox Business Network, Wright touted his agency’s decision last week to award Williams Companies $42 million through the wartime Defense Production Act to speed up construction of the Constitution Pipeline. “We wanted to get this in by winter of 2027 but delays and still opposition from energy-subtraction Democrats has unfortunately slowed the effort,” Wright said. “The delay right now is the governor here in New York State. We’ve been talking with her. We hope she’ll go along with this. Maybe after the election, I think she will.” The governors of all six New England states, he said, “are all on board with it.”
In a statement to me, Hochul spokesperson Ken Lovett called the announcement “nothing more than a political ploy to divert attention from Trump’s tariffs and his reckless war in Iran that have not only failed to bring down prices as the president promised, but have dramatically driven up home energy costs and gas prices at the pump.” He added that, “while the president continues to obsess over blocking renewable energy projects in order to focus on gas, oil, and even coal, Governor Hochul is focused on driving an all-of-the-above energy strategy designed to keep the lights on and costs down for New Yorkers.”
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Albertans are the richest Canadians on average, thanks to the province’s oil and gas industry. They’re also — after the Quebecois, of course — among the Canadians with the strongest claim to a distinct identity from the national Anglo norm, often drawing comparisons to Texans within the U.S. Monday offered the biggest test yet of just how differently Alberta sees itself. Turns out whatever regional resentments Albertans may have against Ottawa after a decade of Liberal Party rule that frequently sought to restrict the oil and gas sector hasn’t been enough to merit secession. Voters overwhelmingly rejected a nonbinding referendum calling for a real vote on whether to split away from Canada and establish an independent Alberta. At least part of the reason may be that Prime Minister Mark Carney has put a new focus on beefing up Canada’s domestic energy industries in a bid to increase exports and make the country less reliant on an increasingly aggressive U.S. That includes building new pipelines. But a new analysis by Reuters warns that a successful infrastructure buildout won’t lead to another jobs boom in oil. Much of the growth in oil sands output, instead, “is likely to come from automation and efficiency gains rather than large-scale hiring,” the newswire reported, citing industry forecasts and nearly a dozen interviews with company officials, workers, politicians, and academics. Carney admitted as much when asked by the reporter during a visit to Alberta’s Fort McMurray this month: “I wouldn't use the term ‘boom.’ I would use ‘sustained growth.’”
Europe, meanwhile, is trying to keep its own populist blowback to rising prices contained. Right as violent protests over cost of living spread from France to Italy, the Italian government has struck a deal with the European Commission that Prime Minister Giorgia Meloni expects to slash household energy bills ahead of next year’s elections. Under the agreement, according to the Financial Times, Italy will be allowed to compensate gas-fired generators to keep wholesale electricity prices from rising above €59 per megawatt-hour, roughly $66. The European Union’s market rules require that the last and most expensive source of electricity tapped to meet demand serves as the wholesale price. But the EU’s executive chamber allowed for Italy to ease its rules after prices surged 45% higher than in nuclear-powered France and renewables-rich Spain last month.
China’s exports of solar panels fell 6.4% last month compared to the same period last year, according to Reuters. That marks the fifth straight year-on-year decline in 2026. It’s a sign that China is cracking down on its glut in solar manufacturing. But Beijing isn’t looking to lose its edge over the fastest growing electricity source in the world. Last week, Bloomberg reported that China had added 12 pieces of solar-related manufacturing equipment to its list of items restricted from export. That could make it much more difficult for U.S. manufacturers comply to stand up factories given the Trump administration’s 232 import restrictions on Chinese solar equipment, which take effect later this year. The results of the Department of Commerce’s Section 232 investigation into polysilicon, which my colleague Emily Pontecorvo and I covered here, are meant to be the Trump administration’s lifeline to solar manufacturers who lost a key incentive when federal tax credits expired, ending a bonus program for developers that use domestically-made panels.
One area where China has appeared to be gaining an edge — green hydrogen production — may still remain a competitive industry for Western manufacturers. Chinese electrolyzers, the machines needed to separate the H from H2O with electricity, cost less than half of those made outside the country, according to data from the International Energy Agency. But trade levies erase much of that advantage, ultimately reducing capital expenditures by only 8% for European projects using Chinese equipment, Hydrogen Insight reported.
Call it mine-to-battery manufacturing. As demand for batteries booked, Ivanhoe Electric had planned to differentiate itself by taking a fully integrated, farm-to-table approach, owning and operating its own copper mine, refining the metal, and ultimately turning that copper into cathodes for batteries all at its same site in Arizona. Now, however, there’s an even bigger sector demanding copper: Data centers. New data center projects are driving so much demand for copper that the company is considering selling its copper to buyers other than itself, Bloomberg reported.
The company simplifies the process of getting consistent, apples-to-apples bids.
With commercial electricity prices steadily climbing, many businesses and real estate owners are increasingly eager to generate and store their own power onsite, cutting their bills and making costs more predictable. But figuring out whether solar and storage can actually pencil out — and under what conditions — can be a nightmare. Ask a handful of developers for a quote and you might get a rooftop solar array from one, a ground-mounted solar and battery system from another, and a gas turbine from a third, each with its own size, price, and financing terms.
That leaves buyers comparing apples to oranges. And for businesses evaluating a portfolio of potential projects, the process gets even messier. “These are very local-centric systems. Different interconnection requirements, different permits, different suppliers,” Gareth Evans, CEO of the onsite energy planning and procurement startup Veckta, told me. “There are hundreds of solar developers in every state.” The hard part, he added, is “knowing what supplier to go with, how to ask them the right questions in the right language, in the right format, so that you’re getting consistent bids back that you can compare and contrast.”
That’s the tension San Diego-based Veckta has built its business around. And on Tuesday, the startup announced an oversubscribed $11 million Series A to scale its solution. Origin Ventures led the round, with participation from others including the climate-focused investor VoLo Earth Ventures, which led Veckta’s $3.3 million pre-seed round in 2022.
The company starts with a single input: a property address. Veckta’s software analyzes over 5,000 data points, including utility rates, grid emissions, outage risk, local equipment and construction costs, and available incentives to assess — in under a minute — whether an onsite energy project makes financial sense. That helps buyers define their needs, from system size and installation type to contract terms, and ensures that potential suppliers are bidding on the same requirements. The result is a set of comparable proposals, without the upfront cost of hiring a consultant or supply chain expert.
Veckta’s platform includes more than 3,000 vetted suppliers. As bids come in, the startup automatically compares them based on factors including the supplier’s track record, warranties, equipment offerings, compliance with foreign entity of concern requirements, and ability to leverage federal and local incentives. From there, Veckta makes its recommendations. “Supplier A is your best option if you want U.S.-made equipment with the longest warranty, best guarantee, and they’ve done these projects before,” Evans explained, by way of example. “Supplier B is disqualified because they’ve never done a project in your state.”
Out of the roughly 34,000 customer sites Veckta has analyzed, Evans said 37% would see positive returns today by installing solar panels, battery storage systems, or both. That translates to $3.1 billion in potential project value, concentrated largely in markets with high electricity rates such as the Northeast and California, and among businesses facing steep peak-demand charges. But as utility rates continue to rise and installation costs fall, he expects onsite power to become cost-competitive with the grid at “almost 100%” of sites within five years. The startup estimates that would unlock a whopping $12 billion in potential project value.
Veckta wouldn’t capture all that itself, of course. Rather, it generates revenue in two ways: buyers pay an upfront platform fee, and the winning supplier pays a success fee once a contract is signed. Evans told me the startup has been net profitable for the past year, though he would not share specifics. So far in 2026, customers have signed contracts for onsite energy projects at 128 sites. These typically range from 250 kilowatts for businesses like car dealerships and retail stores to 10 megawatts or more for manufacturing facilities, warehouses, or cold storage facilities. “That ranges from Fortune 500s right down to your individual business owner,” Evans told me.
With this latest raise, Veckta plans to expand its supplier network and grow its sales, marketing, and customer support teams. It also wants to help customers capture additional revenue streams from their onsite energy systems, such as by connecting them with demand-response programs, using batteries to provide grid services like frequency regulation, and selling renewable energy credits.
Named customers include rental car company Enterprise Mobility, real estate investment trust Regency Centers, and auto dealership group Lithia & Driveway. About 80% of the projects the platform facilitates today involve rooftop solar paired with batteries, but the company has begun to branch out.
“We’ve done waste-heat-to-energy, we’ve done EV chargers, done backup generators, and then the latest is, we’ve just finished our first pilot on roof replacements,” Evans told me. “We are firm believers that for any complex purchase that is a non-commodity that you can’t just buy off the shelf, we are best placed to help our customers competitively source those deals.”
The Iran war has been a gift to the country’s vehicle, solar, and battery business.
This is Heatmap Daily, a weekday evening digest written by our executive editor.
Happy Monday and welcome back. For months now, we’ve been talking about how the U.S. and Israel’s war in Iran has been a boon for electric vehicles, clean energy, and (unfortunately) coal.
But today we got data that confirms: This clean energy export boom is not just a side story. It is one of the brighter spots in the overall Chinese economy, which remains the world’s second largest.
According to economic data released on Monday, China grew 4.5% during the summer quarter as compared to the quarter from a year earlier. That means the country will likely hit its growth target this year, albeit on the low end.
The country’s economic expansion wasn’t driven by domestic consumption, however. Consumer confidence remains low, and residential investment has yet to return after the property crash earlier this decade.
Instead, booming exports are now driving China’s economy. Exports were more than 36% higher in September than a year earlier, driven by chips, ships, electric vehicles, and solar panels and batteries. The country will likely record its biggest trade surplus ever this year.
Some of those categories are clearly flourishing thanks to the global AI boom — think chips and even batteries. But the preponderance of vehicle exports suggests surging oil prices aren’t hurting. Sales of ‘new energy vehicles,’ a category that includes 100% electric vehicles and plug-in hybrids, were up more than 13% on a year-over-year basis in September, according to the Chinese car manufacturer’s trade group. But exports of these vehicles are booming. Battery electric vehicles were up 130% last month compared to the same period in 2025, and plug-in hybrid exports were up more than 200%.
It’s interesting to consider how much the Chinese and U.S. economy are mirroring each other at this moment. Americans are dealing with a remarkable investment boom, which is buoying the labor market and stubbornly maintaining high inflationary pressure. China is struggling with deflation, and exports are its quickest path to growth. (Consumer sentiment in both countries, interestingly, seems to be in the doldrums, even though American consumers appear to be in much better shape.)
When thinking about what artificial intelligence could do for the United States over the next decade, some subject-matter prognosticators (and even some Anthropic employees) imagine a world of 4%, 5%, or even 7% GDP growth. Such a growth rate is difficult even to envision in the modern era, of course, and it seems like it could propel the U.S. economy to staggering prosperity.
I know better than to make a prediction about where we’re headed. But amateur economic commentators should keep China in mind, too: a country that dominates along many technological axes, but where the standard economic math of supply, demand, and consumer sentiment still holds. Except if the United States economy were to stumble, no exterior source of demand will come to our rescue.