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Los Angeles Spreads the EV Wealth Around

Officials announce higher rebates and new fast chargers in underserved areas of the city.

Los Angeles.
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Los Angeles officials on Thursday announced a plan to make the clean energy transition cheaper for low-income residents, The New York Timesreports. “Working families in our city need to be assured that our city’s clean energy future won’t leave them trapped in the past,” Mayor Karen Bass said. “Many working families — some working two to three jobs to make ends meet — won’t buy or lease EVs if they don’t have access to convenient, timesaving, cost-saving places to charge them.”

The move comes in response to a study, also released Thursday by a coalition of city, state, and national groups, showing that most of the money for Los Angeles’ green incentives has so far flowed to its wealthier residents. From 1999 to 2022, for instance, just 38% of the $340 million invested in residential solar panels went to disadvantaged communities. And of the $5 million in electric vehicle rebates given from 2013 to 2021, just 23% went to underserved communities. The new plan will offer qualified buyers $4,000 toward the purchase of used EVs, up from $2,500, and install fast chargers in areas that have so far received little attention from private industry. The arrival of cheaper EVs next year should also help.

Los Angeles isn’t alone in tackling the issue of an equitable energy transition. Michigan recently proposed a suite of ambitious climate laws, one of which would establish a Just Transition Office to help workers hurt by decarbonization. New York State’s Climate Leadership and Community Protection Act, passed in 2019, requires that 35% to 40% of “benefits from investments in clean energy and energy efficiency programs” go to disadvantaged communities. Even earlier, Minneapolis designated an area in its economically troubled north as The Northside Green Zone, which involves “a plan of action to improve environmental and population health, and social, economic and environmental justice.”

Such efforts will be crucial in the coming years, as financially strapped homeowners grapple with the high up-front costs of the clean-energy conversion, experts told the Times. “In order to reach a 100% clean energy transition you really need to bring everyone along,” said Kate Anderson, of the National Renewable Energy Laboratory, one of the authors of the study. “It’s going to depend on everyone making changes in their households. The affordability piece is a huge challenge.”

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Sparks

The Power Sector Loves Big Tech’s Billion-Dollar Data Center Plans

Meta and Microsoft both confirmed plans to invest heavily in AI infrastructure.

Meta headquarters.
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Big Tech said this week that it’s going full steam ahead with building out data centers, and the power industry loves it. Since Microsoft and Meta reported their earnings for the beginning of the year on Wednesday, including announcements either reaffirming their guidance on capital expenditures or even increasing it, power sector stocks have jumped.

Shares of Vistra, which has a fleet of power plants including nuclear, natural gas, coal, and renewables, are up almost 7% in early afternoon trading. Constellation, one of the largest nuclear producers in the country, is up 8%. GE Vernova, which makes in-demand gas turbines, is up 4%. Chip designer Nvidia’s shares are up 4%.

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Utilidata Raises $60 Million to Scale the Smart Grid of the Future

The AI-powered startup aims to provide home-level monitoring and data to utilities.

Power lines and a microchip.
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In theory at least, an electrified household could play a key role in helping stabilize the grid of the future, alleviating times of peak electricity demand by providing power back to the grid and giving utilities timely warnings about hardware that may be failing. But devices used to measure and monitor power demand today, such as smart meters, aren’t advanced enough to do this type of orchestrated power management and fault detection at a granular level — thus leaving both financial and grid efficiency savings on the table.

Enter Utilidata, which just raised a $60 million Series C funding round to get its artificial intelligence-powered software module into smart meters and other pieces of grid infrastructure. This module acts as the brains of a device, and can provide utilities with localized insights into things like electricity usage levels, the operations of distributed energy resources such as home solar and batteries, anomalies in voltage data, and hardware faults. By forecasting surges or lulls in electricity demand, Utilidata can optimize power flow, and by predicting when and where faults are likely to occur, it empowers utilities to strategically upgrade their grid infrastructure, or at least come up with contingency plans before things fail.

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The First Sign the U.S. Oil and Gas Sector Is Pulling Back

Three weeks after “Liberation Day,” Matador Resources says it’s adjusting its ambitions for the year.

Money and an oil rig.
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America’s oil and gas industry is beginning to pull back on investments in the face of tariffs and immense oil price instability — or at least one oil and gas company is.

While oil and gas executives have been grousing about low prices and inconsistent policy to any reporter (or Federal Reserve Bank) who will listen, there’s been little actual data about how the industry is thinking about what investments to make or not make. That changed on Wednesday when the shale driller Matador Resources reported its first quarter earnings. The company said that it would drop one rig from its fleet of nine, cutting $100 million of capital costs.

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