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A Clean Energy Scandal Brings Down Portugal’s Prime Minister

You know the climate economy has made it when ...

Antonio Costa.
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As investment in renewable energy rises globally, so too does the potential for massive corruption. This proved true on Tuesday, when Portuguese Prime Minister António Costa resigned amid an explosive investigation into his administration’s handling of lithium mining and hydrogen projects.

“The dignity of the functions of prime minister is not compatible with any suspicion about his integrity, his good conduct, and even less with the suspicion of the practice of any criminal act,” Costa said in a tearful televised announcement on Tuesday.

While Costa assured viewers that he would be cooperating with authorities in their investigation, he maintained his innocence, adding that he is “not conscious of having done any illegal act or even any reprehensible act.”

Per NPR, the investigation involves “alleged malfeasance, corruption of elected officials, and influence peddling” in awarding concessions for lithium mines in northern Portugal, as well as a green hydrogen plant and proposed data center in the town of Sines. Portugal’s large lithium reserves are viewed as essential to the European Union’s green energy transition because the mineral is used in the batteries powering electric vehicles.

Costa’s announcement came hours after police raided several public buildings and detained Costa’s chief of staff, Vítor Escária. Arrest warrants have also been issued for four other people in Costa’s inner circle, including the mayor of the town of Sines. Prosecutors additionally named infrastructure minister João Galamba as a formal suspect in the corruption probe. These suspects, according to a statement from the prosecutor general’s office, used Costa’s name and influence to “unblock procedures” related to the exploration concessions.

After taking office in 2015, Costa was re-elected with an absolute majority last year, though his administration has been plagued by scandal and allegations of misconduct ever since. In December 2022, his infrastructure and housing minister was forced to resign amid a controversy over an irregular severance payment made to a former board member of the state-owned airline TAP Air Portugal.

“It is a stage of my life that is finished,” Costa said in his announcement, adding that he will not be running for office again.

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Sparks

The Country’s Largest Power Markets Are Getting More Gas

Three companies are joining forces to add at least a gigawatt of new generation by 2029. The question is whether they can actually do it.

Natural gas pipelines.
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Two of the biggest electricity markets in the country — the 13-state PJM Interconnection, which spans the Mid-Atlantic and the Midwest, and ERCOT, which covers nearly all of Texas — want more natural gas. Both are projecting immense increases in electricity demand thanks to data centers and electrification. And both have had bouts of market weirdness and dysfunction, with ERCOT experiencing spiky prices and even blackouts during extreme weather and PJM making enormous payouts largely to gas and coal operators to lock in their “capacity,” i.e. their ability to provide power when most needed.

Now a trio of companies, including the independent power producer NRG, the turbine manufacturer GE Vernova, and a subsidiary of the construction firm Kiewit Corporation, are teaming up with a plan to bring gas-powered plants to PJM and ERCOT, the companies announced today.

The three companies said that the new joint venture “will work to advance four projects totaling over 5 gigawatts” of natural gas combined cycle plants to the two power markets, with over a gigawatt coming by 2029. The companies said that they could eventually build 10 to 15 gigawatts “and expand to other areas across the U.S.”

So far, PJM and Texas’ call for new gas has been more widely heard than answered. The power producer Calpine said last year that it would look into developing more gas in PJM, but actual investment announcements have been scarce, although at least one gas plant scheduled to close has said it would stay open.

So far, across the country, planned new additions to the grid are still overwhelmingly solar and battery storage, according to the Energy Information Administration, whose data shows some 63 gigawatts of planned capacity scheduled to be added this year, with more than half being solar and over 80% being storage.

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The Capitol.
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As Republicans in Congress go hunting for ways to slash spending to carry out President Trump’s agenda, more than 100 energy businesses, trade groups, and advocacy organizations sent a letter to key House and Senate leaders on Tuesday requesting that one particular line item be spared: the hydrogen tax credit.

The tax credit “will serve as a catalyst to propel the United States to global energy dominance,” the letter argues, “while advancing American competitiveness in energy technologies that our adversaries are actively pursuing.” The Fuel Cell and Hydrogen Energy Association organized the letter, which features signatures from the American Petroleum Institute, the U.S. Chamber of Commerce, the Clean Energy Buyers Association, and numerous hydrogen, industrial gas, and chemical companies, among many others. Three out of the seven regional clean hydrogen hubs — the Mid-Atlantic, Heartland, and Pacific Northwest hubs — are also listed.

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Core inflation is up, meaning that interest rates are unlikely to go down anytime soon.

Wind turbines being built.
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Though some of those factors had already been widely reported on, the overall rise in prices exceeded analysts’ expectations. With overall inflation still elevated — reaching an annual rate of 3%, while “core” inflation, stripping out food and energy, rose to 3.3%, after an unexpectedly sharp 0.4% jump in January alone — any prospect of substantial interest rate cuts from the Federal Reserve has dwindled even further.

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