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Meet Scott Bessent.
Donald Trump ended weeks of Billions-esque drama on Wall Street and Palm Beach by finally settling late Friday on a nominee for Secretary of the Treasury, hedge fund manager Scott Bessent.
In contrast to the quick and instinctive picks for major posts like secretary of defense, secretary of state, and attorney general (albeit, two picks for that job), Trump deliberated on the Treasury pick, according to reports, cycling through candidates including Bessent, long the frontrunner for the job, his transition chief Howard Lutnick, private equity titan Marc Rowan, and former Federal Reserve Governor Kevin Warsh.
Bessent will almost immediately face a challenge that the markets have been putting towards Trump since even before his election: can he deliver what investors crave (tax cuts. deregulation), while smoothing out volatility and possible inflation stemming from the tariffs and mass deportations that Trump has promised to implement? Investors already have slightly cooled on the Trump trade and expect that the interest rate cuts kicked off in September will slow.
Bessent has long advised Trump on the economy and is not unaware of these challenges, but his way around them is to embrace much of Trump’s existing agenda in what the Wall Street Journal has described as a “3-3-3” plan, where deficits are cut in half to 3% of gross domestic product, growth is kicked up to 3%, and oil production rises by three million barrels a day, a goal that Continental Resources chief executive and informal Trump advisor Harold Hamm has cast doubt on due to geologic constraints.
“Scott has long been a strong advocate of the America First Agenda,” Trump wrote on Truth Social announcing the pick. “Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade Imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance.”
While energy policy will seemingly be handled by the nominee for Secretary of the Interior Doug Burgum and the newly formed National Energy Council, fiscal policy and tariffs will likely play a major role in determining if Trump’s vision of a more productive and less constrained oil and gas sector can be realized, whether it’s by tariffs possibly leading to increases in the price of steel or possible retaliatory duties on American energy exports. Higher interest rates due to tariffs or an overheated economy could deter investment in energy, renewable or not.
One of the Treasury Department’s most important jobs is managing the nation’s debt profile by deciding what kind of debt to sell in order to meet the government’s immense borrowing needs. Bessent criticized the current Treasury Secretary Janet Yellen in a Wall Street Journal essay for having “distorted Treasury markets by borrowing more than $1 trillion in more-expensive shorter-term debt compared with historical norms.” He suggested that selling more longer-term debt “may increase longer-term interest rates and will need to be deftly handled.” Higher long-term rates are more likely to feed through to a higher cost of capital for investors, which will likely hurt renewable energy developers more than their fossil fuel competitors due to how much of the cost of renewables comes up front.
In another ominous signal for the nascent climate economy, Bessent also suggested to the Financial Times that the Inflation Reduction Act could be one area where cuts to the federal budget could be found, telling the newspaper that it was “the Doomsday machine for the deficit.”
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A judge has lifted the administration’s stop-work order against Revolution Wind.
A federal court has lifted the Trump administration’s order to halt construction on the Revolution Wind farm off the coast of New England. The decision marks the renewables industry’s first major legal victory against a federal war on offshore wind.
The Interior Department ordered Orsted — the Danish company developing Revolution Wind — to halt construction of Revolution Wind on August 22, asserting in a one-page letter that it was “seeking to address concerns related to the protection of national security interests of the United States and prevention of interference with reasonable uses of the exclusive economic zone, the high seas, and the territorial seas.”
In a two-page ruling issued Monday, U.S. District Judge Royce Lamberth found that Orsted would presumably win its legal challenge against the stop work order, and that the company is “likely to suffer irreparable harm in the absence of an injunction,” which led him to lift the dictate from the Trump administration.
Orsted previously claimed in legal filings that delays from the stop work order could put the entire project in jeopardy by pushing its timeline beyond the terms of existing power purchase agreements, and that the company installing cable for the project only had a few months left to work on Revolution Wind before it had to move onto other client obligations through mid-2028. The company has also argued that the Trump administration is deliberately mischaracterizing discussions between the federal government and the company that took place before the project was fully approved.
It’s still unclear at this moment whether the Trump administration will appeal the decision. We’re still waiting on the outcome of a separate legal challenge brought by Democrat-controlled states against Trump’s anti-wind Day One executive order.
A new letter sent Friday asks for reams of documentation on developers’ compliance with the Bald and Golden Eagle Protection Act.
The Fish and Wildlife Service is sending letters to wind developers across the U.S. asking for volumes of records about eagle deaths, indicating an imminent crackdown on wind farms in the name of bird protection laws.
The Service on Friday sent developers a request for records related to their permits under the Bald and Golden Eagle Protection Act, which compels companies to obtain permission for “incidental take,” i.e. the documented disturbance of eagle species protected under the statute, whether said disturbance happens by accident or by happenstance due to the migration of the species. Developers who received the letter — a copy of which was reviewed by Heatmap — must provide a laundry list of documents to the Service within 30 days, including “information collected on each dead or injured eagle discovered.” The Service did not immediately respond to a request for comment.
These letters represent the rapid execution of an announcement made just a week ago by Interior Secretary Doug Burgum, who released a memo directing department staff to increase enforcement of the Bald and Golden Eagle Protection Act “to ensure that our national bird is not sacrificed for unreliable wind facilities.” The memo stated that all permitted wind facilities would receive records requests related to the eagle law by August 11 — so, based on what we’ve now seen and confirmed, they’re definitely doing that.
There’s cause for wind developers, renewables advocates, and climate activists to be alarmed here given the expanding horizon of enforcement of wildlife statutes, which have become a weapon for the administration against zero-carbon energy generation.
The August 4 memo directed the Service to refer “violations” of the Bald and Golden Eagle Protection Act to the agency solicitor’s office, with potential further referral to the Justice Department for criminal or civil charges. Violating this particular law can result in a fine of at least $100,000 per infraction, a year in prison, or both, and penalties increase if a company, organization, or individual breaks the law more than once. It’s worth noting at this point that according to FWS’s data, oil pits historically kill far more birds per year than wind turbines.
In a statement to Heatmap News, the American Clean Power Association defended the existing federal framework around protecting eagles from wind turbines, noted the nation’s bald eagle population has risen significantly overall in the past two decades, and claimed golden eagle populations are “stable, at the same time wind energy has been growing.”
“This is clear evidence that strong protections and reasonable permitting rules work. Wind and eagles are successfully co-existing,” ACP spokesperson Jason Ryan said.
The $7 billion program had been the only part of the Greenhouse Gas Reduction Fund not targeted for elimination by the Trump administration.
The Environmental Protection Agency plans to cancel grants awarded from the $7 billion Solar for All program, the final surviving grants from the Greenhouse Gas Reduction Fund, by the end of this week, The New York Times is reporting. Two sources also told the same to Heatmap.
Solar for All awarded funds to 60 nonprofits, tribes, state energy offices, and municipalities to deliver the benefits of solar energy — namely, utility bill savings — to low-income communities. Some of the programs are focused on rooftop solar, while others are building community solar, which enable residents that don’t own their homes to access cheaper power.
The EPA is drafting termination letters to all 60 grantees, the Times reported. An EPA spokesperson equivocated in response to emailed questions from Heatmap about the fate of the program. “With the passage of the One Big Beautiful Bill, EPA is working to ensure Congressional intent is fully implemented in accordance with the law,” the person said.
Although Solar for All was one of the programs affected by the Trump administration’s initial freeze on Inflation Reduction Act funding, EPA had resumed processing payments for recipients after a federal judge placed an injunction on the pause. But in mid-March, the EPA Office of the Inspector General announced its intent to audit Solar for All. The results of that audit have not yet been published.
The Solar for All grants are a subset of the $27 billion Greenhouse Gas Reduction Fund, most of which had been designated to set up a series of green lending programs. In March, Administrator Lee Zeldin accused the program of fraud, waste, and abuse — the so-called “gold bar” scandal — and attempted to claw back all $20 billion. Recipients of that funding are fighting the termination in an ongoing court case.
State attorneys generals are likely to challenge the Solar for All terminations in court, should they go through, a source familiar with the state programs told me.
All $7 billion under the program has been obligated to grantees, but the money is not yet fully out the door, as recipients must request reimbursements from the EPA as they spend down their grants. Very little has been spent so far, as many grantees opted to use the first year of the five-year program as a planning period.