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General Motors has agreed to let the United Auto Workers bargain on behalf of workers at its battery plants, union president Shawn Fain said in a livestream Friday afternoon. Fain also said that the strike, which counts around 25,000 UAW workers, would not expand, due to the progress that had been made so far.
“I was ready to call on one of GM’s most important and biggest plants to stand up,” Fain said, referring to the union’s strike strategy, where individual plant workforces walk out. “And it was that threat that brought them to the table.”
Fain was referring to an SUV manufacturing plant in Arlington, Texas. So far, the UAW has avoided striking the plants that produce the bulk of General Motors, Ford, and Stellantis’s full-size pickup trucks and SUVs, the companies' most profitable vehicles. Fain acknowledged this, saying “I’ve heard members who want to bring down the hammer strike on all the big truck plants and hit them where they hurt.” But he made it very clear that possibility remains a live option.
That the UAW’s big win was including battery manufacturing under its master agreement and that the way it won was by threatening to strike the factory that assembles Suburbans, Tahoes, Yukons, and Escalades speaks to the crossroads the union and the auto industry finds themselves at.
Even if the UAW and the Big Three recognize that their future lies in electrification, the union’s members and the automakers’ profits are intertwined with the popularity of massive gas-guzzlers.
“GM has agreed to lay the foundation for a just transition,” Fain said, referring to the battery agreement.
While the strike is over a set of “traditional” labor-relations issues like workweeks, pay, healthcare, and pensions, the UAW’s conflict with the Big Three and its wariness of the Biden administration is due to its apprehension over what an electrified auto sector looks like for its membership.
Not only are foreign and non-union domestic manufacturers expanding their EV production with the help of tax credits for buyers, the Big Three are also setting up joint battery ventures — often with federal backing — in states that are notoriously difficult to unionize. Even when Big Three battery plants do unionize, the companies have disputed their workers’ ability to join the UAW’s national contract.
General Motors has a battery plant operating in Ohio, with plans to build three more. In a statement to Reuters, GM did not address Fain’s claims that it had agreed to include battery plants in its agreement with the UAW.
When Ford got some $9.2 billion in Department of Energy financing to build battery plants in Kentucky and Tennessee, Fain blasted the Biden administration, saying, “Not only is the federal government not using its power to turn the tide – they’re actively funding the race to the bottom with billions in public money.” He asked, “Why is Joe Biden’s administration facilitating this corporate greed with taxpayer money?”
Ford said last month that it was pausing a battery plant it had planned in Michigan that had attracted fierce criticism from Republican elected officials for its proposed use of Chinese technology. Ford had agreed to a streamlined process for the plant’s workforce to unionize. The company’s chief exectuvive Jim Farley criticized the UAW, saying in a press conference last month, "Keep in mind these battery plants don’t exist yet. They’re mostly joint ventures. They’ve not been organized by the UAW yet because the workers haven’t been hired, and won't be for many years to come."
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The Federal Reserve raised the federal funds rate by a quarter point, the central bank announced Wednesday afternoon, its first rate change since Chairman Kevin Warsh took his seat in May and its first rate hike in over three years.
The federal funds rate will now sit between 3.75% and 4%. According to projections by regional Federal Reserve presidents and members of the Board of Governors, the central bank expects to hike rates one more time this year.
In its now characteristically brief statements, the Federal Open Market Committee said that the hike “will support a timelier return to the Committee's 2 percent goal” for inflation. Inflation is currently running at 3.4% and has been above the Fed’s 2% target since 2021.
The FOMC’s (brief) statement explaining the hike pointed to “resilient” domestic spending and “robust” capital investment. It characterized the economy as “expanding at a solid pace,” albeit with “elevated” uncertainty due to “geopolitical developments.”
This combination of factors — high oil prices due to the partial shutdown of the Strait of Hormuz and high investment in data centers — have helped push up yields on Treasury bonds, which helped maneuver the Federal Reserve into its rate hike. These rising Treasury yields have made raising capital more difficult for sectors besides artificial intelligence, very much including the capital-intensive renewable and clean energy industries.
Warsh attributed higher Treasury yields to “economic strength, competition for capital, and geopolitics,” in his press conference following the rate announcement. The yield on the 10-year treasury bond, often used as a benchmark for the cost of money throughout the economy, rose to over 5% on the news, the highest level since 2007.
The August Electricity Price Hub data is in.
It’s another hot and expensive summer.
Across the country, average household electricity bills are up 2.7% in the first eight months of the year, according to the latest update to Heatmap and MIT’s Electricity Price Hub, tacking on $4 per month to the typical bill. This level of rise is consistent with the pace set in 2024 and 2025, but faster than 2021 and 2023.
As we’ve discussed before, some of the fastest growth in prices comes either in the Atlantic Seaboard — with Washington, D.C., Virginia, and New Jersey all having year over year growth rates of at least 7.5% — thanks largely to increased demand and capacity payments in the PJM Interconnection marketplace. Another standout so far this year is Hawaii, which is uniquely dependent on imported oil to power its grid and has seen its 12-month trailing average prices rise by over 8% so far this year.
California, which is well known for seeing especially sharp price increases in recent years largely due to wildfire-related costs, has seen somewhat restrained bill growth so far this year across the state, with the 12-month-rolling average bill rising just 3% in the past 12 months and prices going up 4%. (That price level is still quite high, however, at almost 32 cents per kilowatt-hour, compared to a national average of around 19.)
Rates charged by Southern California Edison, one of the state’s big three investor-owned utilities, are up almost 15% in the past year, averaged across its baseline regions. The MIT researchers attribute this increase to two major factors: one, a decrease in the California Climate Credit, which is paid out to electricity customers from the state’s emissions cap-and-invest program. This year, the credit for Southern California Edison ratepayers is $72, applied to bills in July and August in tranches of $36. Last year, by contrast, Southern California Edison handed out $112 in two tranches, April and October.
The second factor in Southern California Edison’s inflated bills is an increase in the fixed charge portion of the bills ratepayers receive. Following changes in California state law designed to distribute the cost of the grid more equitably, SCE revamped its rate structure at the end of last year to include a “Base Services Charge” of $24 per month for customers not enrolled in any special rate program. At the same time, SCE instituted a roughly 10% decrease in its per-kilowatt-hour electricity rate in order to protect lower-income ratepayers (who would pay a fixed charge substantially lower than the baseline $24). PG&E moved to a similar system earlier this year.
When it introduced the new rates in November of last year, SCE said that “medium energy users” would likely see little change in their bills. Price Hub data suggests, however, that the typical household has seen a bill increase from the new service charge of 13%, even before accounting for the smaller climate credit.
Voltpost announced two new models today designed to mount on walls and ceilings.
Voltpost, the company putting electric vehicle chargers on lampposts, is now expanding to parking garages.
On Wednesday, the company unveiled two new configurations that can attach to the walls and ceilings of parking garages, lots, and other locations without easy access to streetlights or utility poles. Like Voltpost’s signature pole-mounted design, the ceiling- and wall-mounted options avoid the expensive construction work required by freestanding charging infrastructure. In theory at least, that should allow the company to deploy more chargers faster.
“Our mission has always been to decarbonize mobility by democratizing charging access,” Jeff Prosserman, Voltpost’s co-founder and CEO, told me. “And the real value proposition is that, when you can leverage the existing infrastructure, you can significantly reduce the cost, the timeline, and the physical footprint of chargers.”
The second Trump administration hasn’t made things easy. Almost immediately after taking office, Trump officials began slashing Biden-era programs designed to support the EV charging buildout, including the National Electric Vehicle Infrastructure and Charging and Fueling Infrastructure programs. Along with a handful of environmental groups, 17 states sued in May of last year to force the federal government to release NEVI funding and quickly received a preliminary injunction unfreezing the program. A similar group sued in December over the CFI funding, and though that case is still pending, Prosserman told me he expects to see a positive resolution before the end of the year.
Though the death of the EV tax credit has shrunk its addressable market, Voltpost has emerged relatively unscathed. “Honestly, that doesn’t really impact us at all,” Prosserman told Heatmap’s Katie Brigham last year. “At the end of the day, EV adoption will either increase X or Y percent in a given year, but it’s going to continue to increase year over year. We’re past the tipping point, going from early adopters into the mainstream.”
That said, he also told Katie that the company was taking a “more conservative approach” to growth as climate tech investment dried up. Voltpost itself also received several federal grants that are still in limbo. Instead, the company focused on its strategic partnerships with the likes of AT&T and Zipcar, and in July signed an agreement with InCharge Energy to handle installation and maintenance. To date, Voltpost’s funders include RWE Energy Transition Investments, a private equity vehicle within German energy giant RWE, alongside Twynam Funds Management, Exelon Foundation, Good News Ventures, and Climate Capital.
Like its lamppost chargers, Voltpost’s wall- and ceiling-mount kits work with Tesla and non-Tesla vehicles alike, and come with demand management software that responds to electricity time-of-use price signals to enable cheaper charging where and when possible. As for the cost of the kits and how many the company plans to install initially, Prosserman wouldn’t say.
Since deploying its first lamppost chargers in New York in 2024, Voltpost has expanded into California, Massachusetts, and Washington, D.C., among other states. It has more than 100 deployments in the pipeline through the end of this year, and is aiming for 10,000 by 2030. The point, Prosserman told me, is not to stand out in these communities, but rather to fit in.
“It’s not going to be just about greenfield project development if we’re going to decarbonize a planet across all aspects,” Prosserman said. “We’re really looking at building something that’s integrated, that fits in the fabric of the built environment and communities.”