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The country votes to annex their oil-rich neighbor, Guyana.

Under pressure from the U.S. to hold a free and fair election, Venezuela’s President Nicolás Maduro upped the ante. On Sunday, the nation went to the polls — to vote to invade its neighbor and the world’s newest petrostate, Guyana.
Approval was seemingly swift and suspiciously overwhelming. According to the Venezuelan National Electoral Council, the ballot’s five-question referendum — which culminated in asking if Caracas should incorporate Guyana’s Essequibo region “into the map of Venezuelan territory” — passed by a margin of 95%.
Calling the vote a free or fair election might be a bit of a stretch; local opponents seized on the fact that the National Electoral Council touted “10.5 million votes cast,” rather than the overall number of voters, meaning that — given the five ballot questions — potentially as few as 2 million people actually turned out to vote in the nation of 28.2 million. Reuters also reported that lines were scarce at voting centers.
Still, snatching the Essequibo region, which makes up about two-thirds of Guyana and is roughly the size of Florida, is popular among Venezuelans due to a controversial 1899 decision by an international tribunal that gave the territory to what was then the British colony of Guiana. Venezuelans have long considered themselves to have been swindled by Western powers in the deal, with decades of revanchist schooling and local propaganda making the Essequibo issue an easy and appealing way for Maduro to shore up domestic support.
It remains unclear, though, how far Venezuela might go in the enforcement of its claim on the land, CNN notes. International Court of Justice President Joan E. Donoghue has nevertheless warned that Caracas appears to be “taking steps with a view toward acquiring control over and administering the territory in dispute.” Comparisons to Russia’s invasion of Ukraine and Argentina’s 1982 invasion of the Falkland Islands are already popping up, with commentators wondering what President Biden will do if the crisis escalates to actual fighting — and on America’s hemispheric doorstep, no less.
Many experts on the region also say the referendum, and any ensuing land grab, are distractions meant to bolster nationalist sentiment and Maduro’s popularity during a time of domestic turmoil and outside pressure for a leadership change. But it’s hardly a coincidence that the land in dispute is oil-rich — and newly considered to be so. Guyana was a poor, remote, and tiny neighbor to Venezuela before the discovery of oil offshore (and in Essequibo) in 2015. Now the country is thought to be sitting on 11 billion recoverable barrels and international oil companies are jostling for a go at the reserves, even as Guyana faces the irony of being especially susceptible to climate change.
The easy comparison between the two oil states makes the situation even more bruising for Caracas: Guyana is now “set to surpass the oil production of Venezuela,” CNN writes, while the latter country’s production has dropped from a height of 3 million barrels per day in 1999 to a mere 700,000 barrels per day this year, due to ongoing mismanagement and U.S. sanctions. No wonder the oil reserves just across the border look so tempting.
Perhaps, then, this will be the way the world’s next oil war starts: Not with a bang but with a vote.
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Rates were up 17% year over year in June, according to the latest Electricity Price Hub update, with another increase on the way.
With higher temperatures come higher electricity bills. Whether through higher seasonal charges or greater usage, Americans across the country were paying more for electricity in June.
In Virginia, the epicenter of the data center boom, the typical household electricity bill was $192 in June, up from $172 in June of last year, according to the latest data from the Heatmap and MIT’s Electricity Price Hub. Rates, meanwhile, were about 18 cents per kilowatt-hour, compared to just over 15 cents in June of last year, a 12% hike. Rates were also up from the end of last year, when they were about 15.5 cents.
The rate increase is largely due to prices set by Virginia’s largest utility, Dominion. Its rates are up 8% so far this year, according to MIT researchers, and 17% over the past 12 months, the result of a base rate increase that took effect at the beginning of the year. The average base rate alone is up 7.5% year over year for the average Dominion customer.
But that’s not all: The fuel portion of the bill is rising $8 a month for the typical customer, Dominion said according to local media reports, as a result of rising costs. The fuel charge went into effect at the beginning of July. Already, Dominion customers are paying about $78 per month for the generation portion of their electricity bill, according to Heatmap-MIT data.
The price hike will likely increase pressure on Dominion as it seeks to sell itself to Florida utility and energy developer NextEra in a $67 billion deal announced in May.
Earlier this week, Virginia's lieutenant governor Ghazala Hashmi sent a detailed letter to the State Corporation Commission, Virginia’s utility regulator, with 64 questions about the proposed merger. She said the deal “carries unprecedented implications for Virginia’s consumers and regulatory landscape.”
Hashmi asked regulators to extend their review of the deal beyond the six-month period mandated by its utility regulations, writing that “forcing this process into the six-month timeline will render an already inadequate period completely unworkable.”
In May, when the deal was announced, NextEra said it would provide over $2 billion of bill credits over two years to Dominion customers in Virginia, North Carolina, and South Carolina, which Dominion executives estimated would add up to $10 per month over the two years.
The enhanced geothermal company just announced a new 19,448-foot well.
Enhanced geothermal company Fervo has drilled another well.
This one is 19,448 feet deep, the company announced Thursday, and includes a 7,500-foot span laterally across the sub-surface. The well — called Sawtooth 7, part of Phase II of its flagship Cape Station project in Milford, Utah — took 21 days to drill, the company said. That matches the time required to drill the wells in Phase I, though the new one is nearly 35% deeper than those, on average, with a 50% greater lateral extension.
The greater depth and distance means greater energy potential from the well, while faster drilling times mean much lower costs. Tim Latimer, Fervo’s co-founder and chief executive, compared the timeline to that of the company’s 2022 Project Red well in Nevada, which achieved a depth of 11,220 feet in 70 days.
“Today, we are drilling deeper, hotter wells that will produce multiples more [megawatts] per well than our Project Red pilot, and we are doing it in a fraction of the time,” Latimer wrote.
Fervo says that its drilling rates at the Cape Station site have improved by 143% since it broke ground there in 2023.
The company says it’s now on track to get project costs down to $5,500 per kilowatt, working toward a goal of $3,000 per kilowatt over the long term. In its IPO filing, Fervo said costs at Cape Station were around $7,000 per kilowatt, indicating significant improvements in drilling efficiency in a relatively short period of time.
The news should be welcome to Fervo and its investors. Shortly after going public in May, the company announced that one of its Utah wells blew out. The company said at the time that there were no injuries, nor was there any environmental damage or “material impact to either cost or schedule of the project” at Cape Station.
Fervo raised almost $2 billion in its IPO, which it said will go to fund further progress on the flagship installation. Shares were trading at around $26 on Thursday afternoon, just shy of their $27 IPO price and up over 13% on the day.
The administration filed to dismiss an appeal of a December ruling that overturned its wind permitting freeze.
Trump’s Department of Justice is giving up on defending the president’s wind permitting moratorium.
The DOJ filed a motion on Wednesday to dismiss its appeal of a federal court’s December decision vacating the order to halt wind energy approvals. The plaintiffs in the case — New York and 16 other states, as well as the Alliance for Clean Energy New York, a trade group — did not oppose the motion. The case will not be officially dismissed, however, until the First Circuit Court of Appeals approves the request, which typically happens quickly when both parties support the dismissal.
The case stems from an executive order President Trump issued on the first day of his current term temporarily withdrawing all areas of the outer continental shelf from offshore wind leasing and pausing all federal authorizations for onshore and offshore wind projects while the administration conducted a review of leasing and permitting practices.
States took the administration to court last May, arguing that the order was arbitrary and capricious and violated the Administrative Procedures Act. They claimed it harmed their ability to source reliable and affordable energy and threatened billions of dollars in investment in supply chains, workforce development, and wind industry-related infrastructure.
On December 8, Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts ruled in the states’ favor and vacated the wind order. More specifically, the judge vacated the portion of the order directing agencies to pause permits and other authorizations. The withdrawal of areas eligible for new leases remains in effect.
What it means is that federal agencies will now have to proceed with permitting wind projects using the existing statutory and regulatory framework, Kit Kennedy, the managing director for power, climate, and energy at the Natural Resources Defense Council, told me in an email. “The door to federal permitting is now unlocked again and each developer will be able to make the case for permitting their individual project based on the facts and the law,” she said.
The Trump administration appealed the ruling to the First Circuit in February, but never submitted an opening brief. The initial deadline was May 11, but on May 4, the DOJ requested additional time to file the brief. The judge gave the defendants until June 10. On that date, the defendants filed the motion to dismiss.
This is a developing story and we’ll update it as we learn more about the administration’s actions and their effects.
Editor’s note: This story has been updated to reflect that the freeze and ruling apply to onshore as well as offshore wind. It also adds a quote from Kit Kennedy.