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Wall Street Fossil Fuel Pivot signals banks reassessing ESG, net-zero, and decarbonization goals, reviving oil, gas, and coal financing while recalibrating clean energy exposure amid policy shifts, regulatory rollbacks, and investment risk realignment.

Key Points

A shift as major U.S. banks ease ESG limits to fund oil, gas, coal while rebalancing alongside renewables.

✅ Banks revisit lending to oil, gas, and coal after policy shifts.

✅ ESG and net-zero commitments face reassessment amid returns.

✅ Renewables compete for capital as risk models are updated.

The global energy finance sector, worth a staggering $1.4 trillion, is undergoing a significant transformation, largely due to former President Donald Trump's renewed support for the oil, gas, and coal industries. Wall Street, which had previously aligned itself with global climate initiatives and the energy transition and net-zero goals, is now reassessing its strategy and pivoting toward a more fossil-fuel-friendly stance.

This shift represents a major change from the earlier stance, where many of the largest U.S. banks and financial institutions took a firm stance on decarbonization push, including limiting their exposure to fossil-fuel projects. Just a few years ago, these institutions were vocal supporters of the global push for a sustainable future, with many committing to support clean energy solutions and abandon investments in high-carbon energy sources.

However, with the change in administration and the resurgence of support for traditional energy sectors under Trump’s policies, these same banks are now rethinking their strategies. Financial institutions are increasingly discussing the possibility of lifting long-standing restrictions that limited their investments in controversial fossil-fuel projects, including coal mining, where emissions drop as coal declines, and offshore drilling. The change reflects a broader realignment within the energy finance sector, with Wall Street reexamining its role in shaping the future of energy.

One of the most significant developments is the Biden administration’s policy reversal, which emphasized reducing the U.S. carbon footprint in favor of carbon-free electricity strategies. Under Trump, however, there has been a renewed focus on supporting the traditional energy sectors. His administration has pushed to reduce regulatory burdens on fossil-fuel companies, particularly oil and gas, while simultaneously reintroducing favorable tax incentives for the coal and gas industries. This is a stark contrast to the Biden administration's efforts to incentivize the transition toward renewable energy and zero-emissions goals.

Trump's policies have, in effect, sent a strong signal to financial markets that the fossil-fuel industry could see a resurgence. U.S. banks, which had previously distanced themselves from financing oil and gas ventures due to the pressure from environmental activists and ESG (Environmental, Social, and Governance) investors, as seen in investor pressure on Duke Energy, are now reconsidering their positions. Major players like JPMorgan Chase and Goldman Sachs are reportedly having internal discussions about revisiting financing for energy projects that involve high carbon emissions, including controversial oil extraction and gas drilling initiatives.

The implications of this shift are far-reaching. In the past, a growing number of institutional investors had embraced ESG principles, with the goal of supporting the transition to renewable energy sources. However, Trump’s pro-fossil fuel stance appears to be emboldening Wall Street’s biggest players to rethink their commitment to green investing. Some are now advocating for a “balanced approach” that would allow for continued investment in traditional energy sectors, while also acknowledging the growing importance of renewable energy investments, a trend echoed by European oil majors going electric in recent years.

This reversal has led to confusion among investors and analysts, who are now grappling with how to navigate a rapidly changing landscape. Wall Street's newfound support for the fossil-fuel industry comes amid a backdrop of global concerns about climate change. Many investors, who had previously embraced policies aimed at curbing the effects of global warming, are now finding it harder to reconcile their environmental commitments with the shift toward fossil-fuel-heavy portfolios. The reemergence of fossil-fuel-friendly policies is forcing institutional investors to rethink their long-term strategies.

The consequences of this policy shift are also being felt by renewable energy companies, which now face increased competition for investment dollars from traditional energy sectors. The shift towards oil and gas projects has made it more challenging for renewable energy companies to attract the same level of financial backing, even as demand for clean energy continues to rise and as doubling electricity investment becomes a key policy call. This could result in a deceleration of renewable energy projects, potentially delaying the progress needed to meet the world’s climate targets.

Despite this, some analysts remain optimistic that the long-term shift toward green energy is inevitable, even if fossil-fuel investments gain a temporary boost. As the world continues to grapple with the effects of climate change, and as technological advancements in clean energy continue to reduce costs, the transition to renewables is likely to persist, regardless of the political climate.

The shift in Wall Street’s approach to energy investments, spurred by Trump’s pro-fossil fuel policies, is reshaping the $1.4 trillion global energy finance market. While the pivot towards fossil fuels may offer short-term gains, the long-term trajectory for energy markets remains firmly in the direction of renewables. The next few years will be crucial in determining whether financial institutions can balance the demand for short-term profitability with their long-term environmental responsibilities.

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CAISO Clean Energy Transition outlines California's path to 100% carbon-free power by 2045, scaling renewables, battery storage, and offshore wind while safeguarding grid reliability, managing natural gas, and leveraging Western markets like EDAM.

Key Points

CAISO Clean Energy Transition is the plan to reach 100% carbon-free power by 2045 while maintaining grid reliability.

✅ Target: add 7 GW/year to reach 120 GW capacity by 2045

✅ Battery storage up 30x; smooths intermittent solar and wind

✅ EDAM and WEIM enhance imports, savings, and reliability

Mark Rothleder, Chief Operating Officer and Senior Vice President at the California Independent System Operator (CAISO), which manages roughly 80% of California’s electric grid, has expressed cautious optimism about meeting the state's ambitious clean energy targets while keeping the lights on across the grid. However, he acknowledges that this journey will not be without its challenges.

California aims to transition its power system to 100% carbon-free sources by 2045, ensuring a reliable electricity supply at reasonable costs for consumers. Rothleder, aware of the task's enormity, likens it to a complex car repair performed while the vehicle is in motion.

Recent achievements have demonstrated California's ability to temporarily sustain its grid using clean energy sources. According to Rothleder, the real challenge lies in maintaining this performance round the clock, every day of the year.

Adding thousands of megawatts of renewable energy into California’s existing 50-gigawatt system, which needs to expand to 120 gigawatts to meet the 2045 goal, poses a significant challenge, though recent grid upgrade funding offers some support for needed infrastructure. CAISO estimates that an addition of 7 gigawatts of clean power per year for the next two decades is necessary, all while ensuring uninterrupted power delivery.

While natural gas currently constitutes California's largest single source of power, Rothleder notes the need to gradually decrease reliance on it, even as it remains an operational necessity in the transition phase.

In 2023, CAISO added 5,660 megawatts of new power to the grid, with plans to integrate over 1,100 additional megawatts in the next six to eight months of 2024. Battery storage, crucial for mitigating the intermittent nature of wind and solar power, has seen substantial growth as California turns to batteries for grid support, increasing 30-fold in three years.

Rothleder emphasizes that electricity reliability is paramount, as consumers always expect power availability. He also highlights the potential of offshore wind projects to significantly contribute to California's power mix by 2045.

The offshore wind industry faces financial and supply chain challenges despite these plans. CAISO’s 20-year outlook indicates a significant increase in utility-scale solar, requiring extensive land use and wider deployment of advanced inverters for grid stability.

Addressing affordability is vital, especially as California residents face increasing utility bills. Rothleder suggests a broader energy cost perspective, encompassing utility and transportation expenses.

Despite smooth grid operations in 2023, challenges in previous years, including extreme weather-induced power outages driven by climate change, underscore the need for a robust, adaptable grid. California imports about a quarter of its power from neighbouring states and participates in the Western Energy Imbalance Market, which has yielded significant savings.

CAISO is also working on establishing an extended day-ahead electricity market (EDAM) to enhance the current energy market's success, building on insights from a Western grid integration report that supports expanded coordination.

Rothleder believes that a thoughtfully designed, diverse power system can offer greater reliability and resilience in the long run. A future grid reliant on multiple, smaller power sources such as microgrids could better absorb potential losses, ensuring a more reliable electricity supply for California.

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Heathrow Airport Power Outage 2025 disrupted operations with mass flight cancellations and diversions after a grid failure, exposing infrastructure resilience gaps, crisis management flaws, and raising passenger compensation and safety oversight concerns.

Key Points

A grid failure closed Heathrow, causing mass cancellations and diversions, exposing resilience and communication lapses.

✅ Grid fire triggered airport-wide shutdown

✅ 1,400+ flights canceled or diverted

✅ Inquiry probes resilience, communication, compensation

On March 21, 2025, Heathrow Airport, Europe's busiest, suffered a catastrophic power outage, similar to another high-profile outage seen at major events, that led to the cancellation and diversion of over 1,400 flights, affecting nearly 300,000 passengers and costing airlines an estimated £100 million. The power failure, triggered by a fire at an electricity substation in west London, left Heathrow with a significant operational crisis. This disruption is even more significant considering that Heathrow is one of the most expensive airports globally, which raises concerns about its infrastructure resilience and broader electricity system resilience across Europe.

In a parliamentary committee meeting, Heathrow officials admitted that vulnerabilities in the airport’s power supply were flagged just days before the outage. Nigel Wicking, Chief Executive of the Heathrow Airline Operators' Committee (HAOC), informed MPs that concerns regarding power resilience had been raised on March 15, following disruptions caused by cable thefts impacting runway lights. Despite these warnings, the airport’s management did not address the vulnerabilities urgently, even as UK net zero policies continue to reshape infrastructure planning, which ultimately led to the disastrous outage.

The airport was closed for a day, with serious consequences for not only airlines but also the surrounding community and businesses. British Airways alone faced millions of pounds in losses, and passengers experienced significant emotional distress, missing vital life events like weddings and funerals due to flight cancellations. The committee is now questioning officials from National Grid and Scottish and Southern Electricity Networks to better understand why Heathrow’s infrastructure failed, in the context of a cleaner grid following the British carbon tax that reduced coal use, how it communicated with affected parties, and what measures will be taken to compensate impacted passengers.

Heathrow’s Chief Executive, Thomas Woldbye, defended the closure decision, stating it would have been disastrous to keep the airport open under such circumstances. He noted that continuing operations would have left tens of thousands of passengers stranded and would have posed safety risks due to the failure of fire surveillance and CCTV systems. However, Wicking, representing the airlines, pointed out that Heathrow’s lack of resilience was unacceptable given the amount spent on the airport, emphasizing the need for better infrastructure, including addressing SF6 in switchgear during upgrades, and more transparent management practices.

Looking forward, the MPs intend to investigate the airport’s emergency preparedness, why the resilience review from 2018 wasn’t shared with airlines, and whether enough preventative measures were in place amid surging data demand that could strain electricity supplies. The outcome of this inquiry could have lasting effects on how Heathrow and other major airports handle their infrastructure and crisis management systems, as drought-driven hydro challenges demonstrate the wider climate stresses on power networks.

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Cyprus Electricity Interconnectors link the island to the EU grid via EuroAsia and EuroAfrica projects, enabling renewable energy trade, subsea transmission, market liberalization, and stronger energy security and diplomacy across the region.

Key Points

Subsea links connecting Cyprus to Greece, Israel and Egypt for EU grid integration, renewable trade and energy security.

✅ Connects EU, Israel, Egypt via EuroAsia and EuroAfrica

✅ Enables renewables integration and market liberalization

✅ Strengthens energy security, investment, and diplomacy

Electricity interconnectors bridging Cyprus with the broader geographical region, mirroring projects like the Ireland-France grid link already underway in Europe, are crucial for its diplomacy while improving its game to become a clean energy hub.

In an interview with Phileleftheros daily, Andreas Poullikkas, chairman of the Cyprus Energy Regulatory Authority (CERA), said electricity cables such as the EuroAsia Interconnector and the EuroAfrica Interconnector, could turn the island into an energy hub, creating investment opportunities.

“Cyprus, with proper planning, can make the most of its energy potential, turning Cyprus into an electricity producer-state and hub by establishing electrical interconnections, such as the EuroAsia Interconnector and the EuroAfrica Interconnector,” said Poullikkas.

He said these electricity interconnectors, “will enable the island to become a hub for electricity transmission between the European Union, Israel and Egypt, with developments such as the Israel Electric Corporation settlement highlighting regional dynamics, while increasing our energy security”.

Poullikkas argued it will have beneficial consequences in shaping healthy conditions for liberalising the country’s electricity market and economy, facilitating the production of electricity with Renewable Energy Sources and supporting broader efforts like the UK grid transformation toward net zero.

“Electricity interconnections are an excellent opportunity for greater business flexibility in Cyprus, ushering new investment opportunities, as seen with the Lake Erie Connector investment across North America, either in electricity generation or other sectors. Especially at a time when any investment or financial opportunity is welcomed.”

He said Cyprus’ energy resources are a combination of hydrocarbon deposits and renewable energy sources, such as solar.

This combination offers the country a comparative advantage in the energy sector.

Cyprus can take advantage of the development of alternative supply routes of the EU, as more links such as new UK interconnectors come online.

Poullikkas argued that as energy networks are developing rapidly throughout the bloc, serving the ever-increasing needs for electricity, and aligning with the global energy interconnection vision highlighted in recent assessments, the need to connect Cyprus with its wider geographical area is a matter of urgency.

He argues the development of important energy infrastructure, especially electricity interconnections, is an important catalyst in the implementation of Cyprus goals, while recognising how rule changes like Australia's big battery market shift can affect storage strategies.

“It should also be a national political priority, as this will help strengthen diplomatic relations,” added Poullikkas.

Implementing the electricity interconnectors between Israel, Cyprus and Greece through Crete and Attica (EuroAsia Interconnector) has been delayed by two years.

He said the delay was brought about after Greece decided to separate the Crete-Attica section of the interconnection and treat as a national project.

Poullikkas stressed the Greek authorities are committed to ensuring the connection of Cyprus with the electricity market of the EU.

“All the required permits have been obtained from the competent authorities in Cyprus and upon the completion of the procedures with the preferred manufacturers, construction of the Cyprus-Crete electrical interconnection will begin before the end of this year. Based on current data, the entire interconnection is expected to be implemented in 2023”.

“The EuroAfrica Interconnector is in the pre-works stage, all project implementation studies have already been completed and submitted to the competent authorities, including cost and benefit studies”.

EuroAsia Interconnector is a leading EU project of common interest (PCI), also labelled as an “electricity highway” by the European Commission.

It connects the national grids of Israel, Cyprus and Greece, creating a reliable energy bridge between the continents of Asia and Europe allowing bi-directional transmission of electricity.

The cost of the entire subsea cable system, at 1,208km, the longest in the world and the deepest at 3,000m below sea level, is estimated at €2.5 bln.

Construction costs for the first phase of the Egypt-Cyprus interconnection (EuroAfrica) with a Stage 1 transmission capacity of 1,000MW is estimated at €1bln.

The Cyprus-Greece (Crete) interconnection, as well as the Egypt-Cyprus electricity interconnector, will both be commissioned by December 2023.

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TCS AI Partnership Paris Marathon integrates predictive analytics, digital twin simulations, real-time runner tracking, and sustainability solutions to elevate logistics, athlete performance, and immersive spectator engagement across the Schneider Electric Marathon de Paris ecosystem.

Key Points

AI-driven TCS partnership enhancing Paris logistics, performance, engagement, and sustainability for three years.

✅ Predictive analytics and digital twins optimize race-day ops

✅ Real-time runner tracking and health insights

✅ Sustainable resource management and waste reduction

Tata Consultancy Services (TCS) has officially become the AI & Technology Partner for the Schneider Electric Marathon de Paris, marking the start of a three-year collaboration with one of the world’s most prestigious running events. This partnership, announced on April 1, 2025, aims to revolutionize the marathon experience by integrating cutting-edge technology, artificial intelligence (AI), and data analytics, and modern AI data centers to power scalable capabilities, enhancing both the runner's journey and the spectator experience.

The Schneider Electric Marathon de Paris, which attracts over 55,000 runners from across the globe, is a renowned event that not only challenges athletes but also captivates a worldwide audience. As the Official AI & Technology Partner, TCS is set to bring its deep expertise in AI, digital innovation, and data-driven insights to this iconic event, drawing on adjacent domains such as substation automation training to strengthen operations. With more than 30 years of presence in France and its significant partnerships with French corporations, TCS is uniquely positioned to merge its global technology capabilities with local knowledge, thus adding immense value to this prestigious marathon.

The collaboration will primarily focus on enhancing the race logistics, improving athlete performance, and creating a personalized experience for both runners and spectators. Using advanced AI tools, predictive analytics, and digital twin technologies, TCS will streamline various aspects of the event. For example, AI-powered predictive models, reflecting progress recognized by European electricity prediction specialists in forecasting, will be used to track and monitor runners in real-time, providing insights into their performance and well-being during the race. Additionally, the implementation of digital twin technology will enable TCS to create accurate virtual models of the event, improving logistics and supporting better decision-making.

One of the key goals of the partnership is to improve the sustainability of the marathon. By utilizing advanced AI solutions, including AI for energy savings approaches, TCS will help optimize race-day operations, ensuring efficient management of resources, reducing waste, and minimizing environmental impact. This aligns with the growing trend of incorporating sustainability into large-scale events, ensuring that such iconic marathons not only provide an exceptional experience for participants but also contribute to global environmental goals.

TCS’s PacePort™ innovation hub in Paris will play a pivotal role in the collaboration. This innovation center will serve as the testing ground for new AI-powered solutions and tools aimed at improving runner performance and creating a more engaging race experience. Early priorities for the project include the development of personalized AI-based training programs for runners, real-time tracking systems for athlete health monitoring, and advanced analytics to support better training and recovery strategies, drawing on insights from EU smart meter analytics to inform personalization.

Additionally, TCS will introduce new technologies to enhance spectator engagement. Digital experiences, such as virtual race tracking and immersive content, will bring spectators closer to the event, even if they are not physically present at the marathon. This will allow fans worldwide to engage with the race in more interactive ways, enhancing the global reach and excitement surrounding the event.

TCS’s role in the Schneider Electric Marathon de Paris is part of its broader strategy to leverage technology in the realm of sports. The company already supports several major global marathons, including those in New York, London, where projects like the London electricity tunnel showcase infrastructure innovation, and Mumbai, contributing to their operational success and social impact. In fact, marathons supported by TCS raised nearly $280 million for charitable causes in 2024 alone, demonstrating the company’s commitment to blending innovation with social responsibility.

The strategic partnership with the Paris marathon also underscores TCS’s continued commitment to its French operations, and aligns with Schneider Electric’s Notre Dame restoration initiatives that highlight local impact, reinforcing its role as a leader in AI and digital technology. Through this collaboration, TCS aims to not only support the marathon’s logistical and technological needs but also to contribute to the broader development of digital sports experiences.

This partnership promises to deliver a more dynamic, sustainable, and engaging marathon experience, benefiting runners, spectators, and the broader event ecosystem. With TCS’s cutting-edge technology and commitment to enhancing the marathon, the Schneider Electric Marathon de Paris is poised to set new standards for global sports events, blending athletic performance with digital innovation in unprecedented ways.

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Sycamore Energy Manitoba Hydro Lawsuit centers on alleged mismanagement of the solar rebate incentive program, project delays, inspection backlogs, and alleged customer interference, impacting renewable energy installations, contractors, and clean power investment across Manitoba.

Key Points

Claim alleging mismanagement of Manitoba's solar rebate, delays, and inducing customers to switch installers.

✅ Lawsuit alleges mismanaged solar rebate incentive program

✅ Delays in inspections left hundreds of projects incomplete

✅ Claims Hydro urged customers to switch installers for rebates

Sycamore Energy filed a statement of claim Monday in Manitoba Court of Queens Bench against Manitoba Hydro saying it badly mismanaged its Solar Energy Program, a dispute that comes as Canada's solar progress faces criticism nationwide.

The claim also noted the crown corporation caused significant financial and reputational damage to Sycamore Energy, echoing disputes like Ontario wind cancellation costs seen elsewhere.

The statement of claim says Manitoba Hydro was telling customers to find other companies to complete solar panel installations, even as Nova Scotia's solar charge debate has unfolded.

'I'm still waiting': dozens of Manitoba solar system installations in the queue under expired incentive program
This all comes after a pilot project was launched in the province in April 2016, which would allow people to apply for a rebate under the incentive program, while Saskatchewan adjusted solar credits in parallel, and the project would cover about 25 per cent of the installation costs.

The project ended in April 2018, but hundreds of approved projects had yet to be finished.

According to Manitoba Hydro, in November there were 252 approved projects awaiting completion by more than one contractor, and Sycamore Energy said it had about 100 of those projects, a dynamic seen as New England's solar growth strains grid upgrades in other regions.

At the time Sycamore Energy COO, Alex Stuart, blamed Manitoba Hydro for the delays, stating it took too long to get inspections after solar systems were installed.

Scott Powell, Manitoba Hydro’s director of corporate communications, said in November he disagreed with Sycamore Energy’s comments, even as Ontario moves to reintroduce renewables elsewhere.

In a news release, the company said it sold more installations under Manitoba Hydro’s Solar Energy Program compared to other companies and it was instrumental in helping set up standards for the program.

“Manitoba Hydro mismanaged the solar rebate program from the beginning. In the end, they targeted our company unfairly and unlawfully by inducing our customers to break their contracts with us. Manitoba Hydro told our customers they could get an extension to their rebate but only if they switched to different installers,” said Justin Phillips, CEO of Sycamore Energy in a news release.

“We would much rather be installing clean, effective solar power projects for our customers right now. The last thing we want to do is to be suing Manitoba Hydro, but we feel we have no choice. Their actions have cost us millions in lost business. They’ve also cost the province jobs, millions in private investment and a positive way forward to help combat climate change.”

Manitoba Hydro now has 20 days to respond to the action, and a recent Cornwall wind-farm ruling underscores the stakes.

When asked for a response from CTV News, a spokesperson for the Crown corporation said it hadn’t yet been made aware of the suit.

“If a statement of claim is filed and served, we’ll file a statement of defence in due course. As this matter is now apparently before the courts, we have no further comment,” the spokesperson said.

None of these allegations have been proven in court.

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