2006 Shutdown Spurs Call For Investigation of Nuclear Cybersecurity

By InformationWeek


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Two leading Democrats sent a letter to the chairman of the U.S. Nuclear Regulatory Commission, calling for an investigation into the nation's nuclear cybersecurity.

Committee on Homeland Security chairman Bennie G. Thompson, D-Miss., and Subcommittee on Emerging Threats, Cybersecurity, and Science and Technology chairman James R. Langevin D-R.I., released a letter to Dale E. Klein, chairman of the Nuclear Regulatory Commission regarding what they called a cybersecurity incident at a U.S. nuclear power plant. They released the letter, which actually was sent May 14.

In the letter, Thompson and Langevin ask that Klein move to "institute comprehensive cybersecurity policies and procedures on safety and non-safety systems" at nuclear plant licensees.

The letter goes on to describe an incident they say occurred August 19, at the Brown's Ferry Unit 3 facility, which was manually shut down following the loss of both of the recirculation pumps. The plant is located in northern Alabama. Browns Ferry operates two nuclear generating units.

Thompson and Langevin said in the letter that plant personnel determined that the root cause of failure was related to "excessive traffic" on the plant's computer network. The licensee notified the Nuclear Regulatory Commission of the incident, and corrective actions were implemented, which included placing a firewall on the plant's integrated computer system network.

"In accord with current regulations, NRC staff decided against investigating the failure as a 'cybersecurity incident' because:

1.) The failing system was a 'non-safety' system rather than a 'safety' system, and

2.) It was determined by the licensee that the incident did not involve an external cyber attack on the system," Thompson and Langevin wrote.

They went on to say they have "deep reservations" about the regulatory commission's hesitation to investigate the incident. They added that the incident showed that a nonsafety system actually can affect the plant's safety.

Langevin and Thompson also pointed out in the letter that plant administrators couldn't determine whether the incident was caused by a network disruption within the plant or by an outside hacker.

"Conversations between the Homeland Security Committee staff and NRC representatives suggest that it is possible that this incident could have come from outside the plant," they wrote. "Unless and until the cause of the excessive network load can be explained, there is no way for either the licensee or the NRC to know that this was not an external distributed denial-of-service attack. Without a thorough, independent review of the logs and associated data, the assumption that this incident is not an outside attack is unjustifiable."

The congressmen went on to ask if the regulatory committee has determined the source of the "data storm" and if they plan to investigate it. They requested a written response to their letter by June 14.

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Covid-19: Secrets of lockdown lifestyle laid bare in electricity data

Lockdown Electricity Demand Trends reveal later mornings, weaker afternoons, and delayed peaks as WFH, streaming, and video conferencing reshape energy demand curves, grid forecasting, and residential electricity usage across Europe, New York, Tokyo, and Singapore.

 

Key Points

Shifts in power use during lockdowns: later ramps, weaker afternoons, and higher, delayed evening peaks.

✅ Morning ramp starts later; midday demand dips

✅ Evening peak shifts 1-2 hours; higher late-night usage

✅ WFH and streaming raise residential load; industrial demand falls

 

Life in lockdown means getting up late, staying up till midnight and slacking off in the afternoons.

That’s what power market data in Europe show in the places where restrictions on activity have led to a widespread shift in daily routines of hundreds of millions of people.

It’s a similar story wherever lockdowns bite. In New York City electricity use has fallen as much as 18% from normal times at 8am. Tokyo and three nearby prefectures had a 5% drop in power use during weekdays after Japan declared a state of emergency on April 7, according to Tesla Asia Pacific, an energy forecaster.

Italy’s experience shows the trend most clearly since the curbs started there on March 5, before any other European country. Data from the grid operator Terna SpA gives a taste of what other places are also now starting to report, with global daily demand dips observed in many markets as well.


1. People are sleeping later

With no commute to the office people can sleep longer. Normally, electricity demand began to pick up between 6 a.m. and 8 a.m. Now in Germany, it’s clear coffee machines don’t go on until between 8 a.m. and 9 a.m., said Simon Rathjen, founder of the trading company MFT Energy A/S.

Germany, France and Italy -- which between them make up almost two thirds of the euro-zone economy -- all have furlough measures that allow workers to receive a salary while temporarily suspended from their jobs. The U.K. also has a support package. Many of these workers will be getting up later.

"Now I have quite a relaxed start to the morning,” said David Freeman, an analyst in financial services from London. "I don’t get up until about half an hour before I need to start work.”

2. Less productive afternoons

There is a deeper dip in electricity use in the afternoons. Previously, power use rose between 2pm and 5pm. Now it dips as people head out for a walk or some air, according to UK demand data from National Grid Plc

It’s "as though we are living through a month of Sundays”, said Iain Staffell, senior lecturer in sustainable energy at Imperial College London.

3. Evenings in

From 6pm electricity use begins to rise steeply as people finish work and start chores. Restrictions like work and home schooling that prevent much daytime TV watching lifts in the early evening. This following chart for Germany shows the evening peak for power use coming during later hours.

The evening is when electricity use is highest, with most people confined to their homes. Netflix Inc reported a record 15.8 million paid subscribers – almost double the figure forecast by Wall Street analysts. Video-streaming services like Netflix and YouTube have found a captive audience. The new Disney+ service surpassed 50 million subscribers in just five months, a faster pace than predicted.

Internet traffic is skyrocketing, with a surge in bandwidth-intensive applications like streaming services and Zoom. This may mean that monthly broadband consumption of as much as 600 gigabytes, about 35% higher than before, according to Bloomberg Intelligence.

In Singapore, electricity use has dropped off significantly since the country’s "circuit-breaker” efforts to keep people at home began April 7. Electricity use has fallen and stayed low during the day. But late at night is a different story, as power demand fell sharply immediately after the lockdown began, it has steadily crept back in the past two weeks, perhaps a sign that Tiger King and The Last Dance have been finding late-night fans in the city state.

In Ottawa, COVID-19 closures made it seem as if the city had fallen off the electricity grid, according to local reports.

4. Staying up late

We’re going to bed later too. Demand doesn’t start to drop off until 10pm to 12am, at least an hour later than before.

"My children are definitely going to bed later,” said Liz Stevens, a teaching assistant from London. "Our whole routine is out the window.”

It’s challenging for those that need to predict behaviour – power grids and electricity traders. Forecasting is based on historical data, and there isn’t anything to go into the models gauging use now.

The closest we can get is looking at big events like football World Championships when people are all sitting down at the same time, according to Rathjen at MFT.

"Forecasting demand right now is very tricky,” said Chris Kimmett, director of power grids at Reactive Technologies Ltd. "A global pandemic is uncharted territory."

What normal looks like when the crisis passes is also an open question. Different countries are set to unravel their measures in their own ways, and global power demand has already surged above pre-pandemic levels in some analyses, with Germany and Austria loosening restrictions first and Italy remaining under tight control. Some changes may be permanent, with both workers and employers becoming more comfortable with working from home.

5. Different sectors consume more

In China, which is further along recovering from the pandemic than Europe or the US, the sharp contraction in overall power output masks a shift in daily routines.

Eating habits have changed. Restaurants are expanding delivery and even offering grocery services as the preference for dining at home persists. Household electricity consumption in China probably increased from activities such as cooking and heating, according to IHS Markit, which said that residential demand rose by 2.4% in the first two months as people stayed in.

The increase in technology use also drove China’s power demand from the telecom and web-service sectors to rise by 27%, the consultancy said.

Overall, China power demand in the first quarter of the year fell 6.5% from the same period in 2019 to 1.57 trillion kilowatt-hours, China’s National Energy Administration said last week. Industry uses about 70% of the country’s electricity, while the commercial sector and households account for 14% each. – Bloomberg

 

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New rules give British households right to sell solar power back to energy firms

UK Smart Export Guarantee enables households to sell surplus solar energy to suppliers, with dynamic export tariffs, grid payments, and battery-friendly incentives, boosting local renewable generation, microgeneration uptake, and decarbonisation across Britain.

 

Key Points

UK Smart Export Guarantee pays homes for exporting surplus solar power to the grid via supplier tariffs.

✅ Suppliers must pay households for exported kWh.

✅ Dynamic tariffs incentivize daytime solar generation.

✅ Batteries boost self-consumption and grid flexibility.

 

Britain’s biggest energy companies will have to buy renewable energy from their own customers through community-generated green electricity models under new laws to be introduced this week.

Homeowners who install new rooftop solar panels from 1 January 2020 will be able to lower their bills as many seek to cut soaring bills by selling the energy they do not need to their supplier.

A record was set at noon on a Friday in May 2017, when solar energy supplied around a quarter of the UK’s electricity, and a recent award that adds 10 GW of renewables indicates further growth.

However, solar panel owners are not always at home on sunny days to reap the benefit. The new rules will allow them to make money if they generate electricity for the grid.

Some 800,000 householders with solar panels already benefit from payments under a previous scheme. However, the subsidies were controversially scrapped by the government in April, with similar reduced credits for solar owners seen in other regions, causing the number of new installations to fall by 94% in May from the month before.

Labour accused the government last week of “actively dismantling” the solar industry. The sector will still struggle this summer as the change does not come in for another seven months, so homeowners have no incentive to buy panels this year.

Chris Skidmore, the minister for energy and clean growth, said the government wanted to increase the number of small-scale generators without adding the cost of subsidies to energy bills. “The future of energy is local and the new smart export guarantee will ensure households that choose to become green energy generators will be guaranteed a payment for electricity supplied to the grid,” he said. The government also hopes to encourage homes with solar panels to install batteries to help manage excess solar power on networks.

Greg Jackson, the founder of Octopus Energy, said: “These smart export tariffs are game-changing when it comes to harnessing the power of citizens to tackle climate change”.

A few suppliers, including Octopus, already offer to buy solar power from their customers, often setting terms for how solar owners are paid that reflect market conditions.

“They mean homes and businesses can be paid for producing clean electricity just like traditional generators, replacing old dirty power stations and pumping more renewable energy into the grid. This will help bring down prices for everyone as we use cheaper power generated locally by our neighbours,” Jackson said.

Léonie Greene, a director at the Solar Trade Association, said it was “vital” that even “very small players” were paid a fair price. “We will be watching the market like a hawk to see if competitive offers come forward that properly value the power that smart solar homes can contribute to the decarbonising electricity grid,” she said.

 

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Electricity deal clinches $100M bitcoin mining operation in Medicine Hat

Medicine Hat Bitcoin Mining Deal delivers 42 MW electricity to Hut 8, enabling blockchain data centres, cryptocurrency mining expansion, and economic diversification in Alberta with low-cost power, land lease, and rapid construction near Unit 16.

 

Key Points

A pact to supply 42 MW and lease land, enabling Hut 8's blockchain data centres and crypto mining growth in Alberta.

✅ 42 MW electricity from city; land lease near Unit 16

✅ Hut 8 expands to 60.7 MW; blockchain data centres

✅ 100 temporary jobs; 42 ongoing roles in Alberta

 

The City of Medicine Hat has agreed to supply electricity and lease land to a Toronto-based cryptocurrency mining company, at a time when some provinces are pausing large new crypto loads in a deal that will see $100 million in construction spending in the southern Alberta city.

The city will provide electric energy capacity of about 42 megawatts to Hut 8 Mining Corp., which will construct bitcoin mining facilities near the city's new Unit 16 power plant.

The operation is expected to be running by September and will triple the company's operating power to 60.7 megawatts, Hut 8 said, amid broader investments in new turbines across Canada.

#google#

"The signing of the electricity supply agreement and the land lease represents a key component in achieving our business plan for the roll-out of our BlockBox Data Centres in low-cost energy jurisdictions," said the company's board chairman, Bill Tai, in a release.

"[Medicine Hat] offers stable, cost-competitive utility rates and has been very welcoming and supportive of Hut 8's fast-paced growth plans."

In bitcoin mining operations, rows upon rows of power-consuming computers are used to solve mathematical puzzles in exchange for bitcoins and confirm crytopcurrency transactions. The verified transactions are then added to the public ledger known as the blockchain.

Hut 8's existing 18.7-megawatt mining operation at Drumheller, Alta. — a gated compound filled with rows of shipping containers housing the computers — has so far mined 750 bitcoins. Bitcoin was trading Tuesday morning for about $11,180.

Medicine Hat Mayor Ted Clugston says the deal is part of the city's efforts to diversify its economy.

We've made economic development a huge priority down here because we were hit very, very hard by the oil and gas decline," he said, noting that being the generator and vendor of its own electricity puts the city in a uniquely good position.

"Really we're just turning gas into electricity and they're taking that electricity and turning it into blockchain, or ones and zeroes."

Elsewhere in Canada, using more electricity for heat has been urged by green energy advocates, reflecting broader electrification debates.

Hut 8 says construction of the facility is starting right away and will create about 100 temporary jobs. The project is expected to be finished by the third-quarter of this year.

The Medicine Hat mining operation will generate 42 ongoing jobs for electricians, general labourers, systems technicians and security staff.

 

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America Going Electric: Dollars And Sense

California Net Zero Grid Investment will fuel electrification, renewable energy buildout, EV adoption, and grid modernization, boosting utilities, solar, and storage, while policy, IRA incentives, and transmission upgrades drive reliability and long-term rate base growth.

 

Key Points

Funding to electrify sectors and modernize the grid, scaling renewables, EVs, and storage to meet 2045 net zero goals.

✅ $370B over 22 years to meet 2045 net zero target

✅ Utilities lead gains via grid modernization and rate base growth

✅ EVs, solar, storage scale; IRA credits offset costs

 

$370 billion: That’s the investment Edison International CEO Pedro Pizarro says is needed for California’s power grid to meet the state’s “net zero” goal for CO2 emissions by 2045.

Getting there will require replacing fossil fuels with electricity in transportation, HVAC systems for buildings and industrial processes. Combined with population growth and data demand potentially augmented by artificial intelligence, that adds up to an 82 percent increase in electricity demand over 22 years, or 3 percent annually, and a potential looming shortage if buildout lags.

California’s plans also call for phasing out fossil fuel generation in the state, despite ongoing dependence on fossil power during peaks. And presumably, its last nuclear plant—PG&E Corp’s (PCG) Diablo Canyon—will be eventually be shuttered as well. So getting there also means trebling the state’s renewable energy generation and doubling usage of rooftop solar.

Assuming this investment is made, it’s relatively easy to put together a list of beneficiaries. Electric vehicles hit 20 percent market share in the state in Q2, even as pandemic-era demand shifts complicate load forecasting. And while competition from manufacturers has increased, leading manufacturers like Tesla TSLA -3% Inc (TSLA) can look forward to rising sales for some time—though that’s more than priced in for Elon Musk’s company at 65 times expected next 12 months earnings.

In the past year, California regulators have dialed back net metering through pricing changes affecting compensation, a subsidy previously paying rooftop solar owners premium prices for power sold back to the grid. That’s hit share prices of SunPower Corp (SPWR) and Sunrun Inc (RUN) quite hard, by further undermining business plans yet to demonstrate consistent profitability.

Nonetheless, these companies too can expect robust sales growth, as global prices for solar components drop and Inflation Reduction Act tax credits at least somewhat offset higher interest rates. And the combination of IRA tax credits and U.S. tariff walls will continue to boost sales at solar manufacturers like JinkoSolar Holding (JKS).

The surest, biggest beneficiaries of California’s drive to Net Zero are the utilities, reflecting broader utility trends in grid modernization, with investment increasing earnings and dividends. And as the state’s largest pure electric company, Edison has the clearest path.

Edison is currently requesting California regulators OK recovery over a 30-year period of $2.4 billion in losses related to 2017 wildfires. Assuming a amicable decision by early next year, management can then turn its attention to upgrading the grid. That investment is expected to generate long-term rate base growth of 8 percent at year, fueling 5 to 7 percent annual earnings growth through 2028 with commensurate dividend increases.

That’s a strong value proposition Edison stock, with trades at just 14 times expected next 12 months earnings. The yield of roughly 4.4 percent at current prices was increased 5.4 percent this year and is headed for a similar boost in December.

When California deregulated electricity in 1996, it required utilities with rare exceptions to divest their power generation. As a result, Edison’s growth opportunity is 100 percent upgrading its transmission and distribution grid. And its projects can typically be proposed, sited, permitted and built in less than a year, limiting risk of cost overruns to ensure regulatory approval and strong investment returns.

Edison’s investment plan is also pretty much immune to an unlikely backtracking on Net Zero goals by the state. And the company has a cost argument as well: Dr Pizarro cites U.S. Department of Energy and Department of Transportation data to project inflation-adjusted savings of 40 percent in California’s total customer energy bills from full electrification.

There’s even a reason to believe 40 percent savings will prove conservative. Mainly, gasoline currently accounts for a bit more than half energy expenditures. And after a more than 10-year global oil and gas investment drought, supplies are likely get tighter and prices possibly much higher in coming years.

Of course, those savings will only show up after significant investment is made. At this point, no major utility system in the world runs on 100 percent renewable energy, and California’s blackout politics underscore how reliability concerns shape deployment. And the magnitude of storage technology needed to overcome intermittency in solar and wind generation is not currently available let alone affordable, though both cost and efficiency are advancing.

Taking EVs from 20 to 100 percent of California’s new vehicle sales calls for a similar leap in efficiency and cost, even with generous federal and state subsidy. And while technology to fully electrify buildings and homes is there, economically retrofitting statewide is almost certainly going to be a slog.

At the end of the day, political will is likely to be as important as future technological advance for how much of Pizarro’s $370 billion actually gets spent. And the same will be true across the U.S., with state governments and regulators still by and large calling the shots for how electricity gets generated, transmitted and distributed—as well as who pays for it and how much, even as California’s exported policies influence Western markets.

Ironically, the one state where investors don’t need to worry about renewable energy’s prospects is one of the currently reddest politically. That’s Florida, where NextEra Energy NEE +2.8% (NEE) and other utilities can dramatically cut costs to customers and boost reliability by deploying solar and energy storage.

You won’t hear management asserting it can run the Sunshine State on 100 percent renewable energy, as utilities and regulators do in some of the bluer parts of the country. But by demonstrating the cost and reliability argument for solar deployment, NextEra is also making the case why its stock is America’s highest percentage bet on renewables’ growth—particularly at a time when all things energy are unfortunately becoming increasingly, intensely political.

 

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What to know about the big climate change meeting in Katowice, Poland

COP24 Climate Talks in Poland gather nearly 200 nations to finalize the Paris Agreement rulebook, advance the Talanoa Dialogue, strengthen emissions reporting and transparency, and align finance, technology transfer, and IPCC science for urgent mitigation.

 

Key Points

UNFCCC summit in Katowice to finalize Paris rules, enhance transparency, and drive stronger emissions cuts.

✅ Paris rulebook on reporting, transparency, markets, and timelines

✅ Talanoa Dialogue to assess gaps and raise ambition by 2020

✅ Finance and tech transfer for developing countries under UNFCCC

 

Delegates from nearly 200 countries have assembled this month in Katowice, Poland — the heart of coal country — to try to move the ball forward on battling climate change.

It’s now the 24th annual meeting, or “COP” — conference of the parties — under the landmark U.N. Framework Convention on Climate Change, which the United States signed under then-President George H.W. Bush in 1992. More significantly, it’s the third such meeting since nations adopted the Paris climate agreement in 2015, widely seen at the time as a landmark moment in which, at last, developed and developing countries would share a path toward cutting greenhouse gas emissions, as Obama's clean energy push sought to lock in momentum.

But the surge of optimism that came with Paris has faded lately. The United States, the second largest greenhouse gas emitter, said it would withdraw from the agreement, though it has not formally done so yet. Many other countries are off target when it comes to meeting their initial round of Paris promises — promises that are widely acknowledged to be too weak to begin with. And emissions have begun to rise after a brief hiatus that had lent some hope of progress.

The latest science, meanwhile, is pointing toward increasingly dire outcomes. The amount of global warming that the world already has seen — 1 degree Celsius, 1.8 degrees Fahrenheit — has upended the Arctic, is killing coral reefs and may have begun to destabilize a massive part of Antarctica. A new report from the U.N.'s Intergovernmental Panel on Climate Change (IPCC), requested by the countries that assembled in Paris to be timed for this year’s meeting, finds a variety of increasingly severe effects as soon as a rise of 1.5 degrees Celsius arrives — an outcome that can’t be avoided without emissions cuts so steep that they would require societal transformations without any known historical parallel, the panel found.

It’s in this context that countries are meeting in Poland, with expectations and stakes high.

So what’s on the agenda in Poland?

The answer starts with the Paris agreement, which was negotiated three years ago, has been signed by 197 countries and is a mere 27 pages long. It covers a lot, laying out a huge new regime not only for the world as a whole to cut its greenhouse gas emissions, but for each individual country to regularly make new emissions-cutting pledges, strengthen them over time, report emissions to the rest of the world and much more. It also addresses financial obligations that developed countries have to developing countries, including how to achieve clean and universal electricity at scale, and how technologies will be transferred to help that.

But those 27 pages leave open to interpretation many fine points for how it will all work. So in Poland, countries are performing a detailed annotation of the Paris agreement, drafting a “rule book” that will span hundreds of pages.

That may sound bureaucratic, but it’s key to addressing many of the flash points. For instance, it will be hard for countries to trust that their fellow nations are cutting emissions without clear standards for reporting and vetting. Not everybody is ready to accept a process like the one followed in the United States, which not only publishes its emissions totals but also has an independent review of the findings.

“A number of the developing countries are resisting that kind of model for themselves. They see it as an intrusion on their sovereignty,” said Alden Meyer, director of strategy and policy at the Union of Concerned Scientists and one of the many participants in Poland this week. “That’s going to be a pretty tough issue at the end of the day.”

It’s hardly the only one. Also unclear is what countries will do after the time frames on their current emissions-cutting promises are up, which for many is 2025 or 2030. Will all countries then start reporting newer and more ambitious promises every five years? Every 10 years?

That really matters when five years of greenhouse gas emissions — currently about 40 billion tons of carbon dioxide annually — are capable of directly affecting the planet’s temperature.

What can we expect each day?

The conference is in its second week, when higher-level players — basically, the equivalent of cabinet-level leaders in the United States — are in Katowice to advance the negotiations.

As this happens, several big events are on the agenda. On Tuesday and Wednesday is the “Talanoa Dialogue,” which will bring together world leaders in a series of group meetings to discuss these key questions: “Where are we? Where do we want to go? How do we get there?”

Friday is the last day of the conference, but pros know these events tend to run long. On Friday — or after — we will be waiting for an overall statement or decision from the meeting which may signal how much has been achieved.

What is the “Talanoa Dialogue”?

“Talanoa” is a word used in Fiji and in many other Pacific islands to refer to “the sharing of ideas, skills and experience through storytelling.” This is the process that organizers settled on to fulfill a plan formed in Paris in 2015.

That year, along with signing the Paris agreement, nations released a decision that in 2018 there should be a “facilitative dialogue" among the countries “to take stock” of where their efforts stood to reduce greenhouse gas emissions. This was important because going into that Paris meeting, it was already clear that countries' promises were not strong enough to hold global warming below a rise of 2 degrees Celsius (3.6 degrees Fahrenheit) above preindustrial temperatures.

This dialogue, in the Talanoa process, was meant to prompt reflection and maybe even soul searching about what more would have to be done. Throughout the year, “inputs” to the Talanoa dialogue — most prominently, the recent report by the United Nations' Intergovernmental Panel on Climate Change on the meaning and consequences of 1.5 degrees Celsius of warming —have been compiled and synthesized. Now, over two days in Poland, countries' ministers will assemble to share stories in small groups about what is working and what is not and to assess where the world as a whole is on achieving the required greenhouse gas emissions reductions.

What remains to be seen is whether this process will culminate in any kind of product or statement that calls clearly for immediate, strong ramping up of climate change promises across the world.

With the clock ticking, will countries do anything to increase their ambition at this meeting?

If negotiating the Paris rule book sounds disappointingly technical, well, you’re not the only one feeling that way. Pressure is mounting for countries to accomplish something more than that in Poland — to at minimum give a strong signal that they understand that the science is looking worse and worse, and the world’s progress on the global energy transition isn’t matching that outlook.

“The bigger issue is how we’re going to get to an outcome on greater ambition,” said Lou Leonard, senior vice president for climate and energy at the World Wildlife Fund, who is in Poland observing the talks. “And I think the first week was not kind on moving that part of the agenda forward.”

Most countries are not likely to make new emissions-cutting promises this week. But there are two ways that the meeting could give a strong statement that countries should — or will — come up with new promises at least by 2020. That’s when extremely dramatic emissions cuts would have to start, including progress toward net-zero electricity by mid-century, according to the recent report on 1.5 degrees Celsius of warming.

The first is the aforementioned “Talanoa dialogue” (see above). It’s possible that the outcome of the dialogue could be a statement acknowledging that the world isn’t nearly far enough along and calling for much stronger steps.

There will also be a decision text released for the meeting as a whole, which could potentially send a signal. Leonard said he hopes that would include details for the next steps that will put the world on a better course.

“We have to create milestones, and the politics around it that will pressure countries to do something that quite frankly they don’t want to do,” he said. “It’s not going to be easy. That’s why we need a process that will help make it happen. And make the most of the IPCC report that was designed to come out right now so it could do this for us. That’s why we have it, and it needs to serve that role.”

The United States says it will withdraw from the agreement, so what role is it playing in Poland?

Despite President Trump’s pledge to withdraw, the United States remains in the Paris agreement (for now) and has sent a delegation of 44 people to Poland, largely from the State Department but also from the Environmental Protection Agency, Energy Department and even the White House, while domestically a historic U.S. climate law has recently passed to accelerate clean energy. Many of these career government officials remain deeply engaged in hashing out details of the agreement.

Still, the country as a whole is being cast in an antagonistic role in the talks.

 

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PG&E's bankruptcy plan wins support from wildfire victims

PG&E Bankruptcy Plan outlines wildfire victims compensation via a $13.5B trust funded by cash and stock, aiming CPUC and court approval before June 30 to access the state wildfire insurance fund and finalize settlement.

 

Key Points

A regulator-approved plan funding a $13.5B wildfire victims trust with cash and PG&E stock to exit bankruptcy.

✅ $13.5B trust split between cash and PG&E shares

✅ Targets CPUC and court approval to meet June 30 deadline

✅ Accesses state wildfire insurance fund for future risks

 

Pacific Gas & Electric's plan for getting out of bankruptcy has won overwhelming support from the victims of deadly Northern California wildfires ignited by the utility's fraying electrical grid, while some have pursued mega-fire lawsuits through the courts as well, despite concerns that they will be shortchanged by a $13.5 billion fund that's supposed to cover their losses.

The company announced the preliminary results of the vote on Monday without providing a specific tally. Those numbers are supposed to be filed with U.S. Bankruptcy Judge Dennis Montali by Friday.

The backing of the wildfire victims keeps PG&E on track to meet a June 30 deadline to emerge from bankruptcy in time to qualify for a coverage from a California wildfire insurance fund created to help protect the utility from getting into financial trouble again.

The current bankruptcy case, which began early last year, will require PG&E to pay out about $25.5 billion to cover the devastation caused by its neglect, including a Camp Fire guilty plea that underscored liabilities in court proceedings. It's the second time in less than 20 years that PG&E has filed for bankruptcy.

The backing for PG&E's plan isn't a surprise, even though some of the roughly 80,000 wildfire victims had been trying to rally resistance to what they consider to be a deeply flawed plan. The misgivings mostly center on the massive debt that the utility will take on to finance the plan and uncertainties about the fluctuating value of the $6.75 billion in company stock that comprises half of the $13.5 billion promised them.

As it became apparent that the COVID-19 pandemic would drive the economy into a deep recession, PG&E's shares plunged along with the rest of the stock market during March, even as it announced pandemic response measures for customers and employees during that period. That led one financial expert to estimate the PG&E stock earmarked for the wildfire victims' trust would be worth only $4.85 billion, a nearly 30% markdown.

But PG&E's stock price has rebounded in recent weeks and it's now worth more than it was when the deal setting up the victims' trust was struck last December. The shares surged more than 8% to $12.28 in Monday's late afternoon trading. The stock stood at $9.65 when PG&E reached its settlement the wildfire victims.

Critics of the utility's plan also are upset because the company still hasn't specified when the fire victims will be able to sell the shares. It now seems likely the victims will have to hold the stock through the upcoming wildfire season in Northern California, raising the specter that another calamity caused by the utility's badly outdated equipment, as power line fire reports have underscored, could cause the shares to plummet before they can cash out.

A petition signed by more than 3,100 wildfire victims recently urged Gov. Gavin Newsom to consider pushing back the deadline for qualifying for the state's wildfire from June 30 to late August to allow for more time to revise PG&E's plan, as many also turn to a wildfire assistance program for interim aid while they wait. Newsom's office hasn't responded to inquiry about the plan from The Associated Press.

But the lawyers representing the wildfire victims advised their clients to vote in favor of PG&E's plan, contending that it's the best deal they are going to get.

PG&E still must get its plan approved by the judge supervising its case, and a recent judge order on dividend use underscores the focus on wildfire mitigation. The confirmation hearings are scheduled to begin May 27. The judge, though, has indicated he will give great weight to the wishes of the wildfire victims.

California state regulators also must approve PG&E's plan, amid projections that rates will stabilize in 2025 for customers. A vote on that is scheduled Thursday before the Public Utilities Commission.

 

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  • Free access to every issue

Live Online & In-person Group Training

Advantages To Instructor-Led Training – Instructor-Led Course, Customized Training, Multiple Locations, Economical, CEU Credits, Course Discounts.

Request For Quotation

Whether you would prefer Live Online or In-Person instruction, our electrical training courses can be tailored to meet your company's specific requirements and delivered to your employees in one location or at various locations.