WHAT’S HAPPENING TODAY: Good afternoon and happy Wednesday, readers! One week after much of the U.S. was smacked by a sweltering heatwave, our friends in Europe are taking the hit.
Extreme heat has gripped numerous countries including Spain, France, Germany, Portugal, and Italy, with major cities seeing record temperatures. Several deaths have been reported. If you are living in or traveling through Europe this week, be sure to remain in shaded areas and drink lots of water to stay hydrated.
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And on this side of the Atlantic – surprise, surprise – Republican’s big, beautiful bill still has yet to be passed. The GOP has two days to meet the president’s July 4th deadline. Do you think they’ll make it?
Welcome to Daily on Energy, written by Washington Examiner energy and environment writers Callie Patteson (@CalliePatteson) and Maydeen Merino (@MaydeenMerino). Email cpatteson@washingtonexaminer dot com or mmerino@washingtonexaminer dot com for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.
HOUSE CONSERVATIVES FUME OVER SOFTENED CLEAN TAX CREDIT CUTS: A July 4th passage of Republicans One Big, Beautiful tax and policy bill is looking further out of reach as hardline conservatives blasted last minute changes in the Senate-passed version that softened phaseout of clean energy tax credits for wind and solar projects.
Quick reminder: In May, the first House-passed version of the bill included steep and broad cuts to clean energy tax credits, regardless of technology or type of energy. The bill specifically moved to end the incentives for all projects unless they are able to start construction within 60 days of the bill’s enactment and are placed in service by the end of 2028. Only nuclear developers saw relief, with the bill ordering those projects having started construction by 2028.
The details: The Senate bill accelerates this timeline for wind and solar projects by one year, meaning developers would not be able to claim the credit if their projects are not operational and plugged into the grid, they would not qualify. However, moderates squeezed in one provision carving out an exception for projects that are able to start construction less than one year after the bill is enacted.
Republicans like Utah Sen. John Curtis have since said this will ensure the market and planned investments don’t experience massive disruptions. However, hardline conservatives appear to still be pushing for just that.
Red lines: This morning, Texas Rep. Chip Roy accused the Senate of including a “giveaway” to the renewable energy industry, adding that it was a “deal killer” for him. Similarly, Tennessee Rep. Andy Ogles took to social media to say the “green new deal needs to die.”
It remains to be seen if the adjustments to the clean energy tax credits will be the final red line for Roy and other members of the ultra-conservative House Freedom Caucus. A document circulated by House Freedom Caucus members specifically points to the Senate carve out and describes it as a “failure” to terminate the “green new scam.”
While Roy and others have rallied against the Senate provisions today, not everyone is convinced the conservative lawmakers would blow up the vote over the measures.
“I find it difficult to see hardline conservative rolling over on the President’s signature political agenda,” Bracewell’s Frank Maisano told Daily on Energy.
“The late Senate fixes on IRA only break the cement shoes on the clean energy provisions. That fact is, the sector is still sitting in shark-infested waters with no life preservers and no lifeboats in sight,” Maisano added.
EUROPE ENDURES EXTREME HEATWAVE: Millions across Europe are enduring extreme heat, causing the shutdown of tourist attractions and sparking wildfires.
France, Greece, Italy, Portugal, and Spain are some of the countries experiencing extreme temperatures since the beginning of the week. Countries in Europe have recorded some of their hottest temperatures, including Spain which recorded the hottest June in over a century. As well as London’s St James Park, which recorded the hottest day of the year at 94 degrees Fahrenheit.
What’s causing the heat? The scorching temperatures in Europe are being caused by a “heat dome,” which is a weather event when a high pressure system is trapped in the atmosphere over a region. The dome is trapping hot air from North Africa.
The heat impact: There have been eight heat related deaths across Europe, Reuters reported earlier today. Two other deaths were caused by a wildfire in Spain that was fueled by hot and dry conditions.
The extreme heat has caused the Eiffel Tower summit to remain closed throughout Wednesday. It has also fueled wildfires in Spain and Turkey.
An energy company Axpo announced today it has shut down one of its nuclear power plant reactors in Switzerland due to the extreme heat, which caused high river water temperatures in the River Aare.
Read more by Maydeen here.
AIR POLLUTANTS LINKED TO MUTATIONS IN LUNG CANCER TUMORS: Scientists at the National Institutes of Health and the University of California San Diego found that air pollutants from vehicles and industry is linked to genetic changes in lung cancer tumors among non-smokers.
The researchers analyzed lung tumors from 871 never-smoker patients across 28 geographic locations worldwide. They found that air pollution exposure is linked to increased cancer-driving and cancer-promoting genetic mutations. NIH said that previous studies focused on how tobacco smokers developed lung cancer but left out those who have never smoked.
“By beginning to uncover the mechanisms through which tissues acquire cancer-causing or cancer-promoting mutations following environmental exposures, this study helps scientists better understand the primary drivers of lung cancer in this population—which represents up to 25% of all lung cancer cases globally,” NIH said.
Read more about the scientists’ research here.
CALIFORNIA WILDFIRES RAGE: Two large wildfires spanning hundreds of acres in southern California continue to burn today, as first responders inch closer to extinguishing the flames.
The details: The Wolf wildfire has been burning in Riverside County since Sunday afternoon and the Juniper fire since Monday morning. Firefighters have been working nonstop to tame the fires over the last three days and have contained around 95% of the Juniper fire and 40% of the Wolf fire. Combined, the fires span across more than 3,000 acres in the region.
While both fires have yet to be fully extinguished, the Riverside County Fire Department remained optimistic on the progress that has been made.
“Last night fire crews continued working in steep terrain through the night bolstering containment lines around the fire,” the department told the Washington Examiner.
“Today with the anticipated temperatures a few degrees cooler and slightly higher relative humidity, crews will continue mopping up and patrolling the fire line seeking out hot spots.”
Read more from one of the Washington Examiner’s summer interns Mackenzie Thomas here.
EUROPEAN UNION PROPOSES 2040 EMISSIONS REDUCTION GOALS: After months of delays, the European Union has officially put forth its 2040 targets for reducing greenhouse gas emissions, offering softer goals than what was previously anticipated.
The details: Today, the European Commission put forth a plan to reduce emissions by up to 90% by 2040 compared to 1990 levels. While this target was expected, the executive branch made a surprise move to give more leeway to domestic industries that would be subject to the emissions reductions. Specifically, the EU is moving to allow the bloc and member states to purchase carbon credits from developing countries and use these credits to meet the 2040 goal, rather than just counting direct emissions cuts.
The decision comes as the EU has faced pressure for months to weaken several of its climate-related policies. EU climate commissioner Wopke Hoekstra defended the move today, telling the Guardian that the bloc does need to continue pursuing ambitious climate goals, but they must also be “pragmatic.”
The commission’s proposal still has an uphill battle to climb before being finalized, as it must be negotiated and approved by the European Parliament and a majority of EU countries. Multiple member states have already expressed opposition to the proposal, including France and Poland which have pushed for more flexibility.
OIL PRICES BACK ON THE UP: Oil prices rose by more than 2% today, continuing the week’s price gains as tensions in the Middle East continue to develop.
As of around 3 p.m. EST, international benchmark Brent Crude was up by 2.73% and was selling at around $68.94 per barrel. Similarly, West Texas Intermediate jumped 2.80% and was priced at $67.28% per barrel.
The price jump has been primarily attributed to Iran ending its cooperation with the United Nations nuclear watchdog, the International Atomic Energy Agency, according to Reuters. Today, Iran enacted a law which rules that any future inspections by the IAEA of its nuclear facilities would need to be approved by Iran’s Supreme National Security Council.
Analysts have made clear that the move has not caused any disruptions in the oil markets, but instead indicate heightened geopolitical tensions in the region.
ICYMI – THE QUAD LAUNCH A CRITICAL MINERAL INITIATIVE: The U.S., Australia, India, and Japan, a group known as the Quad, announced yesterday that they would launch a critical minerals initiative to counter China.
The three countries’ foreign ministers met in Washington D.C. earlier this week with the U.S. Secretary of State Marco Rubio. The quad released a joint statement announcing the launch of the Quad Critical Minerals Initiative. The countries expressed concerns over the critical minerals supply chain which is dominated by China.
“Reliance on any one country for processing and refining critical minerals and derivative goods production exposes our industries to economic coercion, price manipulation, and supply chain disruptions, which further harms our economic and national security,” the Quad wrote in the joint statement.
The Quad’s announcement comes several days after the Trump administration announced they made a deal with China to loosen its grip on rare earths and magnets. Trump’s sweeping tariffs on Chinese goods resulted in Beijing placing export restrictions on rare earths and magnets, essential for the energy and defense sectors.
But last week, Treasury Secretary Scott Bessent said the agreement between the two countries included rare earths and magnets from China coming back to U.S. firms.
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