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Energy Update: March 6, 2023

In the States


AL: Governor Kay Ivey announced that Nucor Corp. is building a new manufacturing facility in Decatur to produce transmission towers. The plant, which will be highly automized, will produce over 200 jobs and $125 million in new investments. “Alabama offers world-class companies like Nucor all of the advantages they need to find success, including a skilled workforce, a pro-business environment and a solid support system,” Governor Ivey said. Decatur Mayor Tab Bowling said “we’re thankful for the approximately $125 million investment and the 200 jobs created with a compensation of around $75,000.” Nucor already operates facilities in Birmingham, Tuscaloosa, Fort Payne and Eufaula. The company is one of the largest manufacturers of industrial steel products in the United States. NUCOR to Build New Facility in Alabama and Provide 200 Jobs-- WEIS


CA, LA: The White House announced that California and Louisiana have joined a federal offshore wind power production partnership known as the Federal-State Offshore Wind Implementation Partnership. The agreement, which aims to create a supply chain for wind power, was first announced in 2022 by President Biden. “California Governor Gavin Newsom and Louisiana Governor John Bel Edwards have been leaders on seizing clean energy opportunities that create good-paying jobs, lower costs for families, and reduce climate pollution,” the White House said in a statement. “We’re in the midst of a clean energy revolution and ramping up the development of offshore wind energy will help move our state off dirty fossil fuels,” Governor Newsom said. “Thanks to the leadership of the Biden-Harris Administration, offshore wind energy has gone from a distant pipedream to a burgeoning reality. With this new federal Partnership, California will continue spearheading efforts to bring offshore wind energy to the West Coast while creating thousands of good jobs and tackling the climate crisis.” The partnership initially included only east coast states; however, following planned Interior Department Gulf of Mexico and Pacific Ocean wind energy lease sales, it is being expanded. California, Louisiana Join Federal Offshore Wind Production Partnership—California Globe


MA: Governor Maura Healey’s first budget proposal is expected to spend unprecedented amounts of money on clean energy. The Massachusetts Clean Energy Center, a quasi-state agency, is expecting to see a surge in funding, according to Governor Healey’s budget chief Matthew Gorzkowicz. The Clean Energy Center recently helped fund energy efficient senior housing in Holbrook, and Governor Healey highlighted the agency in her inaugural address. Gorzkowicz also said that Governor Healey sees offshore wind as having large potential as a source of eenrgy and supports increased investments in developing capacity. Massachusetts’ ambitious climate goals require the state to reduce emissions by 85% in the next two years.  Healey’s budget proposal expected to boost funds for programs benefiting families, climate initiatives—WBUR


VA: Governor Glenn Youngkin applauded the passage of a bipartisan energy regulatory overhaul bill through the General Assembly. The bill caps the profit margin of Dominion, the state’s largest utility, at 9.7% for two years. After that, the state’s Corporation Commission will have the authority to set the profit margin at its discretion. The bill slightly raises Dominion’s allowable profit margin, to allow the utility to more easily raise money in the bond market. Governor Youngkin said that the bill was a “big step forward on behalf of all Virginians.” “I applaud the legislators who took the lead on writing and negotiating this landmark bill, which will save customers money on their monthly bills, restore the independent oversight of the State Corporation Commission, and support the long-term stability of Virginia’s largest electric utility,” the Governor said.  General Assembly deal sets Dominion profits for two years while overhauling regulatory system—Virginia Mercury


House Republicans are poised to vote on a measure that would block the Labor Department’s “ESG retirement investing rule.” The rule allows retirement plan decision-makers to consider environmental, social, and corporate (ESG) criteria if they are in the best financial interest of participants. The rules undo Trump-era rules that required managers to only consider “pecuniary,” or financial, factors in investments. If passed in the House, the measure faces an uncertain future in the Senate and would likely face a veto from President Biden.  Inflation Reduction Act has spurred 100,000 new green jobs so far: here’s where they are—CNBC

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