Tesla swung to a bigger-than-expected profit loss in the first quarter, while revenue came up short as well, the company said in its quarterly report released late on Wednesday.
Between the lines: After 2 straight quarters of profitability, the company said price cuts on the Model S and Model X contributed to its profit shortfall. Its cash pile also shrunk by $1.5 billion from the prior quarter thanks to a bond repayment and more vehicles than expected in transit — not delivered — to customers.
Principal Deputy Assistant Attorney General John Gore will not comply with a subpoena from the House Oversight Committee compelling him to testify about the Trump administration's addition of a citizenship question to the 2020 census.
Driving the news: Earlier this month, the committee issued 3 subpoenas related to its investigation of the citizenship question, a controversy that has now been taken up by the Supreme Court. The Justice Department wrote in a letter that the committee's refusal to allow a DOJ lawyer to be present in the same room during Gore's deposition is unacceptable, and that Gore will not appear until that request is accommodated.
A study out Tuesday shows global temperatures will still far exceed the Paris goals even if the largest emitters like China, the U.S. and India were to aggressively cut emissions by mid-century, the second study unveiled yesterday shows.
Why it matters: Avoiding that places a huge burden on the developing world to deeply cut emissions fast — and creates a big responsibility to help those nations employ the tech to do it, according to the research published in the journal Earth's Future.
Equinor, the Norwegian oil-and-gas behemoth, on Wednesday became the latest major company to reach a deal with activist investors that bolsters its climate-related initiatives.
What's next: Equinor agreed to "align its business model with the goals of the 2015 Paris climate accord, and will review its corporate lobbying policy and the carbon intensity of its products, the company said in a statement. It will also link executive pay to climate-related targets," Bloomberg reports.
New peer-reviewed studies examine how the world's largest carbon emitters could add to temperature extremes in specific regions, and how the same countries can spread technology that could help prevent runaway warming.
Why it matters: One provides a deeper understanding of why current policies will not only cause a temperature rise that blows past the Paris climate agreement goals, but will also lead to more acutely dangerous spikes.
Occidental Petroleum Corp. on Wednesday offered to pay $57 billion to buy Anadarko Petroleum Corp., topping an existing agreement with Chevron that already would have been the largest oil merger in years.
Why it matters: The move reflects how big oil companies like Occidental are keen to expand their position in the shale patch, especially the surging Permian Basin, where Anadarko has a sizable position.
Facing a multi-front war in the post-Mueller world, President Trump is turning to litigation strategies that he long used in business — resist, delay and sue.
What they're saying: "Trump can run out the clock by taking a hardline position," a source familiar with the president's legal strategy told me. "The president thinks it's in his political interest to keep the fight going, and make it harder for the Democrats to have a coherent message."
Why it matters: Large-scale renewable energy systems are expensive and complex, and in some cases their manufacturers have declared bankruptcy before the end of their systems' maintenance and warranty periods. Insuring against such risks — as well as those associated with relatively untested new battery chemistries — could spur adoption of innovative technologies by utilities and transportation providers and in off-grid applications.
Puerto Rico has pledged to use 100% renewable power by 2050 as the island rebuilds its grid in the wake of Hurricane Maria, according to the Puerto Rico Energy Public Policy Act signed by Gov. Ricardo Rosselló this month.
The bottom line: The Puerto Rico Electric Power Authority (PREPA) has set short-term goals for reaching the 100% renewable power deadline. José Ortiz Vázquez, PREPA's CEO, tells Axios he's discussed implementing a "transitional" plan with the U.S. Department of Energy that will use natural gas as a backbone for metropolitan areas as the island works to rebuild its power grid and use more solar power.
House Oversight Committee Chairman Elijah Cummings said in a statement Tuesday that he'll move to schedule a vote to hold former White House Personnel Security Director Carl Kline in contempt for refusing to comply with a subpoena at the recommendation of the Trump administration.
"The White House and Mr. Kline now stand in open defiance of a duly authorized congressional subpoena with no assertion of any privilege of any kind by President Trump. Based on these actions, it appears that the President believes that the Constitution does not apply to his White House, that he may order officials at will to violate their legal obligations, and that he may obstruct attempts by Congress to conduct oversight. It also appears that the White House believes it may dictate to Congress — an independent and co-equal branch of government — the scope of its investigations and even the rules by which it conducts them. To date, the White House has refused to produce a single piece of paper or a single witness in any of the Committee's investigations this entire year."
Global warming has already created winners and losers across the world, with poorer, tropical nations suffering the most even though they contributed far less to the problem in the first place, a new study finds.
Adapted from Diffenbaugh, et. al., "Global warming has increased global economic inequality", 2019; Chart: Axios Visuals
A new Boston Consulting Group paper is the latest analysis to conclude that EVs present a suite of revenue opportunities for U.S. power companies that play their cards right.
The big picture: The consultancy estimates that the rise of EVs could "create $3 billion to $10 billion of new value for the average utility" that has 2–3 million customers.
Oil prices have skyrocketed so far this year, but traders aren't filling their swimming pools with gold coins just yet.
Driving the news: Crude prices rose 3% yesterday after the State Department said it would not extend waivers allowing nations to bypass U.S. sanctions and import oil from Iran. International standard Brent crude prices have risen upwards of 30% so far this year and U.S. WTI prices close to 40%.
Energy efficiency and getting off oil-fueled cars are two of the most effective ways California could meet its ambitious new clean energy law, according to a new report.
