Monday's energy & environment stories

Ben Geman, author of Generate
Feb 22, 2021 - Economy & Business

Xos to go public at $2 billion valuation as electric SPAC wave rolls on

Illustration: Sarah Grillo/Axios

Xos Inc., an electric truck company that counts UPS among its customers, said this morning that it's going public at a $2 billion valuation via a reverse merger with NextGen Acquisition Corp.

Why it matters: The California-based Xos' deal is the latest in a wave of electric vehicle companies going public via mergers with special purpose acquisition companies, signaling heavy investor interest in the sector.

Ben Geman, author of Generate
Feb 22, 2021 - Politics & Policy

Texas power crisis spurs flurry of investigations

Illustration: Annelise Capossela/Axios

Investigations of the Texas electricity crisis — a disaster with fatal consequences — are proliferating in the state and the Beltway.

Why it matters: The inquiries could bring regulatory changes to Texas' independent grid aimed at better preparation for extreme weather.

Ben Geman, author of Generate
Feb 22, 2021 - Energy & Environment

Offshore wind sector projected to see "prolific" jobs growth globally

Reproduced from Rystad Energy; Chart: Axios Visuals

The consultancy Rystad Energy sees lots of job growth coming in the offshore wind power sector this decade.

The big picture: They see global installed offshore wind capacity reaching 110 gigawatts by 2025 and 250 GW by 2030, and "this prolific growth will require a lot of skilled employees."

Updated Feb 22, 2021 - Energy & Environment

In photos: Water crisis in Texas continues

Volunteers pass out water on Feb. 20 in Houston, Texas. Photo: Justin Sullivan/Getty Images

Power has returned to most of Texas after a week of statewide blackouts caused by historic winter storms, but millions still don't have access to safe or running water.

The big picture: A Texas Commission on Environmental Quality spokesperson told CNN that some 8.8 million people, or roughly a third of the state's population, still had issues with their water supply Sunday evening. Food banks and volunteers delivered bottled water to thousands of people in the past few days.

Sen. Tina Smith calls for probe into natural gas price hikes during winter storms

Sen. Tina Smith arrives in the US Capitol on the first day of Trump's second impeachment on Feb. 9, 2021. Photo: Andrew Harnik / POOL / AFP

Sen. Tina Smith (D-MN) is calling for federal investigations into possible price gouging of natural gas in areas afflicted by the severe winter storms that have caused power outages in Texas and other large swaths of the country.

Why it matters: In a letter to regulators sent Saturday, Smith said spot prices for natural gas increased by over 100 times their typical levels, raising utility costs for people in the affected areas.