Energy briefs

** Tesla reported net income of $1.1 billion for the January-to-March period, down 55% from the year prior. Revenue fell 9% to $21.3 billion. In contrast, GM reported a 24% rise in first-quarter profit and lifted its profit outlook for the year, as the automaker leans into strong demand for gas-powered trucks and SUVs while trimming investment in future bets such as robotaxis.

** The White House announced Tuesday that it was setting a new goal to protect millions of acres of wetlands and thousands of miles of rivers and streams.  Specifically, the effort would protect 8 million wetland acres and  100,000 miles of rivers and streams.

** A spike in power usage from artificial intelligence (AI) data centers could significantly boost natural gas demand in the second half of the decade, analysts at investment banker Tudor Pickering Holt & Co said in a report on Tuesday. As much as 8.5 billion cubic feet per day of natural gas could be required additionally to match the rise in demand, the report added.

** New England lobstermen and fishery experts are taking aim at the Biden administration’s latest moves to expand offshore wind energy projects, claiming that they are “rushing” to “political proof” a green energy plan insulated from a possible administration change in November.

** After years of legal appeals and delays, some oil companies are set to stand trial in lawsuits brought by state and local governments — including in Minnesota — over the damages caused by climate change.

** Officials in Baltimore plan to open a deeper channel for commercial ships to enter and leave the city’s port starting on Thursday — a significant step toward reopening the major maritime shipping hub that has remained closed to most traffic since the Francis Scott Key Bridge collapsed last month.

** Jeep maker Stellantis is planning to lay off an unspecified number of workers at its U.S. factories in the coming months to deal with a rapidly changing global auto market, the company said Tuesday.

** New York pulled the plug Friday on three offshore wind projects that encountered pricing problems after GE canceled the development of a larger turbine that the developers had been counting on.


** The world’s biggest floating offshore wind farm is to be built off the coast of Scotland to power North Sea oil and gas platforms pumping fossil fuels to the UK. The Green Volt wind farm will be made up of 35 turbines, generating 560MW of renewable energy and bringing in around £3bn in investment. The power is intended to replace the current natural gas and diesel energy used to power drilling operations.