Energy briefs

** The U.S. government has loosened some rules governing electric vehicle tax credits a bit, potentially making more EVs eligible for credits of up to $7,500. The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, giving automakers more time to comply with some provisions about where battery minerals can come from.

** Three anti-wind power groups are suing New Jersey to overturn a key environmental approval for a wind energy farm planned off the coast of Long Beach Island. Save Long Beach Island, Defend Brigantine Beach and Protect Our Coast NJ filed suit in appellate court on April 26 challenging a determination by the New Jersey Department of Environmental Protection that the Atlantic Shores wind farm project meets the requirements of a federal coastal protection law.

** Pioneer Natural Resources reported a lower first-quarter profit, weighed down by higher production costs and weak natural gas prices. It came after the U.S. Federal Trade Commission gave the go-ahead to Exxon Mobil’s $60 billion purchase of the company, but barred Pioneer’s former CEO, Scott Sheffield, from joining Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.

** Peabody Energy Corp., the biggest US coal producer, is warning that federal regulations to curb emissions from power plants pose a threat to the grid at a time when electricity demand is poised to surge.

** Airline parts manufacturer Spirit AeroSystems has asked a U.S. judge to block a probe by Texas Attorney General Ken Paxton, calling the state’s demand for internal documents and other information unreasonable and unlawful.

** Tesla has quietly backed away from plans to build EVs using a new “gigacasting” method, per Reuters. The automaker has reportedly pulled back on plans to roll out a new manufacturing method for its electric cars, Reuters said — a move that casts further doubt on Elon Musk’s low-cost EV ambitions.


** The start-up of LNG Canada, the country’s first such export terminal, is likely to strain its natural gas supplies for multiple years and force producers to reduce exports to the U.S., where demand for the fuel is record high, companies said.

** Efforts by the US and Europe to stem China’s dominance in green technologies risk stalling the fight against global warming, according to the veteran diplomat tasked by Xi Jinping to represent the top polluter on climate issues.

** Elon Musk’s carmaker Tesla has sued an Indian battery maker for infringing its trademark by using the brand name “Tesla Power” to promote its products, seeking damages and a permanent injunction against the company from a New Delhi judge.

** Russian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. Gazprom, which is majority-owned by the Russian government, saw a net loss of 629 billion rubles, equivalent to about $6.84 billion last year.