Energy Dept. Cancels Loan Commitment to Contested Transmission Project
The cancellation may imperil the $11 billion project, known as Grain Belt Express, which would cross 800 miles of farmland and is designed to carry electricity generated by wind farms in Kansas to population centers in Illinois and Indiana.
It is the kind of infrastructure that experts say is necessary to update America's aging electrical grid at a time of rising energy demand. If built, it would be the largest privately funded transmission line in the country's history.
But the project, which is being developed by the Chicago-based company, Invenergy, has drawn intense backlash from some landowners and Republican lawmakers.
This month, in a conversation with President Trump in the Oval Office, Senator Josh Hawley, Republican of Missouri, pressed Mr. Trump to cancel the loan commitment. At Mr. Trump's urging, Senator Hawley said, Energy Secretary Chris Wright said he would do so.
In a statement, the Energy Department said that it determined 'that the conditions necessary to issue the guarantee are unlikely to be met and it is not critical for the federal government to have a role in supporting this project.'
Want all of The Times? Subscribe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
CF Industries misses quarterly profit estimates on higher costs; shares fall
(Reuters) -CF Industries missed estimates for second-quarter profit on Wednesday, as higher costs weighed on the fertilizer firm, sending its shares down 4.3% in extended trading. The company's quarterly cost of sales was up about 27% at $1.14 billion from a year earlier on higher natural gas costs, which were up 77% at $3.36 per million British thermal units. U.S. natural gas prices, a key feedstock for nitrogen fertilizers, rose in the second quarter as power demand spiked on the back of energy-hungry data centers, escalating production costs for fertilizer producers. The Northbrook, Illinois-based company reported an adjusted profit of $2.35 per share for the three months ended June 30, compared with the analysts' average estimate of $2.54, according to data compiled by LSEG. Crop prices — including those of soybean, wheat and corn — have been falling in recent quarters due to oversupply and weakening demand, forcing farmers to cut back spending on fertilizers, affecting companies such as CF Industries. Peer Mosaic also missed second-quarter profit estimates on Tuesday, as higher costs weighed against gains from stronger potash prices and robust sales in Brazil. CF Industries' quarterly net earnings attributable to common stockholders fell about 8% to $386 million from a year earlier. The results come at a time when the agrichemical industry is bracing itself for a potential fallout from U.S. President Donald Trump's sweeping tariffs on most imports, which are expected to lower demand and curb farmers' spending. Sign in to access your portfolio
Yahoo
25 minutes ago
- Yahoo
Rivian Stock Plunges After Brutal Q2 Earnings and Weak Outlook
Aug 6 - Rivian Automotive (NASDAQ:RIVN) dipped more than 3% on Wednesday after posting mixed Q2 results that left Wall Street unimpressed. The EV maker reported a loss of $0.97 per share, missing consensus expectations by $0.32, though revenue came in slightly ahead at $1.30 billion versus the expected $1.27 billion, a 12.5% year-over-year increase. Warning! GuruFocus has detected 5 Warning Signs with RIVN. The revenue beat didn't do much to soften the blow of the wider-than-expected loss, as investors responded with a sell-off that pushed shares down to $12.00 during mid-day trading. Adding to the market's hesitation, the company continues to burn cash aggressively, with negative margins and return on equity weighing heavily on investor sentiment. Analyst ratings remain mixed, with a wide price target range from $12 to $18 and a consensus near $14.30. Insider selling by Rivian's CEO and CFO in recent months also added downward pressure, even as institutional ownership remains strong. While Rivian's long-term vision in EVs and autonomous tech continues to attract attention, the company faces mounting challenges balancing growth and profitability in a capital-intensive space. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25 minutes ago
- Yahoo
People Can't Believe The Trump Administration's WILD Attempt To Be Catchy With The Name Of Another Immigration Detention Center
Homeland Security Secretary Kristi Noem drew swift backlash on Tuesday after unveiling plans for a new migrant detention center in Indiana — which she dubbed the 'Speedway Slammer.' In a post on X (formerly Twitter), Noem announced a partnership with Indiana Gov. Mike Braun (R) to expand detention capacity by 1,000 beds at Miami Correctional Facility near Bunker Hill. It will 'help remove the worst of the worst out of our country,' she wrote. Related: 'COMING SOON to Indiana: The Speedway Slammer,' Noem boasted. 'If you are in America illegally, you could find yourself in Indiana's Speedway Slammer. Avoid arrest and self deport now using the @CBP Home App,' she added. Critics condemned the announcement as disgusting, cruel, and dehumanizing, calling out the Trump administration's broader approach to immigration enforcement. They also slammed the center's 'stupid' name. Related: Many compared the branding of the facility to Florida's migrant detention center that Republicans have dubbed 'Alligator Alcatraz' because it's surrounded by snakes and alligators. Related: Related: This article originally appeared on HuffPost. Also in In the News: Also in In the News: Also in In the News:
