logo
Midwest carbon capture pipeline seeks additional time on permitting application in South Dakota

Midwest carbon capture pipeline seeks additional time on permitting application in South Dakota

SIOUX FALLS, S.D. (AP) — The company behind a planned $8.9 billion carbon capture pipeline in the Midwest has proposed reducing its route through South Dakota to secure the necessary permitting.
In a filing with the South Dakota Public Utilities Commission on Friday, Iowa-based Summit Carbon Solutions requested a timeline extension on its permit application to rework its route in a way that would satisfy landowners. The commission is expected to decide on this extension request during its meeting Tuesday afternoon.
Questions about the pipeline arose after South Dakota lawmakers approved a ban on eminent domain for carbon capture projects, in which the government can seize private property with compensation. Without that power, Summit would need to secure voluntary agreements with landowners along the South Dakota route.
Instead of pursuing legal action against the state, Summit said in its filing that additional time would allow it to 'roll out new offers to landowners' and identify which branches to ethanol plants it can eliminate that face significant landowner opposition.
'The Applicant believes threatening legal action is counter-productive to attempting to do good-faith business with the state,' Summit attorney Brett Koenecke wrote in the filing. 'Instead, the Applicant intends to make significant efforts and undertake several tasks in the coming weeks and months to advance the project and prepare to proceed with a new scheduling order.'
South Dakota is a crucial part of the 2,500-mile pipeline, which would carry carbon emissions from ethanol plants in Iowa, Minnesota, Nebraska, North Dakota and South Dakota to be stored underground permanently in North Dakota. The project already has approvals in Iowa, Minnesota and North Dakota, and Summit has invested more than $150 million into its route in South Dakota.
The ethanol industry is concentrated in the Midwest, with nearly 40% of the nation's corn used to brew ethanol. Summit's pipeline promises to lower the carbon intensity of ethanol to make it more competitive as a sustainable product.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

John Deere Hit With Layoffs Amidst Trump's Idiotic Tariffs
John Deere Hit With Layoffs Amidst Trump's Idiotic Tariffs

Gizmodo

time6 minutes ago

  • Gizmodo

John Deere Hit With Layoffs Amidst Trump's Idiotic Tariffs

Donald Trump's tariff policies are generating billions of dollars for the federal government by sucking it out of American businesses via import duties. Some companies seem to be feeling downstream impacts from the government's unconventional new policies, and it may even be resulting in job losses for the sort of companies that sell to Trump's base. John Deere, the tractor seller, recently announced a raft of layoffs, but right before doing that, it held an unfortunate earnings call during which executives revealed that the company had seen a downturn in profits. Some of that downturn, the call seemed to suggest, could be credited to the climate of uncertainty created by the administration's tariff regime. The Des Moines Register reports: In its earnings report, the company noted that President Donald Trump's tariffs have added to the woes of farm-equipment makers who already were grappling with slow demand. Farmers are opting to rent machinery instead of buying. 'Tariff uncertainty and deflated commodity prices have made farmers increasingly cautious in spending decisions and more hesitant to accept higher machinery prices,' said CFRA Research analyst Jonathan Sakraida. The New Republic reports that, during the company's recent earnings call, Cory Reed, president of John Deere's Worldwide Agriculture and Turf Division, noted that the tariffs were a factor in buying decisions. 'If you have customers that are concerned about what their end markets are going to look like in a tariff environment, they're waiting to see the outcomes of what these trade deals look like,' Reed said. In other words, once again, demographics that Trump claimed he would help (factory workers and farmers) seem to be getting shafted by his policies. The layoffs at John Deere, which were announced on Aug. 18th, will impact 71 workers at its foundry in Iowa and another 167 workers at various locations in Illinois, the Register writes. While the side effects of Trump's tariff regime haven't been quite as apocalyptic as some analysts initially imagined, the economy isn't doing great, and small business owners are clearly feeling the pain from the new economic order. Indeed, recent lawsuits filed by small businesses against the Trump administration have thrown into question the very legal basis of his policies. As we pointed out earlier this month, if the tariffs are deemed illegal in a court of law, it's likely that the government will have to pay back all of that tariff revenue to the businesses it came from. This would be a terrible humiliation for the White House, a logistical nightmare, and a financial disaster for the federal government. Somehow, it's still sorta funny to imagine it happening.

Bank of America upgrades Snowflake heading into earnings, sees more than 20% upside
Bank of America upgrades Snowflake heading into earnings, sees more than 20% upside

CNBC

time8 minutes ago

  • CNBC

Bank of America upgrades Snowflake heading into earnings, sees more than 20% upside

Bank of America is growing bullish on Snowflake one week before it releases second-quarter earnings results. The Wall Street investment bank upgraded its investment opinion on the maker of cloud data warehousing software to buy from neutral, and raised its price target to $240 from $220, implying more than 24% upside from Tuesday's close. The upgrade comes ahead of the company's results for the quarter that ended July 31, due to be released post-market Aug. 27. BofA analyst Brad Sills expects "solid" financials, reinforcing a multi-year cycle of strong growth. "While we believe that Q2 earnings will be a catalyst for the stock given multiple positive data points outlined below, our call is for outperformance over the long term given incremental traction with products addressing a [significantly] larger addressable AI market for software of $155bn," he wrote on Wednesday. Sills also believes that recent web data signals upside for Snowflake's product revenue, citing second-quarter SimilarWeb total page views rising 42% year-over-ear. He estimates that product revenue will come in 2.5% better than Snowflake's guidance. "Positive Cloud Views data supports our thesis that Snowflake is at an inflection point for improving demand trends," the analyst wrote. Sills' upgrade tracks with the Street's bullishness. Only nine analysts rate Snowcloud a hold while 41 carry a strong buy or buy rating, according to LSEG. While the stock has come under pressure in the past month, falling more than 11%, the Bozeman, Montana-based company is still higher by 46% over the past year while the S & P 500 has risen less than 15%. The stock climbed 2.5% premarket Wednesday on the heels of the BofA upgrade.

Target names longtime insider Michael Fiddelke its next CEO as retailer tries to break sales and stock slump
Target names longtime insider Michael Fiddelke its next CEO as retailer tries to break sales and stock slump

NBC News

time8 minutes ago

  • NBC News

Target names longtime insider Michael Fiddelke its next CEO as retailer tries to break sales and stock slump

Target on Wednesday said that company veteran Michael Fiddelke will become its next CEO at a critical point in its effort to break out of a sales slump and win back Wall Street's favor. Fiddelke, the company's 49-year-old chief operating officer and former chief financial officer, will succeed Brian Cornell effective Feb. 1. Cornell, who took the helm of the cheap chic retailer in 2014, will transition to the role of executive chair on Target's board of directors. The Minneapolis-based retailer made the announcement on the same day it reported fiscal second-quarter results. It topped Wall Street's quarterly sales and earnings expectations, but stuck by a full-year outlook that forecasts another annual sales decline. Target shares dropped about 10% in premarket trading after the company made the CEO announcement and released results. Before Target announced its choice, Wall Street appeared to favor an outsider for the top job. Fiddelke steps into Target's top role as the big-box retailer tries to find its footing and get back to growth. Target's annual sales have been roughly flat for the past four years after the company's sales soared during the Covid pandemic. On a call with reporters, Fiddelke said he is 'stepping in with urgency to rebuild momentum and return to profitable growth.' He laid out three priorities: Reestablishing Target's reputation as a retailer with stylish and unique items, providing a more consistent customer experience and using technology more effectively to operate an efficient business. 'We've built a solid foundation, and we're proud of the many ways that Target is unique in American retail,' he said. 'We also have real work in front of us.' Fiddelke is a 20-year Target veteran. During his decades with the company, he has held leadership roles across merchandising, finance, operations and human resources. He became Target's chief financial officer in late 2019 and stepped into the role of chief operating officer in early 2024. In May, he was tapped to oversee a new effort, the Enterprise Acceleration Office, created to turn around Target's results. Target cut its full-year outlook in May and reiterated that guidance on Wednesday, saying that it expects a low-single-digit percentage point decline in sales this fiscal year. Target's performance has shaken Wall Street's confidence. Shares of the company have tumbled about 60% since their all-time high in 2021. Target's stock had dropped 22% in 2025 alone as of Tuesday's close. Customers, former employees and suppliers told CNBC that the company's best-known traits of eye-catching merchandise, tidy stores and friendly employees have become weaker. The retailer also is facing stiffer competition from rivals including Walmart, contending with cost pressures because of tariffs and dealing with backlash to its reversal of key diversity, equity and inclusion policies. And last week, Ulta Beauty and Target announced they are ending a deal that opened mini beauty shops in nearly a third of Target's stores. The partnership will end in August 2026. Wall Street had favored an outsider for the CEO job, according to a June survey of 51 investors by Mizuho Securities, an equity research firm. About 96% of investors polled favored an external hire for Target's next CEO. Christine Leahy, lead independent director of Target's board of directors, said in a news release that the board chose Fiddelke after 'an extensive external search and assessment of many strong candidates' over several years. 'Michael's tenure gives him unmatched enterprise insight and a base of strong team trust,' she said. 'But what sets him apart is how he combines those strengths with a 'fresh eyes' mindset, challenging the status quo to evolve how the business operates, differentiates and delivers long-term value.' On a call with reporters, Cornell and Fiddelke were asked what they would say to investors who had hoped for Target to hire an outsider who would bring fresh ideas. Fiddelke answered the question. 'I understand this business,' he said. 'I understand what makes Target distinctly unique. And I've seen us at our best, and I've seen us when we're not at our best, and that informs my candid assessment today of where we have work to do as well.' 'But I'll go back to some of what I started with: My number one goal is to get us back to growth.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store