Latest news with #Cap-and-Trade
Newsweek
19-05-2025
- Business
- Newsweek
California High-Speed Rail Plots New Way Forward
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The California High-Speed Rail Authority has said that private investment interest in the state's rail network is on the rise. The announcement comes after President Donald Trump threatened to withdraw federal funding for the project, which is the largest high-speed rail initiative in the United States. Newsweek reached out to the California High-Speed Rail Authority via email for comment. Why It Matters It's taken a lot of time and money for California's high-speed rail project to reach this point. Originally approved by voters in a 2008 ballot initiative, the track aims to connect California's two biggest cities, Los Angeles and San Francisco, via the Central Valley, linking with several other smaller areas that have historically not benefited from transport infrastructure. The project has been delayed several times and required additional federal funding in 2019, prompting Trump to brand it a "waste" and a "green disaster." What To Know California officials said that private sector interest in the project was "continuing to grow" after hosting a forum with industry leaders in January. "This outreach opened the door for meaningful private sector engagement, including interest from private equity firms exploring new financing opportunities," the authority said in a statement. "It marked the first instance of such large-scale industry collaboration, and the Authority has continued to build on that momentum – gathering ongoing insights on how to shape future partnerships with private industry through sustained engagement." The authority also said that California Governor Gavin Newsom, who has fiercely defended the project from Trump's attacks, had proposed a minimum of $1 billion per year of Cap-and-Trade proceeds to back the project. Rendering of a high-speed train as part of the California High-Speed Rail project. Rendering of a high-speed train as part of the California High-Speed Rail project. California High-Speed Rail Authority "This will resolve the number one risk for completion of Merced to Bakersfield – funding uncertainty – and will address the funding gap previously identified by the Authority's Office of the Inspector General," the authority said. In a February report, Inspector General Benjamin M. Belnap said: "Based on our review of the latest project information, the 2030 target date has been pushed back to 2031, in part because the Authority has extended the timeline for completing construction that is currently underway in the Central Valley. "With a smaller remaining schedule envelope and the potential for significant uncertainty and risk during subsequent phases of the project, staying within the 2033 schedule envelope is unlikely." What People Are Saying Ian Choudri, CEO, California High-Speed Rail Authority, in a statement: "After 200 days in this role, I'm proud to report that all five of these initiatives are well into the implementation phase. Notably, our outreach to the private sector has been met with strong and growing interest. "While each of these actions is advancing rapidly, a major priority is to bring private capital into the program by early next year. Now is the time for California to show leadership by seizing this 'once in a project lifetime opportunity' to unlock private capital and build the future of transportation in California." What Happens Next The California High-Speed Rail Authority plans to begin the tracklaying phase in 2025 and construct stations in the Central Valley.
Yahoo
05-05-2025
- Automotive
- Yahoo
Supply issues, compliance costs drive up California fuel prices, EIA says
By Nicole Jao (Reuters) -Drivers in California pay higher prices at the pump than any other state in the country due to supply issues, costs from environmental compliance and fuel requirements, and high state taxes and fees, the U.S. Energy Information Administration said on Monday. In March, costs from Californian environmental programs such as Cap-and-Trade and the Low Carbon Fuel Standard added as much as $0.54 per gallon, the latest data showed. Consumers in California also pay around $0.90 per gallon in taxes and fees as of March, the highest in the country, the EIA said. WHY IT'S IMPORTANT California is the largest U.S. gasoline market but several fuelmakers have ceased operations at less profitable facilities, citing regulatory challenges and market dynamics. Six plants have shut since 2008, two of which have converted to producing renewable fuels. The state will likely see even higher gasoline prices as refinery closures put pressure on fuel supply and force the state to rely more on imports from countries like India and South Korea. Retail prices for regular grade gasoline in the state often exceed the national average by more than a dollar per gallon, the EIA said. CONTEXT In October, California Governor Gavin Newsom signed into effect ABX2-1, a bill designed to prevent fuel supply shortages in the state that gives regulators more control over inventory levels for refiners. Shortly after, Phillips 66 announced plans to shut its large Los Angeles-area oil refinery in the fourth quarter of 2025. Last month, Valero Energy announced plans to cease operations at its San Francisco-area oil refinery next year. Sign in to access your portfolio
Reuters
05-05-2025
- Business
- Reuters
Supply issues, compliance costs drive up California fuel prices, EIA says
May 5 (Reuters) - Drivers in California pay higher prices at the pump than any other state in the country due to supply issues, costs from environmental compliance and fuel requirements, and high state taxes and fees, the U.S. Energy Information Administration said on Monday. In March, costs from Californian environmental programs such as Cap-and-Trade and the Low Carbon Fuel Standard added as much as $0.54 per gallon, the latest data showed. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Consumers in California also pay around $0.90 per gallon in taxes and fees as of March, the highest in the country, the EIA said. WHY IT'S IMPORTANT California is the largest U.S. gasoline market but several fuelmakers have ceased operations at less profitable facilities, citing regulatory challenges and market dynamics. Six plants have shut since 2008, two of which have converted to producing renewable fuels. The state will likely see even higher gasoline prices as refinery closures put pressure on fuel supply and force the state to rely more on imports from countries like India and South Korea. Retail prices for regular grade gasoline in the state often exceed the national average by more than a dollar per gallon, the EIA said. CONTEXT In October, California Governor Gavin Newsom signed into effect ABX2-1, a bill designed to prevent fuel supply shortages in the state that gives regulators more control over inventory levels for refiners. Shortly after, Phillips 66 (PSX.N), opens new tab announced plans to shut its large Los Angeles-area oil refinery in the fourth quarter of 2025. Last month, Valero Energy (VLO.N), opens new tab announced plans to cease operations at its San Francisco-area oil refinery next year.
Yahoo
22-03-2025
- Business
- Yahoo
California households to get $137 utility bill credits for climate relief measures
( — Gov. Gavin Newsom recently announced that millions of Californians will receive $137 credits on their April gas and electric bills.•Video above: CA State Senate Hearing Addresses Increasing Utility Rates According to a statement from Newsom's office, the California Climate Credit will automatically be added to people's bills every April and October as a direct result of the state's nation-leading Cap-and-Trade climate program, which requires polluters to pay for climate action. Officials said that the Program is managed by the California Air Resources Board and the credit on the utility bills represents the consumer's share of payments from the State's program. Newsom stated, 'Every year, our Cap-and-Trade program provides essential funding to California's efforts to clean the air while also giving residents money back on their utility bills. Millions of California families will benefit from this relief.' Activities to do in Sacramento on March 22 and 23 weekend Since 2014, California households have received an average of $1,120 in combined automatic April and October climate credits on their bills, according to a statement from Newsom's office. The way the credit works is that Californians whose electricity bills range from $35 to $259 will receive between $56 and $81, and residential customers of PG&E, San Diego Gas & Electric, Southern California Gas Company, and Southwest Gas will receive around $54 to $87 on natural gas bills, as stated by officials from Newsom's office. California residents can check how much their credit will be here. In addition to the utility bill credits, the California Cap-and-Trade program has funded $28 billion in climate investments, resulting in over half a million projects across the state, supporting 30,000 jobs and reducing millions of tons of carbon emissions. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS News
21-03-2025
- Science
- CBS News
California to launch methane-detecting satellite network, Gov. Gavin Newsom says
Plans are in the works for California to launch a methane-detecting satellite network, the governor's office says. The project is a continuation of the state's efforts to launch its " own damn satellite ," as former California governor Jerry Brown said, to track pollution. Gov. Gavin Newsom called out the recent rollback of environmental regulations by the Trump administration in his Friday announcement of the project. "California isn't having it. Thanks to our state investment, we're using satellite technology to detect methane leaks as they happen," Newsom said in a statement. A total of eight satellites will eventually make up the network. The State of California won't own the satellites, officials say, but it will maintain the project's database and control which areas are selected for observation. The first of the state's methane-detecting satellites was launched from Vandenberg Space Force Base in August 2024. No timeline has been given as to when the other satellites will be launched. "The effort provides information that is much closer to real-time than the data now available," said California Air Resources Board Chair Liane Randolph in a statement. Climate scientists have been taking a closer look at methane emissions in recent years, noting how the chemical is a powerful heat-trapping gas. According to NOAA, methane has been found to be the second-largest chemical contributing to global warming – with about 60% of methane emissions being linked to human activity. California's methane-tracking satellite project is being funded by a $100 million investment from the state's Cap-and-Trade program .
