Nat Bullard

My annual decarbonization presentation is here. 200 slides, covering everything from water levels in Lake Gatún to sulfur dioxide emissions to ESG fund flows to Chinese auto exports to artificial intelligence. Link in reply

The “electricity needed to jobs created” ratio of the big themes in markets right now is extremely high.

I think @robinsonmeyer is doing excellent reporting on electricity rate hikes. Here's another concrete example, just published: Liberty (Missouri) wants to raise its rates by a _minimum_ of 29.15%. That's a lot! (direct via @Halcyon's feed)

Abstract: "Electricity bills are going to rise" Concrete: "This Missouri utility wants to raise rates at least 30%" Direct from the @Halcyon feed storage.googleapis.com/core_entities/…

Change is hard. But it doesn’t have to be. In energy, where the volume of information is overwhelming & the pace of change is frenetic, recency is a competitive advantage. So we baked it into our Gas Power Plant Tracker. @NatBullard explains how👇 hubs.ly/Q03yH3jh0

Highlights from NEE call: -Storage positioned as ultimate flexible capacity solution - low cost, fast deployment, can be charged by any energy source, and utilizes existing transmission infrastructure [30% of backlog is storage, showing customer preference for 'ready now'…

A fun read here from @iamsternlicht on the nuanced interplay of AI and energy (with a nice quote here and there from one @SSteyer41) fortune.com/2025/07/23/ai-…

Enbridge to build 600MW Texas solar project with $900M investment. Meta signs long-term PPA for all output to power data centers. One of several major PPAs Meta has inked in Texas with firms like RWE and AES for data center operations.

This was expected, this is going to sting. Expect electricity bills to continue to rise in the region and energy affordability concerns to be top of mind at kitchen tables and for politicians (at least the shrewd ones)

Interesting update from PJM: 46 GW of new resources out there with completed studies and signed interconnection agreements yet not clear if/when they will come online. 28 GW of solar 6 GW of wind 4 GW of storage Held up by permitting, siting, supply chain..

One of the hottest days of the year so far in Texas: 53% of the power on peak is coming from solar & wind. Wholesale power is ~$20 per megawatt-hour or 2 cents per kilowatt-hour. No conservation calls, no energy emergencies. ~20 gigawatts of extra power just sitting around.

cheap stuff is getting more expensive. expensive stuff is getting cheaper - @WSJ wsj.com/business/retai…

Today’s Torsten Sløk chart is a bit of a whopper - this is global generation capacity not US

Revenues for foreign JVs in China in 1H: VW sales up 1% YoY, but rev -9.5% -> ASP -10.4% Toyota sales up 7.7% & rev up 6% -> ASP -1.5% Honda sales -24.7% & rev -27.8% -> ASP -4% Nissan -26.8% & rev -32% -> ASP -7% Benz -10.6% & rev -22.4% -> ASP -13% BMW -17.9% & rev -26.3% ->…

"CoreWeave is expanding a [390MW] data center [project that will be used by OpenAI] that is projected to double the electricity needs of a city near Dallas (Denton), another example of the strains that artificial intelligence workloads are placing on the US power supply." "Data…

Related but separate story. Hearing from developers (not region-specific) that people are starting to get worried about grid managers starting to say no or even cancel agreements. Would boost the BTM interest further. Large loads like AI data centers pose the biggest reliability…

I've harped on this theme before but saw a broker address it for the first time meaning it may finally get some air time. Everyone is aware that hyperscale capex looks to remain strong overs the next few years even from the rapid growth rates to elevated levels we've seen in…

Today's newsletter: THE ENIGMA OF THE BABY BOOM The baby boom is one of the most famous social events of the last 100 years. It's also a profound mystery, even to many people who've spent decades studying it. In fact, the more you look at it, the weirder it seems. The rate…

Google plans to buy up to 3 GW of hydro energy from Brookfield... Agreement includes $3 billion in contracts for power from two dams in Pennsylvania. Ability to relicense, overhaul, upgrade assets to extend useful life. World's largest corporate deal for hydroelectricity.

+Google will spend $25 billion on data centers and artificial intelligence infrastructure in the PJM electric grid region over the next two years. Data center infra boom alive and well.

I don't understand the new 50% copper tariffs. They're not going to jumpstart US production, aren't targeted to countries in which we're in a trade war, and will drive up prices on a wide range of essential goods. A couple mines in the US are world-class and economic without the…