Daily Newsletter

22 July 2024

Daily Newsletter

22 July 2024

Will Kamala Harris take a stronger stance than Biden against power industry? 

Now, likely to be the official challenger to Donald Trump, we look at the Vice President’s position on the tricky subject of the US's power production and supply.

Smruthi Nadig July 22 2024

US President Joe Biden officially withdrew from the presidential race on Sunday for the upcoming elections this November. And now, Vice President Kamala Harris is seen as one of the top candidates to replace Biden.  

Harris is seen as more aggressive than Biden in making large oil companies accountable for their actions against the environment.  

As California Attorney General, Harris brought about several changes in environmental and clean energy initiatives.  

She has shown continued support for the country’s energy initiatives as the Attorney General and Vice President. She has filed lawsuits against fossil fuel companies, advocated for reducing greenhouse gas (GHG) emissions by oil and gas companies, suggested a ban on fracking in the US, and defended cap-and-trade initiatives to control carbon emissions. 

In 2015, Harris also backed former President Barack Obama's Clean Power Plan, which sought to reduce the release of GHG from power plants that use fossil fuels.  

In 2014 and 2015, Attorney General Harris and a group of states intervened in cases brought before the DC Circuit Court of Appeals to support the Environmental Protection Agency's (EPA) ability to suggest regulations that would control the emissions of greenhouse gases from operating power plants. 

The following year, she, along with eight other states and the city of Chicago, submitted a request to intervene in favour of the EPA's New Source Performance Standards, aimed at restricting greenhouse gas emissions, particularly methane, from oil and natural gas activities.  

The EPA expected the implemented regulations would stop 300,000 tonnes of methane emissions by 2020 and 510,000 by 2025. A final rule was issued on this in December 2023

Harris announced in 2016 that a $14m settlement was reached with BP West Coast Products LLC, BP Products North America, and Atlantic Richfield Company over accusations of violating state laws related to operating and maintaining motor vehicle fuel underground storage tanks. 

Harris urged for a ban on fracking in 2019. However, Harris claimed that Biden never endorsed the proposal.  

She has also been critical of offshore oil exploration, aiming to restrict new drilling along the California coast and, during her tenure as the state’s attorney general, taking legal action to contest the federal government’s authorisation of fracking in Pacific waters. 

She has also defended California's Low Carbon Fuel Standard and the state's cap-and-trade program in court, which requires businesses to pay for carbon emissions. 

Although Harris could approach certain energy and environmental issues with greater fervour, her agenda is expected to align closely with Biden's. Additionally, the Democrats have emphasised combating climate change as a key objective of Biden’s presidency. 

Transformers Market Overview

GlobalData's latest report offers an overview of the market trends for power and distribution transformers at the regional and country level. The power transformers market was valued at $16.70 billion in 2023, and is expected to grow at a CAGR of >7% during 2023-2028. The requirement for safe and reliable power, the rising urban population coupled with the modernization of existing power grids, and increased investments in renewable energy, besides the adoption of smart grid technology, will be the main factors aiding the growth of the market.

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