President-elect Donald Trump reacts during a MAGA victory rally at Capital One Arena in Washington, DC, on January 19, 2025, one day ahead of his inauguration ceremony.
Jim Watson | Afp | Getty Images
President-elect Donald Trump will declare a national energy emergency after his inauguration on Monday to reduce energy costs, an incoming White House official told reporters.
The national energy emergency “will unlock unlock a variety of different authorities” to produce more natural resources, the official said, without providing specifics on which authorities Trump will use.
“The national energy emergency is crucial because we are in an AI race with China, and our ability to produce domestic American energy is so crucial such that we can generate the electricity and power that’s needed to stay at the global forefront of technology,” the official told reporters.
Trump is also set to sign an executive order specifically to unleash energy production Alaska, the official said, without providing specifics.
“Alaska is so key for our national security, given its geostrategic location, and it’s a crucial place from which we could export LNG not only to other parts of the United States, but to our friends and allies in the Asia Pacific region,” the official said.
The U.S. has been the largest producer of crude oil in the world for years, outpacing Saudi Arabia and Russia. The CEOs of Exxon and Chevron have said oil and gas production levels are based on market conditions and are unlikely to increase significantly in response to who is in the White House.
“There’s still some upside,” Chevron CEO Mike Wirth told CNBC’s Brian Sullivan in a Jan. 8 interview. “But probably not growth at the rate that we’ve seen over the last number of years as particularly some of these new shale plays begin to mature,” Wirth said.
Exxon CEO Darren Woods told CNBC that U.S. shale production has not faced “external restrictions” under the Biden administration.
“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said in a Nov. 1 interview prior to Trump’s election victory. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.
This is a developing story. Please check back for updates.
Wind turbines operate at a wind farm near solar panels on March 6, 2024 near Palm Springs, California.
Mario Tama | Getty Images
President Donald Trump on Wednesday said his administration will not approve solar or wind power projects, even as electricity demand is outpacing the supply in some parts of the U.S.
“We will not approve wind or farmer destroying Solar,” Trump, who has complained in the past that solar takes up too much land, posted on Truth Social. “The days of stupidity are over in the USA!!!”
The president’s comment comes after the administration tightened federal permitting for renewables last month. The permitting process is now centralized in Interior Secretary Doug Burgum’s office.
Renewable companies fear that projects will no longer receive permits that were once normal course of business. The president’s comments Wednesday will likely heighten those concerns.
Trump blamed renewables for rising electricity prices in the U.S. Prices have risen on the nation’s largest grid, PJM Interconnection, as rapidly growing demand from data centers and other industries faces a tight power supply as resources such as coal plants are retired.
PJM Interconnection saw prices for new power capacity rise 22% compared to last year in an auction held last month. PJM covers 13 states across the Mid-Atlantic and parts of the Midwest and South.
But solar and battery storage are the power sources that can ease the supply-and-demand gap the quickest, as they make up an overwhelming majority of the projects in line to connect to the grid, according to data from Lawrence Berkeley National Laboratory.
Trump has launched a sweeping attack on renewables since taking office. His One Big Beautiful Bill Act terminates the investment and production tax credits for wind and solar by the end of 2027. Those credits have played a key role in the expansion of renewable energy in the U.S.
The president’s steel and copper tariffs have also increased the costs of solar and wind projects, renewable companies say.
The U.S. Department of Agriculture on Tuesday ended its support for solar on farmland.
The new electric SUV officially went on sale in the UK on Tuesday. BYD revealed Atto 2 prices will start from £30,850, undercutting much of the competition.
BYD Atto 2 prices and range in the UK
After introducing the Atto 2 at the Brussels Motor Show in January, BYD said it’s “opening a new chapter in green travel” in Europe.
The compact electric SUV will fill the gap in BYD’s lineup between the Dolphin and its larger Atto 3 SUV. It went on sale in China last year and is now available in Europe and the UK.
BYD announced Atto 2 prices start at £30,850 ($41,500) on-the-road (OTR). It’s available in two trims: Boost and Comfort. Upgrading to the more premium Comfort model will cost you £34,950 ($47,000).
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The base Boost models are powered by a 51.1 kWh BYD Blade battery, offering a range of up to 214 miles. In the city, BYD said the Atto 2 can drive up to 302 miles on a single charge. Comfort models are equipped with a larger 64.8 kWh battery, delivering up to 261 miles of range.
BYD Atto 2 compact electric SUV (Source: BYD)
With a 155 kW DC fast charger, BYD said the electric SUV can recharge from 30% to 80% in as little as 21 minutes.
All Atto 2 models come with a 12.8″ floating touchscreen, wireless smartphone charger, and “Hi BYD” AI voice control. With vehicle-to-load (V2L) capabilities, BYD said the electric SUV can power up a coffee maker or lawnmower.
With prices starting at just £30,850, BYD undercuts rival models, including the Hyundai Kona Electric (£34,995). However, according to Autocar, BYD is not necessarily targeting Hyundai. It’s aiming for more premium models, such as the Volvo EX30, which starts at £33,060.
BYD Atto 2 trim
Range (combined)
Starting Price (OTR)
Comfort
214 miles
£30,850 ($41,500)
Boost
261 miles
£34,950 ($47,000)
BYD Atto 2 electric SUV prices and range by trim in the UK
Measuring 4,310 mm long, 1,830 mm wide, and 1,675 mm tall, the Atto 2 is about the same size as the Volvo EX30. However, BYD’s e-Platform 3.0 enables more interior space with an extended wheelbase.
The Boost trim is available to order now, while the Comfort model will arrive later this year. BYD will begin deliveries in September.
The Atto 2’s arrival in the UK comes after BYD launched it in Hong Kong earlier this month, undercutting Tesla’s cheapest vehicle by about 30%.
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In addition to Tesla’s business selling EVs, and its CEO’s business making promises about autonomy and robots that nevermaterialize, Tesla is also in the business of selling energy products.
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The energy products include solar panels, after Tesla’s controversial acquisition of SolarCity, a company run by Musk’s cousin Lyndon Rive, in 2016. They also include Powerwalls, Tesla’s home battery backup system which can store energy from a home’s solar panels or from the grid, and then use it or sell it back to the grid later during peak hours when electricity is most expensive.
But even more interestingly, Powerwalls can be hooked into a network, called a Virtual Power Plant or VPP, which allows thousands of batteries to simultaneously push energy to the grid when the grid needs it. This can help to end power outages and can also make a significant amount of money for homeowners who participate.
A VPP can also help with overall grid stability. While a single battery doesn’t do much to help the entire grid, thousands of batteries all together can help to shave peaks and shift loads grid-wide, helping to enable the transition to renewable forms of energy generation like wind and solar, which can be intermittent due to weather, clouds, gusts of wind and so on.
So, a VPP might be useful in a country with so much wind and solar.
While Tesla’s application does not specify details of its plans (In accordance with UK law), it seems likely that the purpose behind the application would be to set up a VPP system in the UK. Tesla already runs VPPs in Texas and California.
So, all sounds good, right? This is a useful product, and it can help the UK confront a challenge it will need to face as it transitions to a cleaner grid. And, at a time when electricity prices are going up worldwide, more competition and flexibility in energy markets can only be a good thing.
The only problem? Everyone hates Elon Musk. A lot.
As it turns out, Ofgem has been swamped with thousands of comments opposing Tesla’s plan, as a result of a campaign that says Musk shouldn’t be allowed to get anywhere near UK’s electricity supply.
The campaign was launched by the group Best for Britain, which bills itself as “the researchers, data scientists, strategists, and activists, fixing the problems Britain faces after Brexit.”
It set up an action campaign allowing Brits to send a letter to Ofgem stating their opposition to Tesla’s plan.
The letter argues that Musk has proven, through his recent political activity, that he is not interested in the general wellbeing of the populace, but rather in “enriching himself”pushing his own agenda.” It accuses him of “dangerous incompetence or wilful neglect,” and says that these should be “disqualifying qualities for entrance into our energy markets.”
The letter also mentions the “rapid spread of misinformation, hatred and conspiracy theories in the UK and across the wider world” on twitter since Musk spent $44 billion to buy the company (that later dropped to a value closer to $15 billion – his recent purchase of it from himself notwithstanding). After Musk purchased the platform, hate speech has flourished there.
None of the points made by the letter focus on Tesla’s business as a whole, but rather solely on its CEO’s harmful actions.
As of yesterday, Best for Britain says 8,462 people had used it to contact Ofgem to voice their opposition to the plan. Public comment remains open until Friday, August 22.
Musk’s actions continue to harm Tesla’s business
This is not the first time Tesla has received local opposition for business deals due to Musk’s poor public persona. In May, Australians voiced opposition to a plan to build a battery factory and Tesla showroom, ~95% of which opposed the plan (with some choice Australian language appearing in the public comments).
And just yesterday, the Austin American-Statesman reported opposition to Tesla’s tax breaks from residents of the county where its Texas Gigafactory is located.
In the UK specifically, Tesla sales have fallen by 60% year-over-year, according to the most recent July numbers. Tesla sales show similar trends in most territories in which the company sells, with Tesla sales down globally despite a rising global EV market.
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