Daily on Energy: Terrible floods in Spain, EU introduces tariffs on Chinese electric vehicles and focuses heavily on power for data centers

We also cover several clean energy issues, including the European Union imposing high tariffs on electric vehicles from China. Additionally, KKR and Energy Capital Partners announced they are investing $50 billion in data center projects – including energy resources – to support artificial intelligence.

As we approach Election Day, some analysts have said a Trump presidency could jeopardize gains in LNG exports due to a possible trade war with China. Finally, today’s election countdown examines a ballot measure in Louisiana that could allocate renewable energy revenues to fund coastal restoration and protection projects.

Welcome to Daily on Energy, written by Washington Examiner energy and environmental writers Callie Patteson (@CalliePatteson) And Maydeen Merino (@MaydeenMerino). Email cpatteson@washingtonexaminer dot com or mmerino@washingtonexaminer dot com for tips, suggestions, agenda items and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, send us an email and we’ll add you to our list.

DEADLY FLASH FLOODS HIT PARTS OF SPAIN: At least 95 people have died and more are missing in Spain after a rainstorm struck late Tuesday, flooding southeastern parts of the country. BBC reports.

The flash floods hit Valencia and surrounding towns, sweeping away cars and disrupting railway lines. BBC said that of the 95 deaths, 92 were in Valencia. The Spanish Meteorological Agency said the village of Chiva received 491 liters of rain per square meter within eight hours. Spain has more than earlier today 1,000 troops to the disaster areas.

From noon, the rainfall in Valencia has decreased, but the rain shower is moving towards the coastal area with millions of people under alarm.

Hannah Clokesaid a professor of hydrology at the University of Reading Reuters the extreme rainfall may be linked to climate change.

“We will see more of these flash floods in the future. This has the fingerprints of climate change, these terribly heavy rains and these devastating floods,” Cloke said.

The EU imposes tariffs on electric vehicles from China: The European Union has imposed tariffs of up to 45% on electric vehicles from China, Bloomberg reports.

Talks between China and the EU will continue even after the tariffs are implemented. Bloomberg reports, but little is expected to happen before the US elections next week.

China is currently the largest exporter of electric vehicles. Former President Donald Trump has said he would impose tariffs on electric vehicle imports from China. The Biden administration has also imposed 100% tariffs on Chinese electric vehicles.

The ministry said in a statement “China has repeatedly pointed out that the EU’s anti-subsidy investigation into Chinese electric vehicles has many unreasonable and non-compliant aspects, and is a protectionist practice of ‘unfair competition’ in the name of ‘fair competition.’”

The ministry added that it does not agree or accept the tariffs and has filed a lawsuit under the World Trade Organization’s dispute settlement mechanism.

“China will continue to take all necessary measures to resolutely protect the legitimate rights and interests of Chinese companies,” the ministry said.

CLEAN TECH TO TRIPLE TO $2T GLOBALLY, IEA SAYS: The International Energy Agency reported that the global market for clean technologies will exceed $2 trillion by 2035.

In its latest analysis, the IEA examined the six main mass-produced clean energy technologies: solar energy, wind turbines, electric cars, batteries, electrolyzers and heat pumps. It said the global market for these technologies will rise from $700 billion in 2023 to $2 trillion in 2035. Trade in clean technologies is expected to triple within a decade and reach $575 billion.

“The market for clean technologies will grow in value over the next decade, increasingly overtaking the fossil fuel market,” said IEA Executive Director. Fatih Birol.

“As countries try to define their role in the new energy economy, three crucial policy areas – energy, industry and trade – are becoming increasingly interconnected. While this presents governments with difficult and complex decisions, this groundbreaking new IEA report provides a strong, data-driven basis for their decisions,” said Birol.

The report highlights what is at stake as the US seeks to compete with China in the race to dominate the clean technology industry.

INVESTMENT GIANTS BET $50 billion ON ARTIFICIAL INTELLIGENCE POWER PROJECTS: KKR and Energy Capital Partners today announced they are investing $50 billion in data center projects to support artificial intelligence – and in power plants to power them.

The news, reported by the Wall Street Journalis the latest sign of how significantly the rise of AI data centers is reshaping the energy landscape.

“Capital needs are enormous, and one of the biggest bottlenecks – perhaps the bottleneck – is the availability of electricity,” says ECP founder and senior partner Doug Kimmelman told the WJ.

Kimmelman said natural gas would be at the forefront of the effort, and they would explore carbon capture and sequestration to mitigate environmental impacts.

We discussed the recent AI-powered battle for clean energy sources – most recentthe possibility of the Duane Arnold nuclear power plant in Iowa being restarted to meet demand.

COULD TRUMP BE A THREAT TO LNG EXPORTS? Some analysts believe a Trump presidency could threaten further growth in LNG exports, due to the possibility that a trade war could prompt China to reject American LNG. Trump has threatened to impose 60% tariffs on Chinese imports.

Erica Downsan expert at Columbia University’s Center on Global Energy Policy, told Reuters that China could retaliate for Trump’s tariffs by avoiding new LNG contracts and re-exporting shipments to other countries.

“The flexibility of the destination of American LNG means that Chinese companies can resell it to other buyers to avoid paying the tariff,” Downs said.

China accounts for only 4% of exports, but its share has grown.

Why it mattersDemocrats are thought to pose the biggest obstacle to LNG export growth, thanks to the Biden administration’s pause on new approvals of LNG exports to countries that don’t have a free trade agreement. Trump would end the pause, but the prospect of a trade war is a separate concern for all exporters.

ELECTION ADJUSTMENT – LOUISIANA VOTE: On the ballot this year for Louisiana is the Outer Continental Shelf Revenues for Coastal Protection and Restoration Fund Change. Voters will decide whether to use money from renewable energy production for coastal restoration and protection projects.

Currently, the state’s Coastal Protection and Restoration Fund receives state revenues from offshore oil and gas production. If you vote yes on the amendment, the state would be required to allocate revenues from wind, solar and other renewable energy sources to the Outer Continental Shelf (OCS). The OCD refers to submerged areas located outside state water boundaries and under U.S. jurisdiction.

The Wetlands Conservation and Restoration Fund was established in 1989, but changed its name to Coastal Protection and Restoration Fund in 2006. It is the leading source of funding for barrier island restoration, diversion projects, flood risk reduction and more.

Liz Russellthe Louisiana director of the Environmental Defense Action Fund, said “This amendment will allocate potential future funding from offshore wind energy to support coastal restoration. This is a good thing for Louisiana.”

“We must continue to make sustainable investments in our coastal recovery. It will benefit our communities and economies across the state,” she added.

There are

COURSE

Bloomberg From Boston to Philadelphia, near record heat probably on Halloween

The New York Times On Three Mile Island, a test of nuclear energy’s promise

Indoor climate news Competing views on the clash between the US auto industry and the presidential election, as the EV future hangs in the balance