Chapter 1: What is the main topic discussed in this episode?
Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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Chapter 2: What national security risks do offshore wind farms pose?
Mr. Secretary, there's a question around refining things like lithium that are crucial for a lot of the high-tech aspects that go into our economy. There's a question about copper, really necessary for the build-out of some of the hyperscalers in particular. On the other side, there are things like coal.
And there's a real question of some of the rollbacks to the EPA rules, like lowering emission standards as well as potentially increasing the use of coal. Why are those necessary to get some of the national security goals that you're talking about?
Well, we will be making some more announcements on beautiful clean coal today, as President Trump likes to call it and should call it, because there's a coal plant running in America today. It has survived an onslaught for 20 years. They've taken everything, virtually everything out of the NOx, the SOx, anything that would be considered coal. an issue relative to the environment.
And what's left the attack on coal as a baseload power has been largely around CO2 emissions. And with the reversal of the endangerment finding that says that this was massive overreach by the Obama EPA, that we are going to go back to a thing where we can have consumer choice, that's lower prices. And of course, with the big storms we had in the Northeast last week, I mean,
Check back on Secretary Wright's press conference last Friday, but we would have had millions and millions of people in this country without power if coal hadn't stepped up. Coal was the hero of keeping the lights and the heat on in America.
And all of the money that has been spent in the northeastern part of this country on renewables, there was times during those storms where we had less than 2% of the power coming from wind and solar. There was more coming from burning wood and trash than there was coming from wind and solar. And coal in some parts of the country was providing 25 percent of the electricity.
So we need the Biden plan of energy transition was actually energy subtraction. It wasn't addition. It wasn't transition. It was subtraction.
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Chapter 3: What is Project Volt and how does it compare to the Strategic Petroleum Reserve?
They were shutting down baseload and then replacing it with intermittent, unreliable, foreign sourced energy. forms of energy that required us to build out all kinds of additional infrastructure on top of the infrastructure we already had. That's what drove up prices. And now we're facing this AI arms race with China. We need more power. We need energy addition.
The way to have energy addition is to stop getting rid of the stuff that already works. And of course, that includes our fossil fuel baseload. In the PGM market, 70% of the power was coming from... from hydrocarbons during those storms. I mean, America and the world is dependent on it and is gonna be in the long future.
Innovation is what we need to help solve any concerns that people might have about future climate change.
Mr. Secretary, a lot of people could get on board with that. The problem is that a lot of people have pointed out that it feels like there are certain energy sources that have gotten subtracted in this administration as well, wind being among them, that it's not necessarily that we want all energy sources, but picking winners and losers. How do you counter that?
Well, it's easy, because we're not picking winners and losers. We're picking reliable, affordable, nationally secure sources that can provide what Americans need, what we need for low prices for consumers, what we need for industry, and what we need for AI. What we're not subsidizing any longer
is intermittent weather dependent foreign sourced which in the case of offshore wind hits all three of those but it's also the highest cost it's not affordable and it's also opposed by our marine fisheries i was meeting with a group of of third and fourth generation fishermen in new england last friday it's blowing up their business these are the farmers of the sea that put food on our table you meet with the marine mammal groups the save the whale groups they're opposed to offshore
National security now, there's classified reports out that the radar interference above the water and the sonar interference below the water of these massive offshore projects represent real national security risks. These are not made up things. These are things that have to be considered, particularly related to offshore.
But with the working families tax cut bill that got passed last July, people are not contemplating new projects. We have companies that are coming to us from around the world that are saying, hey, we're not going to be building offshore because we get it. It was only viable because of the massive tax subsidies. So Americans had to pay twice.
They had to pay in terms of higher electric costs, and then they also had to pay through these tax subsidies. So it's all of the above that are reliable, affordable, dispatchable, and don't require massive subsidies. I mean, and that's the level playing field that we're at right now.
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Chapter 4: How is the U.S. addressing its reliance on critical minerals?
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