As the U.S. enters the next era of energy, the head of the Federal Energy Regulatory Commission said its top priority is "keeping the lights on."
The U.S. energy sector is in "a really exciting time," Chairman Neil Chatterjee told Cheddar Monday. His agency is charged with overseeing the power grid.
"The U.S. became a net exporter of energy for the first time in 60 years in 2017," Chatterjee said, which has had positive economic benefits for job creation, job growth, according to the chairman. He also said it has helped in international relations because the U.S. has become a major player in the industry that was previously dominated by Russia.
Plus, there is a potential, positive environmental impact.
"U.S. clean [liquified natural gas (LNG)] distorting more carbon-intense sources of fuel in other parts of the world will lead to lower carbon emissions and impact carbon mitigation," he claimed.
Not everyone agrees LNG is good for the environment, as production can increase the release of methane gas. The tonnage of methane emissions is currently smaller than that of carbon dioxide but can be harmful in the short-term. LNG is used in heating, electricity, or other industrial uses.
Chatterjee's agency is reviewing new applications to build LNG terminals in the U.S.
He also noted that while the U.S. has been using tech to excel in the energy sector, it has also opened up the country to greater security threats. "[Our adversaries] are constantly evolving, and we have to evolve to stay one step ahead of them," said Chatterjee.
Within U.S. borders, FERC is charged with overseeing interstate transmission of natural gas, electricity, and oil.
"We at the commission work with stakeholders across the country to ensure that we're incentivizing the right investments so that the grid of the future can be there, a flexible, reliable grid," said Chatterjee.
While the FERC deals with federal energy issues, Chatterjee notes that he is "a firm believer in states' rights," and that the agency has been forced to act when a state enacts energy regulations that have effects beyond its borders, distorting energy markets.
Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed’s goals of seeking maximum employment and stable prices. His approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
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The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.
After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
The Trump administration has asked an appeals court to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates. Trump sought to fire Cook Aug. 25, but a federal judge ruled late Tuesday that the removal was illegal and reinstated her to the Fed’s board.
President Donald Trump's administration is appealing a ruling blocking him from immediately firing Federal Reserve Gov. Lisa Cook as he seeks more control over the traditionally independent board. The notice of appeal was filed Wednesday, hours after U.S. District Judge Jia Cobb handed down the ruling. The White House insists the Republican president had the right to fire Cook over mortgage fraud allegations involving properties in Michigan and Georgia from before she joined the Fed. Cook's lawsuit denies the allegations and says the firing was unlawful. The case could soon reach the Supreme Court, which has allowed Trump to fire members of other independent agencies but suggested that power has limitations at the Fed.
Chief Justice John Roberts has let President Donald Trump remove a member of the Federal Trade Commission, the latest in a string of high-profile firings allowed for now by the Supreme Court.
