Envelope-to: alvarochf@traceseis.com
Delivery-date: Thu, 26 Mar 2026 05:58:04 -0600
Date: Thu, 26 Mar 2026 07:57:53 -0400
From: Heatmap AM <editors@heatmap.news>
Reply-To: editors@heatmap.news
To: alvarochf@traceseis.com
Message-ID: <1774526255437.09948734-f5bf-4bbc-8fbb-72d984b49cd1@bf56x.hubspotemail.net>
Subject: Petrochemical Prices Soar
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On ethanol=E2=80=99s win, India=E2=80=99s =E2=80=98modest=E2=80=99 renewabl=
es target, and =E2=80=98transformative=E2=80=99 NRC changes

heatmapAM_logo_fullcolor_whitebg (https://d2QWfV04.na1.hubspotlinks.com/Ctc=
/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvzF3pyd0W6N1vHY6l=
Z3l3W8-TXfX5bcRdwW1bW_Sk5m2md0W6DNK5S5TBs9HW3H307L7W63kdW1-2t5X85ZN-jW29mPq=
q2vwXQhW5lY8w539J-tYW5hs0f05q6-r_N1hDGBv9d-_9W6SNqKG8KyYyWW36Xb2H6v1F8kW8hK=
D4P44DPdcW5mlyxg1qQQQ6W8-3nvk8Y1m3rW7BX9cG8CK3DLW6tjDJ3576nyYW5FWW5R1hXLY3W=
2ZStdx670tF4W5Ld0cL1PHF43W9crRSw11N4m1W3hKVXL97PbGqW4kkTxM6VBGzrf5Jw85v04 )

ALEXANDER C. KAUFMAN =E2=80=A2 MARCH 26, 2026

Current conditions: The first forecasts for the 2026 Atlantic hurricane sea=
son project up to four major storms and up to 16 named storms, roughly the =
same as last year =E2=80=A2 Florida is facing its driest stretch in years, =
with 72% of the state undergoing the two worst levels of drought possible r=
ight at the start of the growing season =E2=80=A2 Ajman, the United Arab Em=
irates=E2=80=99 fifth most-populous city, is enduring record rainfall as st=
orms are expected to continue through the end of the week.

THE TOP FIVE

1. Petrochemical prices are soaring

Anyone who watched television in America in the late 1990s should remember =
the Got Milk-esque slogan from the industry=E2=80=99s landmark advertising =
campaign (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1Y=
vJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvzY3pyd0W7lCdLW6lZ3pPW1yD81-1gnBKbW4-j-Nc=
1sHwzRW38x6B91zrPRrW97Vmy43JNNJQW6TBdzS3sxpkHW6f8yC08R2tqgW4SbLLY6pmfVfW191=
S644RdfdnW4ZTgtr3hxQWlW3VhGPD4mDrtZW5_JDbT8Bd0jfW75dtRK4LNVVLW5wFm2k8NL5qxM=
Zv1pl_gMtdN1BClr3lJzQcVS9T7Z6GYC4JW27-Rwf888gjtW2jf5w48xc1WkW9f9sC438HxWBVz=
JNKc8dLsDwW4DXN3F4_wMTxW8dhw9S4xlH9JW3bqjC299Zv57W6HD71G98FkW3f1FJvJl04 ) :=
 =E2=80=9CPlastics make it possible.=E2=80=9D Well, it turns out safe passa=
ge through the Strait of Hormuz makes plastics possible. On Tuesday, chemic=
al maker Dow told customers that it plans to double a previously announced =
price hike on plastic resins as the war in Iran chokes off the supply of ra=
w materials. The move, first reported in The Wall Street Journal (https://d=
2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7=
FnbcL5M5g77N2QYvzY5n4LbW7lCGcx6lZ3ktW4-4Y2B55rqF3N8RRXld9LHDQW5FRqRP1k19drW=
1Cb5P66YxYCpW70dQtj7xf7jgW5QQH5D22xqxKW8M_vS27jTSbLVcqTjW1HBB9sW88Pq4D7t6nY=
rW3gq_Zw62hwH7W30qgRL8CfmdqW7v_hl995ht0GN5T1msPGK3NCW6WhQCY4LbPwSW6BHQB41l9=
5z9VjrVvM4SV-JlW8HzCbv8Z3vxLW1H7jPw2jYc1CW7fKKDf2kVv1QW44PbYk2PJ7S-W7My9cV8=
F5sn_W6tFQLr73TB_YVPWYlf5C9L9cW5MZncK9hGMMSN7L7WdSYn-SHN2RzS_R84K4TW6y9Z1l4=
lNyX1VR8gXq8LDKrbN5Z4M-gNt2dMW5PZL_s5TJJj2W39NRHz4r__zZW3xRVJ-7mcv7mW1XbpNW=
63g2KtW8lR7KH6MvjMjN5Jz07LlSnXfN6XXR4kvVKMWW6b1KHj14nMX1W7GJtZ55bD7s7W4bL5F=
94l9swqN6qM_4S6s9Nwf1ZvhmF04 ) , comes a week after Dow CEO James Fitterlin=
g told investors at a conference that the company planned to raise the pric=
e of polyethylene by $0.15 per pound in April, after hiking the price by $0=
.10 this month. Now Dow plans to increase the price by $0.30 per pound. Riv=
al producers such as LyondellBasell and Exxon Mobil are imposing their own =
price hikes. Used to make shopping bags, plastic bottles, and other goods, =
polyethylene is typically made with natural gas in the U.S., where the fuel=
 is abundant, and with naphtha, a hydrocarbon derived from crude oil, elsew=
here in the world. The prices of both polyethylene and naphtha =E2=80=9Chav=
e gone vertical since the start of the war,=E2=80=9D Bloomberg broadcaster =
Joe Weisenthal noted in a post (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X=
+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBd3pyd0W7Y8-PT6lZ3=
mlW5jX0gC3C442_VfydfR7k8ZbJW362Mp683VxGfMTZ6TlBcv4dW2jpVnx7xcDs0W57nHV05TY3=
TCW94RwZx8w3p_QVXpqsc2PCQVFVbxwk2623LGnVJnmdp2bty98W2zDLkb1KfwpxVjLj4v4XvW_=
tW3tmhbJ3S5ryBW4P4d-331V_3_W185QRm360-r2W7Zv3Ys2rZZVnVZ_DpS7jcNgGW6v0TGg8Cf=
KRTW6bNTnv5cSYgxW8--LNC7M0frrN6pg2Y848NM0W2wSphq4J57t9VvdWsg5Xq756N3JppnY83=
C5fN6V6Tmm-gcx2W7D683z7H9wN1f9jl7_604 ) on X after covering the soaring cos=
ts on his latest =E2=80=9COdd Lots (https://d2QWfV04.na1.hubspotlinks.com/C=
tc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvz25n4LbW5BWr2F=
6lZ3lCW71sLpf1rLJ0wW6X_tlk7nl60rN56B1_dGjZZdW26LKn44vKPVwW67_67K4YY82cDnDlK=
M_0jwW2dx3Kq1YZ_JsW6RjSQg48V8MyN1R9dQ712k3CW3nPwb47z2vJKW5pfWP07zgQ4DW4j6CY=
95PCs4jW1tVbmF85DLnJW50CV_11jHk57W6swm_v9dBZyfW6x9LjJ4n7XY7W8vN1_m4HHRv1W3M=
myZN31ryp5W8VvVdJ1_qdhXW2ZPVyC44RK-lW3Lbrl415J0yVN4QwxVTRV_b2Vdll6r312MzHW3=
8g2qj7JyYMPW4ss85S8bQQnLW8vwPQg94JZJbW2y2Qqp3CfTgCN49w4tTdXXTbW9gH3qg9lNG3_=
MYyfc_zp5scW7f4jv72Xs5nBVtLPNw9jt7x-W7BlwLt549gR-V8QKH98YHCHMf8xT62R04 ) =
=E2=80=9D podcast.

On a positive note, new analysis from the consultancy BloombergNEF found th=
at =E2=80=9Ca large share=E2=80=9D of the Persian Gulf=E2=80=99s oil produc=
tion =E2=80=9Ccould return relatively quickly, should the Strait of Hormuz =
reopen and midstream operations normalize.=E2=80=9D Still, =E2=80=9Ca full =
recovery will be uneven and field-specific.=E2=80=9D Fields could restart a=
nd ramp up production in at most seven weeks. Senate Minority Leader Chuck =
Schumer, meanwhile, outlined Democrats=E2=80=99 vision to take on higher pr=
ices with a general framework that calls for expanding renewables, cutting =
red tape on energy infrastructure, and upgrading the grid with more transmi=
ssion capacity. Renewables are providing a boost elsewhere: The British ren=
ewables giant Octopus Energy told the BBC (https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvzY3pyd0=
W7lCdLW6lZ3lmN333nKxyYdSBW1LMjwm5PTPFrW8j9TP_7_9v8FW6dNFsg3568jRW809lx34fWJ=
x-W10fD1Z4csp1NVjB7G91p8ZmLW2xN4kQ2bCPLTN24VBWtTWljDW8ywsfh1xb7sQW8ml8987hS=
12kW8zLWjX1s-R3XN1Fjs_fRbMrpW883h4f2FcX10VLc8GK3-zkWlW2D8T3D5grN8BVlGg3d4L3=
1V1W2xpHxB88-TJzN8gBcMq3wYSBW927wWY4BGf8BW75f-DD7kvg7NW8C0SHG8CPLxgVGGhTR7m=
_9yhW5xVQZW5KQ29rf9ld06x04 ) it=E2=80=99s seen a 50% rise in solar panel sa=
les since the start of the Iran War.

2. EPA gives the ethanol industry a win

The Environmental Protection Agency handed an easy victory to the biofuels =
industry Wednesday, approving the sale of higher-ethanol blends of gasoline=
 in a bid to bring down surging prices at the pump by augmenting petroleum =
with corn. The higher blend is typically banned in warm weather because it =
can worsen smog. But waivers for what=E2=80=99s called E15 fuel have =E2=80=
=9Cbecome commonplace in recent years, and both Republicans and Democrats h=
ave called for it to become year-round and permanent to lower prices at the=
 pump,=E2=80=9D the Associated Press (https://d2QWfV04.na1.hubspotlinks.com=
/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5n4LbW50kH=
_H6lZ3plW6mc_DS2vcZKWW8ll8Kj815B-tW2zFHqP7Lcb2sW8NDdh18zV8P6W5wjKrn3nZLCbW2=
hywRD4tsdrrVZQWnJ7rN4zpW7RGY2n7FZMMlW3t93nk32LpP-W32g6x93_wgPQN7rxc6tvlKs6W=
6MKjnm9dxQYqW7crr8W3nftj3W2FG9_C1VJXBYW6T90Ql7C3ZzdN1Dv5Q-3k784N5kqxvxS-6rr=
W8P-MCd3lq5QFW8VCx9T7_HPPDW6rkSx08DdVxFW3zYjQM5V_y1hW82sfdj6-dndxW1GVsDx6cJ=
VXQW3tryBc3PVp_rN6rW-7zq-wrKW6b_N_c7R31dSVZVmGq5CXltcW4-FDGT2g2qqFW7qnh9v5S=
NTdbW7qSvHM35ZHJ2W2ln5wQ4ksQv6W2KRDtw6PCSRJf22sDg804 ) reported. It=E2=80=
=99s already allowed in some states: Iowa (the epicenter of the ethanol ind=
ustry), Illinois, Minnesota, Nebraska, Missouri, Wisconsin, and most of Sou=
th Dakota. EPA Administrator Lee Zeldin announced the waiver at the CERAWee=
k energy conference in Houston, where he held a press conference on the iss=
ue but then took no questions from journalists, according to Heatmap=E2=80=
=99s Robinson Meyer, who is on the ground at the confab.

The U.S. Postal Service, meanwhile, plans to impose its first-ever surcharg=
e on packages to cover the rising cost of fuel and transportation. The 8% f=
ee is set to come into effect on April 26, though the current plan would ph=
ase out the surcharge on January 17, 2027, according to The Wall Street Jou=
rnal (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfN=
W6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5n4LbW50kH_H6lZ3prW4J67hR36_lr1W4kDqK343Py=
10VwTtY51ZD0lbW70kWRr9cZdXRW5_T_XH7px-8NW8MbZLs556KNMW6hclRV7YKt0jW5j24sn8p=
RdHhW28_5pW7gh_spW1lBx1Q8Z0G9-W8z5PQD90KccKW3H1JqY526H2KW95Y-Vx1tmkjlW4-x8p=
N77rBjvW7khktk6NTHgXW1WSRd11XbNr0W6V6ydH1mvHb_W5h2sPs2Q58CzW979lQD5L-flQW9f=
jvn580BbMQW6MQgVf5vrRBPW5rFZ557GxGqNW3HCJpv8n1bVqN5S7xx6GYqdhVlD9S-3wGSbpN2=
ZQx1MgpGtnW4t3Lrz2PQG3LW5mmCHQ98FGbhW1Y_vb74hwpD8W1s_gvH75rMYQW8Smw388YVkD9=
V-W0Mv9ldfZ1f7Wk5fq04 ) . Private parcel carriers, including FedEx and Unit=
ed Parcel Service, have imposed fuel surcharges for years, but this is the =
first time the federal agency is doing so in a bid to stabilize its finance=
s.

3. India just set new, rather weak clean energy goals

India=E2=80=99s electricity demand is soaring (https://d2QWfV04.na1.hubspot=
links.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBd9=
k9LzW7YbdcM6lZ3nXW2hzGWx72B9V8W3BddF_6cb9VgW8t5zHn4rskqrW3Lwnn13649LNW1RWbq=
Z4L_G88W1fC-6p5qnGZ_W95N7l98H8wbjW5DB42h8bytHlW8kXdhB7SDQ2sW5NgzM72_k1HhW4-=
H7JM1vzg_lW2dLzKv7LPl6yW4BnHkf5BlbRmMtmVbjsFjP_W4G-TQh7JnPd-W6YcN6f77DvPQN6=
Ts_V2Y4jVPW6D9x6B7VGSHQW6h0SbX8QjV-gW8jY-yK1vCZFbW8py27z20Sr10W3tNgtK91G_jH=
VR0nRn92xTqlW8FwkqX39GB7sW6Nvnxx3X68zqW7SgcFr4xgJYkW7hdHwD7VYtl8W9hdJps1Gsz=
tDV4kW4N6q-476N5yBTssKqwYwW2mVkw7795K4NW6v0Cy48dKsfMW5QskmK4b9D35W4l_MF66px=
fn1N2xb-JzB2361W4bKXJ-94kX1SW7fRFll48hVBbW26vP_K8YcllSW1TmfJr3rKf5nW8yZfNj4=
LJJ7CW3VHGlv1GmsX9VTmNP75lMXkgV29hx_7hx92LTYzX45Zl3VKW9fhgfc8-dhygW5hf-5g8b=
41WMW3N3PfZ64fcSYW79PH2X4lVyxmN5x-bjsBYWBfW6ZwSWt6LvGyLW1CJpPX4NzHJLW4w_5x4=
1NT280W80gjCp4QtdpxW6rHyrS51Qt4RW2kNd5R6Bc9ygW4gT49B8_wQLsW7CtmgK7xQ5-pW5HL=
_1p1hhQ1MN7mGFY-QvmKBW7NzLcQ6WCyTcN4Y1F6Wp92NjN7wggN3FQCMQW92vtSW8NLn_QW3sp=
RGQ2QcM5wVZY7Mv8xKDRCVXh5Qd1GZly1N9b9SSNLBXdWW93CY856_MkD3W2NcxLH8G2h_GVsK0=
NT94kHSZW8zFq6q36H99VW1K_N2F10vrqZW22BZ-45yr17QW6brrDd1G5_GLf2kRwpq04 ) as =
the world=E2=80=99s most populous nation inks trade deals left and right wi=
th the world=E2=80=99s major economies, which are looking to shift their su=
pply chains away from China. Yet the heavily coal-dependent nation set what=
 the Financial Times (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWf=
V04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3pyd0W8wLKSR6lZ3kNW6Cj8T_7=
tPp_WN4_fqG1xsthCW8YS-bL5x8ShPW8fRS5H7SQGPRW2xNFRH3Bb_jZW8WbM6K57-cm7W1Yj3c=
B47wPlcN3Zw9DjFZ2qnW3kQKx16HP3wcW6kpz-y94kk8vW6wbkvN535X_5VYYrn-1ZTVSBW6tz0=
Pf46KdRmW5VptQT2rWCsVW6gBHww5G9C0wW96nYcX2zBm6_VSHsgf7HnNN5W8W__Jw2WsPP6VLg=
G3n4w_Zg3W1-1ffk5xNhsKW5P8Ygt8THN4jW1Kj10C4-X4h7VXPvF65TqmC1W5vxT0V68wksMW5=
QZWg-1Wwk8wW3jdLcr2MshGTW1lrKWX7G6CdjVX9qny18cfn6f8Pf47z04 ) called just =
=E2=80=9Cmodest goals for renewable energy and emissions cuts for the next =
decade.=E2=80=9D On Wednesday, Prime Minister Narendra Modi unveiled (https=
://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9P=
MxW7FnbcL5M5g77N2QYvBx5n4LbW8wM7ks6lZ3lcW649Bc03SjDsLW8VsW8Y3-l_RhW1-4V2Z4Y=
dw1jW6Hyfh96gdKRZW1MJz3w8sj8w8W1tpPQh8B-6CYN1G2RhqvHZxFW12zFpX6mdP5tVLC-cb7=
2-M3tW2XHtvX5xnZ9nW86g0xY4Hx06BW1vyrhs2p7tqyW7Y1KHx18M-h9Vjjncn8dsrlHW4Vx5y=
j9kQZQLW8scpKq2RRK3vW79k-Qt523_1HW8l8FWf4QYyynW5-ll--1QjXRGW6Vc5hz6-9ffvVb_=
fvb8pq-fMW6XWvJW1SWLCmW36LDrj44GvCjW5M39Gj6B_bB9W5-q5q96DzkdXW7D95-33vbGKrV=
z7wPb2HMcSdW7t1NSM6XL3w1W7MZRbw25H-_KW2rKwyJ8M3ZrTW2xVlZM815tl1W4TNpCm6TPwK=
hW2qJnXW2gWZN3VRhV9C1mllLpW2W4pp83wzwl1W1NzWBg60YTrcW6FyGqG6jpnv5W3GtrGd2J-=
vzTW8Rwhbx8KtrZHN2NF33pM6vpbN2psR6symPYtN6WZH-PlrDPDW6hw8Tw8zkNSHW6W0TfW5S1=
CMNf59qjFn04 ) the country=E2=80=99s latest clean energy targets, promising=
 a =E2=80=9Cpeople-centric approach=E2=80=9D to =E2=80=9Caccelerating clean=
 energy and green growth.=E2=80=9D But in the long-delayed document, which =
all countries were due to submit to the United Nations a year ago, the Modi=
 government pledged to reduce emissions relative to its gross domestic proj=
ect by 47% by 2035, compared to 2005 levels. The blueprint also promised re=
newables would make up 60% of India=E2=80=99s cumulative installed electric=
ity capacity by 2035, well below the country=E2=80=99s Central Electricity =
Authority estimates that by 2036 nearly 70% of India=E2=80=99s power would =
come from non-fossil fuel sources.

A MESSAGE FROM HYDROSTOR (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d=
2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3gVDYW8wLKSR6lZ3lsW5FM=
7Wn1jTctdW2FzScp1YK8LFW6NSP5W6w8-M1W899zLt8fdfrkN79wVGQhk4RQW64b42f6RjVhCW2=
mJ-9J827mz0W1Y-G8K9cf5nJN6jbXb5fJCg9W8W0MFh7pwDsBW9kLqSy79gwTyW2STmqN2sJwTp=
W7mslFF2cNGwMW7httnY6Kn5xqN52jVVFxvJfGW4s7rKr4YNRh1W8dcLhg51sfhBW5PgSmd5_HF=
hQN8srfs9Cjb9hW4Rc6mt1M1ckGW2kZdD34p9xNKW7KYfqv7n6P57W3KzRtR3HqmbQW6zRl7T9b=
HrNkW2V1Gjy3850ZfW2jP-_W8CcRv6W6QSJDb89Hzt_VxcSTK3b9mZ6f2z4KW804 )

Heatmap Pipeline Image-600x200_@2x (https://d2QWfV04.na1.hubspotlinks.com/C=
tc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3gVDYW8wLKSR=
6lZ3lsW5FM7Wn1jTctdW2FzScp1YK8LFW6NSP5W6w8-M1W899zLt8fdfrkN79wVGQhk4RQW64b4=
2f6RjVhCW2mJ-9J827mz0W1Y-G8K9cf5nJN6jbXb5fJCg9W8W0MFh7pwDsBW9kLqSy79gwTyW2S=
TmqN2sJwTpW7mslFF2cNGwMW7httnY6Kn5xqN52jVVFxvJfGW4s7rKr4YNRh1W8dcLhg51sfhBW=
5PgSmd5_HFhQN8srfs9Cjb9hW4Rc6mt1M1ckGW2kZdD34p9xNKW7KYfqv7n6P57W3KzRtR3Hqmb=
QW6zRl7T9bHrNkW2V1Gjy3850ZfW2jP-_W8CcRv6W6QSJDb89Hzt_VxcSTK3b9mZ6f2z4KW804 =
)

The Next Generation of Grid-Scale Storage (https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3gVDY=
W8wLKSR6lZ3lsW5FM7Wn1jTctdW2FzScp1YK8LFW6NSP5W6w8-M1W899zLt8fdfrkN79wVGQhk4=
RQW64b42f6RjVhCW2mJ-9J827mz0W1Y-G8K9cf5nJN6jbXb5fJCg9W8W0MFh7pwDsBW9kLqSy79=
gwTyW2STmqN2sJwTpW7mslFF2cNGwMW7httnY6Kn5xqN52jVVFxvJfGW4s7rKr4YNRh1W8dcLhg=
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4KW804 )

Electricity demand is rising at a pace not seen in decades. To meet this em=
erging reality, the grid will need firm, flexible, and truly dispatchable r=
esources. Explore our 7-gigawatt pipeline of Advanced Compressed Air Energy=
 Storage projects with Hydrostor=E2=80=99s President, Jon Norman. Learn mor=
e. (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6=
W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3gVDYW8wLKSR6lZ3lsW5FM7Wn1jTctdW2FzScp1YK8LF=
W6NSP5W6w8-M1W899zLt8fdfrkN79wVGQhk4RQW64b42f6RjVhCW2mJ-9J827mz0W1Y-G8K9cf5=
nJN6jbXb5fJCg9W8W0MFh7pwDsBW9kLqSy79gwTyW2STmqN2sJwTpW7mslFF2cNGwMW7httnY6K=
n5xqN52jVVFxvJfGW4s7rKr4YNRh1W8dcLhg51sfhBW5PgSmd5_HFhQN8srfs9Cjb9hW4Rc6mt1=
M1ckGW2kZdD34p9xNKW7KYfqv7n6P57W3KzRtR3HqmbQW6zRl7T9bHrNkW2V1Gjy3850ZfW2jP-=
_W8CcRv6W6QSJDb89Hzt_VxcSTK3b9mZ6f2z4KW804 )

4. Rio Tinto aims to open a big copper mine in Arizona in the mid 2030s

Headframes on the site of Resolution Copper=E2=80=99s proposed underground =
copper mine. Photo: Jim West/UCG/Universal Images Group via Getty Images

I have written repeatedly (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/=
d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvzY3pyd0W7lCdLW6lZ3kBW5s=
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VrN_jb83L-WPN6ZfQphl0PHwW56zzLk1r1d7gW4yVr7n3ypGJ8W5qHJ425r-6pWW4D8Bj96jf08=
sW89PdB56D6mxFW42hnc36gC7swW5-6PdM60X4VNW7SlLkQ4Dy_-WW7R8jKS4Ffv6DW1_91DD6K=
q9XpW2TnWnP2lh4f9VyFBmR309QbYW8zkQQk8xx4DVW5w8JXh6rXpBvW47x1Q53DGwsrW7bgclD=
5YRDKwf6W2BXz04 ) in this newsletter that the metals industry is more conce=
rned about the West=E2=80=99s capacity to refine ore into useful materials =
than it is about the capacity to extract more minerals from mines. Here=E2=
=80=99s the umpteenth example: Speaking to a Reuters reporter (https://d2QW=
fV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7Fnb=
cL5M5g77N2QYvz25n4LbW5BWr2F6lZ3pcW5sZzFv8jhkGcW6wC3K43gWZMtW1bv9nY290tqNW92=
8XsS30xZKjW6mpBMp60xZHZW4KCNmM3fVV7XW7RcwJx2wVWFcW54JNw35pt4yXW2qMh9C53NmyT=
N17kJnvbWQDpMtfp00DQCq-W7F3sz67ndcr_W6s2ScR5-Ss8TW7tJxt81GnSv1N4YBwcn6PsT5W=
6GYrvM9fCRX4W4NmYvm5Q8LHDMKGKN76bF4FW5Mlw_y63GdKqN1QYb9JnJk7XVxpbB16vMl5RW3=
YxcTR5m4_HPW90jMW096nYNPVq902C3BBJwPN2FgrPSls9m7W2Msrbz4j0S0yW4V5QQT2GjNVrW=
2F09Jx26hdc5W3vT__z8SNtsGW3zF8-Y7s7wtPVNy96z8SLfb9W1WcX7D4Wmzm8W1r0HmB7dCzx=
vW5svFkN2P2jQ2f198kvW04 ) at CERAWeek, the mining giant Rio Tinto said it p=
lans to open its Resolution Copper facility in Arizona in the mid-2030s. Bu=
t a senior executive told the newswire the company may need to export some =
of its copper concentrate due to the challenging economics of smelting in t=
he U.S. When Heatmap=E2=80=99s Jeva Lange visited (https://d2QWfV04.na1.hub=
spotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QY=
vBR5n4LbW95jVnq6lZ3l-W8xSVr21H-ZVCW4vXlmX2lBzlkVzdq2-1mVCnSW1N5wsm6GR0ldVDC=
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5SJGPT7grdtRW2hzh6Z65msfvN6s82JHDKHyRW5lZWyQ8yj97MW8MSnKk3RgN3BW8Y3DN78BfvK=
1W7mcqxG5zg0KyVVWzVW170pQQW773Mxp5dGfYcW6lRb_Z8zPbzhW5bq-V02R0LKMW5cmxpZ2m7=
qt2W4J19Sc1nmGtXMN-80rgZjdjW5-3rcy6ZSjxgW65NJkX4v0mL8W44K0Sg2vTTL6W8rsZ7S6k=
k04nW8j9ydT1DCNp3N1b5TDSNgbdZN64_LR52vsxdW4sZ_9x4ZdkcyW2gbtgg4BH08bW6kbH-F5=
_ytVvW77vHZs3fTXG3W9gxy-W1dNclyVk_hVg2B9cf9W5dyJ1F7CQyr2W8f6Y9617HCr3W61CSK=
S4jshKrW6z8PfR2R9LsnW1MGs99920TZnW6bxkKT6mSsgCW7gBsjn2hHBFPW37wz0c5HNm20N3m=
rfVRG28H0f8mSd4j04 .) the town that would host the mine, experts told her =
=E2=80=9Cmuch if not all of the raw copper extracted at Oak Flat to China f=
or processing.=E2=80=9D

5. U.S. nuclear regulators test a new environmental review

Fermi America=E2=80=99s Project Matador, the sweeping data center campus in=
 Texas designed to be powered by large nuclear reactors and gas plants, is =
officially the guinea pig for the Nuclear Regulatory Commission=E2=80=99s n=
ew pilot program to modernize how the agency conducts environmental reviews=
. Under the new approach, the NRC allows applicants to develop a draft Envi=
ronmental Impact Statement. =E2=80=9CBy rethinking the traditional review p=
rocess, the program is expected to reduce in-house NRC review time by appro=
ximately 50% and deliver resource savings of about 30%, all while maintaini=
ng compliance with environmental requirements,=E2=80=9D the NRC said. Fermi=
 America is the first private company to participate in the pilot, which Wo=
rld Nuclear News (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/=
VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5n4LbW50kH_H6lZ3lKW5PjPv5576Fm=
0W1lhzdY8yQ4TnW2tfj-K8rG3D9W9hZP3H3mL3XmW8VpRYq7fyMbMW4fwfmx37R1prW42FVTL2R=
xLSpW6Rvnvf57Cd7rW9dKXm74w2LSlW66_nC_4Tb1n_W4fqWBj6Lh4HnW2wnm8-5V5vpMVM0tRv=
2sJXMZN8Lw-SB2bFPJVK6n803vcbJ4W1-VVhq1FzR2VN357lcY2lp6DW2qN6p98hRFK3W8qvml0=
8BrfZGW1mbcCv2vFg8CW7B47pT6hjFpRW6Q1kYb3RWXpbW5wbThM8hk_XWN2ZbhLrBbvBKW1MdW=
H45m2w2GW1ygPHT6x5dYPW7SwLzk5SC3TNW5cglWm6bLc2rW6H9dk-7Fdp2-N7Fj_V7qwft8W3P=
LLmP818pFhW7-VT2p4p6SHLdb3Sv804 ) called =E2=80=9Ctransformative.=E2=80=9D

TerraPower, the Bill Gates-backed next-generation reactor development, anno=
unced a new engineering platform designed with the consultancy SoftServe an=
d powered by Nvidia=E2=80=99s Omniverse artificial intelligence-based model=
ing platform. The software will =E2=80=9Crapidly accelerate the siting and =
design=E2=80=9D of TerraPower=E2=80=99s liquid sodium-cooled Natrium reacto=
r =E2=80=9Cfrom years to months,=E2=80=9D the company said in a press relea=
se (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6=
W2x-v7Z9PMxW7FnbcL5M5g77N2QYvz25n4LbW5BWr2F6lZ3n_W6hcr-s2G8VSwW7XpRpM1gQSvy=
W4yfLfV2jMTmsW7L-Vwm2-QQf9W39KsSx8wp-YRW2yjp8s485G_bW6Kvt9n7t9zsPW11LP3X2Kr=
wZvW8bSLTB4M0XxmW87VSlJ55fWpZV6428P6VbpR2W7mRmZg8YczXkW3lq9T_6djWfqN41zZyzF=
6QsxV_WdTv7h4ds9W72SGLm6mb1fcV2TQ404__-2gW6K788z1Q5sWHW2SDqj21twYLtW56Dkr_1=
dpRnKW58yf226l0336W5ZByDJ8tlHShW177hfN4b9V1DW1nMWg299D2MbW7qnGF86Jp4ydW4FQT=
mK7fj_FGW5HJsJ077NDBxW3mMX5W5x_jg8W4pzdt-90W-SqW2Sc8Qf4QZcFYW40rpRB4Mtyb5W4=
X_X4D2XxcGHW8Sny9k6Yv9z8VV08th46LhwTf4Kn98d04 ) . =E2=80=9CTo meet growing =
power demand, advanced nuclear plants must move to construction faster, wit=
h higher design precision and disciplined execution,=E2=80=9D Eric Williams=
, TerraPower=E2=80=99s chief operating officer, said in a statement. =E2=80=
=9CWith our initial Natrium plant design complete, we are able to leverage =
our partnerships with Nvidia and SoftServe to deploy an AI-powered digital =
twin to enhance our engineering team=E2=80=99s efforts and greatly improve =
our speed to market capabilities.=E2=80=9D

THE KICKER

If you thought a war that cuts off global fertilizer supplies right at the =
start of growing season was concerning, just wait until you find out about =
the plague of locusts descending on five of Russia=E2=80=99s farming region=
s. The Kremlin=E2=80=99s agricultural officials say data indicates that loc=
ust populations have survived the winter in significant numbers, threatenin=
g =E2=80=9Cwidespread crop losses=E2=80=9D in the Chechnya, Khakassia, Dage=
stan, as well as the Volgograd and Saratov regions, according to Fertilizer=
 Daily (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJ=
fNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5n4LbW50kH_H6lZ3p_W8CkSfc8hFLyLVTJ1Xd1KC=
lMxW4J3mTW730q0PN2TN_j24GDb7W90-nx_3_lBnfW49jD5n9lX7dLW6_RWPt60jkMnW1wYFYT2=
jW42mW3g19WM5HSPL4M6yMgpL53jtW4D0v8C4L_G3jW4xxsQl4_q-J_V4RT-K6VMmSHW3dCmfy2=
S9GQmW3p1qlZ4h3ZgcN6nqY0TsPlqHW4sM9n578ym6yN85vbBKQj39DW42qYfF542WXCVg2BkH8=
lWxPyW2YhQcY3hT1kVW91vk_z30tL3QW7tM5K33WDLVQW4Sg13b572ZTkW7WKWFD8_Q5B0W1dZS=
tv82Gn0hN64tN1SkgzybW3Mcdd98DLhb5Vm3ND95nS2NlW12K4WX2zXHyHW4BkZ7t1k11JRN5X7=
CTmPc6fkf3WyWcq04 ) .

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module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D=
"hs_cos_wrapper_module-1-0-0_" class=3D"hs_cos_wrapper hs_cos_wrapper_widge=
t hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inheri=
t; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-t=
ype=3D"rich_text"><p style=3D"font-weight:normal; text-align:center; font-s=
ize:16px; line-height:125%" align=3D"center"><span style=3D"font-family: Ar=
ial, sans-serif; color: #666666;">ALEXANDER C. KAUFMAN =E2=80=A2 MARCH 26,&=
nbsp;2026</span></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section-2" class=3D"hse-section" style=3D"padding-left:10px; p=
adding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#b3ebbb" bgcolor=3D"#b3ebbb">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#b3ebbb">
      <tr style=3D"background-color:#b3ebbb;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-2-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:30px"><div id=3D"hs_cos_wrapper_module-2-0=
-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modul=
e" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data=
-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_c=
os_wrapper_module-2-0-0_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_=
cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; li=
ne-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"line-height:125%"><span style=3D"font-size: 20px=
;"> <span style=3D"font-family: Arial, sans-serif;"><em><span style=3D"font=
-weight: bold;">Current conditions: </span><span style=3D"font-weight: norm=
al;">The first forecasts for the 2026 Atlantic hurricane season project up =
to four major storms and up to 16 named storms, roughly the same as last ye=
ar =E2=80=A2 Florida is facing its driest stretch in years, with 72% of the=
 state undergoing the two worst levels of drought possible right at the sta=
rt of the growing season =E2=80=A2 Ajman, the United Arab Emirates=E2=80=99=
 fifth most-populous city, is enduring record rainfall as storms are expect=
ed to continue through the end of the week. </span></em></span></span></p><=
/div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section-3" class=3D"hse-section" style=3D"padding-left:10px; p=
adding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px; pad=
ding-top:10px" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:10px; padding-top:=
10px;">
<![endif]-->
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-3-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e-3-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table rol=
e=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertic=
al-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1c86f5;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1c86f5;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule-3-0-9" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_typ=
e_module" style=3D"color: inherit; font-size: inherit; line-height: inherit=
;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=
=3D"hs_cos_wrapper_module-3-0-9_" class=3D"hs_cos_wrapper hs_cos_wrapper_wi=
dget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inh=
erit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-co=
s-type=3D"rich_text"><h1 style=3D"margin:0; font-family:Arial, sans-serif; =
font-size:22px; line-height:150%">THE TOP FIVE</h1>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%; font-weight:bold">1. <strong>Petrochemical pr=
ices are soaring</strong></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17273490830932" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17273490830932_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><div aria-labelledby=3D"primary-D0960=
F0VALC-1771331636.674169-sender primary-D0960F0VALC-1771331636.674169-messa=
ge_text primary-D0960F0VALC-1771331636.674169-alt_text primary-D0960F0VALC-=
1771331636.674169-date_time primary-D0960F0VALC-1771331636.674169-reaction_=
count primary-D0960F0VALC-1771331636.674169-reply_count primary-D0960F0VALC=
-1771331636.674169-link_count primary-D0960F0VALC-1771331636.674169-attachm=
ent_count primary-D0960F0VALC-1771331636.674169-has_draft_reply primary-D09=
60F0VALC-1771331636.674169-pinned_state primary-D0960F0VALC-1771331636.6741=
69-edited_state primary-D0960F0VALC-1771331636.674169-later_state primary-D=
0960F0VALC-1771331636.674169-broadcast_state primary-D0960F0VALC-1771331636=
.674169-broadcast_thread_root_message primary-D0960F0VALC-1771331636.674169=
-translated_state" aria-setsize=3D"-1" style=3D"line-height:150%">
<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">Anyone who watched television in America in t=
he late 1990s should remember the Got Milk-esque slogan from the industry=
=E2=80=99s landmark <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+=
113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBd3qn9qW7Y8-PT6lZ3p=
SW5ThP9t12vTglW8QQM9T1ZbRXgW92-yNn8vx8ZBW1BvPVB1Q_XHdW84rJpm8yYqgmN3rd9QxqL=
bF_W1Gng9r4kFQncVTQwT65r_W5CW1tVv3h1h5TNcW5xTdJj7BNwcnW3cmKj541Xp5rV5hbgG6p=
xylWW3NP6221b9dmCVlkZs04vH11WW8sSyP68BvrvPW3Wxkz98DClcfW60TSFS6G_rLhN6zKlCx=
3DQvSW81KfCh739dFjW7V0gPz106sV4W16dsRc4XDLqsW3GM1qT2wn0WZVNPqFc8Vn2f1W2dzS6=
Y4y1jwjW5B6Xqv1LlH7JW3C24LS7dM5MKf72nLy604" style=3D"color:#000000" data-hs=
-link-id=3D"0" data-hs-link-id-v2=3D"UiA6sp1b" target=3D"_blank">advertisin=
g campaign</a>: =E2=80=9CPlastics make it possible.=E2=80=9D Well, it turns=
 out safe passage through the Strait of Hormuz makes plastics possible. On =
Tuesday, chemical maker Dow told customers that it plans to double a previo=
usly announced price hike on plastic resins as the war in Iran chokes off t=
he supply of raw materials. The move, first reported in <a  href=3D"https:/=
/d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMx=
W7FnbcL5M5g77N2QYvzY5nXHCW7lCGcx6lZ3pnW85lY-C1b6j4nW8lTqRX55YzS9W2Z9CbQ2GF4=
qjW7xTb1p6TtnlKW1QYMY_6Jbp6tW8WWFp75yDFGjW1wzTXV5zkDJzW3CT5Zw8jr4y6W77s7rF1=
dq7R9W2Q5Nbs1JK4NnW7h_H-28j2RVkW7ZHySk283rqSN7cF_TksKTGYW7J_w6p6jccVwW2bpl6=
D8D14V8W7KshnZ5Pf_-HW69gN7H2_8nRxW55jJm83QdXyKMspDTVPcM__W8XRYVK8FJK0BW2Qh8=
Fz6FZxpQW39qbMc4MTX0wW1r1-286nrbNjW5LYST32N2TYDW4MKGSM15zzrjW5N1wv2365jYfW6=
rWW-41K_rM9W4Pn-Z21Rs4H2W8St5x87szvrtW5PbTVp2_dV3DW4pBQMN5R31yDW8rJ-Mf86FWL=
RW7tzkYW6f0DMlW5SxZ2z7VHChBW6wHFW63CfrFyW7YpPqZ96JNM5W5mgWQ4337Yf1V9qV8S1xr=
6R0W1pcYkJ3W18zLN1P_vZGXJ6Z0f1XSCld04" style=3D"color:#000000" data-hs-link=
-id=3D"0" data-hs-link-id-v2=3D"KNpFCwXc" target=3D"_blank"><em>The Wall St=
reet Journal</em></a>, comes a week after Dow CEO James Fitterling told inv=
estors at a conference that the company planned to raise the price of polye=
thylene by $0.15 per pound in April, after hiking the price by $0.10 this m=
onth. Now Dow plans to increase the price by $0.30 per pound. Rival produce=
rs such as LyondellBasell and Exxon Mobil are imposing their own price hike=
s. Used to make shopping bags, plastic bottles, and other goods, polyethyle=
ne is typically made with natural gas in the U.S., where the fuel is abunda=
nt, and with naphtha, a hydrocarbon derived from crude oil, elsewhere in th=
e world. The prices of both polyethylene and naphtha =E2=80=9Chave gone ver=
tical since the start of the war,=E2=80=9D <span style=3D"font-style: itali=
c;">Bloomberg</span> broadcaster Joe Weisenthal noted in a <a href=3D"https=
://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9P=
MxW7FnbcL5M5g77N2QYvBd3qn9qW7Y8-PT6lZ3mvVZl3Sr38vB74W746KDt4rF5NkW4MDZGH9hL=
-hmW7qHVt_8KsdZVN9hQKjXbCR7MW1lzsr76-BbPmVGlZ6g1DVq8FW43wHX11t-5dLW3l_Nlj7H=
BL1YVP79Rc74MNppW33NQnn6BQ9WGN4pqxK2QC_2XW5Tj-gH33CYfqW70l5G08lh3dzW37nHzP7=
Z8FxRW7g9QXw41wRGmN4M-P1PLYrWcW6QHtKz15k-SYW2JDClJ1lwYZ7W5C9Gl51vRFdRW5KG06=
Q71GVVJW1MYTyS5J8GY-W23wB-P71rgvzW97JW8X3rY8ZtW3n4qRh9bPwXcW4kyL4V7wc1qXf4Z=
nGNz04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D=
"29c5qm4w" target=3D"_blank">post</a> on X after covering the soaring costs=
 on his latest =E2=80=9C<a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ct=
c/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvz25nXHCW5BWr2F6=
lZ3pPW8DvHP-84CdywW5hNtbQ55RmZhW3H00Pb4kd1HmW4NyYTW8Wq_YcW8fF_Gq4c9c7DW81WJ=
jR1Qb_Y0W2CKFtn8Yz9vxW5GS-WB5dYML3W12Rch46h5pLzW33RMdx5c51W_W7Km0B07s488RW1=
gxzHM1-GyQdW4DcLGR2Bl5XtVq6r9f62YzCsW1D4bkv4_fPSJW2_WHZS8_4V5xW6kcP1H8H3-MJ=
W8bcVT25tv4B5W3Fz-fk6qwM78W6N75HG5QjfrHVrWsnJ4st7t2W1Zm9PZ8D_8j8W8SCJD17MsW=
TTW1SfKzq3xZ21WW3fSknt2tR42vN8-VwvHLz3w6W2CQ2938Bjdk0W1HnbXm41BnF_V6yb3F6YX=
07fW3T-Dp96rK-CVW2Fytng9gxp0mW956P7R4GnhSSW1Sk2gh5Q9vlNVJ1gVD7GRwNJf5BsfP00=
4" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"zKtL=
mNfx" target=3D"_blank">Odd Lots</a>=E2=80=9D podcast.&nbsp;</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">On a positive note, new analysis from the con=
sultancy BloombergNEF found that =E2=80=9Ca large share=E2=80=9D of the Per=
sian Gulf=E2=80=99s oil production =E2=80=9Ccould return relatively quickly=
, should the Strait of Hormuz reopen and midstream operations normalize.=E2=
=80=9D Still, =E2=80=9Ca full recovery will be uneven and field-specific.=
=E2=80=9D Fields could restart and ramp up production in at most seven week=
s. Senate Minority Leader Chuck Schumer, meanwhile, outlined Democrats=E2=
=80=99&nbsp;vision to take on higher prices with a general framework that c=
alls for expanding renewables, cutting red tape on energy infrastructure, a=
nd upgrading the grid with more transmission capacity. Renewables are provi=
ding a boost elsewhere: The British renewables giant Octopus Energy <a href=
=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6=
W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBd3qn9qW7Y8-PT6lZ3lWW86N6bs8mRn64W7Dy23F3bY4cV=
W5Kg2Ml6SRLxvVb7sHJ9gFjJbW8F8vzG6-9XfVW6Mn4Mt67JsySW1b3wq65bxTsMW6Rd8kx5F6H=
LCW7HJHnF34vZ0CVFtVlm7BlWHVW5VW7Sp15m_hDW65h-5B3TWlZkW1qZt7L78PgqHN5mjC9MbX=
KD1N8Tc1QvJ64bXW2vrX5b47bXz0Vq8h871QFn_kN7x87zckpt7MW8l2nhG7N0XMBW41RTfP8Gn=
PNmW5fJf_P8p3mWhW7Knv_62Dg88PW6PlXDw9bY_m-W2xL15S2X3c4DW7BRFPN6_mq1mW6ZCfTV=
5_TlqPf1B6Ffv04" rel=3D"noopener" style=3D"color:#000000" data-hs-link-id=
=3D"0" data-hs-link-id-v2=3D"FCxeGFu8" target=3D"_blank">told the BBC</a> i=
t=E2=80=99s seen a 50% rise in solar panel sales since the start of the Ira=
n War.&nbsp;</p>
</div>
</div></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7658043840841" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:6px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:6px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule_17168975037365" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17168975037365_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-we=
ight:bold"><span style=3D"font-weight: bold;">2. </span><strong>EPA gives t=
he ethanol industry a win</strong></p></div></div></td></tr></tbody></table=
>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17302028083781" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17302028083781_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%">The Env=
ironmental Protection Agency handed an easy victory to the biofuels industr=
y Wednesday, approving the sale of higher-ethanol blends of gasoline in a b=
id to bring down surging prices at the pump by augmenting petroleum with co=
rn. The higher blend is typically banned in warm weather because it can wor=
sen smog. But waivers for what=E2=80=99s called E15 fuel have =E2=80=9Cbeco=
me commonplace in recent years, and both Republicans and Democrats have cal=
led for it to become year-round and permanent to lower prices at the pump,=
=E2=80=9D the <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2=
QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5nXHCW50kH_H6lZ3mvW69Nq=
ZW2vmPqMW1F6vCN51dhPRW3d20fN2hL3tCW3KSlN_9kY62MW8p3BGw3bFdbKW8Q3hC734bbzzW4=
jddXV7Z3dgvW1DRGSK48b9TBW9kNLKl92387YW87fj8V1nRrx4W6mlsNq8-66lHW3nV5L17-kFY=
CW56WJKN8NCWG_W8cVfvV41k3trN2WRnXFFTB-YW3zrXzk49qcVGW4YRF1f25hhZ0VbT5Mc5WN3=
4zW7cFzrx6RZg1DW8VlkkP8YV4QrW7h9gBY7tPKQBW8FL_2x3w6dtYW4P28XG5PgBGWW3-0LFV8=
QvfWkW6R7VX72PFDDvW6ZQ4sc5KtGMTW378vN16HNrV5W8kLhdL8hGhL_W8yTWtx5283zjW8h68=
ng84-qB9W1zKqpm3MbGsjW8ZMpRP1y7Q-bf4Kg-2n04" style=3D"color:#000000" data-h=
s-link-id=3D"0" data-hs-link-id-v2=3D"S137fHtz" target=3D"_blank">Associate=
d Press</a> reported. It=E2=80=99s already allowed in some states: Iowa (th=
e epicenter of the ethanol industry), Illinois, Minnesota, Nebraska, Missou=
ri, Wisconsin, and most of South Dakota. EPA Administrator Lee Zeldin annou=
nced the waiver at the CERAWeek energy conference in Houston, where he held=
 a press conference on the issue but then took no questions from journalist=
s, according to Heatmap=E2=80=99s Robinson Meyer, who is on the ground at t=
he confab.</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">The U.S. Postal Service, meanwhile, plans to =
impose its first-ever surcharge on packages to cover the rising cost of fue=
l and transportation. The 8% fee is set to come into effect on April 26, th=
ough the current plan would phase out the surcharge on January 17, 2027, ac=
cording to <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWf=
V04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM5nXHCW50kH_H6lZ3l_W2wZ3xc9=
fWsLgW5wZyYG824tYMW7WN_Mq3yz_v1W4pNMj65pg4vVW5Y6LXW25FXR5W2dXc4q7W6CXJW2qyf=
r93CqrwjW5fNFNZ31f4JtW8TQwHJ81VYYMW6K5gPL6Vrw0VN86S_XfH6kdRW6hTQMG8XdMBZV5J=
5nD8jDWX5W7089fD1-lgLJW5MrfK45FXzJPW8XjN-777lMNNW1s7Dhh3xSTLnW8mtFjD3zTzD0W=
3ypZnp1GCN6_W87mRql7h2M3nW5Xq9Bq7f98x6W181XZf7TC9HTW8GW5Dq30GkCDVMY5x59fHZY=
zVybchF2yPJkDW3XmT-x6TkzT4W8pn2-N5Y3v9HW7lGW_m2N4V75W4gkTSj71765BW8cLdvp3Fg=
S_wW5tCrJ-4b4HWzW17djRw3RhCKnf8_sjbn04" style=3D"color:#000000" data-hs-lin=
k-id=3D"0" data-hs-link-id-v2=3D"ZcAjPCg1" target=3D"_blank"><em>The Wall S=
treet Journal</em></a>. Private parcel carriers, including FedEx and United=
 Parcel Service, have imposed fuel surcharges for years, but this is the fi=
rst time the federal agency is doing so in a bid to stabilize its finances.=
&nbsp;</p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module-3=
-0-8" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_mod=
ule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" da=
ta-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table role=
=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertica=
l-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:6px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:6px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule_17168972411022" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17168972411022_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-we=
ight:bold">3. <strong>India just set new, rather weak clean energy goals</s=
trong></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_17742690607088" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px" bgc=
olor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:10px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-1774269060708-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e_17713829086802" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
per_type_module" style=3D"color: inherit; font-size: inherit; line-height: =
inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
div id=3D"hs_cos_wrapper_module_17713829086802_" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" data-hs-cos-type=3D"rich_text"><div aria-setsize=3D"-1" style=3D"line-=
height:150%">
<div style=3D"line-height:150%">
<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">
<div style=3D"line-height:150%">India=E2=80=99s electricity demand is <a hr=
ef=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfN=
W6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBd9l0H-W7YbdcM6lZ3m9W1GMGNk1d8PSJW5KyTdS5DTf=
DqW3tt-Cs5X5-TBW4gg0xD6wbkwMW8gdlrr3-njpBN8NjZrZz6_XHW5XK0db45_g1xW5N2cS92p=
cz47W2nNk_s4d2XW6W2yKJg124b2PBW2y42W87_6QqHW41P1_B3yCjsKW86Nybf36bTnBW8hs99=
V3lQrzGW3tHKZv1msczwW5LN6x72zC0YPW7vRY4Y92X701W804z1538ckNSN8PYclTkZGCLW13D=
d833VxM8vW7lJB6X6sF_p-VrSPJK4F7NjgN4-pSl7v0tQCW3QghKV7VgPM-W31XT1F2kDSgmW43=
dpq52xXj9TW336-_L5LytsfW7XZJ203b9BKwW7V8s-491tLfcW7g6KJC4dCNpwW3rkvRd3nVQ6s=
W2Zxbhl4mdZ3CW6LFvN340CBrrW2c9-c_2WyXqHW2wh2Qk6xMvnrVYjDjp7zDd2jW6mBwRY7fCY=
2fW2jqm-c2_0pVxN3jZwY2tf4ZsW6fjjpy6Wf1hWW33MTNw38wsz8W14LbgJ8QYnY6W1XHbWM98=
RFkyW1xts2S1t0d1fW28Zhw52VWmh_W5dcmBn4qd2KwW3yllqx571zlpW3CtVsk5dBYnMW2sPty=
07txDMYVkvSRr6CJ5b3N8zx_Hp7SqlqVp2sCD8VTS7GW99Hg3m8m3SBJW8Kwmkp6nQLv-N3zTN_=
rJF6R0W38h2Tf7lLw2-W3H3Sf38S7Nc9W2TmXJT4tXB0QW18J7Xx7HFshVW8pJ8WT2BdlFCW4wz=
dVb3k50qPW854hP361__qcW3pBLb43nM7mTW3_lPXK7z_gFZN40MYNvK4_30N2B2d88RCPFjW3h=
jR6b2Y39GsW8cYq717n_d9PW3C4Z5k622np-W7nZ3D_7GVZ2WW7tCJlJ16nW-NW2_jzW64DkZtF=
W7mhjSy4-s7j_W6G9lRP4zMyQgf1Q7NFs04" target=3D"_blank" rel=3D"noopener nore=
ferrer" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D=
"rQCiu8if">soaring</a> as the world=E2=80=99s most populous nation inks tra=
de deals left and right with the world=E2=80=99s major economies, which are=
 looking to shift their supply chains away from China. Yet the heavily coal=
-dependent nation set what the <a  href=3D"https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBR3qn9q=
W95jsWP6lZ3mvW6g4F596vnF28N6qkqphRhwR3VRVj0z4xDS8lW68yMRG8Br0yCW4vPGwY3PBS_=
8W9h6Psv34W54-N3sjv4v9G_YcW3pP5qY8krj9cW5G_0s54mfpRKW61Dy8b45szYrW4ZQCNg763=
HsPW7wYxqk6vyc08W6_lt7r1FT3KMVtjBb05rNBxVW8Lzzr41jXxK2W4gbv_b89MryLW4BYrKg3=
QyXm9W8mlWqr8Tt2QkW1jZQn720M870N7WYPxjG6X01W4sYwD87ZW_wFMc-0KwzfDfVVRdsLY2r=
xGB1W2Zj1sJ36dzlqW2VlfWL7yxv8vW6qDHVK7P7ZVcW8ZTXvT7wyHpdW8slPZn7shNTXW7BXfd=
c4fTzsPVLHNyn4xX5c-f4WJXwY04" style=3D"color:#000000" data-hs-link-id=3D"0"=
 data-hs-link-id-v2=3D"L7OSphWM" target=3D"_blank"><em>Financial Times</em>=
</a><em> </em>called just =E2=80=9Cmodest goals for renewable energy and em=
issions cuts for the next decade.=E2=80=9D On Wednesday, Prime Minister Nar=
endra Modi <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWf=
V04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx5nXHCW8wM7ks6lZ3pzW3brzpV4=
lnSp7W6KCntx2DRVc9W8WRZNd340ZXRVGNWhb3cx6lvW2BJTwp1CPPc2W2MP7xS6yTLWZW2Bs7H=
H3RTrf8N7GrzQ-yqND9N7Hz8J5y7l21N4x6VqnV8hFVW7dccX76rtCklW3W1YDg6vzvC9M4JxZF=
xmJ6pW82tfWz7lqW-bW8qtmYf5Q8SSJVvLwhX4VXGH5W4GzSKW4z7JLVW5dkpJm6jTLdVW4pbFz=
26zwRJlW6rggt12198hvW5kqvc88zGfKwW7KPVsT7vpk92W5jhcb7778DCNV9Mfh44jpBgMW4vp=
hBl4YzmSwW1Ms2PX5Sl5JjW4VctJ88BKKXyW1nnHPB3TH3NdW7FkBmx8fdHJQW1v0CPy4vTDb6W=
8q4ZdD2Nq8YZW4pjf168bcX0vW3PV9nG3B3XJsW4sPTdv19FyFbW2fD-BK9jY52BW5xbNbb8Nwp=
j2W30Fqcr5hz3N3W1VDTm954g8TKVK0F708pVMzdV387k23K0_2YW8rQzSn5td0YpW7cNFP888y=
1tpW4J8Gyz8JhknbW8FMhWp6KXNfCdQL6FH04" style=3D"color:#000000" data-hs-link=
-id=3D"0" data-hs-link-id-v2=3D"kVxqmS9a" target=3D"_blank">unveiled</a> th=
e country=E2=80=99s latest clean energy targets, promising a =E2=80=9Cpeopl=
e-centric approach=E2=80=9D to =E2=80=9Caccelerating clean energy and green=
 growth.=E2=80=9D But in the long-delayed document, which all countries wer=
e due to submit to the United Nations a year ago, the Modi government pledg=
ed to reduce emissions relative to its gross domestic project by 47% by 203=
5, compared to 2005 levels. The blueprint also promised renewables would ma=
ke up 60% of India=E2=80=99s cumulative installed electricity capacity by 2=
035, well below the country=E2=80=99s Central Electricity Authority estimat=
es that by 2036 nearly 70% of India=E2=80=99s power would come from non-fos=
sil fuel sources.&nbsp;</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7742690607082" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
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erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
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    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1d5693;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1d5693;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
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erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
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nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><h2 style=3D"margin:0; font-family:'Times =
New Roman', Times, serif; color:#696969; font-size:12px; line-height:150%">=
<span style=3D"color: #1d5693; font-family: Arial, sans-serif;"><a href=3D"=
https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-=
v7Z9PMxW7FnbcL5M5g77N2QYvBR3hKBlW95jsWP6lZ3mdW5v3JhL4mpBXZW8Jbrk725CynyW8yl=
59V3_X6rNW4qSPT822JCXLVmQ_2w4BjBqzW2BWhSQ73XrtpW97mdwW77YHsBW5v2QFK8LrdV6W7=
5fJgV5Yqxs8W2cVbd05CZg3NN47zJFZR9YZ1W6kqj-48jYJVVVMfsDw2YGzBRW94r-7t7_8GXFW=
6FCZrJ4KkYPNW8Nk_xy1P_4-QW4l8N4m67jpJsVTJkqW245ScDW2FS-Vr5ShXGKVGfqKd6DgmnN=
W5tK2gB4c0Z52W2pJdQd4DGcbNW2LtMyv2Y5GpdW3RqBJN5f64QyV7zKMg7rt1qjVwmfTk64rLH=
0W9gNmJB9bh7PqN7vCBBMxzwknW5d1jW08QZfHtW5tCchS2c1CZ3d6tvQg04" style=3D"text=
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-link-id=3D"0" data-hs-link-id-v2=3D"Zxefpeul" target=3D"_blank">A MESSAGE =
FROM HYDROSTOR</a></span></h2></div></div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_17742690607084" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
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" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"pr=
esentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
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    <tr>
      <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font=
-family:'Times New Roman', Times, serif; color:#000000; word-break:break-wo=
rd; text-align:center; padding:10px 20px; font-size:0px">
        <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04=
/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBR3hKBlW95jsWP6lZ3m3MZTnv270FmJ=
VPkd5k3y-GSvW758562356Dq4W9dLwNg52MttvW4p98vT5QV9pfW4JZS3x5lzfF_W3hxKdB4_7r=
45W2Kdv8f2q7LsXW4N94BM9lS31RW1PsCVW2hv_zRW7w0h7z7JTYVKW5kVTCH6kBhmhVtgqjs4D=
wZzdW91ZgL75fCLWwW35DX216yFm-MW6z60tV64Pv6-W60vb0D70NnNrW8QVThG25v9nyW1BTsD=
d5W5PpjW72yTpj5S3j27W2Db8Tq3X7F7TW3-TQb-5rHLgzW3Wkvjy8X_9vbW2fQPRN3-1xCpW82=
39j97KHQ8FW7yp2b-4jBT3DN8jwkb-1hvbNW7ZW3lz8g4N1qN6jcgLdzCkdKW46QQTS2Q4SH_f9=
8KVsH04" target=3D"_blank" style=3D"color:#00a4bd" data-hs-link-id=3D"1" da=
ta-hs-link-id-v2=3D"5TN+IRwA">
        <img alt=3D"Heatmap Pipeline Image-600x200_@2x" src=3D"https://hs-2=
3917781.f.hubspotemail.net/hub/23917781/hubfs/Heatmap%20Pipeline%20Image-60=
0x200_@2x.png?width=3D1120&amp;upscale=3Dtrue&amp;name=3DHeatmap%20Pipeline=
%20Image-600x200_@2x.png" style=3D"outline:none; text-decoration:none; bord=
er:none; max-width:100%; font-size:16px" width=3D"560" align=3D"middle">
        </a>
      </td>
    </tr>
  </tbody>
</table></div>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7742690607085" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17742690607085_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"font-size:18px; line-height:15=
0%"><a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr=
5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBR3hKBlW95jsWP6lZ3pPW1hPs6r3WYfXyW3=
nfkL13cqTq2W8m3HmR1BrhJtW4lz4vW4_FXQtW2dv9yT2GRyhrW6p1rsN7FTvwMW8fSCcS3HN6C=
fW8jsfRs743H7PVNw44570kgHkW7xTvBw8v-qn9W7p6QnC2ZB0LNW3n4b3r4Y50rHW2cZK1S1Kc=
Mz5W42lS8j8r4nhlW30DWGS4hx3Z9W6zZDJq49BkdJW4v64nw2xvxG_W9hrHPs2N1J_GW3WHWYF=
3SQWw0W403rNf8Rvr7ZW9kYVXk1JGqc-W7D8Ry43Rtv57M2zTmwBX91wN3zbBRRyP7k_W6Hxj4B=
5P3D97W7Xw2tx6VtxlVN5dfvxXbdsdWW19gWgL12Ds1sW9dqvN42Cw2WFW62nbFZ8GBcLHf6Mzd=
C004" style=3D"color:#000000; text-decoration:none; font-weight:bold" data-=
hs-link-id=3D"2" data-hs-link-id-v2=3D"1yaHw5Ui" target=3D"_blank"><span st=
yle=3D"font-weight: bold; font-family: Arial, sans-serif;">The Next Generat=
ion of Grid-Scale Storage</span></a></p></div></div></td></tr></tbody></tab=
le>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_modu=
le_17742690607086" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wra=
pper_type_module" style=3D"color: inherit; font-size: inherit; line-height:=
 inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module">=
<div id=3D"hs_cos_wrapper_module_17742690607086_" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit=
; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wi=
dget" data-hs-cos-type=3D"rich_text"><p style=3D"font-size:14px; line-heigh=
t:150%"><span style=3D"font-family: Arial, sans-serif;"><a href=3D"https://=
d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW=
7FnbcL5M5g77N2QYvBR3hKBlW95jsWP6lZ3l8W8pDZJG3r2rfXVRx7r736k98VW7h-ltj6Yj26y=
W7qRpBM5XxNyLW13nzvT2zY7SnV7Tnyf2lSb5wW5H2F3K69-k24W6hYPSq1Lt2s0W6hXFfq2YFr=
q7W6s2G454nw1HsW7HJlT411bm7-W5gsGGR5kx2MtW2LnxKN8Xc4fyW2k99ly4BqYklW6R-30v2=
YG8npW8KHqNn4Cl5-ZW8ZFTK41-6bt_V_Dkwg3LsfFvW8XXtjG55BxdRV9HbGg1pcjg6V4_58P3=
nZZsfW4g540b5-hWrzW7S7P_C1jyQ5NW1B6pJ06cvSHpW8GgmVP7xCNlXW8gHRYz6vBFgyW6ZNS=
4_8vwhGwN3HKqt7qFWkLW78V0R-7fTY8_W5kRbvx3XRFjbf3W0gG604" style=3D"color:#00=
0000; text-decoration:none" rel=3D"noopener" data-hs-link-id=3D"3" data-hs-=
link-id-v2=3D"GTEuY9Ob" target=3D"_blank">Electricity demand is rising at a=
 pace not seen in decades. To meet this emerging reality, the grid will nee=
d firm, flexible, and truly dispatchable resources. Explore our 7-gigawatt =
pipeline of Advanced Compressed Air Energy Storage projects with Hydrostor=
=E2=80=99s President, Jon Norman. <span style=3D"text-decoration: underline=
;"><strong>Learn more</strong></span>.</a></span></p></div></div></td></tr>=
</tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7742690607087" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1d5693;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1d5693;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1774008655095" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column_1774008655095_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_=
module_17168973895873" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_module" style=3D"color: inherit; font-size: inherit; line-hei=
ght: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"modu=
le"><div id=3D"hs_cos_wrapper_module_17168973895873_" class=3D"hs_cos_wrapp=
er hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inh=
erit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=
=3D"widget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; fo=
nt-weight:bold"><span style=3D"font-weight: bold;">4.</span><strong> </stro=
ng><strong>Rio Tinto aims to open a big copper mine in Arizona in the mid 2=
030s</strong></p></div></div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_17744816940521" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"pr=
esentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
  <tbody>
    <tr>
      <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font=
-family:'Times New Roman', Times, serif; color:#000000; word-break:break-wo=
rd; text-align:center; padding:10px 20px; font-size:0px">
        <img alt=3D"GettyImages-2260914211" src=3D"https://hs-23917781.f.hu=
bspotemail.net/hub/23917781/hubfs/GettyImages-2260914211.jpg?width=3D1120&a=
mp;upscale=3Dtrue&amp;name=3DGettyImages-2260914211.jpg" style=3D"outline:n=
one; text-decoration:none; max-width:100%; font-size:16px" width=3D"560" al=
ign=3D"middle">
      </td>
    </tr>
  </tbody>
</table></div>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7528405697962" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17528405697962_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"text-align:right; font-size:12=
px; line-height:150%" align=3D"right">Headframes on the site of Resolution =
Copper=E2=80=99s proposed underground copper mine. Photo: Jim West/UCG/Univ=
ersal Images Group via Getty Images</p></div></div></td></tr></tbody></tabl=
e>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px"><div id=3D"hs_cos_wrapper_module-3-0-7"=
 class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" =
style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs=
-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_=
wrapper_module-3-0-7_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"line-height:150%">I have <a href=3D"https://d2QWfV04.=
na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5=
g77N2QYvBd3qn9qW7Y8-PT6lZ3ldW632Rpc815TGwW92lssC7VnqQjW7RjCQW2G45cDW60kfQj1=
R2B28W4GsNdV16qMyDW7zv4s74tRc1jMNwWhXyJkk-VN0grr5QWBfrW7ZS0rX7WYyBWW24TPrk6=
--31xW4F2ndx2fGz8yW6nrWdF7-vhV-W23BS9Q1bZj1zW710ZZm2P7tx4W5DhngC1mJgc2VSJtq=
S5WLVGcN7Q9fpPKQF_GW1ZfBt-5dqxNxW49TtKC1W7-lWVH-K8d3SJdtcW65syVN8gBGkLW1H9M=
Z_3cFxJRW1qSrxt8Y1yclW1YbP7_7Ls4JKW2Km_Pc3VKlcfW5-811C2CT8kVf3N95v804" styl=
e=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"M0wsZEML" t=
arget=3D"_blank">written repeatedly</a> in this newsletter that the metals =
industry is more concerned about the West=E2=80=99s capacity to refine ore =
into useful materials than it is about the capacity to extract more mineral=
s from mines. Here=E2=80=99s the umpteenth example: Speaking to <a href=3D"=
https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-=
v7Z9PMxW7FnbcL5M5g77N2QYvzl5nXHCW69t95C6lZ3mGW2zQw1D8VHycsW7qtKsm88jFxnW55_=
4KH2WrgmDW74zCkV2p2TFlW3gSQgz1wGmz2W2-gCyQ5ghpK-W8Rx60j3gzWBkW5D8ghd8-H3XXW=
94h-Bc7hFzM5W8W9YDX79SlfJW3xy6516X04mlW9c1pxH4Q3hq4W2m025M59V_NcVc32T25Qdwp=
6W56Nc0x588BzmW20PjZs2Zv_vnW96fT_w26zT-WW34hLd14NznG5W189F-k5tl4sPW6kfYDD3Y=
w1pkW4JkCQQ8HKn4jN1qLqh0bcW0yW32031c5W3qbqW3D3dGs8svNQpW1DySDD2Wlw88VwVXkm1=
NxpdxW2nt4Sw677lJJW804vKm8_7RCXN6nbs3Q62NBHW7MvW0t8Kg64-W7ND_Fb2rD3w8W5x00d=
z1LsJ8bW2wpXjN4TtMMfW3MssBz90ZGcSW7NVXSt8y1yf_W4cXGB162MDzWf6XLl9v04" style=
=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"5GV0lZaX" ta=
rget=3D"_blank">a Reuters reporter</a> at CERAWeek, the mining giant Rio Ti=
nto said it plans to open its Resolution Copper facility in Arizona in the =
mid-2030s. But a senior executive told the newswire the company may need to=
 export some of its copper concentrate due to the challenging economics of =
smelting in the U.S. When <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/=
Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvyM7mt9PW50l5t=
j6lZ3m5W1Kbyvd1kmX6_Vg9hzc8-QjTfN62TpQnXPTC1W56R3cX4tk-0XW5fRzvy3ZhDTRW7XXg=
PK2_Cz5GW8xBRsz1KvrN4W1WhmNX34S2WmW8KFh979j5kgYW3RzRMp4tmVdPW6MJQ6Y6BWKr0W3=
y5pgQ5NdC-WW8vxWWl10bkJtN4pMhxbvMjNwW4rk6WC27ZCw6W8wZmYm9c---KW2CX8C_8DhjPK=
W15JH9x7G_S3qW36M3vM5Gd21RW5JvdDH5R-00ZW50ry--7pdgs3W4pZvgr9953t-W7PWg2P8Sv=
fBnW4pJSfY3mqYs3W6SqtW61khtR9W4gGkN45-_ynDW37sqgt8dB3vpW8zVkgv2m4dZRVQy_hG5=
FKFKZW5mYksZ8rVDBsW7QsftH7YdjNBW1VVnSB4k_zM1Vnjsh713gNcnW3rBGkH6FdtFZW2_dH_=
g2sz-9tW1cx2lC3ccHFRW1BDwfm1z6T4vW6xGlJl48XfPlW6MlXwb8_nHW7W7PtV0F2HtYsfN2L=
MqYLTKwGpW2JynYG6tss_2N9lcVFFrDhlBW3JYGmT5wCRB_N8Q7t7vSXqTPN17zdzvlrSFqW5Tb=
b1b3zJXgsW6GcXxm62dlXtf87Z0HW04" style=3D"color:#000000" data-hs-link-id=3D=
"0" data-hs-link-id-v2=3D"Dp2IcIxl" target=3D"_blank">Heatmap=E2=80=99s Jev=
a Lange visited</a> the town that would host the mine, experts told her =E2=
=80=9Cmuch if not all of the raw copper extracted at Oak Flat to China for =
processing.=E2=80=9D</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_17730578705787" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px" bgc=
olor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:10px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-1773057870578-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e_17730579045121" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
per_type_module" style=3D"color: inherit; font-size: inherit; line-height: =
inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
table role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=
=3D"vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
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-left:10px; padding-right:10px">
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      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px" bgc=
olor=3D"#ffffff">
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    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
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=3D"0" style=3D"width:600px">
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<div id=3D"column-1754914755678-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_=
module_17412689178444" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_module" style=3D"color: inherit; font-size: inherit; line-hei=
ght: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"modu=
le"><div id=3D"hs_cos_wrapper_module_17412689178444_" class=3D"hs_cos_wrapp=
er hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inh=
erit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=
=3D"widget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; fo=
nt-weight:bold">5. <strong>U.S. nuclear regulators test a new environmental=
 review</strong></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17412689339535" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17412689339535_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><div data-qa=3D"message-text" style=
=3D"line-height:150%">
<p style=3D"line-height:150%">Fermi America=E2=80=99s Project Matador, the =
sweeping data center campus in Texas designed to be powered by large nuclea=
r reactors and gas plants, is officially the guinea pig for the Nuclear Reg=
ulatory Commission=E2=80=99s new pilot program to modernize how the agency =
conducts environmental reviews. Under the new approach, the NRC allows appl=
icants to develop a draft Environmental Impact Statement. =E2=80=9CBy rethi=
nking the traditional review process, the program is expected to reduce in-=
house NRC review time by approximately 50% and deliver resource savings of =
about 30%, all while maintaining compliance with environmental requirements=
,=E2=80=9D the NRC said. Fermi America is the first private company to part=
icipate in the pilot, which <a href=3D"https://d2QWfV04.na1.hubspotlinks.co=
m/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvz25nXHCW5BW=
r2F6lZ3pfVT3TrX34zC1vW10QmVD6VcYNTW169BtP1JCtkkW6xHXwq4SwRkhW4wG0968b9GGcW1=
xWDdJ8Cf-jxW1-Tt324DD8p3W4NtvJ0720hYVVThQF065vWxdW4SzJGK4gt7R5W5DmXpN5-fKQx=
W86C41N6knWsLW8B4tn_6spNfdW1x_XZZ1sjWMFW17pg4t8jQmlgW6Hv5rK5t9LpHW2Y62dh4pK=
BY0N2SgFvjl-yllW4y9b_61m_z-5M8XW30TCqb6W3Q9ckm4xfbc9W3MCTc85cVGg3W4bS1M889S=
C8vW6HxnzD1ZWGKcW44ljKx7QY1GCW2GTDz84sk8vjW9gThgJ8FqSWvW6cMPN2450CslW2QQZsr=
52t2wQW6wb1N71w7_djW26439c3d7RG6MxS4q-f4nQWW68tLLv6N-0r1W5Kq7h84r7NxndBNsZq=
04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"mwh=
eLEdb" target=3D"_blank"><em>World Nuclear News</em></a> called =E2=80=9Ctr=
ansformative.=E2=80=9D&nbsp;</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">TerraPower, the Bill Gates-backed next-genera=
tion reactor development, announced a new engineering platform designed wit=
h the consultancy SoftServe and powered by Nvidia=E2=80=99s Omniverse artif=
icial intelligence-based modeling platform. The software will =E2=80=9Crapi=
dly accelerate the siting and design=E2=80=9D of TerraPower=E2=80=99s liqui=
d sodium-cooled Natrium reactor =E2=80=9Cfrom years to months,=E2=80=9D the=
 company said in a <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+1=
13/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvzl5nXHCW69t95C6lZ3pY=
N3fFsNsj5F1zW5X65C61BYyfyW6tMyMq3fjcm6Vn1wsp4Kc2dpW1c3jMw1SKpGXW80LnV62Sjxd=
SW74zYgv7SpTCdW4kZC5S3bxD1HW6gkgFh5W2dL8N5QgP5JqjhG9W5vHbH58QHrRkW2WHz1h9lJ=
tb3VPYz7k1JXzlQW2wG6QC1bt08VV6-pb78n5PLTVmGrqf7wSSvsW5k3-wz46Y8zsW2ZlJjW7-B=
fRFW4KFhsq3bK9HpW25ym6H6q3Q5wW4CkxXR8-wjyZVMHVR85t7L31W8TFpDM8dpGX3W7V3W9c6=
9xt2RW5HyfFW9fyHnnW8_gK7164DqJ0W19vPx-1911RXW9g-hxB2VBlK-W8312f97DBsQyW3hq0=
h_899gMwW2nXj7V8LK_DDW8yPfWm5zdw9VW2cW2VW5zjZhhW1vJ6cl4h7vvQW5t0x2C5XJK1KW1=
ysnmz2Wbf2jf94V2_204" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs=
-link-id-v2=3D"Kz2ToJwM" target=3D"_blank">press release</a>. =E2=80=9CTo m=
eet growing power demand, advanced nuclear plants must move to construction=
 faster, with higher design precision and disciplined execution,=E2=80=9D E=
ric Williams, TerraPower=E2=80=99s chief operating officer, said in a state=
ment. =E2=80=9CWith our initial Natrium plant design complete, we are able =
to leverage our partnerships with Nvidia and SoftServe to deploy an AI-powe=
red digital twin to enhance our engineering team=E2=80=99s efforts and grea=
tly improve our speed to market capabilities.=E2=80=9D</p>
</div></div></div></td></tr></tbody></table>
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<div id=3D"column-4-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e-4-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table rol=
e=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertic=
al-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1c86f5;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1c86f5;wid=
th:560px;">
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            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
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</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px"><div id=3D"hs_cos_wrapper_module-4-0-1"=
 class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" =
style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs=
-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_=
wrapper_module-4-0-1_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><h1 style=3D"margin:0; font-family:Arial, sans-serif; font-size:2=
2px; line-height:150%">THE KICKER</h1></div></div></td></tr></tbody></table=
>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7678798381002" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
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s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><div aria-labelledby=3D"primary-D0960F0VAL=
C-1772455746.018939-sender primary-D0960F0VALC-1772455746.018939-message_te=
xt primary-D0960F0VALC-1772455746.018939-alt_text primary-D0960F0VALC-17724=
55746.018939-date_time primary-D0960F0VALC-1772455746.018939-reaction_count=
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455746.018939-link_count primary-D0960F0VALC-1772455746.018939-attachment_c=
ount primary-D0960F0VALC-1772455746.018939-has_draft_reply primary-D0960F0V=
ALC-1772455746.018939-pinned_state primary-D0960F0VALC-1772455746.018939-ed=
ited_state primary-D0960F0VALC-1772455746.018939-later_state primary-D0960F=
0VALC-1772455746.018939-broadcast_state primary-D0960F0VALC-1772455746.0189=
39-broadcast_thread_root_message primary-D0960F0VALC-1772455746.018939-tran=
slated_state" aria-setsize=3D"-1" style=3D"line-height:150%">
<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">If you thought a war that cuts off global fer=
tilizer supplies right at the start of growing season was concerning,<stron=
g> just wait until you find out about the plague of locusts descending on f=
ive of Russia=E2=80=99s farming regions</strong>. The Kremlin=E2=80=99s agr=
icultural officials say data indicates that locust populations have survive=
d the winter in significant numbers, threatening =E2=80=9Cwidespread crop l=
osses=E2=80=9D in the Chechnya, Khakassia, Dagestan, as well as the Volgogr=
ad and Saratov regions, according to <a href=3D"https://d2QWfV04.na1.hubspo=
tlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJfNW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvz2=
5nXHCW5BWr2F6lZ3nHVQx7298L03g9W3G6prh83XxnjW3KR1473xfJ6QW7WyKWY5g38sBW3dPct=
124bpHmW5pYNh41vjL9CW8xcSL150llhqN3nQ72p1BRX5W142Qpm99R7h3W80-1Gy1qBbx1W8Hk=
3R41VrYQJVWpK4-38DFB7W7csV9c5l6JGzW4CLjh565H8STW4HSlKH6XhsYhW45cWwK3JFYywVB=
Yhjp4xv6HxW4YcTcX133M_CN8280G78p9YqW4bJcgL3fxqLRW94f8Kp329GCZW95Pkmv4mT_tvV=
GF1S468104_N2zwG2BQm6-DW6J5dS76LDw_4W1K-pp-5Q_ZJfW7BmgJV2TSXDkW2045ss33RBrp=
W56w_095RsbLRW4SW9VJ4jLlVsW1HYJx76mZMjgW5X2xW64yYdwHW3D0xHm4p-VVDW91CJzB4X0=
15wf7txbLg04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id=
-v2=3D"JZvYNHsT" target=3D"_blank"><em>Fertilizer Daily</em></a>.&nbsp;</p>
</div>
</div></div></div></td></tr></tbody></table>
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<![endif]-->
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e_17394601289042" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
per_type_module" style=3D"color: inherit; font-size: inherit; line-height: =
inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
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nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
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erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
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s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-family:Arial, =
sans-serif; font-size:22px; line-height:150%">Opportunities</h1>
<p style=3D"line-height:150%"><span style=3D"font-family: Arial, sans-serif=
;">&nbsp;</span></p>
<p style=3D"font-weight:bold; font-size:22px; line-height:125%"><span style=
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<p style=3D"font-weight:bold; font-size:22px; line-height:125%">&nbsp;</p>
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<div style=3D"line-height:150%">Interested in discounted group subscription=
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<div style=3D"line-height:150%">&nbsp;</div>
<div style=3D"font-size:20px; line-height:150%">We=E2=80=99re bringing <a h=
ref=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VVr5pf1YvJf=
NW6W2x-v7Z9PMxW7FnbcL5M5g77N2QYvBx3qn9qW8wLKSR6lZ3m8MGbzZXWmB4yW1hMbrv4pCb1=
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q8mkQtlW6DQmDr4LXfc_W5bRLQq6XQZspf7VjhVP04" target=3D"_blank" rel=3D"noopen=
er noreferrer" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-i=
d-v2=3D"HcX13Lna">Heatmap House</a> to San Francisco&nbsp;Climate Week in A=
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p.news" rel=3D"noopener" style=3D"color:#000000" data-hs-link-id=3D"0" data=
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<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div></div>
          </td>
        </tr>
      </tbody></table>
    </div>
 =20
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;padding-left:0!important"></body></html>
------=_Part_491896_1614492639.1774526273259--