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Delivery-date: Fri, 27 Mar 2026 05:28:58 -0600
Date: Fri, 27 Mar 2026 07:28:47 -0400
From: Heatmap AM <editors@heatmap.news>
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To: alvarochf@traceseis.com
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Subject: O BYD
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On graphite mining, local climate policy, and East Asia=E2=80=99s LNG crunc=
h

heatmapAM_logo_fullcolor_whitebg (https://d2QWfV04.na1.hubspotlinks.com/Ctc=
/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxlP3pyd0W6N1vHY6lZ3=
mfW2MR8cs68Cp6MW93jc8L5fTVkgW7RSvDk5brBjWW3t19qG40rRvqW4ZMvv32DHjZ6W4tP00W4=
LfMV9W6wWLkD8Nx_HXW7kbYl-6f-mdbVfHfSR7WPcytW2mgQDS33_x3FW3QjN823tLsJbW7klxK=
G7MghskW5sTKJp4XFvLXW7nKblz2l5k72W1T6GS48sYWxVW4M1xVY8HDTRfW8P18jX8y-MF7W19=
vHnp89gw7WW3Qx0Tz6MB0DdW6wRTjj6VJhgmW6MPCKP9lrXlTW8mvNbC1phlJWf7HfQmv04 )

ALEXANDER C. KAUFMAN =E2=80=A2 MARCH 27, 2026

Current conditions: Thunderstorms are ripping through the Ohio Valley with =
winds of up to 85 miles per hour =E2=80=A2 The historic heat wave in the So=
uthwest is finally cooling down, with temperatures in Phoenix hitting 100 d=
egrees Fahrenheit today before easing into the mid-90s over the weekend =E2=
=80=A2 Hail storms that pummeled Laos damaged the roofs of thousands of hom=
es in the capital Vientiane.

THE TOP FIVE

1. BYD already has plans for 20 dealerships in Canada

Cue the 007 music, but maybe leave the Aston Martin in the garage? Photo: B=
YD

A week ago, I told you that (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+11=
3/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm43pyd0W7lCdLW6lZ3q5W6s=
hm__1D7cSVW7NBRvg4YlPfpVRBPfD1LkK03W78kqpz1NS6rlW54dHFs3TBTZ6W3mNFpv71htnVW=
61FTj5672g6yW6CSyBr6kNps6W4VgqBY3RzclLW34qsks5ntKcKW27Fbly3tzKpWVZhZTh6mt-8=
pN4nRb512SnYZN13Wl62Mw8FvW1pDTyZ8G5kFxN7MmN5wQm86vW2qp7p53x0HChW6kRcWt7129k=
-N5nx47fDpxRxW63l5pp4HxNNXW5jG2Jn6903XfV9x-f87wftslW7hbcm32DvF16W7_4rNp4nFh=
cdf2tWSYj04 ) Chinese automakers were wasting no time in setting up a Canad=
ian beachhead in the North American vehicle market, with at least three com=
panies on track to start selling cars by the end of this year. Now the larg=
est of Beijing=E2=80=99s auto giants, BYD, has outlined plans for at least =
20 dealerships in its first year in Canada. The company =E2=80=9Cis moving =
fast to establish a physical retail presence in Canada,=E2=80=9D Electrek (=
https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg=
4F4WxsW178YCN5M7mwSMtGxmH3pyd0W8wLKSR6lZ3lKW1CQtHF4D1kMqN54DKrQQt7SdW8sVj1C=
7KrDTBVHcz6R7FvVsSW7q-gVK27XwDbVj6w6Y7zhK9RW3gqMBf8tzKYwN4zNH2Sq8rDkW1YxNlR=
37q00zW5_6M0J4p4TxwW3hFtNT3t3CZFW3P2JNl4CKQpdW7-PNQ91kWbCCW3GVGRv5TC2RsW4SV=
CTc3jS7JlW5qXKT13LDxp8W38XxD71dhxY9W4XJtVS6L3XG-W1hTN5M1gpjB8W9kV5Bk8TQj30W=
7TWFGP8rvW_yMxbgNNTQbHbW6npxS244dvj0W8xP5wt2FcKL1W4VMgGF1k3yvWW7QvL932Mm5Mf=
W1dWLrr2-fBp3V39Dpj6NqnS0f6-5LTs04 ) reported, and is already scouting out =
locations in the Toronto area. BYD has hired Dealer Solutions Mergers & Acq=
uisitions, an Ontario-based automotive consultancy, to find dealership loca=
tions throughout the country. =E2=80=9CThey=E2=80=99ve asked us to help the=
m find as many of the 20 that they possibly can, but they=E2=80=99re out th=
ere doing that themselves, as well,=E2=80=9D Farid Ahmad, the consultancy=
=E2=80=99s chief executive, told The Global and Mail (https://d2QWfV04.na1.=
hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMt=
Gxm-3pyd0W95jsWP6lZ3mTVpBpNZ7kW8SDW7mnMJM6V9KS6N6L_RMB_S6WyV6Lp304WJBTNW3YH=
R8k1jd4SvW5_j4nz20cJgrW54VYDZ2mlSHYW3vT8Cn5Fzp3nW80F-Ys13tCkHW5FwJkz958NSvW=
7LXx4J6PwCXXW2m6f_z82GbDrW5lTkFp5TnDYfW7vzkjP4CWzN5W15jbp93l9DZ2W5fN9bZ1qHc=
0bN2_vxrbGmJ4LW6NyWW-69fzyYW8SgcMm4TqWLwW5_gc5X5r86VFW7SsF8N2s-LfCW2SdXPW2Z=
H-QzV-bXXY8752ffW2h_Lk64k-QXbVb71kr1GtvrCW8CWVHs8l419xN5Bxtvz3_M_KN35Vs-0PL=
H8VW1hvCTm7PdjySW5YlPv198bZ9nf3SX23g04 ) . BYD=E2=80=99s cutting-edge desig=
ns and low price tags are the result of China=E2=80=99 ability to =E2=80=9C=
innovate so relentlessly because of its abundance of process knowledge,=E2=
=80=9D Heatmap=E2=80=99s Robinson Meyer wrote last year (https://d2QWfV04.n=
a1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mw=
SMtGxmn3pyd0W7Y8-PT6lZ3nTW5Tm3Wn3d5zwMW1VDL265RqdDPW2tB2lL5gL-vRW7CBYLr1rd4=
f5N2Kw2DspH6MJW3rpS6h7_6-j3W7tMLNc2496Q_W6ppJCG2Xyb1pW59W_Vf5Xdt_DW7l0jK17f=
W0b2W4v2Wbb3-mNSPW7Mmf8p951GXDW35P6_C1hvB7QW180cCS24N_VsW3N9SM37C0P67W6YPBK=
n9jzlhNW114w8n33k5fqW7MM7P41WCQ4xW75PBvt8ZYS25W1Lb7s03fcVtHW7mC-rH5TqSbKW4q=
357q8dfj7lN211GYcHBlvdW2HMqSX7V325nW4dZYCR3tqxN4W55NHGS8Tn8lWf9ctgy204 ) , =
citing Dan Wang, a researcher at Yale Law School who studies Chinese techno=
logy. =E2=80=9CThis community of engineering practice may have been seeded =
by Apple=E2=80=99s iPhone-manufacturing effort in the aughts and Tesla=E2=
=80=99s carmaking prowess in the 2010s, but it has now taken on a life of i=
ts own.=E2=80=9D BYD is also tapping good old-fashioned Hollywood starpower=
 to promote its global rollout. On Wednesday, the company=E2=80=99s luxury =
brand, Denza, announced (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2=
QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxlv5n4LbW69t95C6lZ3mPW685F2X=
5FKYx9W1V4HQy17D_lHMkWNhj8kL_zW5z3Bcc8hwm12W86b-V720zG1qVNCyvY1BzPTMW7V4cV1=
6M8SPcW8GqMP99m1pB4W1VjN-62c7YlCW2zdhBR2_dgjHW4CsjXj4j_97rW78MgS-91s2nqW6q5=
2Cd6khSMdW3TTKMp4zcZkVN8GjzSFmFglxN1xx8Y1Tvj1nW2v_PRB8RV4cWV2TH4L67865vW3Ll=
v073M8RgGW3t1yzP15dYhMN3zMynhw5Ln8W3LZj-r8CKg4xV27Gxt7n8xMzVx_5521CKZcyW45V=
hLV2wMBfMW4fWY683HpkCkW83bz9y1DLHzqN4DtCv9PTRg7W42TQVm76D2t6W6w2V8N20prlgW4=
DtBzB8r9hKNW3y5F3y4QWxfCW2CW0RV6DV2R9Vc3LhG2DmsH9W28Hq6G17ZvTRW94xCYj3035Jh=
f8mVyml04 ) British actor Daniel Craig as the face of its new advertising c=
ampaign.

Ford, meanwhile, is sweating the competition as the iconic American automak=
er seeks to rebuild its electric vehicle line from the ground up. The first=
 models designed through the company's new Model T-like approach are due ou=
t next year, InsideEVs (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2Q=
WfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3pyd0W8wLKSR6lZ3lgW1Npd7v1=
FxgFcVbgpWQ41L0PQW4n66wb6BcwzpN3bjmn96110XW4GFLjj714MDKVncZbL77x7QrW8Vv6Tr5=
RTCtHW19Gy4T9jy1tvW97S6Qh6jTqG3VQKqjS8tXqjwW3Qz_YV69ZLhgW4dKHGl2CBm_kW6RclZ=
t57G1yrVPt1BX6psZ7nW5dgjfB3wVGvDW6Cn6DD2YLzMXW9dfGBN84Gbk6W868G2w263QrsVxsQ=
Mn2KQtk7W7CBW0m7HNjnlW7ptb6b999D6lW4fdm0x6Z4B3MW99Znb58150QvVdw0ZP9ltldHW5p=
7c5H2YgTWnW1mR-zF7yxTRsW6Nr12z5p2rJbW8PC-l82H_9Ktf4wKh6C04 ) reported this =
week.

2. U.S. electricity regulator says big tech isn=E2=80=99t engaged enough on=
 power issues

The top U.S. electricity regulator criticized tech companies for not engagi=
ng federal authorities more on the buildout of artificial intelligence data=
 centers. In remarks Axios (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113=
/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3pyd0W8wLKSR6lZ3nfW7Cg=
24D4_wss3VTzk692WD76MW6WGtt_7Bw07xW27RJhX5QF633W1-x0r04-71S2W1QFVdF4-LxmjW3=
ZVsBR8ZF7sLW1_fYlf3Gb1-xW3GQ9WX3ZqZCnW83T4Gz4K6T-1MmhXN6hQb_4W40wqT67khJ5mW=
3yCzrP84WFRqVbBjqM2rr3KBVzLRc65jwm27W3GHfbB8B8qDkW3JP5z575kzHpW36jrpm99w6bb=
W8j1HvC3XC90XW49S-l-2hmtHQW4KzsRL62CWW_MFJ9P0fQ469W3Z-lg92v2b8LW46fqKR4pTH6=
qW4J7CvL34XvJPW4fnpBy6YRdbQW4K3XF_32HrR3W5-ltgy1w7DMCf3mSC-004 ) reported f=
rom CERAWeek in Houston, Laura Swett, the chair of the Federal Energy Regul=
atory Commission, said she talks to utilities about surging data center dem=
and =E2=80=9Cprobably nine times as much=E2=80=9D as she hears from hypersc=
alers. =E2=80=9CI don=E2=80=99t talk to them as much as I thought that they=
 would be coming to me,=E2=80=9D she said. Axios reporter Amy Harder called=
 the comments =E2=80=9Cunusually blunt, far more candid than a lot of other=
 main stage conversations underway here at what=E2=80=99s considered the wo=
rld=E2=80=99s most influential energy gathering.=E2=80=9D

The backlash to data centers, a force Heatmap=E2=80=99s Jael Holzman wrote =
(https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZ=
g4F4WxsW178YCN5M7mwSMtGxmn3pyd0W7Y8-PT6lZ3lTW1qT6Hv4RcxYXW3Hv3s-7n52CLW5sQT=
Rl249cYNW4Pc8dq4TGX2TW377v1K6bz8lmW8MYrp55q0gDrW8PThwg2XYKgLW17MfYq64Jq8vW8=
s6QHY7kzpv9TllyF10v-PMW5-nB373N09JxW3rt46g7qhwqfW65NtHG3zxPpNVty8hQ2-6YFdW8=
5Qn2G21ZCS2W4RplRd44VtSkW1Nzxc13VBcY2N3d3pv2m_Ld1N4JpwPQ8gChVW8pczn48jph8lW=
5gzmD11C-70KW47V4_V4yvNBkW7ptzyZ8xFHs-W1cktRq4Tq86YW3lC-V75t6CxWW780L6Z1m6J=
Z1f70GZQv04 ) is =E2=80=9Cswallowing American politics,=E2=80=9D is only gr=
owing. On Thursday, two U.S. senators, Democrat Elizabeth Warren and Republ=
ican Josh Hawley, sent a letter to the Energy Information Administration ur=
ging the agency to collect =E2=80=9Ccomprehensive, annual energy-use disclo=
sures=E2=80=9D on data centers, according to a scoop from Wired (https://d2=
QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178=
YCN5M7mwSMtGxm-3pyd0W95jsWP6lZ3lqMshfwCZW8wyW6Lpt9S6VQgNBW28phNS7kjrwdW3MM2=
9W35WtMlW6sn2Hs4R2bpJW5Nh3wZ3-_svlW3vM5P04STXQXN5THwdsnzhnfN3rn6jwRZw59W80x=
nYs5c2wctW51jLVy4LtH9RW3fKSxZ37mCpzN7dYRMSMT5xQN39DTNZTN2SkW4j0wT47n5CCdW1P=
n3cp7THl2bN73kMHRjjGxkW9gtnph1kg5VVW1zL-xk1lbS-zW185WX079pZjfF75xxRWWXyGW2S=
vsGN4C5ClmW2mQFGf3zd5kHW3wt6R_14WfPzW1t4zxM5Qq_S_Vs9hs27m3NcPW8wqWnD6y77X0W=
69Md1h8QwGMKW502z_c4bFJJyW4YxZK01jLr4gf52JQd-04 ) reporter Molly Taft.

3. Trump is taking a 20% stake in yet another mining company

The Trump administration is adding yet another mineral company to the feder=
al government=E2=80=99s portfolio of equity stakes. On Wednesday, the U.S. =
International Development Finance Corporation announced (https://d2QWfV04.n=
a1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mw=
SMtGxlb5n4LbW5BWr2F6lZ3pgW7jmVxM4hdmtNW4kNqDF4jgVQ8W6QlP464qJSdbV_lFkL6Wt_Z=
5W1Bz8Gv58z84TW7Jdpjf95ph5KW7GcdrH4B7KD5W8gB1MM1HVqmVW6pb2k13LGZtgW8mR3L62Y=
zt71W2Zqv2L15GB-lW5v8QCs2GCV7sW5NNpK69cWCF7W7_3Wwk4W4GSCW18LxHP13CyYgN6hW6k=
G_F4QkW5wtmXd1l4tvbW1j13m04CtGPfW1vjP8P4kGGmVW6hWV-S3bG7MCW27k0Jc6hNgc3W2mq=
qQl8H2Z_PW14mmXW1gjSr5W4kP26s5Q6hMJW6rLvvb5lqRTlN4ZHzGHQTClcW74lq_F5mQSqCW3=
JVxT06lTtLLW3vt_3R2fSw0WW6JdqkT5wkJ5wW5Q0YBN1t3Qz6W4kmhfx8cVvfdN94bzbJ4TQtF=
W3ZjG538hRfB2f7f6fV204 ) a strategic investment in Australia=E2=80=99s Syra=
h Resources. The company=E2=80=99s facility in Louisiana is the first U.S. =
supplier of natural graphite, a key battery material. Syrah also controls t=
he Balama mine in Mozambique, one of the world=E2=80=99s largest natural gr=
aphite reserves. The agency plans to convert a $31 million loan into equity=
, taking a roughly 20% stake in the company. Once complete, the deal will m=
ake the DFC the second-largest shareholder in the miner. =E2=80=9CIn today=
=E2=80=99s era of global competition, economic security is national securit=
y,=E2=80=9D Ben Black, the DFC=E2=80=99s chief executive, said in a stateme=
nt. =E2=80=9CWith this transaction, we will secure U.S. access to one of th=
e largest graphite reserves in the world, supply jobs for the U.S. and our =
allies, and support a valuable hub of economic activity for the people of M=
ozambique.=E2=80=9D

A MESSAGE FROM HYDROSTOR (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d=
2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3gVDYW8wLKSR6lZ3p5W2YV33=
d5tF0_gW4SqH3L77B63vN2DvHfJhrYGHW540z-d4n7HQvW2Bwzcf4HLXffW7jkx-T7N_PyFN4hk=
QrZyQpXnW4FzP_265rLXVN8YBGQqXczjFW3HZhK_4Y9TptW5SZVbs8rWjnQW1RFQZ-6bdMS3W6b=
58hS4Q4TY_W3ghYsC2_spktW84fY2h7RXKX1W5g5LCL5HRnMbW9cK0Dc57zVrQW58wM_259_dsZ=
W2kStK57TfmjHV2jpZ36Km3MjMMwhmpQVzt3VKH9t_1LTVt4W7FdKxm73zxSrW89bhLk1hKsKKW=
94WZPF2HzzY8VgjVQ82966v1W1-mnBJ22dzLRVDsWj11cYcHbf31D9yq04 )

Heatmap Pipeline Image-600x200_@2x (https://d2QWfV04.na1.hubspotlinks.com/C=
tc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3gVDYW8wLKSR6l=
Z3p5W2YV33d5tF0_gW4SqH3L77B63vN2DvHfJhrYGHW540z-d4n7HQvW2Bwzcf4HLXffW7jkx-T=
7N_PyFN4hkQrZyQpXnW4FzP_265rLXVN8YBGQqXczjFW3HZhK_4Y9TptW5SZVbs8rWjnQW1RFQZ=
-6bdMS3W6b58hS4Q4TY_W3ghYsC2_spktW84fY2h7RXKX1W5g5LCL5HRnMbW9cK0Dc57zVrQW58=
wM_259_dsZW2kStK57TfmjHV2jpZ36Km3MjMMwhmpQVzt3VKH9t_1LTVt4W7FdKxm73zxSrW89b=
hLk1hKsKKW94WZPF2HzzY8VgjVQ82966v1W1-mnBJ22dzLRVDsWj11cYcHbf31D9yq04 )

The Next Generation of Grid-Scale Storage (https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3gVDYW8=
wLKSR6lZ3p5W2YV33d5tF0_gW4SqH3L77B63vN2DvHfJhrYGHW540z-d4n7HQvW2Bwzcf4HLXff=
W7jkx-T7N_PyFN4hkQrZyQpXnW4FzP_265rLXVN8YBGQqXczjFW3HZhK_4Y9TptW5SZVbs8rWjn=
QW1RFQZ-6bdMS3W6b58hS4Q4TY_W3ghYsC2_spktW84fY2h7RXKX1W5g5LCL5HRnMbW9cK0Dc57=
zVrQW58wM_259_dsZW2kStK57TfmjHV2jpZ36Km3MjMMwhmpQVzt3VKH9t_1LTVt4W7FdKxm73z=
xSrW89bhLk1hKsKKW94WZPF2HzzY8VgjVQ82966v1W1-mnBJ22dzLRVDsWj11cYcHbf31D9yq04=
 )

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/MWjCWdPzHffW5y=
mfZg4F4WxsW178YCN5M7mwSMtGxmH3gVDYW8wLKSR6lZ3p5W2YV33d5tF0_gW4SqH3L77B63vN2=
DvHfJhrYGHW540z-d4n7HQvW2Bwzcf4HLXffW7jkx-T7N_PyFN4hkQrZyQpXnW4FzP_265rLXVN=
8YBGQqXczjFW3HZhK_4Y9TptW5SZVbs8rWjnQW1RFQZ-6bdMS3W6b58hS4Q4TY_W3ghYsC2_spk=
tW84fY2h7RXKX1W5g5LCL5HRnMbW9cK0Dc57zVrQW58wM_259_dsZW2kStK57TfmjHV2jpZ36Km=
3MjMMwhmpQVzt3VKH9t_1LTVt4W7FdKxm73zxSrW89bhLk1hKsKKW94WZPF2HzzY8VgjVQ82966=
v1W1-mnBJ22dzLRVDsWj11cYcHbf31D9yq04 )

4. Two court rulings in one day chart a path on municipal climate policy

Two legal decisions that came down this week highlighted the limits of both=
 municipalities=E2=80=99 right to sue over the effects of global warming an=
d a key federal statute=E2=80=99s authority to stop the city government in =
Washington, D.C., from adopting greener building codes. On Tuesday, Marylan=
d=E2=80=99s Supreme Court tossed out lawsuits filed against fossil fuel com=
panies by Baltimore, Annapolis, and Anne Arundel County, ruling that the lo=
calities were stepping on federal jurisdiction in what Maryland Matters (ht=
tps://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F=
4WxsW178YCN5M7mwSMtGxm-3pyd0W95jsWP6lZ3kPW8XSCTY93PqFjW1QwY0Q7xKcwxW4nH--V7=
bWtZYW70Lltk7-htGxW5-XVtF7vLs0CW2qlQ5F5DbZrpW5KxPhC7zsRg7W62-rNP3cf2GnW13J_=
4M51KSK_V6HnQ55-3fDFW8ph1w83v0RF6W1mN4L_6rPWQnW90hZXR32K_S7W2NynQJ6Qd--PW4F=
T0463sq1bSVh83ZN9m2PKpW88FMSl4VBcP4W1_qj3S2d-sYJVtDVSY63qQNGW868XxZ1BjyMsVg=
BQkc8-JJXyW4DvgK41QMjmLW3ljTHx42xjQRW8PVXPK8lvS2BN5Yvrz6RjnTVW5NxpDp4-vzmGW=
6cQk8L8j4p96W8q3F-B92DXKhVBKWSt11JNf_W86SNwz2vqLsvf24SFjC04 ) called a =E2=
=80=9Cscathing decision.=E2=80=9D

Then came the second decision, coincidentally just over the border in the n=
ation=E2=80=99s capital. On Thursday, Judge Ana Reyes of the U.S. District =
Court for the District of Columbia =E2=80=9Croundly rejected=E2=80=9D claim=
s by trade associations representing the gas industry that the federal Ener=
gy Policy and Conservation Act prevented Washington from requiring in 2022 =
that new and renovated buildings be constructed to a net-zero energy standa=
rd by 2027, E&E News (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWf=
V04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3pyd0W8wLKSR6lZ3m5W7h2RQ06Xt=
J9RW87Mcr23lJnk_W8Vblkw499y1DW7d1dhW5b5MVQW83GdGQ2wCGm6W3l3Z-x7fryQlW6r0yg_=
3cZXzXW3f5l_13SQjXMN3_yPFxHN6D0W4TQTPR5QLKn9W7VSQZL877QmnW67Z_KH3ZcR57W64BY=
wZ5xLD_SW3Mj3YQ9g0p1PW8BF1lk18ppFYW1hVQJ86WWvzKW5J4vsJ5Dqp0wW40j1gh8m0LB3W1=
NPl2w5q7wKYW1K_MBD18_HpTW83QxsZ3vCpmwW4b2sYl4-y9pfW5q2tyX33WnwhN3txqXdbjp_q=
W4zf9l92Rg_t_W417g1H6JwK0SW1XFSQK1Y76-SW2lrQ-C8YjNTyf9kmfYM04 ) reported. T=
he federal statute sets energy efficiency standards for appliances and bars=
 state and local regulators from enacting rules that would alter a product=
=E2=80=99s design. But Reyes ruled that the EPCA, as it=E2=80=99s known, do=
es not prevent local or state governments from tightening rules on energy c=
onsumption.

5. Japan cranks up the coal and Taiwan shells out $600 million for LNG

Two of East Asia=E2=80=99s biggest economies, Taiwan and Japan, grew increa=
singly dependent on shipments of liquified natural gas over the past decade=
 as the former phased out nuclear power entirely and the latter paused its =
reactors in the wake of the Fukushima disaster. Now that gas tankers coming=
 from one of the world=E2=80=99s top suppliers, Qatar, can=E2=80=99t traver=
se the Strait of Hormuz, the two Pacific archipelago nations are in a bind.=
 Japan is racing to turn its nuclear reactors back on, as I have previously=
 written (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPz=
HffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm43pyd0W7lCdLW6lZ3mMW9hhy874PHR-xW22MzFp5z=
s9nNW2qzwzs764mbLVpjl8k76gcKTW1Jf2mg28-KPyW52XlyT8m_68VW3mynj748t_RRW436mTw=
5KvfWFN7Wtb6Vkyb9cW6Gn-m57rLlMNN3k2Ycr7mVQDVgJFw23YGmvGW5gbT_x2wb6YmW5w_ZTl=
19pfG1W3z2wJ98dMRb5W3qDG8t1mYcqrW3lc5Xt845MwCW3zcCDT362QLSW9m21Pb7qFD2hW73Z=
_nS4cmyByW446fFj4Np32FW2trX_44WxsbWMG7gdn6YGlHW4K5cvY4GnT31f4bmvCW04 ) . In=
 the meantime, Tokyo has just lifted restrictions on the operation of coal-=
fired power plants in a bid to shore up the electricity supply, Nikkei (htt=
ps://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4=
WxsW178YCN5M7mwSMtGxmn3pyd0W7Y8-PT6lZ3nJW6gm4C_92sCjbW7pLg-P5ljldcW4-7xzV4l=
ywNvW94lm6V5GQ7nZW7X-Fqs4kKJ41VH682j6FKMmCW2DNq9W93fVSYW2d2-YY6Rl0f8W1wLmry=
78-P_dW8CF8y71ZlnnBW4lb4fG8G_g98VNwCW_5yrHV3W1bfX3n65vH2HVRmLkW455_p9W3q5Cm=
B4t7mv9VgfFqp5mvJQ9W8rCdjB3xpT9GW1ckzvt1hHYG8W49SYRC7X_0K8Mvm1Tz1dK4RW2v9XM=
01zZ1w7W1C_4yz3nmyCCW1KCTY-4kVR_MW5z666B3DWjKsW6CYb6y1twXN0W2n8C4m6dbkVbf4H=
47-R04 ) reported. Taiwan, on the other hand, is stockpiling LNG and findin=
g alternative vendors. On Wednesday, the Ministry of Economic Affairs said =
(https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZ=
g4F4WxsW178YCN5M7mwSMtGxmH3pyd0W8wLKSR6lZ3mCN6ZvD3JvyZ--W8n8Sql5Wrl6HW5qysZ=
Q2DpCDSVSlHT0185fC9W3L5T9R1mrKkrW5pvCN78J8NhNW5d83Kg5zz5KdN65wSJXhxRl_W1xrY=
j0894GXrW4RNLd67GtCdRN4gZR2GcqdxSW2b040H8vh8_CN7dWzQbm_tfBW36XQHZ6w0dpPW1C9=
34h117CZgW6-J38F8PmmYlN69v33b9NKpxV5MqqQ8fCjx-W8Z8nz36-FBDPW3C8tLz2LrBrsW3C=
H6Zh4kzxhFVM9x8C1RGctMW8PpbmJ7VcWXgW5VK5nP6DNjKFW5gm4l_2fYgqvW3G7gBW13x7m5W=
4LYfMR4mS26ZVYK9LG55b6bQf7S9LcP04 ) Taiwan had more than its legally-requir=
ed 11 days of cushion if all shipments halted. The self-governing island, m=
eanwhile, spent an extra $600 million to secure LNG through June to replace=
 the lost Qatari supply, Bloomberg reporter Stephen Stapczynski noted (http=
s://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4W=
xsW178YCN5M7mwSMtGxmn3pyd0W7Y8-PT6lZ3mrW29rrBl3nRWT3W6-dfKv45FlvXW13Zlsz42n=
FLCN1g9s5fCKXhmW4fXJMF3byD5bW5bL96r97Ltt7W5HxlgS4ZNLX0W43HBJB549zVrW3B9sQv2=
FYhVtW6tjVX-4Qx6_YV_gcRp1wRyryW7kKTG75Q9STBW5RGrCw3-d2tZN3Qs78mXzqw8W7rWv87=
49Ns08N1mQKxgsWKQfW381NHZ2f9j0vW1skV7Y10jjskW21M0Zb2lj1wYW28pwyj6mGY-_VtWs3=
-2GWp8fW6r45Nk61Gd9-W5qhKvc3hc20MN2lswkCVCys7W888fc328QkVVVnb8NH850ykFf7MZd=
6H04 ) on X. The prices were roughly twice as high as before the war.

THE KICKER

Norway made history last year with the first shipment to its debut carbon s=
torage facility near the North Sea, as I wrote last summer (https://d2QWfV0=
4.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M=
7mwSMtGxmn3pyd0W7Y8-PT6lZ3n5W2ll7G37BbrgNW3TPL3X7Bntz1W7Dj1cZ7dkZNRW5pkWLR5=
LPdr8W700rQR8HHRRLN454DGCfLJHpW8twkJW2Rp-D2W44Zh7x2f2h6lW7Z4T0X2RG-YMW5bbpb=
g7ZG553W12DW-d4ZK6-yW6jZQ232BTDhHW1hkrQV4w4TN4W8rFSVd4dv99tW34l9Xx3q9lvDW1v=
BxdP5Ycm3GVxNYLs87pjk1W456sdS6kgCKQVK06RM17rrKBW9jYW6W67txDyW52LhVd5npdbLW2=
lY9LN5Zrm-cVXfFZ_6bxDnxW2KdCpG1_g8pPN81rlVRsp26fW1qwvBR3Ghqlxf98w6L604 ) . =
Now the country is taking another stride in carbon capture and storage with=
 the launch of a new bioenergy project paired with CCS that Carbon Herald (=
https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg=
4F4WxsW178YCN5M7mwSMtGxm-3pyd0W95jsWP6lZ3lhW2FTB7289_YP3W1ckRcQ2WpLyQV276s4=
3z82DkVNwnQ07ldblQW4XW3Ct6NndtHVnlP_17lc6cNW8Nz8Rc918bVNN5s2Q4qYdtByVn5k8V3=
7FBzjW44rckr3Gs-fQW6hD-gs7rmLL8W558DFC7-f2_7V9PVnG1-L1lkW1CrGhZ65P22VW5dc-l=
Y3pDQdcW8lDVV42YpnzKW4rSfBt4bLCBpW60wzJ62t9LkGW2wyTKl4KtVBbW7c7gQV4QVYHCW1M=
PTGG6gDm2kN7wj1DDklmDwW6SH5gk4qRcLtW87v1c11rmqrKW344tXq5BYFLJW2WgJXm6LXMy7W=
6dv6wY44drpJW62VfzY5B9ctBW219QQS8CspX8W4f5Gzt81ltK_f4YH4M004 ) described as=
 =E2=80=9Cthe first permanent storage of biogenic carbon dioxide captured f=
rom biogas production.=E2=80=9D While a mouthful, the distinction is notabl=
e. The facility just began transporting and storing liquified CO2 captured =
from a wastewater facility, injecting the carbon into geological formations=
 roughly 8,500 feet into the North Sea=E2=80=99s seabed. When the wastewate=
r treatment plant produces biogas as organic waste breaks down, carbon diox=
ide comes out as a byproduct. Instead of entering the atmosphere, =E2=80=9C=
this stream is captured, purified, and prepared for transport.=E2=80=9D

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F5fFsHVW6jd1WZ27JhY0N7MY3zBppcWjV7gBvt75MvFhW8v0rsG4mwplJW7phLJT3hRYclW7PTh=
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e-1-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
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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 27,&=
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
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<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;">Thunderstorms are ripping through the Ohio Valley with winds of up to =
85 miles per hour =E2=80=A2 The historic heat wave in the Southwest is fina=
lly cooling down, with temperatures in Phoenix hitting 100 degrees Fahrenhe=
it today before easing into the mid-90s over the weekend =E2=80=A2 Hail sto=
rms that pummeled Laos damaged the roofs of thousands of homes in the capit=
al Vientiane. </span></em></span></span></p></div></div></td></tr></tbody><=
/table>
</div>
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    </div>
  =20
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  <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]-->
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10px;">
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
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<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;">
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            <td style=3D"height:0;line-height:0">&nbsp;</td>
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    </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>BYD already has =
plans for 20 dealerships in Canada</strong></p></div></div></td></tr></tbod=
y></table>
<div id=3D"hs_cos_wrapper_module_17745675021451" 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"Screenshot 2026-03-26 at 18.55.49" src=3D"https://hs-23=
917781.f.hubspotemail.net/hub/23917781/hubfs/Screenshot%202026-03-26%20at%2=
018.55.49.png?width=3D1120&amp;upscale=3Dtrue&amp;name=3DScreenshot%202026-=
03-26%20at%2018.55.49.png" style=3D"outline:none; text-decoration:none; max=
-width:100%; font-size:16px" width=3D"560" align=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">Cue the 007 music, but maybe leave th=
e Aston Martin in the garage?&nbsp;Photo: BYD</p></div></div></td></tr></tb=
ody></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-=
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-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%">A week ago, <a href=3D"https://d2QWfV04.na1.h=
ubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtG=
xmn3qn9qW7Y8-PT6lZ3p0W7ppF7V1wDxyBW2-p8Bl1gZRb6N2nJVq8_BWWSW327tjY3MwRgJW3s=
289W5P5MG7N4_R_r8LhNLnW8XfGcn4XzrRGW6DRVfw6_CD-KN5hs1FXygCP8W6DYl1R1ZbsRQW4=
wpw522DCFkrW4JD3yl3mhdW6W91Rp-J3pcl0WW2LTlR-3fbsG2W5sHg4x4rLHsvW6Vc2v35-0tx=
VW89zvvv5tLNSXW5lSWtJ4JN8TPW4SCRLT4YfVkrW38CzV44RYPPfW1fpyNB8ZTpydW84ntHL4s=
3NGxN8SP8NJYPCFnW75ZKW75K8tmDW2Xjc3G1Lf5sGW6b-rzq1fZNyxf8GlsC004" style=3D"=
color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"1qj+oCrk" target=
=3D"_blank">I told you that</a> Chinese automakers were wasting no time in =
setting up a Canadian beachhead in the North American vehicle market, with =
at least three companies on track to start selling cars by the end of this =
year. Now the largest of Beijing=E2=80=99s auto giants, BYD, has outlined p=
lans for at least 20 dealerships in its first year in Canada. The company =
=E2=80=9Cis moving fast to establish a physical retail presence in Canada,=
=E2=80=9D <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV=
04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3qn9qW95jsWP6lZ3lPW4VFRGw5V9B=
RQW5kl3dD3T9XRzW3BX9GW8hYJ1VW8XQfF37_tWzhW53VWJW8s1T0GN30xFH7LJXmkW6Yp1_396=
K45dW21L02C7Lw415W1Z3gJ27Nn677W1jBp2z5cjjlGW4JWGq37Xk9dnW3GSL65829WKgVGKQ18=
84xQdnW3N02b95gzcPQW4ZL35F627QfWW8P7x2S51KD6-W4tPD_c4Q_NLxN8LwK_QX4XFcW94RN=
8j8qcm70W8BRnFv70wY1gN2t6sF_w49NVW3zqPmg6hRZ4YW7ccgX67lCtbrVPP0RW21g3BJW4by=
9Hs2vxSYHW2jXPjP3G7GlCW3S07FG4x-rkWW3C4M3q7gyjv8W4s1vCB2HKQqPW5BXPx_5yzJFwf=
50d4tP04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=
=3D"34eRI8sT" target=3D"_blank"><em>Electrek</em></a> reported, and is alre=
ady scouting out locations in the Toronto area. BYD has hired Dealer Soluti=
ons Mergers &amp; Acquisitions, an Ontario-based automotive consultancy, to=
 find dealership locations throughout the country. =E2=80=9CThey=E2=80=99ve=
 asked us to help them find as many of the 20 that they possibly can, but t=
hey=E2=80=99re out there doing that themselves, as well,=E2=80=9D Farid Ahm=
ad, the consultancy=E2=80=99s chief executive, told <a href=3D"https://d2QW=
fV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YC=
N5M7mwSMtGxkW5nXHCW50kH_H6lZ3kCW7cPxgs3X-DDLW3pFXn37QFVL_W6S64xw8CTQfqVjpBv=
F59F9zfW8q0skZ6g11jfN5gPcWqtPTc1W2N5NvF1VB4q9Vdyg3r3nT6BmW9lhMJY5zgzQMV1rck=
F6m2BpPW7gYy6L5czd14W8xW0k64mDY8jW1Jtqfb4c45qRW5K2bYY8PZp5FMbt5QBb4QSWW5lP4=
Fd3QNQxnW5HFySg4PbF9VN5ws-MfHlSsMV-FW0n6GkXTpW5b_9KJ6RhpmyW33KBdx5y3-KPW30J=
lZM7g_kWDW5Yy_0y24rvnJW6q5jmx8wk2gmW1Fvm9C4W1V7rVBbR453Xwj7DW4LpGg24kXzp7W6=
pB1pD72WmVNW3vm-655rB6WHW6tJQ-v4Gw7bkW7YQ59T4pCMmbN2KGPtfwR-0Hf425hDq04" st=
yle=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"Gx71RHI9"=
 target=3D"_blank"><em>The Global and Mail</em></a>. BYD=E2=80=99s cutting-=
edge designs and low price tags are the result of China=E2=80=99 ability to=
 =E2=80=9Cinnovate so relentlessly because of its abundance of process know=
ledge,=E2=80=9D <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/=
d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmn3qn9qW7Y8-PT6lZ3mdW7DTX=
S_6TblCgW4TBSMY33xBVhW9701vH47LDpZTjkVq4rjt3PW3zB_-S1VygQdW95y0Gb7GcrWJW2s8=
7fV3M0tNpW2nvZS_4lF5dKW2nrCdJ2kqKvdVrK-V38tYB8QW5XJQjM60H3fTV8H_bT8yw77FW1N=
zDlv1ddcDqW8tZZdj97jn24W6zqNFp3Tw2LWN7cMVm7Rkz5bW6wkVx_4XdB23VwDfJw933MyWTF=
CHh1J9L7dW4GC21529KT1YW7kxqwX1lzPzGW8WWjGF1VcfMDW88ZWFv9bh8j3W5qDWc27kZhjpW=
5F6WqY3qtDFHW1td31Z3Vnr28f1FwgcT04" style=3D"color:#000000" data-hs-link-id=
=3D"0" data-hs-link-id-v2=3D"w84s7Br3" target=3D"_blank">Heatmap=E2=80=99s =
Robinson Meyer wrote last year</a>, citing Dan Wang, a researcher at Yale L=
aw School who studies Chinese technology. =E2=80=9CThis community of engine=
ering practice may have been seeded by Apple=E2=80=99s iPhone-manufacturing=
 effort in the aughts and Tesla=E2=80=99s carmaking prowess in the 2010s, b=
ut it has now taken on a life of its own.=E2=80=9D BYD is also tapping good=
 old-fashioned Hollywood starpower to promote its global rollout. On Wednes=
day, the company=E2=80=99s luxury brand, Denza, <a  href=3D"https://d2QWfV0=
4.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M=
7mwSMtGxlP5nXHCW6N1X8z6lZ3n2W4s3Hpp3nNcwkW6SryXn1k90KbW1NCpW11q23cpW8k1PjV5=
MC66MN803f_-sBMVsW7HrDpP7V8X2nVdwYTZ7V_tBsW12Rvf94cRDrjW5KRNVH5W2g8cW31BYwM=
8YVwqJVmzKJt88YDJPW6vMJgg7qQctNW2hbG6F51bNnjW3ZlNpl50JKfyW2XRS683R2S0KM8Qr1=
BKzmnxW5rZ2lS82YfbsW7R84y05g1W3qW3csH2n81KHd9W1H9H8G5JGLz6W75R6bF69gvgtW60K=
h072yvP0DN31LmJLZzMXCW4GZcb_1PgTdnW1tGbBv3ZqPdKW71hQhT8M8QkFW4RB7Hp7s-lGyW2=
l4JMH3P-nssW10WFm93014lWV5cBdK6QPnV0N3vz3qY7n15wN7fr1Wy5J7HYW1mpJpB47wr3sW5=
X39fy694pbhW7np0QQ2hm8yBW124yn381jL2rW7P2Vt285g_2fW6_G9Wd627XVSf3gZQtK04" s=
tyle=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"v1lnhFEf=
" target=3D"_blank">announced</a> British actor Daniel Craig as the face of=
 its new advertising campaign.&nbsp;</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">Ford, meanwhile, is sweating the competition =
as the iconic American automaker seeks to rebuild its electric vehicle line=
 from the ground up. The first models designed through the company's new Mo=
del T-like approach are due out next year, <a href=3D"https://d2QWfV04.na1.=
hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMt=
GxmH3qn9qW8wLKSR6lZ3ldW6-lvnt39xZKNW72CLhV8t9r6YW3LCyJv5bN49wW1tDVs07m0Yf6N=
5s0JCjm6yHCW8Sl54p8_ycGcW967S252Kny4FW2FNNM04zySyzW78fL5X6JDfw5W8W1sN_3Q2n9=
gW2tM0xR6Jl-tRW5_n4hZ28nZhPW8r6BLB8qxJ1vW7-rt5Y3Ngz4YW1lTRtZ14r0mNW5B0k1-5Z=
kXs9W5NKWp-1Vy5sJW1LlB2G8FY5ypW493QJr2YMT49N5bgW6HZQCl8W34s0Jd6PR3hSW75rTl5=
5MYVN7W8DkM7M4fVlmGW11JwBv1H3m1lW6hf-q88N0nY8W4jVyqJ2hPhdRW8sBmj-5d814cW1PY=
KGp8MBPGgdgdmpK04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-li=
nk-id-v2=3D"vqhgqei2" target=3D"_blank"><em>InsideEVs</em></a> reported thi=
s week.&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>
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      <![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>U.S. electr=
icity regulator says big tech isn=E2=80=99t engaged enough on power issues<=
/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 top=
 U.S. electricity regulator criticized tech companies for not engaging fede=
ral authorities more on the buildout of artificial intelligence data center=
s. In remarks <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2=
QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3qn9qW95jsWP6lZ3kVW7yyc_s=
1Lw6JbW6lBqT_13yCstW7pDkK38Rqq02W4cyb6j5gtxpTW2SYm655mWYR0W6JvZVN47sRQ0N4Qk=
fjB5CwcfW3V9GwH4bn9KsW4T58xY8KC31SW2pnvv13W9jzcW91lvGY3lnPFNW7D_qQ26Bp4Q3W6=
WHv3K18fWVzW8fKhzS8KFb5lW6QXXv723KbkXW45blbs1Fwl2_W3QQ74K9jVKMmW4m6vrq27Spt=
qW2BpRbV88v5LKW23pXTb3tVvwWW6FC8qr3D04xpN4DlTG01BT1YW8T-lR88kbr6wW6cMnVS3sX=
HVnVsg_105N--4DW81p21H6QVm7ZW5G4Wp66Wy9TrW8S6dTc69967zN8b8t0BdYLhJW8n8c2C5-=
BG2Qf8zZKXP04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-i=
d-v2=3D"XtLLNN/X" target=3D"_blank"><em>Axios</em></a> reported from CERAWe=
ek in Houston, Laura Swett, the chair of the Federal Energy Regulatory Comm=
ission, said she talks to utilities about surging data center demand =E2=80=
=9Cprobably nine times as much=E2=80=9D as she hears from hyperscalers. =E2=
=80=9CI don=E2=80=99t talk to them as much as I thought that they would be =
coming to me,=E2=80=9D she said. <em>Axios</em> reporter Amy Harder called =
the comments =E2=80=9Cunusually blunt, far more candid than a lot of other =
main stage conversations underway here at what=E2=80=99s considered the wor=
ld=E2=80=99s most influential energy gathering.=E2=80=9D&nbsp;</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">The backlash to data centers, a force <a href=
=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5y=
mfZg4F4WxsW178YCN5M7mwSMtGxmH3qn9qW8wLKSR6lZ3kTW42Rhsb5VBh4QW8wDQ8R43V6F8V2=
H_by2mP86dVg6dz87QRXdLW8RLVRL3SzD40W6JPnhm1jdwgwW8NNd2_1S7yXCW88f68G7_m72bW=
5KpC5Q7K0wXRW985Gzw1K85tBVwTlv15hCDp5W9m14q2568tkJW1gTptC1wsNtNW4-HlST1szYc=
TMT4ytpMn5QjW1Xryc453Qm7WW4n8r2c4jch5nW7mNK069bcmTmW2PHRxs8hQ7_6W5_WP9F3lhN=
dRVWDLF17pm6MTW5xqN6q2tYCtzN7JWz9Jzm3bdW866CFy4149jDW8qp-kD5D4J2hW1npq9-3w9=
58hW5f_r5B6Jl-7KW5vPr945n5dw2f2fdFVz04" style=3D"color:#000000" data-hs-lin=
k-id=3D"0" data-hs-link-id-v2=3D"Jmpwn6yJ" target=3D"_blank">Heatmap=E2=80=
=99s Jael Holzman wrote</a> is =E2=80=9Cswallowing American politics,=E2=80=
=9D is only growing. On Thursday, two U.S. senators, Democrat Elizabeth War=
ren and Republican Josh Hawley, sent a letter to the Energy Information Adm=
inistration urging the agency to&nbsp;collect =E2=80=9Ccomprehensive, annua=
l energy-use disclosures=E2=80=9D on data centers, according to a scoop fro=
m <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCW=
dPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3qn9qW95jsWP6lZ3pmW434pWg71BMQYN2kYVK=
yjHnP-W45jdRT1HF9fkW1L4W8x3CBrHzW74DnsJ4kr8WvW6cpMvH4y7VFNW39BQkD371Rj3W1xq=
VHR1fhHk-N3yBvCbvDbQ6W22xsWH5tMwKMW4p527q4HMBtyW6FF8_K35xFrSW2NYpvL3BZmkmW3=
FY9_f5RgWS-W8L-RHR6h30_VW1xTScz2D_CSfW9gdxjQ7zk3MJW5jvGwr97Vcq1W1W0QJm3H1Rx=
sW35RkNM8ZfhxKW3qFYh81Jfn70W899p9m93rQDHN3GTX12Yw1jfW1G0L4M2CfWskW4vlDl82cB=
dQWW5ByHgW8XWHNHW2WTJjG39tcRPN1kGJQG6Cr6sW5XKTrw52p6F2W8MpDfL5T5tJ6f8LZ1cl0=
4" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"pJGb=
2HaX" target=3D"_blank"><em>Wired</em></a> reporter Molly Taft.&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>Trump is taking a 20% stake in yet another mining com=
pany</strong></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 data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">The Trump administration is adding yet anothe=
r mineral company to the federal government=E2=80=99s portfolio of equity s=
takes. On Wednesday, the U.S. International Development Finance Corporation=
 <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWd=
PzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxlv5nXHCW69t95C6lZ3lBW7YygKq87x80lW3zCgz6=
4LHCvqW2T9FDg5x3LzTVSvXVz1zzlZJW8sfcy23bLLX9W7Y0wD48Bf7rDW15vBR48Tm29fW8WY0=
fv2XS47zW4v0nc32sXss6W50lj7h4ryxsMW6rVgl45ZKgNTVz2f41788NZQW2Y4yvL1kQ2JdW3t=
F2Yb68R21GVJGYCT3VWPykVv_9ws3dl4fdW3rm_ZM3LnT3SW4Kwlk48QYcgDW2RLLR93gblBjW3=
7csfg89m8fKW99PDml4jz2YbW2VcyrM5602PxW8FwGbM8yL7RlW5_zNCH8Vdv_jW8jffQx1b6Qv=
GW2-rDlc5WqFw3W5lmfPW1tmNHyW3Cmwq94_qfbcVCwZ0X68Rv6FW5NlVSR7dPpcTN7xSzKc1FT=
XWVcYfvH1KXzHYW7Hjj3p26TvHjVC1P0d6mP6dXW15tmLj6gltjZW3kfnCD7fP0YXf2gj3Ng04"=
 style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"MYohhG=
qt" target=3D"_blank">announced</a> a strategic investment in Australia=E2=
=80=99s Syrah Resources. The company=E2=80=99s facility in Louisiana is the=
 first U.S. supplier of natural graphite, a key battery material. Syrah als=
o controls the Balama mine in Mozambique, one of the world=E2=80=99s larges=
t natural graphite reserves. The agency plans to convert a $31 million loan=
 into equity, taking a roughly 20% stake in the company. Once complete, the=
 deal will make the DFC the second-largest shareholder in the miner. =E2=80=
=9CIn today=E2=80=99s era of global competition, economic security is natio=
nal security,=E2=80=9D Ben Black, the DFC=E2=80=99s chief executive, said i=
n a statement. =E2=80=9CWith this transaction, we will secure U.S. access t=
o one of the largest graphite reserves in the world, supply jobs for the U.=
S. and our allies, and support a valuable hub of economic activity for the =
people of Mozambique.=E2=80=9D</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=
7742690607082" 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>
  <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=
7742690607083" 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_17742690607083_" 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"><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/MWjCWdPzHffW5ymfZg=
4F4WxsW178YCN5M7mwSMtGxm-3hKBlW95jsWP6lZ3lfW68DlsZ3MjRG1W4k0mqp2LVxm6W3J1-c=
Y4X-ymRN3M198ZLph1qW6-zXW96vcBLTW4xtWdD4FYn2DW6wCYW779MF54W8gxQKF9bLqbjW8lF=
Cg-3c-wM8W7GZy1g880t-1N5qkDyGRtfPVW1P3W1Z2N5SvMN8rZBF5m64qVW2b8qGq54pmwVW97=
BG_C4-M7QmW1syclD6kh2qnW5R359M2z6GgBW7_xbyJ3n_86ZW1ZJTQ-3T5fWqW1Jj-K36yj5vC=
W6g0Ffq5QYRFKW9lh32p8yvqY6W5_mkHd56pJHSW5MD64G1C59nhW30S4qB2czQtCW1xHZ3Y3Db=
sK6W6GNnjm495MR3W706yPt4zNx4wW4CSXHT3vzsVsN4t1KzsfMF49f1g97yg04" style=3D"t=
ext-decoration:none; font-weight:bold; color:#1d5693" rel=3D"noopener" data=
-hs-link-id=3D"0" data-hs-link-id-v2=3D"Zxefpeul" target=3D"_blank">A MESSA=
GE 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=
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">
        <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04=
/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3hKBlW95jsWP6lZ3kHW4cfCMK8mThl4=
W306MX91kVPxQMGTwgBrMBTTW5XBYtQ1myfz6W26z7194XcZYfW2vx91R50xkQkW5bgcls4S5JM=
ZW96gJTP6bd9JXW25TTT34F3gRxW5SJfdx5TQ07SW1sTt0D6t09Z2N5Hdm86ZNLgSW600q5v97H=
nwtW8KZ8_x7Gsr7VW3yblch8szTcmW2zKV0j30Nx06N14RtzCjzWS_Vq-sLJ4lSvZCW8vdMTX5m=
VzScVX9HBH5vsL7tW6J15tF5chCmtW57qrb63LR21SW6NLssb4k4rnXW6fNtYt2QNY3_W8WkXKH=
29YWQwV_vQL88YZ0TxW72sFSt9jxkk4W4mJXbX6rrcTSW2ywQwb6F4y33W5vl4MT75D8qtf3X5C=
NY04" target=3D"_blank" style=3D"color:#00a4bd" data-hs-link-id=3D"1" data-=
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/MWj=
CWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3hKBlW95jsWP6lZ3lhW1F3j815nrH6RW8hV=
GM88Lz-5QW7LPFjv1kKrljW3Q6gmF5zcpYDW33fpwr83Mp-7W58GVVs1M8xN5W6yYJgN7xWYJ9W=
3w_J6V2h-2MFN2Bt-YXZY9FYW7M-y9r2HxgbVW7f8XW51hNhrWW3Z8wtt2TTS2sW1_YMRH7xH-m=
FN8zfCQ2mgjDdW1dhmhB2FvDlVW44Jvrg8j8-4fN3bBd3_9WBCFW2d7vC54Xj8bxW17zV0H53zW=
J0W5LnClN1RHTkKW52pftS8CKmxjW1hTDgh9j91C3W7Z5Tgp6DzSvpW2S52ps4sdm_JW58RDnk8=
ZCz-tVMVy2Q2v83LBW4d1jGV4-GcmVN1z4qLT9wTr8W5Vw8bB4n-Mt0W3JLvvx4ghKKyf6Dj0KR=
04" 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 styl=
e=3D"font-weight: bold; font-family: Arial, sans-serif;">The Next Generatio=
n of Grid-Scale Storage</span></a></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: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/MWjCWdPzHffW5ymfZg4F4WxsW1=
78YCN5M7mwSMtGxm-3hKBlW95jsWP6lZ3p7W7qwLcq12zW4SW13VrfH98CvVmW68d_674hMswTW=
75zphz3SNlrtW7MZ78972BsnsV5hBgk9fCF2KN2vQr76vLMSzW5WDJ8x6sykZrW600DJn374LwH=
W5R_3HY5TVcY-W7gWT5764Q-xtW6XjljT15B0CWW41NvJB3Wq3yxW2J3VFg5rfqqCVTLfwQ8xtQ=
08W54FvSj6w_-mqW7p7_418_5rHNN60B6zrf97n2VC9wWS8GJ6L8W5Ql05w7zxWkZW6y4h5y1Bg=
jyBW2hpZJX96Pd2vW4GS4D48DHvYgW1JrxZS2flGlhW4Nq4m18jMx08W8HYTMq9grNjCW7gwBfc=
2WkCLNW76N8tV7XWgMTW2WX6306B0ZFFN3bLVvjX0gn8f1WsvWs04" style=3D"color:#0000=
00; text-decoration:none" rel=3D"noopener" data-hs-link-id=3D"3" data-hs-li=
nk-id-v2=3D"GTEuY9Ob" target=3D"_blank">Electricity demand is rising at a p=
ace not seen in decades. To meet this emerging reality, the grid will need =
firm, flexible, and truly dispatchable resources. Explore our 7-gigawatt pi=
peline 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></t=
body></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>Two court rulings in one day chart a path on municipal climate p=
olicy</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: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%">Two legal decisions that came down =
this week highlighted the limits of both municipalities=E2=80=99 right to s=
ue over the effects of global warming and a key federal statute=E2=80=99s a=
uthority to stop the city government in Washington, D.C., from adopting gre=
ener building codes. On Tuesday, Maryland=E2=80=99s Supreme Court tossed ou=
t lawsuits filed against fossil fuel companies by Baltimore, Annapolis, and=
 Anne Arundel County, ruling that the localities were stepping on federal j=
urisdiction in what <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+=
113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxkW5nXHCW50kH_H6lZ3lRW=
5b5J_z6Ky-XjW282QQS7-xt0pW7DqQxh5Kt3BPW38-m9c1LqGZ-W8S0pxd3rMY2CW7k-tqw4xd7=
WlW2gCwDC39qVtHW283QjR7l6bnqW5hQZ1373gS0SW5SGN248hdYXbW1ny6rZ58yVnBW1H5lkQ8=
mRlVHW5Zmknk1XTWc9VTvQHJ37qWB2W3vJSFc5B-FFzW5v5c3L21Z-93W6__kVN2Nt9v9N5JbJl=
CG-7GJN1vYvFT7mkgsW3FwyNj4G7KmlW8jnM6X8s3gj8W23Lt_q2Fv88bW1X1Fcz8knbs5W29Gh=
Ck62BwmfW8MvhvQ6wTt22W8Rqcds3m43CRVF5B5M8MtnRBW8j7F6777H9S3W2dPwJZ20r9XkW94=
dY2k7y1n0VW7bcznH7TtckvW72DX7P20BTYDf6b0cJ604" style=3D"color:#000000" data=
-hs-link-id=3D"0" data-hs-link-id-v2=3D"V/Sl/h1N" target=3D"_blank"><em>Mar=
yland Matters</em></a> called a =E2=80=9Cscathing decision.=E2=80=9D&nbsp;<=
/p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">Then came the second decision, coincidentally=
 just over the border in the nation=E2=80=99s capital. On Thursday, Judge A=
na Reyes of the U.S. District Court for the District of Columbia =E2=80=9Cr=
oundly&nbsp;rejected=E2=80=9D claims by trade associations representing the=
 gas industry that the federal Energy Policy and Conservation Act prevented=
 Washington from requiring in 2022 that new and renovated buildings be cons=
tructed to a net-zero energy standard by 2027, <a href=3D"https://d2QWfV04.=
na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7m=
wSMtGxmH3qn9qW8wLKSR6lZ3pZW3fD_tk8TsWW1W7ct89G5jkrC9W1zj6b78jjpR0W85xVLx5TX=
pkkW6F6YMz6QkT1SW7-tJJF8_9_pJW2NYLnD4nK9JqW1mxcmC6n7g8YW4gywNF2VzF56W358jx-=
3Dgc2qW64b8vs3SMrlgW2TBP3H11-m8cW48BvNj4hVm-0W91_JGk6MvTbwW7RKXvf3r0X_8W44k=
WLy7bV4RfW64R4N17MKSPrW7ltXmR1kJD27W45SXft8QWTpzVDkng23N2p3SW1Ztt8516cspsVC=
HRxt3gm-lVW48q7Pv2D62CYW33ksfm64CV6_W58WgM81cGWPSW2L39Qp4DV3KmW7ypytt4kcsGz=
W7tWJKC6MG3Rwf5rnVjn04" style=3D"color:#000000" data-hs-link-id=3D"0" data-=
hs-link-id-v2=3D"XnnuhH8q" target=3D"_blank"><em>E&amp;E News</em></a> repo=
rted. The federal statute sets energy efficiency standards for appliances a=
nd bars state and local regulators from enacting rules that would alter a p=
roduct=E2=80=99s design. But Reyes ruled that the EPCA, as it=E2=80=99s kno=
wn, does not prevent local or state governments from tightening rules on en=
ergy consumption.&nbsp;</p></div></div></td></tr></tbody></table>
</div>
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<!--[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>
</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_17549147556788" 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-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>Japan cranks up the coal and Taiwan shells out $=
600 million for LNG</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%">Two of East Asia=E2=80=99s biggest economies,=
 Taiwan and Japan, grew increasingly dependent on shipments of liquified na=
tural gas over the past decade as the former phased out nuclear power entir=
ely and the latter paused its reactors in the wake of the Fukushima disaste=
r. Now that gas tankers coming from one of the world=E2=80=99s top supplier=
s, Qatar, can=E2=80=99t traverse the Strait of Hormuz, the two Pacific arch=
ipelago nations are in a bind. Japan is racing to turn its nuclear reactors=
 back on, as <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2Q=
WfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmn3qn9qW7Y8-PT6lZ3n6W3YRkrC7=
-5_7WW39xsv653Wg4_V6vj5n5d7PlqW2FVZvY2QHdhXW5Hxy8B5mrtlpW7KRq6g2YD12cW2DS9T=
W2_5WL8W2B1N6J8tw1-FW5yHWSh9dc3b6W1llF6g89hgGNW6lQJWs50pKq3W2fWLwr489KYfVQc=
Jcx3bZB02W4yjlh87NzwHJVHVmRd5rxVMpW2qs8DF9gnTt_W1N4Blt3bZX4SW7HSMpr34GLHbW6=
qKTWl10Z92MN57-KLKz8Zg1W5Sbzjh39bjWtN7FPZDSs-M_pW3HGY5r1D8HRmN6BRch2SLdllW7=
Khpf81kDx7DW2JL3-N1Pstx1f6DbP_P04" style=3D"color:#000000" data-hs-link-id=
=3D"0" data-hs-link-id-v2=3D"HHrNC/O/" target=3D"_blank">I have previously =
written</a>. In the meantime, Tokyo has just lifted restrictions on the ope=
ration of coal-fired power plants in a bid to shore up the electricity supp=
ly, <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWj=
CWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3qn9qW8wLKSR6lZ3n0VXLwJS6Vp9dnW3R79=
l-6w7R31W5p9Y-H2Gsf0nW5C7v311NtqwjW81LsH_2vmYZgW6gDqLG6chS3wVxLGjh7jq1m4W7-=
4ZYT7sFDznW7ZRyBd6tcP0sW1Rv8QC5hcXwgW1tHQrF4m73xHW4kmCZj8Jp20LW39PgjS3XVPC5=
W5BWdl_5tKp9CW72PRr33h4tqsN6yGGCnDW4j1W6TgF9D8pV_wYW6kzbHF1l9czfW4Y86zf3fCH=
F4N1ypMqhcb7D8W7mDvrg7z4ntVN6NZ2Mlb_kqyW8j4GWQ35B1sWW7B9pyF8cSVZrW1gN0Bt44H=
HXMW1qDYRW1MqQ-dW2xKN5X7C0pNzVM5fqv88mrbzf8j6GZ204" style=3D"color:#000000"=
 data-hs-link-id=3D"0" data-hs-link-id-v2=3D"cHpUM2lR" target=3D"_blank"><e=
m>Nikkei</em></a> reported. Taiwan, on the other hand, is stockpiling LNG a=
nd finding alternative vendors. On Wednesday, the Ministry of Economic Affa=
irs <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWj=
CWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxmH3qn9qW8wLKSR6lZ3mnW23TK7m5hqQJwW2s0=
01y1FRZYyVgjR487c1hQCW1j4pNk4g75YsW5Gn3W64vRQRsW9kjNsv4tRKhTW2KJ0Ym2vM5rlW3=
JxT006PXr6ZW3G7nSl2H1rXcW6-8K418-GblKW2S2sXY5gj23SN6XwPDdlf3J_W1LKnyq96YcDJ=
W1rdfnF82Ps2vW6MfvLQ4lF0KfW8fRg9T3JmLTDW3F1p4B31blHvW59KJzP5Fp3qrW4zNxwg2lq=
ZlqW37-l5G7-C_LdW98Rr3P6tWjgRW5S67333x7Wf1W3lmsRd45pKRWW2dPTRN8Y4DfgW7GgGyV=
51Jhp1W6wl4wq5nqRffW1h1ZxX27W80WW2b2M7p5hVr1lf5VPvDF04" style=3D"color:#000=
000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"723uIJ6o" target=3D"_blank=
">said</a> Taiwan had more than its legally-required 11 days of cushion if =
all shipments halted. The self-governing island, meanwhile, spent an extra =
$600 million to secure LNG through June to replace the lost Qatari supply, =
<em>Bloomberg</em> reporter Stephen Stapczynski <a  href=3D"https://d2QWfV0=
4.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M=
7mwSMtGxmn3qn9qW7Y8-PT6lZ3lgW3VkVFD7hsP2sV828993R_plLW7sJcMc5YnyqhW5Y5fp11v=
lH9qW2_mR5D7cBr8HW3ktk355YYyc0V6D7qW66cq12W54fhFy1MwrmzVdp0Rg5kc9pwW2mfxRb8=
6shdLW4tb1-l2CFg32VHRyRB8YN4qCW3XrXH62czscnW6NqPy71v4crZW73kXDB31mR3dW8vnHf=
B4LHjhHV-FD3x6WBGR0W7GS3-B154_9_W3ktgBT6QlNV2W5vkNNj4sH-MwW4YBGR55zsS-5W7Vl=
hdv3ZvSZFW4C83pv1JlNK0N6fmJ-lXZRWcW4PXhnc6VL5xbW26vmtS6XlXtNf4ty9T004" styl=
e=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"qqG6Ns1L" t=
arget=3D"_blank">noted</a> on X. The prices were roughly twice as high as b=
efore the war.&nbsp;</p>
</div></div></div></td></tr></tbody></table>
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th:600px; margin:0 auto; background-color:#ffffff" bgcolor=3D"#ffffff">
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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%">
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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>
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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=
 id=3D"hs_cos_wrapper_module_17678798381002_" 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"><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=
 primary-D0960F0VALC-1772455746.018939-reply_count primary-D0960F0VALC-1772=
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%">Norway made history last year with the first =
shipment to its debut carbon storage facility near the North Sea, <a href=
=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/MWjCWdPzHffW5y=
mfZg4F4WxsW178YCN5M7mwSMtGxmH3qn9qW8wLKSR6lZ3mRW1QHNct7MhF5QW6dS_RK4P9vyHW3=
JwK7Y7j68yvW5RxFMQ8kbp6QW8kZgNk2Xjv0fW8ZZFH27fDP_2W10svQJ6mFx8_W2FCNpn3Ly76=
kW8WtL117TM4JLW4fT-241bxQcpW8GcRVp8D0CCZW3LwbWX7HrQ3YW3CTcWB3bBlkTW7kDHZg6M=
RhcRN6J9nX7B5RCfW6PF57l85YvnlN97_xgP4VWMWW1l9wNC3jHx2KN280Md8JQJYkW23F_BC81=
1s9HW7tctMJ8LHLpgW1PsPKS1RDQqjVJnxt464nxV2N8qX_Rt-x5g0W4Kg6fr2vxW3PW3JljHj4=
NK8R_Vbqr0h36mvSCW8JcT2c5Dh1Bcf2k68Gz04" style=3D"color:#000000" data-hs-li=
nk-id=3D"0" data-hs-link-id-v2=3D"rSVjjF0U" target=3D"_blank">as I wrote la=
st summer</a>. <strong>Now the country is taking another stride in carbon c=
apture and storage with the launch of a new bioenergy project paired with C=
CS that </strong><a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113=
/d2QWfV04/MWjCWdPzHffW5ymfZg4F4WxsW178YCN5M7mwSMtGxm-3qn9qW95jsWP6lZ3m9W481=
dPk880PrMW7y3WfP51b5-TW2d78VL8Sq_1VW3vs2gG3bZKDyW8FvyjZ1NdrPvW8YjfCc1FTdV4W=
8pSjm645MyjgV5cvxY3pr47tW5g54Xm7hWLy_N3w8kC4qNdCNW220XV36BJ0KCN8b5P31WRv76W=
92q0Mj4PRt2wW4cz_XQ7x1-9sW4ynz6J6YC1qQW8rTxLf5HtQJmW1xWRJM9bmbjZW6W004m3K3X=
P4VHF3dW11gmpkW4xCYj75MQh0wW4-W5DR1jx44MN4b_cQc7MZvDW94mJc53ZLgYsW59WXNw73m=
3ppW7QCG0L8kp5HRW1SNKsr2WV1jMMzcq-V4jRrsW1SDZVF7tdFTMN2gz0pMs56QtW1hSjKb4nj=
HJPf4P8fVF04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id=
-v2=3D"Z06owuKT" target=3D"_blank"><strong><em>Carbon Herald</em></strong><=
/a><strong> described as =E2=80=9Cthe first permanent storage of biogenic c=
arbon dioxide captured from biogas production.=E2=80=9D</strong> While a mo=
uthful, the distinction is notable. The facility just began transporting an=
d storing liquified CO2 captured from a wastewater facility, injecting the =
carbon into geological formations roughly 8,500 feet into the North Sea=E2=
=80=99s seabed. When the wastewater treatment plant produces biogas as orga=
nic waste breaks down, carbon dioxide comes out as a byproduct. Instead of =
entering the atmosphere, =E2=80=9Cthis stream is captured, purified, and pr=
epared for transport.=E2=80=9D&nbsp;</p>
</div>
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e_17394601289042" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
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inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
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gin:0 auto;"></p>
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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=
7394601289043" 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"><div=
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s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
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sans-serif; font-size:22px; line-height:150%">Opportunities</h1>
<p style=3D"line-height:150%"><span style=3D"font-family: Arial, sans-serif=
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