WASHINGTON — U.S. Secretary of Energy Chris Wright today announced the designation of coal used in the production of steel as a critical material under the Energy Act of 2020, in accordance withPresident Trump’s Executive Order “Reinvigorating America’s Beautiful Clean Coal Industry.” This action affirms the Administration’s commitment to American energy dominance, manufacturing resurgence, and strengthening America’s energy and industrial security.   A Department of Energy analysis concluded that metallurgical coal, a key input for steel production, meets the statutory definition of a critical material. A robust steel industry is fundamental to U.S. manufacturing, infrastructure development, and economic resilience. Steel is essential to energy technologies, transportation, and defense systems, as the materials that enable steel production (including metallurgical coal and anthracite) are vital to American interests.   “Metallurgical coal is more than a fuel—it is a cornerstone of our industrial base,” said Secretary Wright. “By designating metallurgical coal as a critical material, we are ensuring that American steel, generated by American coal, remains the backbone of our manufacturing sector.”     Why Coal Qualifies as a Critical Material:  Metallurgical coal possesses unique properties necessary for producing coke, the fuel and reactant required for steel production using the blast furnace–basic oxygen furnace method.  Anthracite coal, concentrated in the Appalachian region, plays a key role in the electric arc furnace method, which accounts for approximately 70% of domestic steel production.  The U.S. coal industry provides reliable, domestically sourced metallurgical and anthracite coal essential to supporting both steelmaking processes.  There are over 150 metallurgical coal mines in the United States that employ tens of thousands of Americans.    Shared infrastructure and workforce supporting both thermal and metallurgical coal production are under strain from declining investment and operational capacity. Without intervention, this erosion will jeopardize domestic steel dominance.  The designation underscores the multiple threats facing the U.S. steel

The U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office today removed barriers for the American hydrogen industry by updating its 45VH2-GREET modeling tool. The latest version of 45VH2 GREET employs a more flexible method for calculating methane loss from hydrogen supply chains, allowing a wider range of deserving companies to access resources supporting hydrogen production. “This update to the GREET model reflects the Department of Energy’s commitment to unleashing American energy dominance by removing bureaucratic burdens on industry,” said Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Lou Hrkman. “We are expanding opportunities for companies to produce domestic hydrogen and spurring U.S. innovation in new technologies to pave the way for billions in private investment.” The 45VH2-GREET model, which has been adopted by the U.S. Department of the Treasury, is specifically designed to evaluate hydrogen production processes. The latest updates allow users to input company-specific methane loss data, rather than requiring the use of national averages. This change will allow companies to use data specific to their own facilities when assessing their eligibility under 45V. To download the latest GREET model, along with an updated user manual and a log of all changes, visit www.energy.gov/eere/greet. For questions on how to use the model, please contact [email protected]. First developed by Argonne National Laboratory in 1994, the GREET® (Greenhouse gases, Regulated Emissions, and Energy use in Technologies) suite of models assess the life cycle impacts of technologies, fuels, products, and energy systems across various stages of the supply chain. Today, there are multiple GREET models for specific use cases that guide decision-making, research and development, and regulations related to the transportation and energy sectors. The models are freely available for industry to use and play an integral role in DOE’s research, development, and deployment efforts.

Deutsche Bank AG won’t move ahead with a plan to add restrictions on financing oil and gas, as it assesses the legal risks of doing so, according to its chief executive. “The legal environment has changed, and we are currently analysing this in detail in order to minimise potential risks for the bank,” CEO Christian Sewing told shareholders at Deutsche Bank’s annual general meeting on Thursday.  At the same time, Sewing sought to reassure investors that Deutsche Bank isn’t backing away from its climate goals. Germany’s largest lender has “largely completed” an update of its guidelines for the oil and gas industry, which includes limits on the financing of oil sands, hydraulic fracking in certain geographies and Arctic exploration, he said. But the timeline of the update’s implementation is currently unclear, he said. The finance industry is navigating a world in which banks and asset managers suspected of boycotting fossil fuels face legal retaliation in the US, where President Donald Trump has sought to bludgeon the pro-climate agenda of his predecessor. In the US, banks have responded by exiting climate alliances. In Europe, where the industry is subject to local pro-climate regulations, the response has been more nuanced. “If we would discontinue the financing of CO2 intensive industries, we would miss our role in financing the transformation of energy systems,” Sewing said.  The overall message, however, “is clear,” he said. Since the middle of 2019, Deutsche Bank “has made sustainability a management priority and thus a central part of its strategy.”   Last year, Deutsche Bank backed out of 15 deals of the 817 it looked at based on environmental and social concerns, Sewing said. The bank’s “constantly growing knowledge of the management of physical and transition risks is decisive for our climate and environmental management,” he said. “We remain committed to

Oil fell to its lowest settling price in almost two weeks as US stockpiles gained and OPEC+ members discussed another major production increase, just as demand faces headwinds from the US-led trade war. West Texas Intermediate slid 0.6% to settle just above $61 a barrel. Brent dropped to settle below $65. If OPEC+ approves the potential increase of 411,000 barrels a day when it meets on June 1, it will mark the third month in a row the cartel has agreed to boost supplies by triple the initially scheduled amount. “The most likely outcome is another headline increase of 411,000 barrels a day from July, which will be primarily Saudi barrels,” said Helima Croft, head of global commodity strategy at RBC Capital Markets LLC. Crude is under pressure as the Organization of the Petroleum Exporting Countries and its allies push barrels back into a market that’s already looking well supplied, amplifying concerns about a glut. The US-led trade war has stirred fears of slower economic growth and weaker energy demand, deepening the price losses. Oil inventories are rising in the US, still the world’s biggest consumer of the commodity. US commercial inventories of crude rose for a second week, according to data on Wednesday, while gauges of gasoline and distillate demand were weak, even as the summer driving season approaches. Oil Prices WTI for July delivery fell 0.6% to settle at $61.20 a barrel in New York. Brent for July settlement fell 0.7% to settle at $64.44 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in

Dive Brief: House Republicans passed a budget bill Thursday morning with an amendment that amplifies the impacts of the legislation’s already-steep cuts to Inflation Reduction Act funding by requiring that projects break ground within 60 days of the bill’s signing to qualify for clean electricity production and investment tax credits. If that aspect of the legislation passes through the Senate and becomes law, “it’s going to strain the renewable energy development community and the supply chain,” said Ryan Abraham, a principal with Ernst & Young’s Washington Council advisory practice. “It’s going to trigger a scramble to undertake as much as possible in that 60-day window.” Greg Matlock, EY Americas Tax Leader for Oil & Gas and Chemicals and Metals & Mining, said he didn’t think this degree of changes to the 45Y and 48E tax credits – in particular the 60-day deadline – was anticipated. “From a commercial perspective, it’s not a unilateral decision most of the time on whether you can begin construction,” he said. Dive Insight: Matlock said there was always an expectation that this administration and Congress would seek to make material changes to the clean energy provisions of the IRA, but his sense from talking to clients Thursday morning was that the 60-day clock took them by surprise. Abraham said that he was “personally surprised” by the changes to the 45Y production credit and 48E investment credit as well – the 60-day deadline especially.  “I think there was a general expectation in the sector that the House bill was kind of the bookend of negotiations, and I think that amendment has clearly taken that and moved that goal post a bit,” Abraham said. “That 60 days start-of-construction requirement, if that were to stay, is going to have a significant impact on projects that go forward …

Dive Brief: Additional tariffs will be imposed on solar imports from Cambodia, Malaysia, Thailand and Vietnam after the U.S. International Trade Commission voted that the domestic solar industry is materially injured by them, the ITC announced Tuesday. This finding follows the U.S. Commerce Department’s April final determination in an antidumping and countervailing duty investigation into solar imports from four Southeast Asian countries, which resulted in subsidy rates as high as 3,403.96% for some exporters. “The ITC vote now clears the way for updating those rates and an order that will be issued shortly to address unfair trade more fully,” said Tim Brightbill, attorney for the American Alliance for Solar Manufacturing Trade Committee, the alliance of seven U.S. solar manufacturers that petitioned the ITC and Commerce. “We’re very pleased with that … We got some great results today.” Dive Insight: Brightbill, a partner at law firm Wiley Rein, said during a Tuesday press call that the alliance doesn’t yet know if the ITC’s finding will result in additional, retroactive duties under the “critical circumstances” provision, which applies to countries that rush in imports to try to beat duties before they’re applied.  In its own final determination, the Commerce Department did make critical circumstances findings for some exporters in Thailand and Vietnam. “We’ll see shortly if that might occur,” Brightbill said. “But regardless, it’s a very strong win for the domestic industry. Our clients are pleased with the results. It’s taken a year, but we’re happy to be here.” Following the ITC’s finding, the Commerce Department is expected to issue new anti-dumping and countervailing duty orders on June 9, and update the tariff rates for the four countries.  These tariffs will impact crystalline silicon photovoltaic cells, whether or not assembled into modules, imported from the four countries – on top of President Donald Trump’s