Dive Brief: Meta announced a deal with geothermal energy producer XGS Energy Thursday that will provide the tech and social media giant with carbon-free power to support its New Mexico data center operations In exchange, Meta will support XGS’s development of 150 MW of next-generation geothermal energy production capacity in the state, according to the June 12 release. New Mexico Gov. Michelle Lujan Grisham reportedly said the new plant will result in a $1 billion private sector investment, in addition to creating 3,000 construction jobs and 100 plant operation jobs. The deal adds to the growing corporate demand for geothermal energy, which provides carbon-free power generation without weather dependence. Meta previously signed its first geothermal agreement with Sage Geosystems last year for power generation east of the Rocky Mountains. Dive Insight: XGS’s new geothermal plant will be built in two phases and is unique, as the company uses proprietary geothermal power production technology that works with zero operational water use, according to the release. The project’s completion will include an initial smaller phase of construction and a later, larger phase, with both expected to be completed and operational by 2030, the companies said.  On its own, this XGS project is expected to increase the total geothermal production in New Mexico by “a factor of 10,” according to the release. Meta Global Head of Energy Urvi Parekh said the social media giant is “excited” to work with XGS “to unlock a new category of energy supply” for its New Mexico operations. “Advances in AI require continued energy to support infrastructure development,” Parekh said in Thursday’s release. “With next-generation geothermal technologies like XGS ready for scale, geothermal can be a major player in supporting the advancement of technologies like AI as well as domestic data center development.” For Meta, it is the

NRG Energy and LS Power on Thursday asked the Federal Energy Regulatory Commission to approve a $12 billion deal under which NRG would buy about 13 GW in gas-fired generation and CPower, a company with 6 GW in demand-response resources, from LS Power. If completed, the transaction will increase NRG’s market share in the New York Independent System Operator and PJM Interconnection footprints, and in certain submarkets in NYISO and PJM, but not enough to give NRG the ability to exert market power, the companies said in an application at FERC. Under the deal, NRG’s capacity in PJM would jump to 9.5 GW from 2.1 GW and NRG would own 2.2 GW in New York, up from 1.2 GW, according to the application. Related to the deal, LS Power would buy energy, capacity and ancillary services via a power purchase agreement from a 985-MW unit at the Ravenswood Generating Station in Queens, New York, according to the application. The PPA would start at the deal’s closing and continue through April 30, 2029. Under the deal, NRG would also buy 765 MW in ISO New England and 2 GW in the Electricity Reliability Council of Texas market. NRG and LS Power asked FERC to approve the transaction by Oct. 24. They expect to close the deal early next year. The New York State Public Service Commission must sign off on the transaction. Under the deal, which NRG and LS Power announced on May 12, LS Power will acquire about 11% of NRG’s outstanding common stock. However, to prevent LS Power and its affiliates from controlling more than 10% of NRG’s voting shares — a threshold that triggers heightened oversight by FERC — NRG will deliver any share that exceeds the 10% threshold to an independent trustee, according to the application. The transaction

Dean Granoff is founder and principal of the Climate Technology Group. As the U.S. Senate works to craft a budget deal, it faces a defining choice: Will American industry seize the economic rewards of a modern energy system, or allow our competitors to take the lead? The version of the “Big Beautiful Bill” passed by the House stripped away incentives that support modern clean energy infrastructure and innovation, security and competitiveness, downing the very tools that put the United States on track for global energy leadership.  But U.S. senators and their constituents are pushing back, saying that undoing the incentives would raise electricity prices and cut jobs.  As a group of four GOP senators wrote to Senate Majority Leader John Thune, “A wholesale repeal, or termination of certain individual credits, would create uncertainty, jeopardizing capital allocation, long-term project planning, and job creation in the energy sector and across our broader economy.” Now, 13 House Republicans are urging the Senate to restore the incentives, and there is a chance they could get their way. This is not about ideology.  Wherever you are on the political spectrum, clean energy competitiveness is about “economic prosperity, a healthier planet and true national security,” according to Sen. John Curtis (R-Utah). Globally over $2 trillion was invested in clean energy technologies and infrastructure last year — double the amount spent on fossil-based infrastructure. The U.S. must not abandon its position in this ascendent sector. Markets are moving decisively towards modern clean energy systems because technologies like solar, wind, and batteries are generally cheaper and faster to install than their legacy competitors. A broad array of related new technologies is following close behind.  This isn’t a fluke; it’s basic economics. Clean energy systems generate, store and deliver power without fuel, so that once the infrastructure is in

Mitsubishi Corp. is in advanced talks to buy the assets of Aethon Energy Management for close to $8 billion, people familiar with the matter said, in what would be the Japanese conglomerate’s biggest ever acquisition. Tokyo-based Mitsubishi could announce a deal with the US energy-focused investment firm in the next couple of months, according to the people. Abu Dhabi National Oil Co. had also been considering a potential transaction involving Aethon, Bloomberg News reported in April. A deal would likely be structured as a purchase of Aethon’s portfolio, which includes natural gas production operations and midstream assets, some of the people said. While a deal is close, talks could still be delayed or falter, they said, asking not to be identified discussing confidential information. It’s also possible another bidder could emerge for Aethon, they added. A representative for Aethon declined to comment, while a spokesperson for Adnoc didn’t respond to requests for comment. Mitsubishi said in a statement that no decision has been made regarding Aethon. Dallas-based Aethon is among the most active drillers in the Haynesville shale basin that straddles East Texas and northern Louisiana. Aethon is close to several LNG export terminals along the Gulf Coast. Mitsubishi, one of Japan’s major trading companies, is a key supplier of liquefied natural gas and has a stake in a US export facility in Louisiana. Japan’s government sees the artificial intelligence boom potentially lifting power demand over the next decade, and has urged the nation’s private firms to invest in gas. The talks mean that Mitsubishi is looking to double down on one of its most profitable business segments: natural gas. Japan’s trading houses, which include Warren Buffett’s Berkshire Hathaway Inc. as an investor, have outperformed the market over the last few years due in part to strong profits from overseas

Israel and the US are ratcheting up pressure on Iran, fueling fears that Washington may be preparing for a more direct intervention alongside its closest Middle East ally. US President Donald Trump says he wants a permanent end to Iran’s path to a nuclear weapon, after an early departure from the Group of Seven leaders meeting in Canada spurred questions about whether a truce could be imminent.  “An end. A real end. Not a ceasefire. An end,” Trump told reporters aboard Air Force One Tuesday when asked to clarify his comments that he was leaving Canada for something “much bigger” than a temporary peace deal. Israel is preparing to intensify its strikes on Tehran on Tuesday, potentially escalating a war that’s seen the sworn enemies trade missile salvos for five days in a row. “Today we will attack very significant targets in Tehran, Defense Minister Israel Katz said, adding that residents should evacuate. Earlier in the day, a spokesman for the Israel Defense Forces said that, while it’s too early to assess the success of the current campaign in Iran, strikes on the country’s nuclear facilities are “deepening” every day.   Katz didn’t elaborate on what targets Israel might be aiming to hit and Trump hasn’t clearly spelled out his next steps. While global markets have calmed since hostilities started Friday with Israel’s initial wave of bombings, there are still widespread fears the war will spread to other countries in the oil- and gas-producing region. Trump’s exit from the G-7 followed another 24 hours of intense bombardments, with Iran firing ballistic missiles and Israel striking targets across the Islamic Republic, including the capital of Tehran. The USS Nimitz aircraft carrier strike group is sailing to the Middle East ahead of schedule, marking the first significant move of American military assets to

Duke Energy Corporation’s Duke Energy Progress has requested a public review of the company’s rates as it intends to lift prices. The company, serving 177,000 customers primarily in central and northeastern South Carolina, said an increase is justified due to increased work on system diversity and reliability. In its request to South Carolina’s Public Service Commission, the company is seeking an overall revenue increase of $74.8 million, representing a 12.1 percent increase over current revenues. It said in a media release this is the first rate review it requested since 2022. “We know families and businesses are juggling a lot and we do not take a request to increase rates lightly, but being upfront and timely with our request is the right thing to do and in the best interest of our customers”, Tim Pearson, Duke Energy’s South Carolina president, said. If approved, the monthly electricity bills for typical residential customers using 1,000 kilowatt-hours per month would rise by $21.66 a month – from $144.85 per month to $166.51 – starting February 1, 2026. Commercial customers would see an average increase of 12.8 percent, while industrial customers would see an average increase of around 3.6 percent. The exact amount of increase per customer class may vary depending on how much additional revenue is needed to ensure the class covers the cost of serving them, the company said. “This proposal reflects the investments we have made to strengthen the grid, improve storm readiness, maintain and enhance our generating fleet, and serve a growing customer base,” the company said. It said that previous investments in grid resilience proved critical when Hurricane Helene made its way across the Carolinas. “Smart, self-healing technology installed across the Duke Energy Progress service territory helped to automatically restore more than 10,000 customer outages and saved more than 28,000 hours