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Climate: Coal’s climbing costs
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May 14, 2026
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The Cumberland Fossil Plant in Tennessee is the second-largest retirement planned for 2026 after J.H. Campbell in Michigan, which has already been delayed.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Joe Buglewicz for The New York Times
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<h1 style="color:#000;font:400 30px/37.5px georgia,serif;margin:0 0 12px">
<span>
The climbing costs of coal
</span>
</h1>
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By
<a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
Claire Brown
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<span>
It’s been almost a year since the Energy Department
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
began issuing emergency orders
</a>
<span>
to prevent aging coal plants from closing as planned.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Three states and nine nonprofit groups have filed a lawsuit challenging the emergency order, and they’re back in court on Friday. Today, I wrote about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the consequences of the Trump administration’s coal plant orders
</a>
<span>
that have piled up in the meantime.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Running the plants has cost hundreds of millions of dollars, much of which will most likely wind up on household electricity bills. And the plants contributed to the reversal of a longstanding decline in mercury emissions nationally, a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
New York Times analysis
</a>
<span>
found.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But while the top line figures tell part of the story, I was struck by a spreadsheet tucked into a document filed by one of the plant operators with a federal energy regulator. It helped explain why these orders have been so costly.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The plant in question, TransAlta’s facility in Centralia, Wash., hasn’t burned a single lump of coal since an emergency order forced it to stay open in December. But it is seeking $20 million in reimbursements for three months of expenses, and the numbers will climb if it ever produces energy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s important to note that companies affected by these orders are legally allowed to recover their costs from the federal government with regulatory approval. (TransAlta, a power company based in Canada, said its facility remained available but has not been directed to operate.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Here’s where that money is going.
</span>
</p>
<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
The cost of sitting still: $20 million
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The document, an affidavit signed by a TransAlta treasurer, Cody Duncan, itemizes what the company spent to comply with the first emergency order.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
More than half of that money is for fuel. When the order was issued, the plant had a stockpile of 98,063 tons of coal, enough to keep it running for nine or 10 days, until a train carrying a new shipment could arrive. The facility also has 58,800 gallons of diesel.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The plant asked regulators for $4.6 million as a reimbursement for this “already acquired fuel on-hand.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And what happens when the emergency order eventually expires? Centralia could be left with a pile of coal it has no way to use. According to the affidavit, the plant has not found any buyers for leftover coal. The company is asking for $7 million to get rid of the coal pile and dispose of it in a landfill near the Oregon border.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
These are all one-time costs. There will be an additional $8 million in recurring costs every time the Energy Department renews the emergency order, TransAlta said. These costs include things like $4.5 million for salaries and wages, $1 million for “materials (e.g. Tools, chemical, lubricant)” and $354,000 for insurance.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The order was renewed for a second 90-day period in March.
</span>
</p>
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<img alt="A coal plant, with two large towers." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14cli-newsletter-coal-costs-04-qlwh%252F14cli-newsletter-coal-costs-04-qlwh-jumbo-v3.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM0OTM5NH0:1wNbjf:oxiKJnpN--kkmdw3RHnEkNSq7DpwWJdbzZ-z2osL-S4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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<span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
<span style="color:#666;font:normal 14px georgia,serif">
The TransAlta plant near Centralia, in 2011.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Ted S. Warren/Associated Press
</span>
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<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
The cost of restarting a coal plant
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Centralia plant has not produced energy in months, and starting it back up would require a lot of energy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
TransAlta has not asked for reimbursement for these hypothetical costs. But the affidavit provided some estimates for what the reboot process would entail.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A first “cold” start would rely partly on stockpiled diesel. After that, a start-up would burn through 75,000 gallons of diesel and 3,200 megawatt-hours of electricity at a cost of around $600,000.
</span>
</p>
<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
A new sales tax
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
When I spoke to State Representative Joe Fitzgibbon, a Democrat, about the emergency order affecting the Centralia plant, he seemed perplexed about why the Energy Department had bothered ordering it to stay open. (The Energy Department said its emergency orders prevented blackouts during times of peak demand last year and has argued that keeping plants open will prevent future outages.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Back in 2011, TransAlta made an agreement with Washington State legislators to close the plant. Centralia would be the last coal plant in the state to shutter, and, starting Jan. 1, local utilities in the state were barred from supplying their customers with electricity from coal.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In other words, even if the plant did start up again, it might have trouble finding nearby customers. It has announced plans to convert to natural gas.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Fitzgibbon had another idea to make sure the plant didn’t burn any more coal. He sponsored a bill to ensure it was covered by the state’s cap-and-trade program as well as other taxes and fees. It was signed into law in March.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The effects showed up in TransAlta’s accounting: A new sales tax would add 87 cents per ton to the cost of coal. And an “environmental and emissions charge” of $77.59 per megawatt-hour more than doubled the cost of producing each unit of electricity.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We think that with our new law,” Fitzgibbon said, “we’re pretty confident that the plant is not going to start burning coal again.”
</span>
</p>
<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
What’s next
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Beyond Centralia, other plants affected by the emergency orders may have to spend big on their facilities if the renewals continue. In a recent regulatory hearing, one executive estimated his Indiana coal plant required more than $100 million in investments to operate at full capacity. Ratepayers will most likely foot much of these bills in the end.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700">
Related
</span>
<span>
:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
E.P.A. Moves to Weaken Water Pollution Rule for Coal Plants
</a>
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<span style="color:#666;font:normal 14px georgia,serif">
An enclosed test chamber in a facility of Stardust Solutions in Rehovot, Israel.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Avishag Shaar-Yashuv for The New York Times
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GEOENGINEERING
</p>
<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
<span>
Can some very tiny particles cool the planet?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A company at the forefront of solar geoengineering — the notion that blocking radiation from the sun could cool a warming planet — has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
disclosed details of the materials it wants to sprinkle in the atmosphere
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Stardust Solutions, led by former members of Israel’s nuclear energy program, is publishing research on Thursday that reveals the chemical properties of its particles, how they would affect the atmosphere and how high-flying aircraft would disperse the material.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The privately held company is farthest ahead in the contest to take an idea that was once the stuff of science fiction and move it into the mainstream. But the idea of manipulating the atmosphere to turn down the temperature of Earth remains contentious, and more than 600 scientists and academics have called for an international ban.
</span>
<span style="font-style:italic">
— Eric Niiler
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
Read more
</a>
<span>
.
</span>
</p>
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<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
POLLUTION
</p>
<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
<span>
Federal chemical safety board sends warning on Trump disaster policy
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For a year now, the Chemical Safety Board, a small independent agency that investigates chemical spills and other disasters, has faced elimination under President Trump’s budget cuts.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That hasn’t stopped the board from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
taking on the Trump administration
</a>
<span>
. The agency is now opposing an attempt to roll back new chemical disaster rules that were introduced under former President Joe Biden and aimed at preventing accidents at thousands of industrial sites.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The board’s two remaining members warned publicly in a letter this week that the administration was taking “a significant step backward” in preventing catastrophic chemical incidents.
</span>
<span style="font-style:italic">
— Hiroko Tabuchi
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
Read more
</a>
<span>
.
</span>
</p>
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</td>
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</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
CLIMATE AND CONFLICT
</p>
<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
<span>
Using restored peat bogs to stop Russian tanks
</span>
</h2>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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<td style="text-align:center">
<img alt="A muddy dam in a forest. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14cli-newsletter-coal-costs-03-wmqb%252F14cli-newsletter-coal-costs-03-wmqb-jumbo-v3.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM1NTc1OH0:1wNbjf:hlgokMDPT1_6gjT7Tb-V2UXndAsWZnJbtPq3B_q7sTk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
</td>
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<td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
<span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
<span style="color:#666;font:normal 14px georgia,serif">
A natural dam in a peat bog in the Kaisiadorys District of Lithuania in March 2026.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Samuel Wands
</span>
</span>
</td>
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</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In a scrubby forest an hour outside the Lithuanian capital on a recent day this spring, excavators were digging ditches and tree harvesters were whirring in an effort to restore a waterlogged, mosquito-infested ecosystem that was drained in the Soviet era.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The reason is twofold:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to help the climate and to defend the country from invasion
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The area was once a vast peat bog, and peat bogs are highly efficient at storing planet-warming carbon dioxide. They also happen to be very good at stopping tanks, because the spongy soil can’t support the weight of armored vehicles. The tanks get stuck and sink, often permanently.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Tomas Godliauskas, the Lithuanian vice minister of defense, said the bogs would form “an integral defensive line” when combined with other military tactics.
</span>
<span style="font-style:italic">
— Avril Silva
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
Read more
</a>
<span>
.
</span>
</p>
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</td>
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</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
NUMBER OF THE DAY
</p>
<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
Up 27 percent
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jack Ewing reports
</a>
<span>
that, in Europe, where gasoline can cost almost twice as much as in the United States, sales of electric vehicles have surged, rising 27 percent in April compared with a year earlier, according to Benchmark Mineral Intelligence.
</span>
<br/>
<br/>
<span>
In the U.S., it’s another story: E.V. sales plunged 23 percent over last April, when customers rushed to take advantage of federal tax incentives that have since expired.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
Read more
</a>
<span>
.
</span>
</p>
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<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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</td>
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</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
QUOTE OF THE DAY
</p>
<h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
<span style="font-weight:700">
‘This is actually the canary in the coal mine.’
</span>
</h3>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s from Charles Perry, a Republican who leads a committee on water in the Texas Senate. Perry was discussing Corpus Christi, a coastal city of 300,000 residents, that is quickly running out of water, and how it could serve as a warning for other cities across the country.
</span>
<br/>
<br/>
<span>
“Half the nation,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lauren McGaughy writes
</a>
<span>
, “is dealing with a persistent drought, according to federal data, at the same time as industrial water demand has risen because of growing needs from power plants and data centers.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
Read more
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
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<td style="padding-top:15px">
</td>
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<td style="padding:7px 0 20px;border-top:2px solid #000">
<h2 class="css-hjhb8p" style="letter-spacing:.4px;font:700 17px/25px arial,sans-serif;color:#000;margin:0;padding:0">
OTHER NYT CLIMATE NEWS
</h2>
</td>
</tr>
<tr>
<td class="css-11kh5w9" style="padding:0;padding-bottom:25px">
<table role="presentation" style="width:100%">
<tbody>
<tr>
<td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<img alt="A white car is buried under a tangle of dark tree branches and green leaves. Several people work to cut and remove the large tree debris." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14INT-INDIA-STORM-zthk%252F14INT-INDIA-STORM-zthk-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM1Njc1NH0:1wNbjf:G5T6DK8d_zGtLjq-TSC93odhp5h0Eu7ylklReG7Pc_g" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
<p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
Reuters
</p>
</a>
</td>
<td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
Over 100 People Killed in India as Storms Wreak Destruction
</h3>
<p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
The deaths were scattered across a swath of India’s most populous state, Uttar Pradesh, where many homes were destroyed.
</p>
<p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
By Hari Kumar and Nazaneen Ghaffar
</p>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
<table role="presentation" style="width:100%">
<tbody>
<tr>
<td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<img alt="A black Honda car in a dealership. " class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14Biz-Honda-pvqw%252F14Biz-Honda-pvqw-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM1NzY5fQ:1wNbjf:5laNU9giH5FVX9-f5SyKplB7D7g48y6INIe_IbJZRPw" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
<p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
Hiroko Masuike/The New York Times
</p>
</a>
</td>
<td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
Honda Posts First-Ever Annual Loss After Pullback From E.V.s
</h3>
<p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
The Japanese automaker posted its first loss since 1957 as it took a multibillion-dollar hit from scaling back its electric-vehicle plans.
</p>
<p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
By River Akira Davis
</p>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
<table role="presentation" style="width:100%">
<tbody>
<tr>
<td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<img alt="A sprawling oil facility. Smoke spews from a tower and hangs over the facility." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F13%252Fmultimedia%252F00int-canada-alberta-carbon01-photo-pkgf%252F00int-canada-alberta-carbon01-photo-pkgf-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM1ODY3NH0:1wNbjf:VPWOo4USpv0TTa5F0Td8T_l8pxq-7AsXnaFgGfbHaHI" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
<p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
Pat Kane for The New York Times
</p>
</a>
</td>
<td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
Canada and Alberta Agree to Raise Carbon Prices as Pipeline Tradeoff
</h3>
<p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
But the agreement is the latest softening of carbon reduction measures introduced by Prime Minister Mark Carney since he took office last year.
</p>
<p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
By Ian Austen
</p>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
<table role="presentation" style="width:100%">
<tbody>
<tr>
<td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<img alt="A drilling site in front of wind turbines and a mountain range." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F12%252Fmultimedia%252F00biz-fervo-ipo-01-hfwk%252F00biz-fervor-ipo-01-hfwk-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM1OTYxOH0:1wNbjf:O7AqQhTGdKWZCKNrIGQ0LAc8mjiSyJvcN58ZGy2ElHk" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
<p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
Brandon Thibodeaux for The New York Times
</p>
</a>
</td>
<td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public
</h3>
<p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
Fervo Energy, which uses drilling techniques from the oil and gas industry to produce power from the earth’s heat, raised $1.9 billion in an initial public offering.
</p>
<p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
By Ivan Penn and Brad Plumer
</p>
</a>
</td>
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</tbody>
</table>
</td>
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<tr>
<td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
<table role="presentation" style="width:100%">
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<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<img alt="Fatih Birol, wearing a dark suit and tie and white shirt, sitting in a small arm chair in an office with the Eiffel Tower visible outside the window." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F13%252Fmultimedia%252F13biz-iran-energy-01-lwbm%252F13biz-iran-energy-01-lwbm-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3ODY5MjMuNjM2MDU2fQ:1wNbjf:BvN_UGSM7synt1mxvd8f9aOtLROP-GOT7twWaNl2mjo" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
<p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
Dmitry Kostyukov for The New York Times
</p>
</a>
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<td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
<h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
An Uncertain World Awaits the Reopening of the Strait of Hormuz
</h3>
<p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
Fatih Birol of the International Energy Agency, who orchestrated a multinational release of oil reserves, detailed the risks facing the economy now and beyond.
</p>
<p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
By Eshe Nelson
</p>
</a>
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