Ace Business Desk – “Shock waves from the Democratic blue tsunami cascaded through global energy markets on Wednesday,” reports Politico in its coverage of the US midterm election results. It continues: “The AI race, which is powering the US economy and sending electricity demand soaring, suddenly faces major roadblock by Benjamin Storrow, Zack Colman and Sara Schonhardt, Politico
Manufacturers in Asia wondered if the electoral outcome would lead to a slowdown in orders for semiconductors, batteries and transformers. A new generation of Democrats is bound for Washington. They are less focused on climate change and more focused on affordability and rooting out corruption.”
The Guardian says that shares of renewable energy developers around the world have climbed. It says offshore wind developer Ørsted should see “reprieve from the White House’s assaults” on offshore wind off the north-east US coast.
Reuters says: “Data-center stocks slid on Wednesday, while clean-energy shares rallied.” Heatmap outlines the “winners and losers” of the midterms.
Bloomberg says the Democrats may seek to renegotiate the permitting bill, which “could be one of the most consequential pieces of energy legislation in years as the country seeks to speed up federal approval of major projects ranging from pipelines to power lines”. It says this could delay the bill, which is “sought by both fossil fuel and renewable lobbies.”
Inside Climate News outlines the implications of Democratic wins in Texas, Georgia and New York’s 17th Congressional District. Euronewssays: “While climate was rarely on the ballot by name, Trump’s anti-climate policies shaped the outcome.”
The New York Times says: “The war in Iran, efforts to promote fossil fuels and attacks on renewable energy contributed to higher prices for gas and electricity that drove voter discontent.”
Grist says “flipping control of Congress will allow the Democrats to hinder Trump’s numerous attempts to roll back federal climate policy”.
What to know:
- Most voters said that Trump’s own policies had smothered growth and drove costs even higher, according to The AP Voter Poll. Consumer prices are up 3.7% over the past 12 months, compared to an inflation rate of 3% when Trump began his second term.
- The president told reporters on Wednesday that the Iran war “drove the gasoline up a little bit short-term,” but he felt the choice to fight Iran was worth it because of its push for nuclear weapons. “If I had to do it again, I’d have to do it again,” he said.
- Nationwide, about 7 in 10 voters said the economy favors the wealthy, while only about 3 in 10 said it’s fair to everyday Americans. About 4 in 10 households with 2025 household incomes above $200,000 said that democracy was their top issue, putting the issue about even with the economy. Voters in most lower-income categories, on the other hand, clearly prioritized the economy.
Additional Election Coverage: Time, Bloomberg, Reuters and Scientific American
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