Category: 3. Business

  • Workshop on Proposed Title 20 Data Collection Regulations

    The California Energy Commission (CEC) will host a workshop on proposed changes to the Energy Data Collection – Phase 3 for Natural Gas and Renewable Natural Gas Data Collection in the California Code of Regulations (CCR), Title 20, Division 2, Chapter 3, Articles 1, 2, and 4. 

     

    The purpose of the proposed regulations is to enable the CEC to meet its statutory l requirements to support the reliable operation of the state’s energy systems and assess progress of energy transitions to develop recommendations for meeting state energy goals. 

     

    This rulemaking will expand the CEC’s analysis and forecasting capabilities by requiring reporting of key information related to:  
     

    • Natural Gas System and Metered Consumer Usage
    • Renewable Natural Gas
    • Metered Electricity Use

     

    The public can participate in the workshop consistent with the attendance instructions below. The CEC aims to begin promptly at the start time posted and the end time is an estimate based on the proposed agenda. The workshop may end sooner or later than the posted end time.

    Notice and Agenda

    Remote Attendance

    Participants may join via Zoom by internet or phone
     

    • Attend Workshop via Zoom, or log in at the Zoom Website, enter the Webinar ID 821 4796 6371 and passcode 359026, and follow all prompts.
    • To join by telephone. Call toll-free at (888) 475-4499 or toll at (669) 219-2599. When prompted, enter the Webinar ID 821 4796 6371 and passcode 359026.

    Zoom Closed Captioning Service. At the bottom of the screen, click the Live Transcript CC icon and choose “Show Subtitle” or “View Full Transcript” from the pop-up menu. To stop closed captioning, close the “Live Transcript”, or select “Hide Subtitle” from the pop-up menu. If joining by phone, closed captioning is automatic and cannot be turned off. While closed captioning is available in real-time, it can include errors. A more accurate transcript of the workshop will be docketed and posted as soon as possible after the meeting concludes.
     

    Zoom Difficulty. Contact Zoom at (888) 799-9666 ext. 2, or the CEC Public Advisor at publicadvisor@energy.ca.gov, or by phone at (916) 269-9595

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  • Derivatives, Legislative and Regulatory Weekly Update (January 9, 2026)

    Derivatives, Legislative and Regulatory Weekly Update (January 9, 2026)

    Client Alert  |  January 9, 2026


    From the Derivatives Practice Group: This week, the CFTC announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts.

    New Developments

    CFTC Staff Issues No-Action Letter Regarding Event Contracts. On January 8, the CFTC’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts in response to a request from Bitnomial Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a registered derivatives clearing organization. The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations. [NEW]

    CFTC Chairman Selig Announces Amir Zaidi as Chief of Staff. On December 31, CFTC Chairman Michael S. Selig announced Amir Zaidi will serve as the CFTC’s Chief of Staff. Zaidi returns to the CFTC after having previously served in several roles at the agency from 2010 to 2019, including as director of the Division of Market Oversight, where he oversaw the certification and deployment of the bitcoin futures contact – the first federally-regulated crypto product. [NEW]

    Michael Selig Sworn In as 16th CFTC Chairman. On December 22, Michael S. Selig was sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Chairman Selig was nominated by President Donald J. Trump to the post on October 27, 2025, and confirmed by the U.S. Senate on December 18, 2025. Chairman Selig most recently served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul S. Atkins. He also participated in the President’s Working Group on Digital Asset Markets and contributed to its report on “Strengthening American Leadership in Digital Financial Technology.” Chairman Selig earned his law degree from The George Washington University Law School and received his undergraduate degree from Florida State University.

    Acting Chairman Caroline D. Pham Departs CFTC. On December 22, CFTC Acting Chairman Caroline D. Pham announced her departure from public service. Her last day at the CFTC was December 22, 2025.

    Acting Chairman Pham Announced New Member of Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. On December 22, CFTC Acting Chairman Pham announced Rob Hadick of Dragonfly Capital Partners joined the CFTC’s Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. According to the CFTC, Hadick is a General Partner at Dragonfly Capital Partners, where he focuses on digital asset investment strategy, market structure innovation, and expanding global market opportunities across blockchain-based financial systems.

    Acting Chairman Pham Announced Pilot Program to Unleash American Energy Dominance.” On December 19, CFTC Acting Chairman Pham announced that the Market Participants Division (MPD) established a pilot program designed to increase liquidity and hedging of risks in connection with Energy Commodity End User Swaps. Specifically, MPD staff issued a no-action letter that provides for a pilot program that will exclude certain Energy Commodity End User Swaps from the swap dealer de minimis calculation. Participants in the pilot program are required to submit monthly reports on energy commodity sub-category, aggregate notional value and number of counterparties for CFTC market oversight.

    CFTC Staff Issues No-Action Letter Regarding CPO Registration for Certain SEC-Registered Investment Advisers. On December 19, MPD announced it had issued a no-action letter in response to a request submitted by the Managed Funds Association on behalf of its members. The letter states MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the Securities and Exchange Commission that operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons for failing to register with the CFTC as a commodity pool operator, subject to certain conditions.

    CFTC Approves Final Rule to Revise Swap Dealer Business Conduct and Swap Documentation Requirements. On December 18, the CFTC announced it has approved a final rule that codifies existing staff no-action positions for certain of the CFTC’s business conduct and documentation requirements applicable to swap dealers and major swap participants. The final rule amendments further harmonize the CFTC’s rules with those of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

    CFTC Staff Seek Public Comment on Direct Clearing by Retail Participants. On December 18, the CFTC issued a Request for Comment to better inform the staff’s understanding of the issues related to derivatives clearing organizations that provide direct clearing services to retail traders. These clearing services may be provided either through a fully-collateralized clearing model that has direct access for retail participants, or a hybrid model that includes both fully-collateralized direct clearing to retail participants and intermediated clearing by futures commission merchants to retail customers.

    New Developments Outside the U.S.

    ESMA Publishes Principles for Risk-based Supervision. On January 9, ESMA published its principles for risk-based supervision. These principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundational elements for use by ESMA and National Competent Authorities, and provide a structured framework for identifying, assessing, prioritizing and addressing risks. [NEW]

    ESAs Publish Joint Guidelines on ESG Stress Testing. On January 8, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their Joint Guidelines on environmental, social, and governance (ESG) stress testing. These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducting complementary assessments of ESG risk impacts. [NEW]

    ESMA Publishes Report on Cross-border Marking of Funds Including Statistics on Notifications. On January 6, ESMA published its third report on marketing requirements and marketing communications under the regulation on cross-border distribution of funds. For the first time, the report includes statistics on notifications of cross-border marketing of funds. Drawing on input from National Competent Authorities, the report finds that national rules governing the marketing of funds have not undergone any significant changes since the publication of the second report in 2023. [NEW]

    ESAs’ Joint Board of Appeal Rules on Reimbursement of Costs. On January 5, the Joint Board of Appeal of the ESAs issued its decision on costs arising in the appeal brought by NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, and NOVIS Poisťovňa a.s. (NOVIS) against the European Insurance and Occupational Pensions Authority (EIOPA). In its decision on July 30, 2024, the Board ordered EIOPA to reimburse NOVIS’ costs for the appeal. In its decision on December 3, 2025, the Board confirmed its competence to decide on the allocation and taxation of costs. [NEW]

    ESMA Launches Selection of Consolidated Tape Provider for OTC Derivatives. On January 5, ESMA announced that it is launching the first selection procedure for the Consolidated Tape Provider (CTP) for over the counter (OTC) derivatives. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by February 11, 2026. ​The CTP aims to enhance market transparency and efficiency by consolidating post-trade data from data contributors, such as trading venues, into a single and continuous electronic stream. [NEW]

    ESMA Publishes Latest Spotlight on Markets Newsletter Featuring Updates on Market Integration and Transparency. On December 23, ESMA published the latest edition of its Spotlight on Markets newsletter. This edition opens with ESMA welcoming the European Commission’s ambitious proposal on market integration, underlining the importance of deeper, more integrated and efficient EU capital markets and the role of robust governance and market infrastructure in supporting these objectives. [NEW]

    ESMA Selects EuroCTP to Become the First Consolidated Tape Provider for Shares and ETFs. On December 19, ESMA selected EuroCTP as the first Consolidated Tape Provider for shares and exchange-traded funds in the EU, in a step forward for the transparency of equity markets in the EU. ESMA has decided to select EuroCTP following an in-depth assessment of its offer against the criteria listed in the Markets in Financial Instruments Regulation. EuroCTP has met all the selection criteria and has demonstrated a solid approach towards ESMA’s overall expectations for the award criteria.

    ESMA Reviews Impact of Guidelines on ESG or Sustainability Related Terms in Fund Names. On December 17, ESMA released research assessing the impact of its fund naming guidelines on ESG and sustainability-related terms. The study found that ESMA’s Guidelines have: (1) improved consistency in the use of ESG terms by increasing alignment of fund names and their actual investment strategies, and (2) enhanced investor protection by reducing greenwashing risks.

    ESMA Maintains Recognition of Two UK Central Counterparties under EMIR. On December 16, ESMA confirmed it will maintain the recognition of LCH Limited and LME Clear Limited, two central counterparties established in the United Kingdom. This decision is taken under Article 25(5)(b) of the European Market Infrastructure Regulation (EMIR), that requires ESMA to assess if the conditions under which LCH Limited and LME Clear Limited were originally recognized continue to be met, considering recent regulatory, market, and business developments.

    New Industry-Led Developments

    ISDA Responds to EC Targeted Consultation on Market Risk Prudential Framework. On January 6, ISDA, the Association for Financial Markets in Europe and the Institute of International Finance submitted a joint response to the European Commission’s (EC) targeted consultation on the application of the market risk prudential framework. The response also includes detailed recommendations on the 10 targeted adjustments proposed for the standardized and internal models-based approaches. [NEW]

    ISDA Responds to ESMA on CCP Participation Requirements. On December 24, ISDA responded to a consultation from ESMA on central counterparty (CCP) participation requirements. According to ISDA, participation requirements for CCPs are vital for safe and efficient clearing markets, and ISDA broadly supports ESMA’s consultation and proposed regulatory technical standards, which promote fair access and clear membership criteria. [NEW]

    ISDA Publishes Report on Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets. On December 16, ISDA published a report that analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include: (1) European IRD traded notional reported by APAs and TVs in the EU and UK rose by 29.1% to $83.9 trillion in the third quarter of 2025 versus $65.0 trillion in the third quarter of 2024, and (2) Euro-denominated IRD traded notional fell by 5.9% to $33.1 trillion from $35.2 trillion, representing 39.5% of total European IRD traded notional.

    ISDA Responds to ASIC Consultation on Derivatives Transaction Rules. On December 16,  ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake the rules in substantially the same form to continue the operation of Australia’s over-the-counter derivatives central clearing regime. Besides limited, minor and administrative amendments, ASIC proposed a policy update in the Draft ASIC Derivative Transaction Rules 2026 to extend exemptive relief to clearing derivatives transactions resulting from post-trade risk reduction exercises.

    Global Standard-Setting Bodies Publish Assessment of Margin Requirements for Non-Centrally Cleared Derivatives. On December 12, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. IOSCO said the report concluded that the framework has been effectively implemented and finds no evidence of material issues. The BCBS-IOSCO Working Group on Margining Requirements recommended ongoing monitoring through supervisory information exchange and the sharing of experiences among member authorities.


    The following Gibson Dunn attorneys assisted in preparing this update: Jeffrey Steiner, Adam Lapidus, Marc Aaron Takagaki, Karin Thrasher, and Alice Wang*.

    Gibson Dunn’s lawyers are available to assist in addressing any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work, any member of the firm’s Derivatives practice group, or the following practice leaders and authors:

    Jeffrey L. Steiner, Washington, D.C. (202.887.3632, jsteiner@gibsondunn.com)

    Michael D. Bopp, Washington, D.C. (202.955.8256, mbopp@gibsondunn.com)

    Michelle M. Kirschner, London (+44 (0)20 7071.4212, mkirschner@gibsondunn.com)

    Darius Mehraban, New York (212.351.2428, dmehraban@gibsondunn.com)

    Jason J. Cabral, New York (212.351.6267, jcabral@gibsondunn.com)

    Adam Lapidus, New York (212.351.3869,  alapidus@gibsondunn.com )

    Stephanie L. Brooker, Washington, D.C. (202.887.3502, sbrooker@gibsondunn.com)

    William R. Hallatt, Hong Kong (+852 2214 3836, whallatt@gibsondunn.com )

    David P. Burns, Washington, D.C. (202.887.3786, dburns@gibsondunn.com)

    Marc Aaron Takagaki, New York (212.351.4028, mtakagaki@gibsondunn.com )

    Karin Thrasher, Washington, D.C. (202.887.3712, kthrasher@gibsondunn.com)

    Alice Yiqian Wang, Washington, D.C. (202.777.9587, awang@gibsondunn.com)

    *Alice Wang, a law clerk in the firm’s Washington, D.C. office, is not admitted to practice law.

    © 2026 Gibson, Dunn & Crutcher LLP.  All rights reserved.  For contact and other information, please visit us at www.gibsondunn.com.

    Attorney Advertising: These materials were prepared for general informational purposes only based on information available at the time of publication and are not intended as, do not constitute, and should not be relied upon as, legal advice or a legal opinion on any specific facts or circumstances. Gibson Dunn (and its affiliates, attorneys, and employees) shall not have any liability in connection with any use of these materials.  The sharing of these materials does not establish an attorney-client relationship with the recipient and should not be relied upon as an alternative for advice from qualified counsel.  Please note that facts and circumstances may vary, and prior results do not guarantee a similar outcome.

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  • New U.S. Executive Order Targets Stock Buybacks, Dividends, and Executive Compensation for Underperforming Defense Contractors | Insights

    On January 7, 2026, President Donald Trump issued an executive order titled “Prioritizing the Warfighter in Defense Contracting” (the Order). The Order directs a performance-based approach to capital returns and executive compensation in the defense industrial base. The Order instructs the Secretary of War (the Secretary) to identify defense contractors for critical weapons, supplies, and equipment that are underperforming or insufficiently prioritizing, investing in, or producing for U.S. government needs and that have engaged in stock buybacks or other corporate distributions during the period of alleged underperformance. For contractors identified under the Order, the Secretary may pursue remedies “to the maximum extent permitted by law,” including actions under the Defense Production Act (DPA) and contract enforcement mechanisms under the Federal Acquisition Regulation (FAR) and Defense FAR Supplement (DFARS). The Order also directs the Secretary, within 60 days, to ensure that future defense contracts, including renewals, have provisions restricting stock buybacks and corporate distributions during periods of underperformance and aligning executive incentive compensation to delivery and production metrics.

    In light of the Order, defense contractors should consider proactively assessing their current performance metrics, delivery schedules, and investment levels against contractual requirements and stated Department of War (Department) priorities. Contractors may also wish to review recent and planned stock buybacks, dividends, and other corporate distributions, as well as the structure of executive incentive compensation, to evaluate potential exposure under the Order’s performance-based framework. Contractors should also be prepared to engage with the Department on potential remediation plans if they are identified by the Secretary as underperforming, including demonstrating corrective actions, increased investment, or production adjustments aimed at meeting warfighter needs. In addition, contractors should anticipate heightened scrutiny in future contract awards and renewals.

    Background

    The Order asserts that in recent years, traditional defense contractors have been incentivized to prioritize investor returns over warfighter needs and that the United States does not produce sufficient quantities of defense items quickly enough to meet current demands. It cites examples of large contractors pursuing newer, more lucrative work while underperforming on existing contracts and using cash for stock buybacks and excessive dividends rather than building production capacity, innovating, and delivering on time.

    Against that backdrop, the Order declares a policy that major defense contractors should not engage in stock buybacks or dividend payments at the expense of Department of War procurement requirements or necessary increases in defense production capacity. It further states that “effective immediately,” major defense contractors are “not permitted” to pay dividends or buy back stock until they can provide superior products on time and on budget, framing the forthcoming actions as a reprioritization of performance, investment, and production speed for U.S. defense needs.

    Key Terms and Scope

    Purpose and Overall Structure

    The executive order directs the Department to address perceived underperformance and insufficient prioritization by major defense contractors supporting “critical weapons, supplies, and equipment.” It is structured around two core steps: (i) identification and engagement with contractors whose performance is deemed deficient (Section 3) and (ii) implementation of substantive requirements primarily through future defense contracts, including renewals (Section 4).

    Secretary’s Review of Contractors

    Section 3 of the Order authorizes the Secretary, within 30 days of the date of the Order and on a continuing basis thereafter, to identify contractors for “critical weapons, supplies, and equipment” that have “engaged in any stock buyback or corporate distribution” during an alleged “period of underperformance or insufficient prioritization, investment, or production speed.” The Order does not define any of these terms, leaving the Secretary broad discretion to identify contractors for enforcement.

    Once a contractor is identified, the Secretary must provide notice to the contractor, and shall, “as needed,” engage with the contractor to resolve the issues identified in the notice. Where permissible under existing law, the contractor will be given the opportunity to submit a remediation plan within 15 days of notification. Any remediation plan must be approved by the contractor’s board of directors. The Order does not specify the required contents of such plans, leaving uncertainty as to the standards the Department will apply in evaluating adequacy.

    Per Section 4 of the Order, if the Secretary determines that a remediation plan is insufficient or if the parties are otherwise unable to resolve the matter within the 15-day engagement period, the Secretary may, to the extent permitted by law, “initiate immediate actions to secure remedies” “that will expedite production, prioritize the United States military, and return the contractor to sufficient performance, investment, prioritization, and production.”

    It is unclear how the Secretary will use this broad enforcement discretion. However, it is worth noting that the Order directs the Secretary to consider the following factors when determining whether to pursue an enforcement action: (1) the financial condition of the contractor; (2) the economic viability of relevant programs; and (3) “the potential mutual benefits offered by robust and sustained growth opportunities from the United States Government coupled with capital investments by the contractor.”

    Requirements for Future Contracts

    The most concrete mandates in the Order relate to Section 4’s requirements for future contracts and renewals for new and existing contractors. The Order directs the Secretary, within 60 days, to structure future contracts to prohibit stock buybacks and corporate distributions during any period of underperformance, noncompliance, insufficient prioritization, insufficient investment, or insufficient production speed, as determined by the Secretary.

    Future contracts must also address executive compensation. Specifically, contracts must prevent executive incentive compensation from being tied to short-term financial metrics — such as free cash flow or earnings per share driven by buybacks — and instead require incentives to be linked to on-time delivery and increased production. In addition, upon a finding by the Secretary that the contractor is underperforming or noncompliant, future contracts must permit the Secretary to cap executive base salaries at current levels (subject to inflation adjustments) and to scrutinize incentive compensation to ensure it is directly tied to delivery and production metrics.

    Finally, Section 4 instructs the Chair of the SEC to consider whether to adopt amended regulations governing stock buybacks under Rule 10b-18 that would prohibit the use of the relevant safe harbor for defense contractors that the Secretary identifies as underperforming, underinvesting, or otherwise noncompliant.

    Practical Implications for Defense Contractors

    The Order affects contractors’ governance and capital‑allocation decisions by tying stock buybacks, dividends, and executive pay structures to government assessments of performance, prioritization, investment, and production speed. Public companies may face particular scrutiny in light of the Order’s stock buyback focus and its direction that the SEC Chair consider changes to Rule 10b‑18 safe harbor availability for identified contractors.

    Contractors should consider (i) mapping current programs supporting critical weapons/supplies/equipment and documenting production‑rate investments and prioritization decisions; (ii) reviewing governance processes for authorizing buybacks and dividends and ensuring the board can rapidly develop, approve, and implement a remediation plan if required by the Secretary; (iii) stress‑testing executive compensation metrics against the Order’s expectations (delivery/production‑linked incentives and potential salary caps); (iv) reviewing financing, liquidity, and covenant implications if distributions could be restricted during periods of asserted underperformance; and (v) monitoring Department acquisition guidance and any FAR/DFARS clauses that may be issued for new awards, options, renewals, or other contract actions.

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  • AI gobbling up chips essential to gadget makers – Dawn

    1. AI gobbling up chips essential to gadget makers  Dawn
    2. Samsung Warns of Price Hikes as Rising Memory Costs Affect All  Bloomberg.com
    3. ‘Ice and Fire Coexistence’ in the Storage Super Cycle: End-user Consumer Electronics Sector Initiates Price Adjustment Mode, Creating Opportunities for Enterprises Across Multiple Links of the Industrial Chain  富途牛牛
    4. How Apple may be the ‘only odd one out’ in a market where all smartphone companies are increasing prices  Times of India
    5. Avg smartphone prices could rise by 6.9% in 2026  The Daily Star

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  • Spectrum auction set for Feb 26 – Dawn

    1. Spectrum auction set for Feb 26  Dawn
    2. Govt fixes dollar rate, shifts to KIBOR for 5G  The Express Tribune
    3. 5G Auction Moves Closer in Pakistan as Government Issues Policy Directive  8171ip.com.pk
    4. PTA Unveils Aggressive 5G Rollout Plan, Issues Information Memorandum for Spectrum Auction  ProPakistani
    5. Pakistan falls behind region in 5G rollout due to spectrum shortage  Minute Mirror

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  • Chance of privately developed pipeline almost ‘zero’ if no government backstop: former Alberta energy minister

    Chance of privately developed pipeline almost ‘zero’ if no government backstop: former Alberta energy minister

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    A former Alberta energy minister says a proposed bitumen pipeline to the northwest B.C. coast is unlikely to materialize if Canada relies on the private sector alone to build it.

    “I would say it’s not just diminishing, the likelihood of a private sector proponent … I would almost say it is zero at this point,” Sonya Savage said on CBC’s West of Centre podcast.

    The former United Conservative minister’s caution comes as Premier Danielle Smith argued that Ottawa act with new urgency to green-light that pipeline, highlighting the U.S. capture of Venezuela leader Nicolas Maduro and prospect of increased oil development in that country as a new reason.

    On Friday, Smith shared on social media a letter written to Prime Minister Mark Carney after meeting with him to discuss what’s happening in Venezuela, whose heavy oil exports are similar to what the Alberta oilsands produce.

    In it, she says Alberta intends to submit its application for a pipeline to the Major Projects Office by June — and she asked that it gets approved by this fall.

    “Any delay risks ceding market share, losing investment, and undermining Canada’s competitive position in a rapidly changing global energy landscape,” Smith writes in the letter.

    She also asked for regulatory approvals for all nation-building projects to be completed within six months. Carney’s major projects office, established last year, currently aims to complete regulatory reviews within two years.

    Smith’s letter calls that timeline “woefully long.”

    In November, Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a memorandum of understanding (MOU) to collaborate on a new bitumen pipeline. While Alberta intends to apply as the lead proponent, the agreement stresses that the project would be privately constructed and financed.

    two smiling politicians hold up folder showing signed agreement, Alberta and Canada flags behind them
    Prime Minister Mark Carney, right, signed an MOU with Alberta Premier Danielle Smith in Calgary last November. (Jeff McIntosh/The Canadian Press)

    After the MOU was signed, industry watchers told CBC News that pipeline companies might want a financial commitment from Alberta or Ottawa to backstop cost overruns that are outside of a company’s control.

    Savage said that is not a new concept for Canada.

    “The TransCanada mainline gas line in the 1950s would not have been built without federal government intervention. They set up a Crown corporation, they backstopped it. Enbridge’s Line 9 in the 1970s would not have been built without a federal government backstop.”

    Though Alberta and Ottawa have referred to the northwest coast oil pipeline as “nation-building” infrastructure, that sentiment is not uniformly shared amongst Canada’s leaders.

    Earlier this week, B.C. Premier David Eby said if tax dollars are being considered, Canada should instead consider building a new oil refinery rather than a pipeline to the province’s north coast.

    “If we’ve got tens of billions of dollars to spend, I think we should spend it on a refinery and we should develop oil products for Canadians and for export, instead of being reliant on American and Chinese refineries to do it for us,” Eby said at a news conference Tuesday.

    Savage said the economics of it do not make sense. Once refined, there would still need to be a way to get the oil to the coast, and then shipped to other markets.

    “He’s either energy illiterate, or he’s trying to distract,” she said. “At this point, I think he should just back out of the conversation.”

    The Canadian Press reached out to Carney’s office, but no one wasn’t immediately able to comment on Smith’s calls for quicker project approvals.

    Regarding Smith’s concerns about the competitiveness of Canadian oil, the Prime Minister’s Office pointed to comments he made earlier this week in France.

    Carney told reporters in Paris on Tuesday that he thought Canada’s oil would remain competitive because it is low-risk and low-cost.

    Canadian energy stocks tumbled after the Venezuela upheaval. Oil prices have been on a downward trend since the start of last year.

    With files from Jennifer Keiller and the Canadian Press

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  • Stellantis phasing out plug‑in hybrid auto programs in North America

    Stellantis phasing out plug‑in hybrid auto programs in North America

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    The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.

    Stellantis says it will phase out plug‑in hybrid (PHEV) programs in North America beginning with the 2026 model year.

    The decision to end production of the plug-in hybrid Jeep Wrangler, Jeep Grand Cherokee and Chrysler Pacifica is in response to “customer demand shifting,” according to a spokesperson for the automaker.

    Stellantis will “focus on more competitive electrified solutions, including hybrid and range‑extended vehicles where they best meet customer needs,” LouAnn Gosselin said in an emailed statement to CBC Windsor.

    “This approach reinforces the company’s commitment to offering advanced propulsion systems that maximize efficiency and provide options from internal combustion to hybrid, range‑extended, and fully electric solutions.”

    PHEVs feature traditional internal combustion engines, but also have an all-electric range when charged like an electric vehicle.

    The Stellantis announcement comes weeks after the release of its 2025 numbers that show Canadian sales of the Chrysler Pacifica and Grand Caravan rose significantly compared to 2024.

    Sales of the Caravan jumped 30 per cent on a yearly basis, while Pacifica sales soared 95 per cent, driving “impressive” overall growth for the Chrysler brand, the company said.

    The demand for minivans from the Windsor plant is fairly steady.– Sam Fiorani, auto industry expert

    One automotive industry expert believes the change in emissions regulations by the U.S. administration under President Donald Trump played a major role in the decision by Stellantis.

    Trump has proposed slashing fuel economy standards that then President Joe Biden had finalized in 2024, in a push to make it easier for automakers to sell gasoline-powered cars.

    Sam Fiorani, vice-president of global vehicle forecasting at AutoForecast Solutions, said the fact manufacturers no longer have to pay for overages on their carbon output means companies like Stellantis don’t have to build plug-in hybrids.

    No significant impact on Windsor, says expert

    But Fiorani is of the opinion that Stellantis phasing out its plug‑in hybrid programs will have little to no impact on jobs at its Windsor plant.

    “The demand for minivans from the Windsor plant is fairly steady. There are only a couple players in this field. It’s only Honda, Toyota, Kia and Chrysler, so Stellantis is likely to build the same number of vehicles,” he told CBC News. 

    “They only built 8,800 plug-in hybrids last year, and that part of the capacity of that plant will very likely just build a standard Pacifica going forward.

    “I don’t think the elimination of the PHEV version of the Pacifica [will] lower the output of the plant [by] any significant amount,” added Fiorani.

    Delayed payoff on battery plant

    Fiorani said while there is a general push toward electric vehicles, Windsor will likely see a delayed payoff on its NextStar Energy battery plant.

    “We are going to see more EVs, we are going to see more hybrids over the next decade and two, but it’s just not going to happen as quickly as the Biden administration had wanted it to happen,” he said.

    “Countries around the world were looking for fully electric vehicles across their whole fleet by 2035. That was never going to happen, but now whatever the …  target was going to be has now been pushed out, so we’re going to see electrification stretch out into the 2040s.”

    In December, Stellantis said it expects to hire up to 1,500 people for an additional manufacturing shift in Windsor by the time it launches in “early 2026.”

    “Today’s announcement reinforces Canada’s critical role in Stellantis’s global operations,” Trevor Longley, president and CEO of Stellantis Canada, said in a Dec. 15 statement.

    “As we lead the future of advanced automotive production, we’re thrilled to see our new Windsor Assembly Plant team hitting the ground running.”

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  • Phishing Education Program will soon reach all university employees | Virginia Tech News

    From: Division of Information Technology 
     
    The Division of Information Technology is pleased to announce an expansion of the Phishing Education Program to include all university employees. The expansion will launch on Feb. 2, 2026. This initiative, which was piloted to select departments in 2025, is a cornerstone of efforts to build a resilient cybersecurity culture at Virginia Tech.

    What is the Phishing Education Program? 

    The Phishing Education Program enhances every employee’s ability to recognize and respond to phishing attempts. The program delivers simulated phishing scenarios directly to your inbox on a monthly basis. These realistic emails provide direct experience in identifying suspicious emails and practicing safe responses in a controlled environment. 

    Email-based phishing attacks remain the most prevalent and damaging form of cyber threat in the education sector. The consequences of a successful phish can be severe, ranging from data breaches to financial loss and reputational harm. That’s why this program focuses on sending simulated phishing emails with a goal to foster awareness and encourage proactive learning. For more information regarding the program, visit Understanding the Phishing Education Program. 

    Building a Strong Security Culture

    The expansion of this program reflects Virginia Tech’s commitment to a multi-layered approach to cybersecurity. Technical solutions alone are not enough; vigilance is essential. Through ongoing education and awareness, we aim to reduce the risk of data breaches and other cyber incidents.  

    To further support your learning, the Division of IT offers resources such as Safe Online at Virginia Tech, which provides practical tips and additional training opportunities. We encourage you to explore these materials and stay informed about evolving cyber threats. 

    For individual assistance or questions, contact 4Help IT Support online 4help.vt.edu or by phone at 540-231-4357. 


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  • Our perspective regarding the situation in Venezuela as shared with President Trump

    Our perspective regarding the situation in Venezuela as shared with President Trump

    Darren delivered the following remarks at the White House:


    Thank you, Mr. President, I appreciate the invitation and the opportunity for the entire industry to show up and provide perspective.

    Frankly, we’ve been kind of unresponsive to the press regarding Venezuela. I guess today’s the opportunity to address the press directly with respect to a number of questions that have been asked of ExxonMobil. First and foremost, obviously, is the interest that we have in Venezuela. I think one of the reasons why we see many industry players here is we’re in a depletion business for a product that is in great demand and will be in demand for many, many, many decades to come.

    And as a depletion business, the biggest challenge we have is finding resources. There’s an opportunity in Venezuela with all the resources there. We don’t have that challenge of finding; we have the challenge of developing those resources. So I think it’s in the best interest of these companies and, frankly, society as a whole for the industry to be interested in understanding what the opportunity here represents.

    I’ll just share a philosophy that ExxonMobil has when we enter countries—because we do business all around the world, in a number of different regimes—we take a very long‑term perspective. The investments that we make span decades and decades. So, we do not go into any opportunity with a short-term mindset.

    There’s a value proposition that we have to meet. It has to be a win‑win‑win proposition. Obviously, it has to be a win for the company and our shareholders, generating a return for the investments that we make. It has to be a win for the government. The resources are an important source of revenue that help support the people of the places that we do business. And it has to be a win for the people. We have to be wanted there— and to be a good neighbor. And those three things ensure a stable, long‑term platform for the large investments that we make for the long term.

    With respect to Venezuela in particular, we have a very long history in Venezuela. In fact, we first got into Venezuela back in the 1940s. We’ve had our assets seized there twice. And so, you can imagine to re‑enter a third time would require some pretty significant changes from what we’ve historically seen here and what is currently the state.

    If we look at the legal and commercial constructs—frameworks—in place today in Venezuela, today it’s uninvestable. And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections, and there has to be a change to the hydrocarbon laws in the country.

    We’re confident that with this Administration and President Trump working hand‑in‑hand with the Venezuelan government that those changes can be put in place. And with respect to the Venezuelan government—that perspective—we don’t have a view on. We haven’t talked to the Venezuelan government, and obviously we have yet to assess the people’s perspective with respect to ExxonMobil entering the country.

    In the short term, there are things that can be done while these longer‑term issues are being worked. For us, we haven’t been in the country for almost 20 years. We think it’s absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets to understand what would be involved to help the people of Venezuela get production back on the market.

    With the invitation of the Venezuelan government and with appropriate security guarantees, we are ready to put a team on the ground there. We also have an integrated set of capabilities—from production to refining to trading—and I think we can be of assistance to getting Venezuelan crude to market and realizing market price to help again with the financial situation in Venezuela.

    So that’s the short‑term perspective that I have. Thank you, Mr. President, for the work that you’ve done to secure not only the national security, but the energy security of the region. And thank you Secretary Rubio, Secretary Wright, Secretary Burgum, for your leadership in this matter. Thank you.

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  • Stay warm, save money with energy efficiency tips

    Stay warm, save money with energy efficiency tips

    JACKSON, Mississippi – As winter brings bouts of colder temperatures, customers will begin using their heating systems more and this could lead to an increase in electricity usage. However, staying warm and comfortable does not have to come at the cost of high electric bills. By making a few simple changes around your home, you can improve its energy efficiency and keep costs down throughout the colder months.

    According to the U.S. Energy Information Administration, home heating and cooling costs can make up more than 52% of an average customer’s electric bill. In some cases, poor insulation, air leaks and inefficient HVAC systems can lead to even greater energy costs each year. To keep your home warm without significantly raising the thermostat and save money on your bill at the same time, try these low-to-no-costs tips.

    Improving energy efficiency with low-to-no-cost tips

    • Use solar energy: Open curtains on the south-facing windows during the day to allow sunlight to naturally heat the home and close them at night to reduce the chill from cold windows.
    • Insulate drafty windows: Use a heavy-duty, clear plastic sheet on a frame or tape clear plastic film to the inside of window frames and make sure the plastic is sealed tightly to the frame to help reduce infiltration.
    • Adjust the thermostat: When you are home and awake, set the thermostat as low as is comfortable, but when you are asleep or out of the house, turn the thermostat back to save on your heating and cooling bills.
    • Find and seal leaks: Seal air leaks around utility cut-throughs for pipes and recessed lights in insulated ceilings, and unfinished spaces behind cupboards and closets.
    • Maintain heating systems: Schedule routine service for home heating systems and replace furnace and heat pump filters once a month or as needed.
    • Reduce heat loss from the fireplace: Keep the fireplace damper closed unless a fire is burning and check the seal on the fireplace flue damper and make it as snug as possible.

    By following these simple steps, you can stay warm and comfortable all winter long while keeping your bills under control. We also offer free comprehensive residential energy audits and rebates to help reduce the upfront cost of installing energy-efficient equipment.

    Exploring resources through Bill Toolkit

    To make sure customers have quick access to energy efficiency, bill management and financial assistance resources, Entergy created an online platform called Bill Toolkit. The platform consolidates helpful resources for customers interested in exploring ways to lower their electric use and costs and learn more about different payment options the company offers. It also provides information on our energy efficiency programs and incentives and rebates associated with these programs.

    Tracking energy use through myAdvisor

    Entergy customers can set electric usage alerts and monitor how much energy they use each day through bill management tools like myAdvisor, which is available through their myEntergy account online. Tracking usage over time can help customers identify trends that contribute to higher usage and budget their monthly expenses. With the myAdvisor dashboard, customers have access to not only usage and cost details, but also bill history and projections, analyzer tools and more. On the Entergy mobile app this information can be found by tapping the “usage” tab.

    Managing bills through payment and assistance options

    Entergy offers several flexible payment options so customers can choose when, where and how they receive their bills.

    • Pick-A-Date allows customers to pay their bills when it works best for them.
    • Level Billing allows customers to “level out” seasonal energy use fluctuations, making their bills more consistent every month.
    • PaperFREE billing allows customers to get their bills emailed as soon as they post and instant access to two years of billing history.
    • AutoPay allows customers to avoid late fees, writing checks and paying for postage by having bills automatically deduct from their bank accounts.

    We also offer flexible payment options such as deferred payment arrangements or payment extensions. Customers can find out if they qualify for these options through our mobile app or myEntergy online.

    About Entergy Mississippi

    Entergy Mississippi provides electricity to approximately 459,000 customers in 45 counties. Entergy Mississippi is a subsidiary of Entergy Corporation. Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We’re also investing in cleaner energy generation like modern natural gas, nuclear and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at EntergyMississippi.com and connect with @EntergyMS on social media.

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