Category: 3. Business

Video calling the family for Christmas just got a little easier, with over 100 mobile network masts now upgraded to deliver 4G coverage from all major mobile network operators – a major milestone in the government’s drive to end mobile total-not-spots through the Shared Rural Network programme.

Families will enjoy their most connected Christmas yet, tourists visiting for festive breaks will have better connectivity for their journeys, and emergency services will have enhanced coverage during the winter months.

From guest houses and holiday lets, to village halls and coffee shops, businesses across previously unconnected parts of the UK can now more reliably process contactless payments, take online bookings and stay in touch with customers during the festive period.

The Shared Rural Network is a joint programme between the government and the UK’s mobile network operators EE, Virgin Media O2 and VodafoneThree to improve rural coverage across Britain.

Telecoms Minister Liz Lloyd said:

More of Britain’s rural communities are finally getting the connection they’ve been waiting for as we deck the hills with 4G coverage.

These 100 upgraded masts mean businesses can ring up sales, families can video call their loved ones this Christmas without buffering mid-conversation, and our beautiful rural areas can attract the investment, jobs and tourism they need to thrive.

Whether you’re in the Welsh valleys, the Scottish Highlands, or England’s national parks – rural communities are finally getting the connections they deserve, boosting opportunity and growth as we drive forward plans for national renewal.

These improvements are already transforming connectivity in areas that were previously not served by all mobile network operators. Across Wales, Scotland and England, 105 masts have been upgraded – 44 in Wales, 33 in Scotland and 28 in England – providing reliable coverage to over 400 businesses and wrapping up a year of significant progress in rural connectivity.

The 100 masts are predicted to bring outdoor 4G signal coverage from all mobile networks to over 4,000 square kilometres of the UK – an area equivalent to 2.5 times the size of Greater London, or 9,600 Hyde Park Winter Wonderlands.

Among the businesses now enjoying improved connectivity, an eco-friendly guest house in the Scottish Borders can now keep guests connected during Christmas breaks while they enjoy the exceptional dark-sky location, perfect for tracking Santa on Christmas Eve.

A village hall at the heart of a community in Northumberland has vital infrastructure keeping locals connected, with events such as the local drama society’s production and regular weekly sessions of the community choir and ceilidh band.

New coverage will also be available in 10 national parks across England, Scotland and Wales, including Eryri National Park, and the Lake District.

Notes to editors

John Holland, Chairman of Tarset Village Hall Committee said:

We operate all year round and the availability of new 4G connectivity from the mast now means it is possible for Hall users to contact committee members in the event of an issue. It has also improved public safety and led to financial benefits as well.

Ben Roome, CEO of Mova, the Shared Rural Network delivery partner said:

Christmas is a time for connection and this year more rural communities than ever can share that spirit. With the 100th site activated, in Llanfair on the border between England and Wales, these publicly funded masts can connect families, friends and businesses across a cumulative area of over 4,000 square kilometres, irrespective of mobile provider.

This achievement is testament to what can be accomplished when government and industry work together. Since the Shared Rural Network began, 4G coverage from all four operators has grown from 66% to over 81% of the UK, an increase equivalent to the size of Wales and Northern Ireland combined.

About the Shared Rural Network

The Shared Rural Network is a partnership between the UK government and mobile network operators. It aims to improve mobile coverage in rural areas across the UK. The programme reached its target of delivering to 95% of UK landmass a year ahead of schedule. The latest Connected Nations report (published on 17 November) shows that 96% of the UK now has coverage from at least one mobile network operator which is up from 91% when the programme started in March 2020.

Recent achievements

The SRN programme has delivered mobile coverage to:

• An extra 9,500 premises
• 1,400 km of roads
• 4,019 square kilometres is the cumulative area of the UK predicted to be reached with an outdoor 4G signal from all mobile networks from the 100 masts

Future SRN rollout

The programme will continue until January 2027. During this time there will be:

• 85 government funded mast upgrades planned across Britain
• Up to 44 new publicly funded masts built across Scotland with the first already live in the Western Isles

This new infrastructure will expand reliable mobile coverage to more rural communities throughout Britain.

Emergency Services Network (ESN)

The government masts referenced in this press notice are being built by the Home Office to first and foremost facilitate the new Emergency Services Network (ESN). The government and mobile network operators have been working with the Home Office and the mobile network operators to upgrade these masts to provide commercial coverage from all UK mobile network operators.

Mobile Network Operator investment

As part of the Shared Rural Network the mobile network operators have also invested in their own mast network tackling ‘partial not spots’. These are areas where customers can only access 4G if they are signed up with a mobile network operator that is active in that area. This work has already delivered significant coverage improvements across the UK and successfully completed last year.

More information

For more information on the Shared Rural Network, visit https://srn.org.uk

The Government of the Northwest Territories (GNWT) is extending targeted property tax relief for diamond mines into the 2026–27 fiscal year to support near-term economic stability for workers, businesses, and northern communities during a period of continued global market and trade uncertainty.

The extension builds on temporary measures introduced in 2025 and reflects ongoing pressures facing the global diamond industry, including volatile markets, trade disruptions, and elevated operating costs. The GNWT’s decision is intended to reduce the risk of sudden economic disruption while longer-term economic transition and diversification work continues.

Diamond mining remains the Northwest Territories’ largest private-sector industry and a cornerstone of the territorial economy. Extending the property tax relief into 2026–27 is expected to reduce total diamond mine property tax revenues by approximately $8.8 million, representing a 45 per cent reduction compared with projected revenues without relief.

As with the 2025 measures, this extension is time-limited and comes with clear expectations around transparency and accountability. The GNWT expects mine operators to continue directing the benefits of this relief toward sustaining NWT-based employment, meeting obligations to local contractors and Indigenous business partners, and maintaining safe and responsible operations.

The Government of Canada recently announced a $115 million loan to the Ekati Diamond Mine through the Large Enterprise Tariff Loan facility to help maintain operations and protect northern jobs amid trade uncertainty. The GNWT’s extension of property tax relief complements this federal action and reflects a coordinated effort to support workers and communities while broader transition and diversification efforts continue.

Quotes

“The diamond sector remains central to the Northwest Territories’ economy, and the people who depend on it continue to face uncertainty driven largely by forces beyond their control. Extending targeted property tax relief is a pragmatic step to support economic stability and help northern families and communities weather ongoing pressures. As with our previous measures, this relief is temporary and comes with clear expectations that benefits support NWT workers, businesses, and Indigenous partners.”

— Caroline Wawzonek, Minister of Finance

“This extension is about maintaining stability today while planning responsibly for what comes next. By working alongside Indigenous governments, industry partners, and the Government of Canada, we are supporting workers and local businesses now while laying the groundwork for longer-term economic resilience, diversification, and new opportunities for Northerners.”

— Caitlin Cleveland, Minister of Industry, Tourism and Investment

Quick Facts

• Extending property tax relief into 2026–27 is expected to reduce total diamond mine property tax revenues by approximately $8.8 million, or 45 per cent, compared with projected revenues without relief.
• The relief applies to all operating diamond mines and is limited to the 2026–27 tax year.
• Diamond mine property taxes are paid directly to the GNWT, not to municipalities.
• In 2025, the GNWT introduced additional temporary measures to support the sector, including doubling local diamond valuations and releasing remaining balances from the Large Emitter Greenhouse Gas (GHG) Reducing Investment Fund to support mine cash flow.

For media requests, please contact:
Cabinet Communications
Government of the Northwest Territories
PressSecretary@gov.nt.ca

A federal judge has temporarily blocked a new Texas law adding restrictions on children’s use of app stores.

Senate Bill 2420, which was supposed to activate on Jan. 1, establishes age verification requirements and mandates parental consent before a minor is allowed to download or make purchases within apps. Its supporters say the law is needed to protect children as they navigate social media and online spaces, while critics say it would violate free speech rights.

U.S. District Judge Robert Pitman, an Obama appointee, on Tuesday sided with the law’s opponents, saying that parts of it are “unconstitutionally vague” and “exceedingly overbroad.”

“The Act is akin to a law that would require every bookstore to verify the age of every customer at the door and, for minors, require parental consent before the child or teen could enter and again when they try to purchase a book,” Pitman wrote in a 20-page ruling granting a preliminary injunction.

“As set out below, the Court finds a likelihood that, when considered on the merits, SB 2420 violates the First Amendment.”

But state Sen. Angela Paxton, the McKinney Republican who authored SB 2420, is confident that the law will prevail.  

“We built this bill to equip parents with common sense tools to protect their kids AND to survive court challenges by those who may have lesser priorities,” she said in a written statement. 

The Computer & Communication Industry Association, which filed the lawsuit in October, cheered the decision.

“This Order stops the Texas App Store Accountability Act from taking effect in order to preserve the First Amendment rights of app stores, app developers, parents, and younger internet users,” Stephanie Joyce, director of CCIA’s Litigation Center, said in a news release. “It also protects parents’ inviolate right to use their own judgment in safeguarding their children online using the myriad tools our members provide.”

The law also faced a legal challenge from two Texas teens and Students Engaged in Advancing Texas, a youth-led advocacy organization.

“App stores allow anyone with a smartphone and an internet connection to access the accumulated sum of virtually all recorded human knowledge and expression,” Adam Sieff, an attorney representing them, said in a statement Tuesday. “Banning students like SEAT’s members, M.F., and Z.B., from accessing these massive libraries without parental consent, just because the government thinks that’s what their parents ought to want, has never been a constitutionally permissible way to protect kids or support families.”

Under SB 2420, developers must assign age ratings to their apps, disclose the reason for the rating, and notify the app stores of any significant changes. Parental consent is not required for specific emergency or educational applications, such as those providing access to crisis hotlines.

Gov. Greg Abbott signed the proposal into law in May.

“Safety and online privacy for Texas children remains a priority for Governor Abbott, which is why he signed SB 2420 into law. Texas will empower parents to have more control over the online content their children can access,” Andrew Mahaleris, his press secretary, said earlier this year.

Beyond this law, Texas lawmakers have generally made regulating the internet for young people a priority in recent legislative sessions.

In 2023, the state began requiring companies that operate websites where more than one-third of the material is harmful to minors to use “reasonable” age verification measures to ensure users are at least 18 years old. This law, House Bill 1181, was part of a broader push to prevent children from being exposed to pornography.

A group of adult entertainment websites sued, arguing the 2023 law violated free speech and privacy protections.

Texas countered that the state had a right to protect children with what Solicitor General Aaron Nielson framed as “simple, safe and common” restrictions.

The U.S Supreme Court sided with Texas, deeming the law constitutional in a significant win for the online security movement.

However, a federal district court has issued several temporary blocks on provisions of another 2023 law — House Bill 18 — that restricts what kinds of materials and advertisements minors can see on social media and the age verification requirements, signaling that courts are not unified on how to regulate social media and online youth presence.

Before diphtheria toxoid–containing vaccine was broadly available, diphtheria was a leading cause of childhood deaths. After the introduction of the vaccine, the incidence of diphtheria declined. However, because of factors such as diminished routine vaccination coverage in some settings, outbreaks of diphtheria continue to occur; case-fatality rate (CFR) is ≈30% in nonvaccinated persons, with higher risk for death in young children <5 years of age (1,2). Cases have risen markedly since the early 2000s. In 2023, the World Health Organization (WHO) received reports of 24,782 cases from all regions, mostly in the African, Eastern Mediterranean, and South-East Asia regions; that total represented a dramatic increase from 10,027 reported cases in 2022 (3,4). Diphtheria is believed to be underreported in many regions (5,6).

Current treatment of respiratory diphtheria requires hospitalization, the administration of diphtheria antitoxin (DAT, sometimes referred to as eDAT, which contains polyclonal equine immunoglobulins), and antimicrobial drugs (typically penicillin, erythromycin, or another available macrolide) for a course of 14 days (7). The timely administration of DAT can prevent potentially irreversible toxin-related damage, reducing mortality rates by up to 76% (8). DAT is included in the WHO model Essential Medicines List; despite its importance, global availability of the product is perilously unreliable. Supply is limited; many producers have ceased production because of unpredictable demand, limited return on investment for continuing production, and the high regulatory requirements necessary to assure safety of blood-derived products. Most countries do not have DAT stockpiles and rely on donations or procurement by United Nations (UN) agencies. Response efforts tend to be agency specific, with no coordinating body or formal communication channels specific to the product. DAT availability is critical for case management and mitigation of diphtheria outbreaks; issues with DAT availability create challenges in preventing further spread of diphtheria (9,10).

The objectives of this study were to assess the current context and challenges for production and procurement of DAT from the perspectives of manufacturers and procurement agencies and to understand current development of candidate monoclonal antibodies for diphtheria and any challenges impeding their development toward licensure and broader production.

Top

Research Engineer Reiko Matsuda-Dunn Explores Creative Solutions to Weather-Related Power Outages

In February 2021, Winter Storm Uri brought record-low temperatures to Texas, and millions of people lost power—some for days on end. In the same year, Hurricane Ida damaged thousands of distribution transformers and tens of thousands of utility poles and wires, leaving more than 1 million people without power.

Outages like these from severe weather can cut off heating and cooling, disrupt critical life-sustaining medical equipment, and halt essential services such as water treatment and communications. Although these events are rare, the consequences are high, and they show just how much we depend on a reliable grid to keep our communities safe and connected.

As a research engineer in the National Laboratory of the Rockies (NLR), formerly known as NREL, Grid Planning and Analysis Center (GPAC), I work to understand how the grid responds during disaster scenarios—and find solutions that can strengthen the grid. How do we ensure critical services have power during major storms, wildfires, or hurricanes? When that is not possible, how do we restore power faster after an outage? How do we prioritize critical services and customers that are most impacted in the affected area?

These problems are dynamic—shaped by changing weather patterns and shifting needs of communities and challenged as utilities manage increasing load growth from multiple sectors, including those requiring very high reliability, like data centers. As such, they require flexible, creative solutions that can adapt over time as conditions, risks, and opportunities continue to change.

Understanding, Predicting, and Minimizing Vulnerabilities

More than 90% of electrical interruptions are because of outages in the distribution system, which refers to the lower-voltage power lines, transformers, and utility poles that deliver electricity to homes and businesses. These outages can happen when distribution system components are damaged by high winds, falling branches, heavy snow, or other threats.

Distribution planning strategies can help prevent damage, even if an outage is the result of a problem in power generation or in the higher-voltage transmission network, not in the distribution system. Successful planning can reduce consequences with microgrids or switching operations that allow flexible network configurations to power essential equipment or even maintain normal operations in targeted areas.

Our team analyzes detailed data on how the distribution grid has performed in past disasters. This allows us to zoom in, determine exactly what happened and why, and identify patterns. For example, in our study of past times of high wind, we examined gusts up to 70 miles per hour in rural areas of Minnesota and found that a single feeder—an electrical circuit that delivers electricity from a substation to end users—experienced more than nine weeks of cumulative outages in a single year because of high-wind-related events.

These insights help us pinpoint the most vulnerable parts of the grid, allowing us to prioritize investments, strengthen infrastructure, and design smarter, more adaptable systems. Once we know where the grid is vulnerable, we can explore targeted solutions to improve its performance during disruptions. Some solutions are physical, including undergrounding—the process of burying power lines or reinforcing distribution poles—whereas others rely on technology, like remote sensors that detect hazards or distributed energy resources that keep power flowing even when parts of the grid fail.

Quantifying Benefits of Solutions

Our work does not end with identifying solutions to harden the grid—we also determine which solutions offer the best value.

Using our high-resolution data, we evaluate how various solutions reduce outages, speed up restoration, and support public safety. Our goal is to provide clear, evidence-based insights that show which solutions are most effective and cost-efficient and tailored to the unique needs of each area.

To give a few examples of possible strategies, undergrounding is an effective investment to reduce wind and vegetation impacts. However, in areas with significant bedrock, undergrounding can become cost prohibitive. In denser or more urban areas, the grid often has multiple pathways for delivering electricity to the same location. This allows grid operators to leverage switching operations, which deliver power with an alternative circuit configuration when something goes wrong and damaged assets must be deenergized. However, in rural areas where customers and infrastructure are farther apart, switching operations might not be an option.

By assessing various solutions, we help decision makers such as utilities, regulators, and state energy offices recover more quickly when disruptions occur and make the most of their resources as they prepare for the future.

Solve Power Grid Problems With Us

We are always open to collaborating with industry, regulatory agencies, state and local government, and others to identify grid-strengthening solutions for real-world events. If you are reading this and are interested in collaborating, sharing data, or exploring new approaches, learn how to partner with us and expand the impact of this work together!

Learn more on NLR’s Distribution Planning page and in a recently released publication, Guidance for Grid Resilience Decisions in Rural Minnesota.

Client Alert  |  December 23, 2025

The Delaware Supreme Court reinstated the compensation package that Tesla, Inc. awarded in 2018.

On Friday, December 19, 2025, the Delaware Supreme Court reinstated the equity compensation package that Tesla, Inc. awarded Elon Musk in 2018 (the 2018 plan) and slashed the $345 million fee award the trial court granted to the plaintiff’s attorneys.  In re Tesla, Inc. Deriv. Litig., No. 534, 2024 (Del. Dec. 19, 2025).  In a per curiam decision, the Court adopted the “narrower” of three paths to resolve the appeal—holding that rescission of the 2018 plan “was an improper remedy,” and otherwise avoiding whether the 2018 plan was entirely fair to Tesla or effectively ratified by stockholders after trial in 2024.  Because the plaintiff “fail[ed] to establish his entitlement to any other form of relief,” the Court awarded the plaintiff “$1 in nominal damages” and attorneys’ fees based on quantum meruit and a four-times multiplier.

Takeaways:

• The Delaware Supreme Court’s decision in Tesla is narrow. The defendants offered three routes to reversal, but the Court focused only on the rescission remedy, choosing the “narrower path to resolve th[e] appeal.”  It therefore left unaddressed more controversial aspects of the trial court’s prior findings in the case—including concerning independence, minority control, and post-trial stockholder ratification.
• The implications of leaving undisturbed the trial court’s other findings remain to be seen. As of this writing, the Supreme Court has yet to rule on the constitutionality of the Delaware General Assembly’s recent amendments to Section 144 of the DGCL, which clarify (among other things) issues surrounding independence and minority control.  If the constitutionality of Section 144 is upheld, then the trial court’s findings on these issues would effectively be overturned.
• The opinion reinforces that even where the burden of proving entire fairness has shifted to defendants, the burden of proving entitlement to a specific form of remedy—like rescission—remains with a plaintiff.
• Although the Court applied a four-times multiplier to its quantum meruit award of plaintiff’s fees and expenses, it did so based on elements of the defendants’ briefing—and not based on a finding that such a multiplier was dictated by the circumstances of the case.
• Tesla is a course correction for a jurisdiction increasingly viewed as friendly to stockholder plaintiffs and a setback for plaintiffs’ firms that challenge director and officer compensation as a matter of course. Ultimately, the Court reinstated the largest-ever award of equity compensation, and struck one of the largest-ever awards of attorneys’ fees.

Background

The 2018 plan provided “twelve vesting tranches” that “vested upon meeting” certain milestones.  If all vesting conditions were met, each tranche provided “options to purchase 1% of Tesla’s common stock outstanding as of January 19, 2018.”  The 2018 plan’s milestones could be achieved at any time over a ten-year period.  Tesla hit all the 2018 plan milestones by January 2023, meaning all options under the 2018 plan vested.  In post-trial briefing, the plaintiff argued that the options’ “intrinsic value” as of the date of the trial court’s post-trial decision exceeded $51 billion.  See Tornetta v. Musk, 326 A.3d 1203, 1240 (Del. Ch. 2024).

Post-Trial Decision, Ratification, and Attorneys’ Fees

In June 2018, a Tesla stockholder asserted breach of fiduciary duty claims, claiming the 2018 plan was an unfair conflicted-controller transaction.  As remedies, the plaintiff originally sought rescission and reformation, but he abandoned his request for reformation after trial.  In a post-trial decision, the trial court agreed with the plaintiff that entire fairness governed the Tesla board’s decision to award the 2018 plan and that the defendants failed to prove the 2018 plan was entirely fair.  As a remedy, the trial court rescinded the entire 2018 plan, reasoning that the defendants’ failure to identify a viable alternative to complete rescission was fatal to the court’s ability to grant another remedy.

After the ruling, Tesla sought stockholder ratification of the 2018 plan.  On June 13, 2024, a majority of Tesla’s disinterested shares were voted in favor of ratification.  After additional briefing by the parties concerning the effect of the ratification vote and an appropriate award of the plaintiff’s fees and expenses, as discussed in Gibson Dunn’s Securities Litigation 2024 Year-End Update, the trial court held that the ratification vote was legally ineffective and awarded the plaintiff $345 million in fees.  The appeal followed.

Appeal

On appeal, the Delaware Supreme Court affirmed in part and reversed in part.  Ultimately, the Justices held that rescission of the entire 2018 plan was improper.  The Court concluded that complete rescission failed to return all parties to the status quo ante and was therefore improper because “total rescission [left] Musk uncompensated for his time and efforts over a period of six years.”  The Court also rejected the concept that preexisting equity could substitute for compensation under the 2018 plan, as it was not consideration for the six years of services provided under that plan.  Additionally, the Court concluded that the trial court “erred in assigning to the [d]efendants the burden to identify a viable alternative” to total rescission “because it always remained the [p]laintiff’s burden to satisfy the prerequisites for any form of relief awarded.”  The Court therefore reinstated the 2018 plan.  Because the plaintiff did not offer another form of appropriate relief, the Court awarded the plaintiff $1 in nominal damages.

The Court then turned to the award of attorneys’ fees and expenses.  Having reinstated the 2018 plan, the Court gave no consideration to upholding the trial court’s $345 million award.  Instead, the Court agreed with the defendants that the plaintiff’s attorneys should be compensated in quantum meruit due to the nominal damages award.  In their briefing, the defendants argued that any benefit to Tesla was unquantifiable, and “[a]n award of $54 million, or 4x Tornetta’s counsel’s lodestar, would still be one of the highest ever awarded.”  Appellant Tesla, Inc.’s Opening Brief at 54, In re Tesla Inc. Deriv. Litig., No. 534, 2024 (Del. Mar. 11, 2025).  Because the efforts of the plaintiff’s counsel benefited Tesla and its stockholders, the Court observed, it agreed with the defendants’ recommendation and awarded plaintiff’s attorneys fees equivalent to counsels’ lodestar and a four-times multiplier, costs and post-judgment interest.  It then remanded the case for any disputes concerning fees and expenses.

The following Gibson Dunn lawyers participated in preparing this update: Colin Davis, Jonathan Fortney, Monica Loseman, George Sampas, Marina Szteinbok, Mark H. Mixon, Jr., and Chase Weidner.

Gibson Dunn 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, the authors, or any of the following leaders and members of the firm’s Securities Litigation, Mergers & Acquisitions, or Securities Regulation & Corporate Governance practice groups:

Securities Litigation:
Colin B. Davis – Orange County (+1 949.451.3993, cdavis@gibsondunn.com)
Jonathan D. Fortney – New York (+1 212.351.2386, jfortney@gibsondunn.com)
Monica K. Loseman – Co-Chair, Denver (+1 303.298.5784, mloseman@gibsondunn.com)
Brian M. Lutz – Co-Chair, San Francisco (+1 415.393.8379, blutz@gibsondunn.com)
Jason J. Mendro – Co-Chair, Washington, D.C. (+1 202.887.3726, jmendro@gibsondunn.com)
Mark H. Mixon, Jr. – New York (+1 212.351.2394, mmixon@gibsondunn.com)
Laura K. O’Boyle – New York (+1 212.351.2304, loboyle@gibsondunn.com)
Craig Varnen – Co-Chair, Los Angeles (+1 213.229.7922, cvarnen@gibsondunn.com)
Chase Weidner – New York (+1 212.351.5311, cweidner@gibsondunn.com)

Mergers & Acquisitions:
Robert B. Little – Co-Chair, Dallas (+1 214.698.3260, rlittle@gibsondunn.com)
Saee Muzumdar – Co-Chair, New York (+1 212.351.3966, smuzumdar@gibsondunn.com)
George Sampas – Co-Chair, New York (+1 212.351.6300, gsampas@gibsondunn.com)

Securities Regulation & Corporate Governance:
Elizabeth Ising – Co-Chair, Washington, D.C. (+1 202.955.8287, eising@gibsondunn.com)
Thomas J. Kim – Co-Chair, Washington, D.C. (+1 202.887.3550, tkim@gibsondunn.com)
Julia Lapitskaya – New York (+1 212.351.2354, jlapitskaya@gibsondunn.com)
Lori Zyskowski – Co-Chair, New York (+1 212.351.2309, lzyskowski@gibsondunn.com)

© 2025 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.

How a Decades-Long Partnership Is Unearthing Answers to That and Other Electric Questions

In 2023, four members of Schneider Electric’s Global Research Team were touring a facility at the National Laboratory of the Rockies (NLR), formerly known as NREL, when one looked into a warehouse-sized lab space and spotted something familiar.

“Wait, wait,” the visitor said. “We make smart panels. What are you doing with that smart panel down there?”

Smart panels are breaker panels that give homeowners more control over how their home appliances use electricity. And Schneider Electric does make them. But the 180-year-old, 160,000-employee company makes a whole lot more. In the 19th century, they built coal- and steam-powered machines to produce iron. In the 20th century and beyond, they built electrical systems, the technologies behind our modern power and digital infrastructure and the backbone of today’s economy. Now, the company is combining electric ingenuity with automation, artificial intelligence, and digital control.

“We’ve got to go faster than faster, which means bringing together all the players,” said Kent Crawford, the director of engineering at Schneider Electric.

One of those players is NLR.

NLR and Schneider Electric have been partnering to tackle energy questions for about a decade. But in the last three years, the partnership has become closer and more integrated—a boon for breakthroughs.

“A reactive model doesn’t work given how fast everything’s moving with AI and data centers,” said Ty Ferretti, a strategic partnership manager at NLR. “Schneider is seeing speed and scale. They’re seeing the value of working with us to be proactive and thorough.”

Most recently, energy experts from both organizations have been getting “proactive and thorough” on two big, complex projects: an analysis of what the U.S. energy economy could look like in 2050 and, soon after that lab tour, smart panels. Both projects—plus additional side projects on a reusable material for energy tech, data center reliability, and improved semiconductors for more efficient electronics—could all help Schneider Electric understand how to better serve their customers.

The outcomes of the two larger studies could yield big wins for Americans, including reduced energy costs and greater control over when, where, and how their electricity flows.

“At NLR, we’re all about impact,” Ferretti said. “And Schneider is such a huge company that whatever projects we do with them can be amplified on a grand scale.”

The Future of American Energy

When Schneider Electric first asked to partner with NLR, the company certainly had grand scale in mind. What, they asked, would American energy look like in 2050?

Like with many future-based questions, the answer is: It depends.

“Scenarios and energy outlooks are often too incremental,” said Vincent Petit, a senior vice president of research at Schneider. “They tend to perpetuate economic structures and miss important transformations of the economy, which have major impacts on the evolution of our energy systems.”

Energy tech follows people, and people move, change jobs, have children, and move again. Where people work and move—from big, population-dense cities to sprawling suburbs or cozy, multigenerational communities—affects what kind of energy systems they need to heat their houses, light offices (either home or high-rise), and get where they need to go.

Schneider Electric is preparing for what might come next. They are investing in technologies and systems that can adapt to America’s energy future and, as Crawford said, “position the United States for greater resilience, affordability, and competitiveness in its energy and economic systems.”

Enter the “Schneider Electric 2050 Scenarios Study.” For this sweeping project, Schneider Electric enlisted NLR experts, like Ry Horsey, to explore plausible energy futures. The joint team analyzed huge amounts of data, documented trends (Americans have been moving farther south and west, for example), and insights from experts in urban planning, manufacturing, materials science, energy systems, and infrastructure development.

One especially big factor? Jobs. “Where are those jobs going to be?” said Horsey, a research engineer in the Building Stock Modeling and Analysis group at NLR.

The answer, again, is: It depends. Increased reliance on digitization, automation, and artificial intelligence could change where Americans work—and therefore live—plus how we buy or make critical energy technologies, like semiconductors. Modern technologies could also affect which industries, from cement to steel to critical materials, grow their domestic footprints.

Horsey and colleagues from both NLR and Schneider Electric came up with two potential visions of what the energy economy could look like in 2050.

In one, Americans consolidate in compact, connected communities and, with classic American “spirited self-determination” (what Horsey defined as a “collective belief that each of us can manifest and create our own destinies”), they take charge of their rapid transformation. Communities invest in modern manufacturing trends, like automation, robotics, and finely tuned domestic supply chains. They prioritize decentralized energy systems that depend less on large (and often costly) grid upgrades. And they build new infrastructure rather than repurposing the old.

In the other vision, Americans continue to sprawl into suburbs where both people and infrastructure are more constrained. They depend more on cars and existing motorways, international goods over domestic manufacturing, and a centralized grid system that could struggle to keep up with increasing energy demand.

No matter which future Americans choose, Schneider Electric is better prepared to navigate change now that it has a trusted vision for how communities and industries—such as chemicals, mining, and more—might evolve. As a bonus, they only had to come to one multidisciplinary organization to get those insights.

As Horsey said, “The breadth of our expertise gives us an opportunity to think far more holistically about the future of the energy system.” And the future of America, too.

The Future of Smart Homes: Smart Panels

For their second big partnership project, Schneider Electric asked NLR to help analyze their smart panel—specifically its potential energy and cost savings for American consumers and utilities.

“Smart panels to me feel like the latest, most exciting thing in the smart home space,” said Bethany Sparn, a senior research engineer with NLR’s Building Technologies and Science Center.

Unlike traditional breaker systems, smart panels could give homeowners the ability to control how, when, and where their electricity flows. Say someone gets home from work in the evening. They want to charge their electric vehicle, put dinner in the oven, start a batch of laundry, and turn on the air conditioning. But their neighbors all have the same idea, and electricity prices surge.

Instead, the homeowner can avoid those surge prices—and a hefty energy bill to match—with a little extra control. Because a smart panel can automatically turn individual circuits on and off, the homeowner could program their water heater to heat water in the middle of the night, when energy prices are lowest.

“That can provide a very simple way of reducing cost,” Sparn said.

The smart panel could also help homeowners add new electric appliances or avoid exceeding their electric service rating—the maximum amount of electricity a home can safely handle at one time. If a homeowner tries to install a large new electrical appliance, like an induction stove, or exceeds their rating, their utility typically needs to install a new service line to connect new wires to the house. “That is very, very expensive,” Sparn said. It’s also time-consuming; it could take a utility more than a year to upgrade service.

Instead, a smart panel could monitor a household’s energy use and shut off designated circuits—like the one keeping the water heater running—to keep usage below the cap, saving tens of thousands of dollars. The Schneider smart panel monitors a whole home’s energy usage and controls the circuits to prevent overload.

Although smart panels can save homeowners and utilities money, they are more expensive to buy and install. So, to gain a better understanding of the long-term benefits for both homeowners and utilities, Schneider Electric came to NLR.

In the lab, Sparn and colleagues created a realistic replica of an average home. They installed Schneider Electric’s smart panel and are measuring the impact of different control strategies. And, with NLR’s supercomputer, they are running millions of simulations to help quantify how much money the smart panels could help consumers or utilities save over time. If utilities see large enough gains, they might be willing to offer rebates to customers who invest.

“We can play these ‘what if’ scenarios,” Sparn said. Like, what if 10% of homes in Spokane, Washington, had smart panels that could automatically shut off specific circuits? Could that help offset costs when everyone turns on their electric baseboard heaters at the same time every winter morning? Or what if 50% of homeowners in Southern California had them? Could those homes reduce their energy use even as summer heat surges and energy prices rise? “We can also play around with some controls they don’t currently have but have thought about adding,” Sparn said.

In short, NLR has the facilities, equipment, expertise, and experience to field these big energy questions—and far more. And, given its historical leaps—from coal-powered iron to electric data centers—Schneider Electric is likely to continue questioning the status quo.

The benefit of such a long-term partnership is the ability to quickly team up to explore novel ideas that could impact their company’s future as well as the country’s or the world’s.

“The impact is enormous because of how big Schneider is and how big their reach is,” Ferretti said. “And together we’re all about impact.”

“It takes us all,” Crawford said. “And we’re excited to see just how much we can accomplish with NLR’s support.”

Ready to tackle your toughest energy questions? NLR can provide the expertise, facilities, and data-driven insights to efficiently advance your technology to market. Discover how we can help.

NEW YORK – December 23, 2025 – Blackstone today announced its estimate of revenue related to realization activity for the period from October 1, 2025 to December 23, 2025. This estimate does not include revenue from any realization activity that may occur subsequent to December 23, 2025. Based on information currently available, Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income for such period in excess of $1.0 billion, comprised of over 80% Realized Performance Revenues. In addition to revenue related to investment realizations closed to date in the fourth quarter, this estimate includes certain non-fee related incentive fees and other investment income expected to be realized at quarter end.
 
The preliminary estimate regarding realization activity for the period from October 1, 2025 to December 23, 2025 disclosed above is not intended to predict or represent total Realized Performance Revenues, total Realized Principal Investment Income or total Segment Revenues for the quarter ending December 31, 2025, and results for the full quarter may differ materially. This estimate does not include the results or impact of any other sources of income, including fee income, or expenses, and Blackstone may realize further gains or losses relating to total Realized Performance Revenues and total Realized Principal Investment Income for the full quarter. It is also not indicative of the results that may be expected for any other period, including the year ending December 31, 2025.

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