The rules are the latest in a series of federal and state measures to prevent a repeat of the disruption caused by February’s Winter Storm Uri, which left around 4.5 million homes and businesses in Texas without power and heat.
Governor Gretchen Whitmer said in a statement that she still opposes Enbridge Inc.’s Line 5 oil pipeline, a 59-year-old oil pipeline delivering crude and refined products from Superior, Wisconsin, to Sarnia, Ontario, via Michigan.
Enbridge planned to sell 90% of space under long-term contracts on the Mainline, Canada’s longest oil pipeline system which moves oil from Western Canada to refineries in Eastern Canada and the U.S. Midwest.
As the price of carbon rises and the cost of CCS falls, there could be money to be made in keeping CO2 out of the atmosphere.
Last month the Canadian government, which intervened in the court case in support of Enbridge, invoked a 1977 pipeline treaty with the U.S. to trigger negotiations between Ottawa and Washington over the pipeline’s fate.
For the development of new technologies, the bipartisan bill includes more than $7 billion in incentives for producing, sourcing and recycling minerals and materials for batteries to store renewable power.
Line 5 is at the center of a long-running environmental dispute between Calgary, Alberta-based Enbridge and the state of Michigan that has embroiled the Canadian and U.S. governments.
Cut off from capital, these projects are needed in a world at risk of stumbling badly through the energy transition.
The price of Brent has risen over 60% this year and hit $86.70, a three-year high, on Oct. 25, supported by supply restraint by OPEC+ and recovering demand.