Latest news with #Fulop
CNBC
03-07-2025
- Business
- CNBC
European renewable stocks to watch as Trump's megabill hangs in the balance
Among the myriad details stuffed within U.S. President Donald Trump's bumper "big beautiful bill," European investors have been keeping an eye on one in particular — renewable energy policy. Shares of the region's wind power firms gained on Wednesday after Senate lawmarkers narrowly approved a heavily amended version of the package . The move higher continued Thursday as the U.S. House began a final debate on the megabill — after a dramatic night of voting that was nearly derailed by Republican defections. Turbine manufacturer Vestas was 3.4% higher in early trade Thursday after gaining more than 10% in the previous session. Windfarm operator Orsted and turbine maker Nordex , meanwhile, built on Wednesday's gains to both trade over 2% higher early Thursday. The bill's current revisions are a relief to a sector already grappling with funding challenges, competition from China and tariff uncertainty. Among the key amendments to the bill is the removal of a tax on wind and solar projects that use components from "foreign entities of concern" — understood to primarily mean China — which analysts said could have a chilling effect on new orders in the sector more broadly. Another major revisions relevant to European renewables firms is the removal of a controversial cliff-edge deadline that would have required all projects benefiting from tax credits to be in service by the end of 2027. Now, all projects commencing before mid-2026 will be eligible, which analysts at Citi said was likely to spur a flurry of near-term activity, as all a project must do to "start" is spend 5% of capital. U.S. clean energy shares also rose on this news this week. If the bill is voted through in its current form, the change "will lay the foundation for a solid American onshore wind turbine market in the years after 2027 — and not an 'almost complete stop' in 2028, which the previous text has a high inherent risk of. This seems like a gigantic relief for the onshore wind market in the U.S.," Sydbank analysts said. U.S. importance Tancrede Fulop, senior equity analyst and renewables expert at Morningstar, said the bill amendments, along with a resumption of construction work on Equinor's Empire Wind project off the New York coast, "suggests that the worst-case scenario for the renewables sector under the Trump administration may not materialize." The U.S. market plays a pivotal role for Europe's largest renewable developers such as RWE , EDPR and Iberdrola , according to Morningstar's Fulop. It accounts for around 50% of the installed renewable capacity of the former two, and around 40% of the latter. However, while wind developers could potentially offset any phase out of tax credits by selling power at higher prices or pressuring manufacturers to cut their prices, manufacturers such as Vestas — which has 35% of its onshore wind backlog in the U.S. — and Siemens Energy are more vulnerable, Fulop said. Pierre-Alexandre Ramondenc, equity research analyst for utilities and renewables at AlphaValue, told CNBC that the positive market reaction reflected the fact that the Senate's amendments were broadly good news for the sector. But overall, Trump's bill "largely dismantles the core mechanisms supporting clean energy" under President Joe Biden's Inflation Reduction Act, he said. Rather than fully repealing provisions that have been established and generated business activity under the IRA, the new megabill puts fresh constraints on the sector. The primary blow is to the U.S.' efforts to modernize its grid infrastructure and lead in decarbonization efforts, he continued. In Europe, the market has already been revising down its expectations for U.S. renewables since Trump's election, Ramondenc noted, with the main risk now being the cancellation of projects already under construction. European utilities also have "flexibility in deploying capex across different technologies and geographies," he added. — CNBC's Erin Doherty contributed to this report.
Yahoo
11-06-2025
- Politics
- Yahoo
Mikie Sherrill wins Democratic primary in New Jersey governor's race
Rep. Mikie Sherrill (D-N.J.) has won the Democratic nomination for governor of New Jersey, coming out on top of a crowded field, according to Decision Desk HQ. Sherrill defeated five other major candidates for the nomination in a hotly contested primary to succeed two-term Gov. Phil Murphy (D), who is term limited. She entered the primary on Tuesday as the favorite given her polling lead that she's maintained in public and internal polls, including those from other candidates' campaigns. She also had the backing of most of the county parties in North Jersey, home to most of the state's population. County endorsements aren't quite as influential as they used to be with the state's 'county line' ballot system no longer in use, but they still carry some weight. The primary was an early test of political power in New Jersey without the county line, which a federal judge struck down last year on the grounds that it gave county-endorsed candidates favorable positioning on the ballot. Jersey City Mayor Steve Fulop had railed against the county line and sat out county nominating conventions as he sought to advance a grassroots, outsider campaign. Sherrill will face Republican Jack Ciattarelli, who was also the 2021 GOP nominee, in the general election. Ciattarelli has the endorsement of President Trump. Fulop was hoping to tap into antiestablishment sentiment seen in the state last year with the line going away and Sen. Andy Kim (D-N.J.) managing to hold off New Jersey first lady Tammy Murphy in the Democratic primary for Senate, running a similar grassroots campaign. As part of his wider efforts to reshape the state's politics, he backed a range of progressive candidates for state Assembly, including some incumbents and some primary challengers. He laid out extensive policy proposals and slammed Sherrill, accusing her positions of being vague and too moderate. But Fulop ultimately fell short to Sherrill, a fourth-term House member. Despite Sherrill's polling advantage, multiple candidates seemed like they could pull off an upset win. Most of the candidates in the race placed second in at least one poll and had paths to victory in what was expected to be a divided primary electorate. The candidates all brought extensive resumes and agreed on many issues, pushing to lower the cost of living, increase affordable housing and invest in renewable energy and education. But they tried to stand out in various ways to gain the advantage. Newark Mayor Ras Baraka ran as a progressive and received widespread attention for his arrest at a U.S. Immigration and Customs Enforcement facility last month while he was trying to observe conditions there. The charges against him were eventually dropped. Rep. Josh Gottheimer (D-N.J.) focused much of his campaign on vows to lower costs and taxes in what is one of the most expensive states to live in the country. New Jersey Education Association President Sean Spiller touted his support from teachers, having led the large teachers union for a few years. Former New Jersey Senate President Steve Sweeney, the only candidate from South Jersey, emphasized his longtime experience in state politics and his institutional knowledge to get things done. Sherrill focused on her 'affordability agenda,' calling for incentives for developing new housing, streamlining the approval process for energy projects and expanding tax credits. Democratic National Committee Chair Ken Martin congratulated Sherrill on her victory, saying the DNC will work 'all hands on deck' to ensure she wins the general election. 'In 2025, Democrats have overwhelmingly won and overperformed in special and off-year elections,' he said. 'We'll continue that trend in New Jersey by organizing in every corner of the state, investing strategically, and working with our allies on the ground to elect more Democrats who will stand up to the Trump disaster and deliver for working families.' She will face a challenge from Ciattarelli as he hopes to build on his narrow loss four years ago. He surprised many by only losing by 3 points to Murphy, and Republicans made significant improvements in the 2024 election in November in the Garden State. But Sherrill will start out as the favorite in the still left-leaning state. A trend that may benefit her is that New Jersey has elected a governor from the opposite party of the president in each election for decades except 2021. If elected, Sherrill would be New Jersey's second female governor. Updated: 10:35 p.m. ET Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
11-06-2025
- Politics
- The Hill
Mikie Sherrill wins Democratic primary in New Jersey governor's race
Rep. Mikie Sherrill (D-N.J.) has won the Democratic nomination for governor of New Jersey, coming out on top of a crowded field, according to Decision Desk HQ. Sherrill defeated five other major candidates for the nomination in a hotly contested primary to succeed two-term Gov. Phil Murphy (D), who is term limited. She entered the primary on Tuesday as the favorite given her polling lead that she's maintained in public and internal polls, including those from other candidates' campaigns. She also had the backing of most of the county parties in North Jersey, home to most of the state's population. County endorsements aren't quite as influential as they used to be with the state's 'county line' ballot system no longer in use, but they still carry some weight. The primary was an early test of political power in New Jersey without the county line, which a federal judge struck down last year on the grounds that it gave county-endorsed candidates favorable positioning on the ballot. Jersey City Mayor Steve Fulop had railed against the county line and sat out county nominating conventions as he sought to advance a grassroots, outsider campaign. Sherrill will face Republican Jack Ciattarelli, who was also the 2021 GOP nominee, in the general election. Fulop was hoping to tap into antiestablishment sentiment seen in the state last year with the line going away and Sen. Andy Kim (D-N.J.) managing to hold off New Jersey first lady Tammy Murphy in the Democratic primary for Senate, running a similar grassroots campaign. As part of his wider efforts to reshape the state's politics, he backed a range of progressive candidates for state Assembly, including some incumbents and some primary challengers. He laid out extensive policy proposals and slammed Sherrill, accusing her positions of being vague and too moderate. But Fulop ultimately fell short to Sherrill, a fourth-term House member. Despite Sherrill's polling advantage, multiple candidates seemed like they could pull off an upset win. Most of the candidates in the race placed second in at least one poll and had paths to victory in what was expected to be a divided primary electorate. The candidates all brought extensive resumes and agreed on many issues, pushing to lower the cost of living, increase affordable housing and invest in renewable energy and education. But they tried to stand out in various ways to gain the advantage. Newark Mayor Ras Baraka ran as a progressive and received widespread attention for his arrest at a U.S. Immigration and Customs Enforcement facility last month while he was trying to observe conditions there. The charges against him were eventually dropped. Rep. Josh Gottheimer (D-N.J.) focused much of his campaign on vows to lower costs and taxes in what is one of the most expensive states to live in the country. New Jersey Education Association President Sean Spiller touted his support from teachers, having led the large teachers union for a few years. Former New Jersey Senate President Steve Sweeney, the only candidate from South Jersey, emphasized his longtime experience in state politics and his institutional knowledge to get things done. Sherrill focused on her 'affordability agenda,' calling for incentives for developing new housing, streamlining the approval process for energy projects and expanding tax credits. She will face a challenge from Ciattarelli as he hopes to build on his narrow loss four years ago. He surprised many by only losing by 3 points to Murphy, and Republicans made significant improvements in the 2024 election in November in the Garden State. But Sherrill will start out as the favorite in the still left-leaning state. A trend that may benefit her is that New Jersey has elected a governor from the opposite party of the president in each election for decades except 2021. If elected, Sherrill would be New Jersey's second female governor.
Yahoo
10-06-2025
- Politics
- Yahoo
New Jersey primary election polls open
Voters will select which candidates will face off in November, when the governorship and all 80 seats in the Assembly come up for a vote. (Ed Murray for New Jersey Monitor) It's primary day in New Jersey. The Garden State's voters will select which candidates will face off in November, when term-limited Gov. Phil Murphy's seat and all 80 seats in the Legislature's lower chamber come up for a vote. This year's contests have seen a swell of candidacies. Six Democrats and five Republicans are seeking their parties' nods for governor, and more candidates are seeking seats in the Assembly than at any point since 1993. On the Republican side, contractor Justin Barbera, state Sen. Jon Bramnick, former Assemblyman Jack Ciattarelli, ex-Englewood Cliffs Mayor Mario Kranjac, and longtime radio host Bill Spadea hope to flip the governorship after eight years of Democratic rule. The Democratic contest includes Newark Mayor Ras Baraka, Jersey City Mayor Steve Fulop, Rep. Josh Gottheimer, Rep. Mikie Sherrill, teachers union president Sean Spiller, and ex-state Sen. Steve Sweeney. They are hoping to win a third consecutive gubernatorial term for their party for the first time since Gov. Richard Hughes succeeded Gov. Robert Meyner more than half a century ago. Polls have shown Sherrill and Ciattarelli leading their respective races, though public surveys of both contests have been rare, and the sheer number of candidates makes the results unpredictable, particularly on the Democratic side. Twenty-five of the state's 40 legislative districts will play host to intraparty challenges Tuesday. Most of those come on the Democratic side and from candidates recruited by and aligned with Fulop, though Republicans face primaries in some districts too. It's likely some sitting lawmakers will see their tenures ended by Tuesday's results. In the 31st District, Assemblyman William Sampson (D-Hudson) and Hudson County Commissioner Jerry Walker face Assemblywoman Barbara McCann Stamato (D-Hudson) and Bayonne Councilwoman Jacqueline Weimmer, who are running under Fulop's slogan. In the neighboring 32nd District, Assemblywoman Jessica Ramirez (D-Hudson) and Jersey City Councilman Yousef Saleh — both on Fulop's slate — face party-backed candidates Hoboken Public Library director Jennie Pu and Crystal Fonseca, division director of buildings and street maintenance in Jersey City. Hoboken Mayor Ravi Bhalla and former state administrator Katie Brennan, whose accusations of sexual assault against a 2017 Murphy campaign staffer roiled Trenton, are also seeking the nod in the 32nd District. Close to half a million New Jerseyans had already voted by Monday morning. Statewide, 148,686 residents cast in-person ballots at early voting stations during the state's six days of early voting, said a spokesperson for the Department of State. Another 317,984 had returned mail-in ballots as of Monday morning. Election officials will accept mail ballots postmarked by Election Day for six days after polls close at 8 p.m. Tuesday. Residents vote in person at their polling place on Tuesday or by delivering their vote-by-mail ballot to a secure ballot drop box or their county board of elections.
Yahoo
10-06-2025
- Politics
- Yahoo
List: Democratic candidates for NJ governor
The Brief Nearly a dozen candidates are competing for the chance to succeed Gov. Murphy. The race for the Democratic nomination features a crowded field of prominent current and former officeholders. Primary election day is Tuesday, June 10. Polls close at 8 p.m. NEW JERSEY - Nearly a dozen candidates are competing in New Jersey for the chance to succeed term-limited Democratic Gov. Phil Murphy. MORE: Who is ahead in the NJ governor race? Polls, candidates, updates MORE: How to vote in New Jersey The race for the Democratic nomination for governor features a crowded field of prominent current and former officeholders. ***Click on each name to jump to their section. Mikie Sherrill Josh Gottheimer Ras Baraka Steve Fulop Sean Spiller Steve Sweeney Sherrill is a former federal prosecutor and U.S. Navy helicopter pilot. She has represented the 11th District, which includes parts of Essex, Morris and Passaic counties, since her 2018 election. She has since won reelection three times. Gottheimer, a former speechwriter for Bill Clinton and adviser to the head of the Federal Communications Commission, toppled conservative Republican Rep. Scott Garrett in 2016. Gottheimer represents the state's 5th Congressional District, which spans parts of Bergen, Passaic and Sussex counties. Baraka is the current mayor of Newark. First elected mayor in 2014, Baraka has spent over a decade leading Newark through economic and social changes, including reductions in crime and homelessness, and improvements in infrastructure. Most recently, he was arrested outside the Delaney Hall federal immigration detention center while protesting its opening. Fulop, the third-term Democratic mayor of the state's second-biggest city, is a former Marine who served in Iraq after the Sept. 11, 2001, attacks. Back in January, Fulop floated the idea of a 'reverse congestion pricing' toll in an appearance on Good Day New York. Fulop suggested New Jersey could implement similar fees, capitalizing on the state's opportunities for cross-border tolling. Spiller is the president of the New Jersey Education Association and former mayor of Montclair. Spiller began as a science teacher before rising through the ranks of the New Jersey Education Association, becoming its president in 2021 after eight years on the executive board. Sweeney has centered his gubernatorial campaign on reforming New Jersey's budget process and addressing the state's housing challenges. With 20 years of public office experience, including more than a decade as Senate president, Sweeney is banking on his experience and commitment to tackling systemic issues. Primary election day is Tuesday, June 10. Polls close at 8 p.m. Click HEREfor more information. Emerson College Polling/PIX11/The Hill survey: According to a May survey, 28% of registered New Jersey Democratic voters said they would vote for U.S. Rep, Mikie Sherrill, as Jersey City Mayor Steven Fulop, Newark Mayor Ras Baraka, and U.S. Rep. Josh Gottheimer each had 11% of Democratic responders' support. A month ahead of the primary, 24% of Dem voters said they were undecided. SurveyUSA: According to a poll conducted in May, voters showed slightly more favorable options for Sherrill compared to the rest of the field. Gottheimer was a close second. Fundraising numbers: Gottheimer has had a slight edge in fundraising, with about $9.1 million in contributions, followed by Sherrill and Fulop, each with about $8.9 million raised for their campaigns, according to the Associated Press.
