The crypto press continues – POLITICO

CRYPTO PRESSURE STILL ON: Supporters of a temporary moratorium on cryptocurrency mining directly powered by fossil generators continue to push Governor Kathy Hochul to sign the measure. Hochul has been noncommittal on the issue, downplaying contributions to her campaign from the cryptocurrency industry, which has opposed the moratorium despite its limited scope. Supporters of the legislation sent another letter arguing that Hochul must sign the bill to ensure success with the state’s climate change bill last week.

“Cryptocurrency Mining Energy Consumption must be reviewed to see if the practice can comply with New York’s climate law,” the letter says. It was signed by around 500 environmental organizations and other organisations, businesses, faith-based and labor groups. Hochul doesn’t have to act on the legislation until the end of the year, and has previously responded to questions about her plans to do so by noting the many bills awaiting action. – Marie J. French

— The company that spurred Much of the awareness and opposition to cryptocurrency mining at old fossil fuel facilities in New York has gained new leadership and reported losses last week.

BUILDING EMISSIONS EXHIBITS: The city Department of Buildings last week officially published its first round of rules on Local Law 97, which we reported last week was set to drop any day now. The draft rules provide some clarity on how the landmark act to cut emissions from buildings over 25,000 square meters will be implemented. The document explains how to calculate a building’s carbon footprint, and gives the real estate industry more guidance on how to comply with the law and avoid fines, The Real Deal reported. The city also released a list of buildings subject to the law, which includes everything from apartment buildings to grocery stores, according to The City.

Large buildings must begin to meet the requirements with the standard in 2024, with stricter limits coming into effect in 2030. The goal of the law is to cut emissions by 40 percent by 2030 and 80 percent by 2050. Still, not everyone’s questions about the law have been answered. The draft rules do not say much about renewable energy credits (RECs) – which can be bought to help landlords meet their emissions reduction targets. The credits will help finance new renewable projects that connect directly to New York City, such as the planned hydroelectric transmission line from Canada.

Environmental groups want a cap on REC so they only cover up to 10 percent of a building’s total pollution, to ensure that building owners are still required to make energy efficiency improvements in their portfolios. “The mayor must not create a potential ‘buyout’ provision that would become a massive loophole for building owners to avoid requirements to cut air pollution from their buildings,” said the groups Food & Water Watch, New York Communities for Change and New York. The Public Interest Research Group said in a joint statement. — Danielle Muoio Dunn

WIND CEOS — The two companies responsible for what would be the first three offshore wind farms in New Jersey both announced new structures and CEOs last week, a sign of a sector maturing as construction is set to begin on the farms themselves. And the changes can also be seen as companies with European roots preparing for the long haul here.

Early last week, Atlantic Shores Offshore Wind, LLC – a partnership between Shell New Energies US LLC and EDF Renewables North America – announced longtime company official Joris Veldhoven as the company’s first CEO.

Similarly, Danish company Ørsted said it is bringing together its onshore and offshore wind businesses as a new organization, the Americas region, under David Hardy, who will be its chief executive. Hardy was previously CEO of Ørsted Offshore North America. In a statement, he said the changes will help meet market demands and also “shape the industry.”

Veldhoven said the new structure at Atlantic Shores will further strengthen the company’s full-time team, which has grown from one or two dozen people to more than 100 to work on developing offshore wind on the East Coast.

If there is a common theme, Veldhoven told POLITICO that the changes are “a recognition that being local, being there in the market where offshore wind is hot and happening and to be deployed by Atlantic Shores or other developers, is going to be more of a local focus.” — Ry Rivard

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Here’s what we’re looking at this week:

TUESDAY

— NYSERDA is hosting a webinar on the authority’s assessment of offshore wind cable restrictions, at

WEDNESDAY

— New Jersey Board of Public Utilities meetings at 10 a.m

THURSDAY

— The annual Adirondack Champlain Regional Salt Summit is held in Lake George, 7:30 a.m., Fort William Henry Hotel.

— Public Service Commission meetings at Albany and other places, at 10.30 am. A briefing will be given to the commissioners on the readiness of gas and electric utilities this winter. Expect a lot of concern about high rates and what utilities are doing to cushion consumers from volatility, especially if there are extreme cold spells in the coming months.

— The one Climate Action Council meets in Albany and New York City, at 2 p.m

FRIDAY

— New Jersey Business & Industry Association is hosting its 2nd annual energy conference.

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– Princeton can break ties with 90 fossil fuel companies.

– Bill would requires landlords and home sellers to warn of previous floods.

– Bill wouldcreating a commission to oversee the Trenton Water Works.

FLOOD OF QUESTIONS — POLITICO’s Ry Rivard: As the 10th anniversary of Superstorm Sandy approaches, New Jersey lawmakers heard four hours of testimony Thursday about the storm’s aftermath and how prepared the state is for future storms. But there was one notable absence from the parade of witnesses – Shawn LaTourette, the state’s top environmental regulator. LaTourette’s agency, the Department of Environmental Protection, has been working for years on rules to change building standards in flood-prone areas of the state. The rules, which have been repeatedly delayed, are now in limbo, casting doubt on whether the lessons of Sandy and other extreme weather tragedies will be learned.

UTILITY RATEPAYER INTERVENTION PUSH: The Public Utility Law Project and AARP New York rallied support in a sign-on letter delivered to Gov. Kathy Hochul supporting a measure to allow nonprofits or groups representing taxpayers to have some of their costs covered when they become involved in the burdensome tax litigation process. The Intervenor Funding Bill, A873/S3034, is awaiting action by the Governor.

FAB NEWS IN UPSTATE NY — POLITICO’s Joe Spector: New York sought to lure the world’s largest computer chip makers with the largest incentive package in the state’s history. Now it got one—thanks to a potential $6 billion in subsidies. Micron Technology Inc., the Idaho-based memory giant, announced Oct. 4 that it will invest up to $100 billion over the next two decades to build a massive complex of chip plants in suburban Syracuse. It’s one of the largest private investments in New York ever, and one that’s expected to give a huge boost to the state’s goal of leading in domestic chip manufacturing.