Trump Administration Eyes $12 Billion in New Energy Project Cuts
(Bloomberg) -- The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by US oil majors, according to a list seen by Bloomberg.
Among those up for termination are hydrogen projects worth billions of dollars, including a Texas hub backed by Exxon Mobil Corp. and Chevron Corp., and another by utility Exelon Corp. and reactor operator Constellation Energy Corp. Also on the list: $1 billion in total awarded to automakers Stellantis and General Motors Co.
An Energy Department spokesman, Ben Dietderich, said no determinations had been made to terminate projects outside those previously announced, and added that the Energy Department was “unable to verify the document in question.”
The potential cuts come on top of the $7.6 billion in project cancellations announced last week, which also included hydrogen projects, and the $3.7 billion in scuttled ventures announced in May, which included a direct-air, carbon-capture project by an Occidental Petroleum Corp. subsidiary.
The administration said in May it was reviewing some $15 billion in projects awarded under President Joe Biden.
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