Orsted, Permian Output Growth: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LEGAL
New York Sued by Multiple States Over $75 Billion Climate Superfund - New York was sued on Thursday by 22 other U.S. states over a new law requiring fossil fuel companies to contribute $75 billion over 25 years into a fund that will pay for damage caused by climate change. Led by West Virginia and all with Republican attorneys general, the 22 states called New York's law a politically-motivated "overreach" that punishes traditional energy companies for emitting greenhouse gases many years ago even though they complied fully with applicable laws. (Reuters)

PRODUCTION
Executives: Permian Output Growth to Slow in 2025 - Growth in oil output from the U.S. Permian Basin, the country's top oilfield, is expected to slow by at least 25% this year despite President Donald Trump's vow to maximize production, energy executives forecast on Thursday. At a conference in Houston, they said production is expected to rise in 2025 by about 250,000 barrels per day (BBL/d) to 300,000 BBL/d from the shale formation, down from last year's 380,000-BBL/d increase. (Reuters)

POWER
Orsted Slashes 2030 Investment Program by 25% - Renewable energy developer Orsted A/S (Fredericia, Denmark) has decided to cut its 2030 investment program by 25%, the company said on Wednesday, as the offshore wind industry grapples with rising costs, supply chain issues and a changed political climate. The firm will now invest in the range of 210 billion to 230 billion Danish crowns (US$29.32 billion to US$32.12 billion) for the period of 2024 to 2030, down from its previous target of 270 billion Danish crowns (US$37.6 billion). Orsted also withdrew its previously set 2030 target for installed renewable capacity of 35-38 gigawatts. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).