US attack on renewables will lead to power crunch that spikes electricity prices

Summary

Witthaya Prasongsin | Moment | Getty ImagesPresident Donald Trump's attack on solar and wind projects threatens to raise energy prices for consumers and undermine a stretched electric grid that's already straining to meet rapidly growing demand, renewable energy executives warn.Trump has long said wind power turbines are unattractive and endanger birds, and that solar installations take up too much land. This week, he said his administration will not approve solar and wind projects, the latest salvo in a campaign the president has waged against the renewable energy industry since taking office."We will not approve wind or farmer destroying Solar," Trump posted on Truth Social Wednesday. "The days of stupidity are over in the USA!!!"Trump's statement this week seemed to confirm industry fears that the Interior Department will block federal permits for solar and wind projects. Interior Secretary Doug Burgum took control of all permit approvals last month in a move that the American Clean Power Association criticized as "obstruction," calling it "unprecedented political review."The Interior Department blocking permits would slow the growth of the entire solar and wind industry, top executives at renewable developers Arevon, Avantus and Engie North America told CNBC.Even solar and wind projects on private land may need approvals from the U.S. Fish and Wildlife Service if, for example, a waterway or animal species is affected, the executives told CNBC. The three power companies are among the top 10 renewable developers in the U.S., according to energy research firm Enverus.The Interior Department "will not give preferential treatment to massive, unreliable projects that make no sense for the American people or that risk harming communities or the environment," a spokesperson told CNBC when asked if new permits would be issued for solar and wind construction.Choking off renewables will worsen a looming power supply shortage, harm the electric grid and lead to higher elect...