FINANCE: The federal government will allow Silicon Valley Bank to borrow directly from the Fed using its treasuries as collateral, rescuing deposits from the bank’s clientele that included a large number of cleantech startups as well as community solar projects. (Associated Press, New York Times)

ALSO:
• The collapse was caused in large part because the bank was invested heavily in long-term federal securities, which had lost value due to rising interest rates, leading to a “hysteria-induced bank run caused by VCs,” as one observer describes it. (Reuters, CNBC)
• President Biden says the administration will be “holding those responsible for this mess fully accountable” and pledges to strengthen oversight of lenders. (Bloomberg Government)

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OIL & GAS:
• President Biden says his administration will close off the Arctic to oil and gas leasing following approval of a controversial Alaska project. (E&E News)
• Documents show ConocoPhillips spent $4.6 million on lobbying during the first three months of 2022 as it sought approval for its proposed Willow project. (Open Secrets)
• New Mexico advocates say oil and gas companies in the Permian Basin are flouting new state rules aimed at limiting methane venting and flaring while budget limitations hamper enforcement. (Inside Climate News)
• Last year marked the first time in at least a decade that Pennsylvania’s year-over-year natural gas production declined. (StateImpact Pennsylvania)

WIND:
• Inflation and supply chain issues are making it difficult to find financing for offshore wind, leading to delays in the U.S. and elsewhere. (Bloomberg)
• A Northwest fishery management council says the federal government has “essentially chosen prime fishing areas” for offshore wind development and the process should be scrapped and restarted. (National Fisherman)

SOLAR:
• A Minneapolis solar cooperative and an affordable housing nonprofit have devised a solar financing structure that slashes renters’ utility bills far more than typical community solar programs. (Energy News Network)
• Arkansas lawmakers pass a bill reducing rates paid to customers with rooftop solar systems beginning in 2025. (Democrat-Gazette)

GRID:
• Detroit-based DTE Energy cut its operations budget to meet earnings projections months before a historic ice storm last month left nearly 500,000 customers without power. (Bridge Michigan)
• The head of Texas’ regulatory commission says the state power grid and its reliance on wind and solar will be tested over the summer, which he says illustrates the need for additional gas plants and small nuclear reactors. (Bloomberg)

CLIMATE: Oregon lawmakers consider requiring every public school district to develop a curriculum addressing climate change’s impacts. (Associated Press)

COMMENTARY: An economist and a climate scientist offer three suggestions to accelerate federal clean energy investment. (Washington Post)

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Ken is the director of the Energy News Network at Fresh Energy and is a founding editor of both Midwest Energy News and Southeast Energy News. Prior to joining Fresh Energy, he was the managing editor for online news at Minnesota Public Radio. He started his journalism career in 2002 as a copy editor for the Duluth News Tribune before spending five years at the Spokesman-Review in Spokane, Washington, where he worked as a copy editor, online producer, features editor and night city editor. A Nebraska native, Ken has a bachelor's degree from the University of Nebraska-Lincoln and a master's degree from the University of Oregon. He is a member of the Society of Professional Journalists and Investigative Reporters and Editors.