Energy Secretary Chris Wright says the Energy Dominance Financing Office underwrites low-risk loans, such as the more than $5bn Department of Energy loan to Alliant Energy for Wisconsin and Iowa grid reliability.
Wright blames Democrats for 17 years of energy subtraction and says high prices reflect a global shortage of refining capacity, while calling the Iran conflict's disruption a short-term interruption.
Wright says the administration removed solar and wind subsidies and mandates, argues solar is worthless in winter, and expects the grid to run on natural gas, nuclear and coal for decades.
Energy Secretary Wright blames past policy for high oil prices
Energy Secretary Chris Wright argues that today's high energy prices come from years of lost supply, and that the fix is more firm, dispatchable power and fuel. He backs federal loans for grid reliability, ends support for solar and wind, and treats the Iran war as a short-term interruption. He also floats temporary relief on Russian diesel sanctions to ease a global shortage.
Takeaways
DOE is lending billions to strengthen the grid. The Department of Energy announced a loan of more than $5bn to Alliant Energy for reliability in Wisconsin and Iowa, a day after a $5bn Constellation deal. Wright says supply must hold up in winter cold and summer peaks, and low-risk loans mean taxpayers are repaid.
Wright blames past policy for tight supply. He cites 17 years of energy subtraction under Democrats, including closed coal plants and refineries, and says high prices reflect a global shortage of refining capacity. He says the previous DOE focused on greenhouse gases and never evaluated affordability.
Wright calls Iran war disruption short-term. With Brent at $116 and WTI above $102, he says attacking a major energy region carries supply costs, but a nuclear-armed Iran would be worse. He says the military keeps oil flowing with escort convoys, and 18 American soldiers have died.
He defends oil profits as the engine of supply. Asked about Trump saying the US is making a freaking fortune, and strong Exxon Mobil and Chevron trading, Wright says he did not discuss it with Trump. He argues the profit system grows energy production, and notes all Americans use oil and gas while about 1% produce it.
The administration ended solar and wind support. Wright says removing subsidies and mandates lowers power prices, since solar is worthless in winter and states with renewable portfolio standards pay 50% more. He expects solar to keep growing unsubsidized, and says the grid will run on fossil fuels and nuclear for decades.
A temporary Russian diesel sanctions pause is proposed. Wright describes a six-month suspension of sanctions on Russian diesel exports only, as one way Trump seeks to end the Ukraine war. The world is short of diesel, and he expects more supply from the Arabian Gulf and China.
Challenges put to Wright
Asked why the loan comes close to the midterms and more than a year after the April 2025 grid reliability executive order, Wright says the financing office has deployed capital every day since he took office and will keep doing so for four years.
Told that Trump said solar panels kill animals and that Enphase Energy and First Solar shares have fallen sharply, Wright answers by pointing to subsidies and winter performance.
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On this episode 2
Show 1
Asked about a Financial Times report of US and Russian talks on resuming energy joint ventures, Wright says Trump is seeking ways to end the Russia-Ukraine war.