Energy
Renewable energy is benefitting from oil’s coronavirus-induced slump
Oil companies have arguably felt the effects of the COVID-19 pandemic worse than any other industry in the world. Several companies that are considered to be big names in the oil sector are reporting substantial drops in earnings in their most recent quarterly results as the pandemic has caused a collapse in demand.
With that, renewable energy companies, like Tesla and others, are beginning to feel the positive effects of oil becoming less desirable by consumers. The New York Times recently reported that renewable energy sources would generate a record of 20.7% electricity in the U.S., up 2.7% from 2019’s share.
As renewable energy use increases, other forms of energy will inevitably fall, and oil-focused companies are forced to adapt to the consumer’s demand for clean sources of power.
BP recently announced that it would slash oil production by 40% and turn its focus to sustainable forms of energy for the future. The company said that it would increase its low carbon investments by ten-fold to $5 billion by 2030. The London-based energy company currently holds a zero-emissions promise by 2050, CNN said.
“This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone,” a company statement from BP said.
Meanwhile, Exxon and Chevron both took major hits during the second quarter. Exxon announced that several of its expansion projects would be delayed after it failed to generate any positive cash flow during Q2, Bloomberg reported.
Exxon’s Q2 2020 Earnings Report indicates that the company’s total net income loss was -$1.080 billion.
Chevron, on the other hand, announced that it would have multibillion-dollar writedowns on its access for the second time in the last 12 months. It will also cut the equivalent of 5% of its total output worldwide during Q3, and delay plans to ramp up production from its Permian Basin, a United States oil field located in Western Texas and Southeastern New Mexico.
What does all of this mean for renewables?
As the world continues to transition away from carbon-emitting fuel sources and moves toward Earth-friendly forms of power, the renewable energy sector will see growth in its consumer base and profitability. COVID-19 has done significant damage to many corporations and industries as a whole. For example, automotive sales as a whole have declined with many automakers across the world, reporting substantial drops in purchases.
Research firm IHS Markit predicts that car sales are expected to decline by at least 15.3% in the U.S. in 2020. However, sustainable transportation companies are seeing growth. Tesla is one example of that.
Tesla has beaten Wall Street’s estimates in both Q1 and Q2. The company has also managed to turn a profit in both quarters in 2020 as well. The increasingly noticeable shift in energy interest is turning toward sustainable and eco-friendly sources, which is a win for both the consumer and the Earth.
A study from Deloitte stated that in April 2019, renewable energy outpaced coal by providing 23% of U.S. power generation. Coal only provided 20% of the share. Also, renewable energy consumption by residential consumers increased by 6%, while commercial customers increased their usage by 5%.
The simple fact is, renewable energy is the future of human civilization. Fossil fuels and environmentally damaging sources of energy will continue to damage the Earth, pushing the world into the depths of climate hell, while rich oil companies continue to turn unruly profits.
But these companies are feeling the effects of a decrease in demand. The reductions seem to be acting as a wake-up call that indicates their focuses must shift. Their most recent Earnings results are indicative of a shift in what kind of energy people are more interested in, and it seems that renewables are going to be the preference for consumers moving forward.
Energy
Tesla meets Giga New York’s Buffalo job target amid political pressures
Giga New York reported more than 3,460 statewide jobs at the end of 2025, meeting the benchmark tied to its dollar-a-year lease.
Tesla has surpassed its job commitments at Giga New York in Buffalo, easing pressure from lawmakers who threatened the company with fines, subsidy clawbacks, and dealership license revocations last year.
The company reported more than 3,460 statewide jobs at the end of 2025, meeting the benchmark tied to its dollar-a-year lease at the state-built facility.
As per an employment report reviewed by local media, Tesla employed 2,399 full-time workers at Gigafactory New York and 1,060 additional employees across the state at the end of 2025. Part-time roles pushed the total headcount of Tesla’s New York staff above the 3,460-job target.
The gains stemmed in part from a new Long Island service center, a Buffalo warehouse, and additional showrooms in White Plains and Staten Island. Tesla also said it has invested $350 million in supercomputing infrastructure at the site and has begun manufacturing solar panels.
Empire State Development CEO Hope Knight said the agency was “very happy” with Giga New York’s progress, as noted in a WXXI report. The current lease runs through 2029, and negotiations over updated terms have included potential adjustments to job requirements and future rent payments.
Some lawmakers remain skeptical, however. Assemblymember Pat Burke questioned whether the reported job figures have been fully verified. State Sen. Patricia Fahy has also continued to sponsor legislation that would revoke Tesla’s company-owned dealership licenses in New York. John Kaehny of Reinvent Albany has argued that the project has not delivered the manufacturing impact originally promised as well.
Knight, for her part, maintained that Empire State Development has been making the best of a difficult situation.
“(Empire State Development) has tried to make the best of a very difficult situation. There hasn’t been another use that has come forward that would replace this one, and so to the extent that we’re in this place, the fact that 2,000 families at (Giga New York) are being supported through the activity of this employer. It’s the best that we can have happen,” the CEO noted.
Energy
Tesla launches Cybertruck vehicle-to-grid program in Texas
The initiative was announced by the official Tesla Energy account on social media platform X.
Tesla has launched a vehicle-to-grid (V2G) program in Texas, allowing eligible Cybertruck owners to send energy back to the grid during high-demand events and receive compensation on their utility bills.
The initiative, dubbed Powershare Grid Support, was announced by the official Tesla Energy account on social media platform X.
Texas’ Cybertruck V2G program
In its post on X, Tesla Energy confirmed that vehicle-to-grid functionality is “coming soon,” starting with select Texas markets. Under the new Powershare Grid Support program, owners of the Cybertruck equipped with Powershare home backup hardware can opt in through the Tesla app and participate in short-notice grid stress events.
During these events, the Cybertruck automatically discharges excess energy back to the grid, supporting local utilities such as CenterPoint Energy and Oncor. In return, participants receive compensation in the form of bill credits. Tesla noted that the program is currently invitation-only as part of an early adopter rollout.
The launch builds on the Cybertruck’s existing Powershare capability, which allows the vehicle to provide up to 11.5 kW of power for home backup. Tesla added that the program is expected to expand to California next, with eligibility tied to utilities such as PG&E, SCE, and SDG&E.
Powershare Grid Support
To participate in Texas, Cybertruck owners must live in areas served by CenterPoint Energy or Oncor, have Powershare equipment installed, enroll in the Tesla Electric Drive plan, and opt in through the Tesla app. Once enrolled, vehicles would be able to contribute power during high-demand events, helping stabilize the grid.
Tesla noted that events may occur with little notice, so participants are encouraged to keep their Cybertrucks plugged in when at home and to manage their discharge limits based on personal needs. Compensation varies depending on the electricity plan, similar to how Powerwall owners in some regions have earned substantial credits by participating in Virtual Power Plant (VPP) programs.
Tesla is updating Cybertruck owners on its timeline of a massive feature that has yet to ship: Powershare with Powerwall.
Powershare is a bidirectional charging feature exclusive to Cybertruck, which allows the vehicle’s battery to act as a portable power source for homes, appliances, tools, other EVs, and more. It was announced in late 2023 as part of Tesla’s push into vehicle-to-everything energy sharing, and acting as a giant portable charger is the main advantage, as it can provide backup power during outages.
Cybertruck’s Powershare system supports both vehicle-to-load (V2L) and vehicle-to-home (V2H), making it flexible and well-rounded for a variety of applications.
However, even though the feature was promised with Cybertruck, it has yet to be shipped to vehicles. Tesla communicated with owners through email recently regarding Powershare with Powerwall, which essentially has the pickup act as an extended battery.
Powerwall discharge would be prioritized before tapping into the truck’s larger pack.
However, Tesla is still working on getting the feature out to owners, an email said:
“We’re writing to let you know that the Powershare with Powerwall feature is still in development and is now scheduled for release in mid-2026.
This new release date gives us additional time to design and test this feature, ensuring its ability to communicate and optimize energy sharing between your vehicle and many configurations and generations of Powerwall. We are also using this time to develop additional Powershare features that will help us continue to accelerate the world’s transition to sustainable energy.”
Owners have expressed some real disappointment in Tesla’s continuous delays in releasing the feature, as it was expected to be released by late 2024, but now has been pushed back several times to mid-2026, according to the email.
Foundation Series Cybertruck buyers paid extra, expecting the feature to be rolled out with their vehicle upon pickup.
Cybertruck’s Lead Engineer, Wes Morrill, even commented on the holdup:
As a Cybertruck owner who also has Powerwall, I empathize with the disappointed comments.
To their credit, the team has delivered powershare functionality to Cybertruck customers who otherwise have no backup with development of the powershare gateway. As well as those with solar…
— Wes (@wmorrill3) December 12, 2025
He said that “it turned out to be much harder than anticipated to make powershare work seamlessly with existing Powerwalls through existing wall connectors. Two grid-forming devices need to negotiate who will form and who will follow, depending on the state of charge of each, and they need to do this without a network and through multiple generations of hardware, and test and validate this process through rigorous certifications to ensure grid safety.”
It’s nice to see the transparency, but it is justified for some Cybertruck owners to feel like they’ve been bait-and-switched.
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