Severin Borenstein
@severinborenstein.bsky.social
Economics, Business, and Energy Prof at UC Berkeley. Member, Board of Governors, CA ISO. All opinions only my own.
John List has a disturbing LinkedIn post on the job market for economists. Between trump's attack on university/research and his destruction of the government infrastructure for managing and evaluating policy, big hit on economics hiring.
www.linkedin.com/posts/johnal...
www.linkedin.com/posts/johnal...
AEA job market update. The numbers don't lie: this is the toughest market for PhD economists in recent memory.
JOE listings are down 20% from last year. Worse: they are 19% below COVID levels. L...
AEA job market update. The numbers don't lie: this is the toughest market for PhD economists in recent memory.
JOE listings are down 20% from last year. Worse: they are 19% below COVID levels. Let t...
www.linkedin.com
December 18, 2025 at 5:33 PM
John List has a disturbing LinkedIn post on the job market for economists. Between trump's attack on university/research and his destruction of the government infrastructure for managing and evaluating policy, big hit on economics hiring.
www.linkedin.com/posts/johnal...
www.linkedin.com/posts/johnal...
United CEO says brand loyalty is their secret sauce. That comes more from customer lock-in than good UA service. Flyers better off if airlines compete on each route, not networks.
onemileatatime.com/news/united-...
faculty.haas.berkeley.edu/borenste/dow...
faculty.haas.berkeley.edu/borenste/dow...
onemileatatime.com/news/united-...
faculty.haas.berkeley.edu/borenste/dow...
faculty.haas.berkeley.edu/borenste/dow...
United CEO Scott Kirby Confidently Declares That American Is Cooked
United Airlines CEO Scott Kirby thinks that American Airlines is absolutely doomed, and will shrink into irrelevance. Is he right?
onemileatatime.com
December 17, 2025 at 3:36 PM
United CEO says brand loyalty is their secret sauce. That comes more from customer lock-in than good UA service. Flyers better off if airlines compete on each route, not networks.
onemileatatime.com/news/united-...
faculty.haas.berkeley.edu/borenste/dow...
faculty.haas.berkeley.edu/borenste/dow...
onemileatatime.com/news/united-...
faculty.haas.berkeley.edu/borenste/dow...
faculty.haas.berkeley.edu/borenste/dow...
Pretty exciting news that Amazon is using AI to reduce its total energy use. Makes sense. I hope it will expand to focus on shifting electricity use out of the most constrained hours.
www.utilitydive.com/news/amazon-...
www.utilitydive.com/news/amazon-...
Amazon to scale AI-enabled efficiency tool after pilot shaves 15% from energy use
The e-commerce giant plans to deploy Trane Technologies’ BrainBox AI platform across more than 30 sites within its grocery fulfillment and distribution network in the U.S.
www.utilitydive.com
December 16, 2025 at 11:06 PM
Pretty exciting news that Amazon is using AI to reduce its total energy use. Makes sense. I hope it will expand to focus on shifting electricity use out of the most constrained hours.
www.utilitydive.com/news/amazon-...
www.utilitydive.com/news/amazon-...
This is an increasingly challenging problem as the distinction between loads and generation grows murkier. I think economics teaches us that the key will be to make sure new facilities pay at least the incremental cost of the services they receive.
www.utilitydive.com/news/ferc-pj...
www.utilitydive.com/news/ferc-pj...
FERC poised to issue decision on colocating large loads in PJM
The agency’s plan to issue an order at its Dec. 18 open meeting is likely a boon for nuclear and gas-fired power plant owners that want to sell electricity to colocated data centers, analysts said.
www.utilitydive.com
December 15, 2025 at 3:54 PM
This is an increasingly challenging problem as the distinction between loads and generation grows murkier. I think economics teaches us that the key will be to make sure new facilities pay at least the incremental cost of the services they receive.
www.utilitydive.com/news/ferc-pj...
www.utilitydive.com/news/ferc-pj...
Reposted by Severin Borenstein
Less than 24hrs after a mass shooting, the leadership in Australia is having a serious conversation about how to strengthen already strict gun safety laws.
Such a stark contrast to our NRA driven discourse here.
Such a stark contrast to our NRA driven discourse here.
December 15, 2025 at 3:49 PM
Less than 24hrs after a mass shooting, the leadership in Australia is having a serious conversation about how to strengthen already strict gun safety laws.
Such a stark contrast to our NRA driven discourse here.
Such a stark contrast to our NRA driven discourse here.
Interesting that EIA is seeing slower growth of large load aggregate demand , but that is a poor indicator of grid strain. Need to understand peak demand relative to available supply, some of which is intermittent.
www.utilitydive.com/news/energy-...
www.utilitydive.com/news/energy-...
EIA cuts 2026 power generation forecast by more than a percentage point
The Energy Information Administration revised down its projection based on how much large load electricity demand has come online so far this year, particularly in Texas, “and its implications for nea...
www.utilitydive.com
December 11, 2025 at 4:09 PM
Interesting that EIA is seeing slower growth of large load aggregate demand , but that is a poor indicator of grid strain. Need to understand peak demand relative to available supply, some of which is intermittent.
www.utilitydive.com/news/energy-...
www.utilitydive.com/news/energy-...
And in closely related news
www.opis.com/resources/en...
www.opis.com/resources/en...
December 10, 2025 at 6:43 PM
And in closely related news
www.opis.com/resources/en...
www.opis.com/resources/en...
Traveling last week and way behind on posts. Start with Aaron Smith's excellent EI blog explaining why California raising allowed ethanol content in gas from 10% to 15% won't save drivers money, despite study funded by Renewable Fuels Association study.
energyathaas.wordpress.com/2025/12/08/c...
energyathaas.wordpress.com/2025/12/08/c...
California Now Allows More Ethanol in Gasoline — Is This Going to Save Drivers Money?
Drivers will be disappointed. First, it is likely that very little E15 will be sold in the state. Second, if E15 were widely adopted, it would not cause large drops in gas prices. Californians pay …
energyathaas.wordpress.com
December 9, 2025 at 3:40 AM
Traveling last week and way behind on posts. Start with Aaron Smith's excellent EI blog explaining why California raising allowed ethanol content in gas from 10% to 15% won't save drivers money, despite study funded by Renewable Fuels Association study.
energyathaas.wordpress.com/2025/12/08/c...
energyathaas.wordpress.com/2025/12/08/c...
And in related news
www.kqed.org/science/1999...
www.kqed.org/science/1999...
December 3, 2025 at 5:07 AM
And in related news
www.kqed.org/science/1999...
www.kqed.org/science/1999...
In this week's Energy Institute blog, Max Auffhammer's highly entertaining and also very serious take on redesigning electricity bills so customers can actually understand them. An important step in enabling demand flexibility. energyathaas.wordpress.com/2025/12/01/a...
A Small Beautiful Bill
It would be nice if I could understand my energy bill. This is the time of the year where we are gathered around tables – mostly with loving family and tasty food- and then someone says…
energyathaas.wordpress.com
December 2, 2025 at 4:03 PM
In this week's Energy Institute blog, Max Auffhammer's highly entertaining and also very serious take on redesigning electricity bills so customers can actually understand them. An important step in enabling demand flexibility. energyathaas.wordpress.com/2025/12/01/a...
Unfortunate, but common, misinterpretation of grid data. Total hours California's grid has run without natural gas since 2019 is zero. Some hours when renewables>demand, but much exported. FOR NOW, still need gas to balance the system. yaleclimateconnections.org/2025/02/cali...
💡🔌
💡🔌
California just debunked a big myth about renewable energy » Yale Climate Connections
The state went a record 98 of 116 days providing up to 10 hours of electricity with renewables alone.
yaleclimateconnections.org
November 26, 2025 at 7:36 PM
Unfortunate, but common, misinterpretation of grid data. Total hours California's grid has run without natural gas since 2019 is zero. Some hours when renewables>demand, but much exported. FOR NOW, still need gas to balance the system. yaleclimateconnections.org/2025/02/cali...
💡🔌
💡🔌
Very interesting episode of the Shift Key podcast on what AI boom is doing to clean energy and what might happen if it is a bubble that leaves bankrupt data center companies and potentially unused grid capacity.
podcasts.apple.com/us/podcast/h...
🔌💡
podcasts.apple.com/us/podcast/h...
🔌💡
How Clean Energy Could Prepare for an AI Bubble
Podcast Episode · Shift Key with Robinson Meyer and Jesse Jenkins · 11/19/2025 · 1h 19m
podcasts.apple.com
November 25, 2025 at 4:00 PM
Very interesting episode of the Shift Key podcast on what AI boom is doing to clean energy and what might happen if it is a bubble that leaves bankrupt data center companies and potentially unused grid capacity.
podcasts.apple.com/us/podcast/h...
🔌💡
podcasts.apple.com/us/podcast/h...
🔌💡
Dallas Burtraw at @rff.org has an excellent explainer on the climate and energy bills that passed the California legislature and were signed by Gov. Newsom in September. No blog could cover all the critical details, but Dallas hits the major points.
www.resources.org/common-resou...
www.resources.org/common-resou...
California’s Innovative Vision for Climate Policy and Energy Affordability
In late September, California passed a legislation package to help achieve the state’s climate neutrality goals. This blog post analyzes aspects of the legislation and describes how they work to reduc...
www.resources.org
November 24, 2025 at 5:04 PM
Dallas Burtraw at @rff.org has an excellent explainer on the climate and energy bills that passed the California legislature and were signed by Gov. Newsom in September. No blog could cover all the critical details, but Dallas hits the major points.
www.resources.org/common-resou...
www.resources.org/common-resou...
Excellent article in FT on the problem of Phantom data centers making it difficult for utilities and grid operators to plan, and some of the solutions. I think gift link (on.ft.com/4otkC25) works only for first 3 who use it. Sorry.
www.ft.com/content/331f... 🔌💡
www.ft.com/content/331f... 🔌💡
‘Phantom’ data centres muddy forecasts for US power needs
Developers are overstating energy needs and keeping projects alive even after they are no longer viable
www.ft.com
November 21, 2025 at 4:18 PM
Excellent article in FT on the problem of Phantom data centers making it difficult for utilities and grid operators to plan, and some of the solutions. I think gift link (on.ft.com/4otkC25) works only for first 3 who use it. Sorry.
www.ft.com/content/331f... 🔌💡
www.ft.com/content/331f... 🔌💡
Good update on Kinder Morgan plans for expanding refined product distributions to Arizona, California, and Nevada. This would be a benefit to producers and customers, but not clear there is enough value to shippers for the investment.
stillwaterassociates.com/open-season-...
🔌💡
stillwaterassociates.com/open-season-...
🔌💡
Open Season for Western Expansion: Kinder Morgan and Phillips 66 Launch Western Gateway Pipeline Connecting Midwest Supply to the Southwest and California | Stillwater Associates
Kinder Morgan and Phillips 66 announce the Western Gateway Pipeline open season, a new refined products corridor connecting Midwest supply to California, Arizona, and Nevada - reshaping Western fuel l...
stillwaterassociates.com
November 20, 2025 at 10:12 PM
Good update on Kinder Morgan plans for expanding refined product distributions to Arizona, California, and Nevada. This would be a benefit to producers and customers, but not clear there is enough value to shippers for the investment.
stillwaterassociates.com/open-season-...
🔌💡
stillwaterassociates.com/open-season-...
🔌💡
The fact that this threat from Trump is not the lead story on all US news sources speaks to how much our democracy is endangered. Between the unlimited protection SCOTUS has given him and his ability to pardon anyone who follows through on his threat, all who speak up are now in danger.
President Donald Trump said a group of Democratic lawmakers should be put on trial — and suggested they should even face the death penalty — after they released a video telling government employees to refrain from following orders that broke the law.
Trump Calls for Sedition Trial After Democrats Warn Troops
President Donald Trump said a group of Democratic lawmakers should be put on trial — and suggested they should even face the death penalty — after they released a video telling intelligence community and military members to disobey orders that would break the law.
bloom.bg
November 20, 2025 at 9:31 PM
The fact that this threat from Trump is not the lead story on all US news sources speaks to how much our democracy is endangered. Between the unlimited protection SCOTUS has given him and his ability to pardon anyone who follows through on his threat, all who speak up are now in danger.
An important, and discouraging, reminder that innovation continues in the fossil fuel industries as well as in renewables. Cheap oil and gas remains a major barrier to decarbonization .
www.eia.gov/todayinenerg...
🔌💡
www.eia.gov/todayinenerg...
🔌💡
U.S. rig counts remain low as production efficiencies improve - U.S. Energy Information Administration (EIA)
www.eia.gov
November 19, 2025 at 4:05 PM
An important, and discouraging, reminder that innovation continues in the fossil fuel industries as well as in renewables. Cheap oil and gas remains a major barrier to decarbonization .
www.eia.gov/todayinenerg...
🔌💡
www.eia.gov/todayinenerg...
🔌💡
In this week's Energy Institute blog, Andy Campbell digs into the debate over how to use money from California's cap and trade auctions to support clean energy and electrification.
energyathaas.wordpress.com/2025/11/17/c...
🔌💡
energyathaas.wordpress.com/2025/11/17/c...
🔌💡
Choosing Between Increasing Subsidies or Lowering Rates for Electrification
With California’s cap-and-trade program renewed, policymakers have choices about how to effect change. Just a year ago, the transition from fossil-fueled to electrified transportation and buildings…
energyathaas.wordpress.com
November 18, 2025 at 3:18 PM
In this week's Energy Institute blog, Andy Campbell digs into the debate over how to use money from California's cap and trade auctions to support clean energy and electrification.
energyathaas.wordpress.com/2025/11/17/c...
🔌💡
energyathaas.wordpress.com/2025/11/17/c...
🔌💡
Update on California's Mystery Gasoline Surcharge: holding steady around $0.50 per gallon. In last 6 weeks, however, mostly due to higher spot prices, not downstream margins. Worrisome given one recent and one impending refinery closure. For context: energyathaas.wordpress.com/2025/08/18/c...
November 18, 2025 at 4:29 AM
Update on California's Mystery Gasoline Surcharge: holding steady around $0.50 per gallon. In last 6 weeks, however, mostly due to higher spot prices, not downstream margins. Worrisome given one recent and one impending refinery closure. For context: energyathaas.wordpress.com/2025/08/18/c...
Closely related reporting from OPIS
www.opis.com/resources/en...
www.opis.com/resources/en...
Phoenix to Receive Half of Proposed Product Pipeline's Volumes: Phillips 66 - OPIS, A Dow Jones Company
www.opis.com
November 13, 2025 at 7:53 PM
Closely related reporting from OPIS
www.opis.com/resources/en...
www.opis.com/resources/en...
Fairly detailed update on CA gasoline market. But omits fact that CA spot price was $0.70-$0.90 above NY/Gulf for > 1 month after Chevron El Segundo fire, rather than normal $0.15-$0.30. CA needs more storage to avoid spikes in this new world. Plus end to Jones Act.
www.opis.com/resources/en...
www.opis.com/resources/en...
As Reliance on Imported Gasoline Rises, California Adapts to a 'New World' - OPIS, A Dow Jones Company
www.opis.com
November 13, 2025 at 7:49 PM
Fairly detailed update on CA gasoline market. But omits fact that CA spot price was $0.70-$0.90 above NY/Gulf for > 1 month after Chevron El Segundo fire, rather than normal $0.15-$0.30. CA needs more storage to avoid spikes in this new world. Plus end to Jones Act.
www.opis.com/resources/en...
www.opis.com/resources/en...
Hard-nosed rules for new large load interconnections are catching on across the political spectrum. A good sign for protecting existing customers from rate increases driven by stranded T&D investments.
www.utilitydive.com/news/kansas-...
🔌💡
www.utilitydive.com/news/kansas-...
🔌💡
Kansas, Michigan regulators approve large load rules for Evergy, Consumers Energy
The new rules, plus proposed legislation in Delaware, aim to ensure that existing utility customers don’t pay costs related to interconnecting data centers and manufacturers.
www.utilitydive.com
November 12, 2025 at 3:49 PM
Hard-nosed rules for new large load interconnections are catching on across the political spectrum. A good sign for protecting existing customers from rate increases driven by stranded T&D investments.
www.utilitydive.com/news/kansas-...
🔌💡
www.utilitydive.com/news/kansas-...
🔌💡
In my EI blog post today, I discuss the CA debate over how to return some of the cap and trade revenue to households and explain why I think a fixed rebate for every household the utility serves should be replace by a discount per-kilowatt-hour.
energyathaas.wordpress.com/2025/11/10/s... 🔌💡
energyathaas.wordpress.com/2025/11/10/s... 🔌💡
Spreading the Cap-and-Trade Wealth
Last month, when Gov. Newsom signed a bill extending California’s cap and trade program to 2045, one section of the bill mandated changes in the “Climate Credit” that residential customers have bee…
energyathaas.wordpress.com
November 10, 2025 at 3:51 PM
In my EI blog post today, I discuss the CA debate over how to return some of the cap and trade revenue to households and explain why I think a fixed rebate for every household the utility serves should be replace by a discount per-kilowatt-hour.
energyathaas.wordpress.com/2025/11/10/s... 🔌💡
energyathaas.wordpress.com/2025/11/10/s... 🔌💡
Stay strong, Canada. I'm ashamed of how this administration has treated our closest friends. Some of us are doing what we can to push back against the cruelty and abuse. Apologies that America let this happen.
www.wsj.com/world/americ...
www.wsj.com/world/americ...
Canada’s Economy Starts to Buckle Under Trump’s Tariffs
Nowhere is the toll of Trump’s trade policies more apparent than in Canada’s manufacturing heartland in the provinces of Ontario and Quebec.
www.wsj.com
November 9, 2025 at 3:45 PM
Stay strong, Canada. I'm ashamed of how this administration has treated our closest friends. Some of us are doing what we can to push back against the cruelty and abuse. Apologies that America let this happen.
www.wsj.com/world/americ...
www.wsj.com/world/americ...
Not an energy post, but FT has a very funny "page not found" message: answers to why the page wasn't found based on economic concepts. And you don't need a subscription to read it.
www.ft.com/content/1095...
www.ft.com/content/1095...
Client Challenge
Please enable JavaScript to proceed.
www.ft.com
November 7, 2025 at 3:25 PM
Not an energy post, but FT has a very funny "page not found" message: answers to why the page wasn't found based on economic concepts. And you don't need a subscription to read it.
www.ft.com/content/1095...
www.ft.com/content/1095...