Grid Crisis Spurs Housing Delays and a Decade of Rising Power Bills

A converging grid crisis is driving up U.S. power bills and halting housing projects.

• In New York's Ontario County, Senator Pam Helming warns that more than 650 new homes are at risk because of insufficient electric capacity, with each project facing $10 million–$25 million in infrastructure costs.


• In Washington state, cuts to federal renewable grants and tax credits are forcing utilities to pass higher expenses to customers, with officials predicting 10–12 years of rate increases.


• Across PJM's 13-state region, record capacity auction prices—capped at $329.17/MW-day—are set to add $2–$5 to monthly bills next summer, prompting calls for market and queue reforms.

Unless grid investments, interconnection reforms and policy adjustments move forward, communities nationwide face tighter grids, pricier power and stalled development.

Chinese EV leader BYD has leapfrogged Tesla globally and is racing into Europe with localized production. In May, BYD outsold Tesla for the first time in Europe, selling 55,000 cars in the first five months—triple last year's tally. On Fortune's Global 500, BYD climbed to No. 91, passing Tesla at No. 106.

Key developments:

• BYD's new factory in Szeged, Hungary, will start rolling out compact sedans by year-end with 150,000 annual capacity, rising to 300,000 by 2030.


• Vertical integration—battery cells, semiconductors and mining stakes—gives BYD a reported 25% cost edge over rivals.

With 607,000 EVs sold in Q2 2025 versus Tesla's 384,000, BYD's Europe strategy signals a formidable challenge to legacy automakers.

Banks are reporting robust returns while warning of looming tax hikes and battling a surge in fraud losses.

• Barclays posted a 23% rise in first-half pre-tax profit to £5.2 billion, driven by a 67% jump in mortgage lending and a 14% uptick in Q2 income to £7.19 billion. CEO CS Venkatakrishnan announced a further £1 billion buyback and a 3p dividend.


• At the same time, a PYMNTS Intelligence report shows scams now account for 27% of U.S. banking fraud losses—more than double 2023's share—prompting calls for tougher defenses.


• Barclays and Lloyds chiefs have cautioned Chancellor Rachel Reeves against raising bank taxes, arguing higher levies would undermine economic growth.

Global coffee prices have climbed to historic highs, driven by severe droughts in key growing regions and a flurry of U.S. tariffs on imports. Vietnam, the world's second-largest exporter, saw a 46% levy imposed in April—later cut to 20%—while Brazil faces a threatened 50% tariff starting August 1.

Producers and roasters are scrambling to absorb or pass on costs. Copper Cow Coffee, founded by Debbie Wei Mullin, has paused its plans to convert additional farms to organic. Economists warn the combination of climate stress and trade measures will test the inelastic demand for consumers' caffeine fix.

Energy players across Europe and the U.S. have locked in multi-million- and billion-dollar agreements while pushing new technologies into service.

• In Germany, Hitachi Energy signed a $700 million framework with E.ON to supply grid transformers, backing the government's €500 billion infrastructure fund.

• Subsea specialist Asso.subsea won a contract to install four-cable bundles for TenneT's 2 GW off-shore projects, deploying the modified vessel Atalanti.

• Eco Wave Power completed floater installation at the Port of Los Angeles ahead of its September 2025 pilot launch.

• Baker Hughes is nearing a $13.6 billion bid for Chart Industries, aiming to bolster its LNG equipment business.