Enacted earlier this year and scheduled to take effect September 1, SB 2337 would impose new disclosure obligations on proxy advisory firms issuing recommendations regarding Texas-based public companies, including a requirement that any recommendation based in whole or in part on environmental, social, or governance (ESG) or other “nonfinancial” considerations be accompanied by a disclaimer that such advice subordinates shareholder financial interests to other objectives. But, on August 29, 2025, Judge Alan Albright of the U.S. District Court for the Western District of Texas entered preliminary injunctions in two related cases enjoining the State from enforcing Senate Bill 2337 against Institutional Shareholder Services (ISS) and Glass Lewis, the two firms that together account for the vast majority of proxy advisory services in the U.S. While the injunctions technically apply only to the named plaintiffs, their market dominance—an estimated 97 percent of proxy advisory services—renders the orders functionally dispositive of the law’s near-term enforceability.
Articles Posted in Energy
The 2025 Legal Horizon for U.S. Offshore Wind
In its first nine months, the Trump administration has taken multiple actions impacting offshore wind development and generating substantial uncertainty as to the industry’s future in the United States. Those actions have placed future projects on the defensive across multiple fronts. In response, some states and project proponents have instituted plans to try to protect existing and planned projects and encourage opportunities in welcoming jurisdictions. This article recaps the extraordinary activity in this energy sector in 2025.
Resilience: Unlocking Private Debt for Energy and Infrastructure | Episode 6 (6.11.25)
In the newest episode of Resilience, Pillsbury’s Shellka Arora-Cox and Brookfield Asset Management’s Brian Callahan discuss one of the most dynamic corners of the energy and infrastructure market: private debt.
Interior Department Streamlines NEPA, ESA, NHPA Reviews for Geothermal Energy Projects
The U.S. Department of the Interior (DOI) announced on May 30 that it will invoke emergency permitting procedures to accelerate environmental review of select geothermal energy projects, with three proposed geothermal projects in Nevada to be among the first projects to undergo expedited review.
Powering Data Centers with Nuclear Generation
The rapid growth of electricity demand from data centers has emerged as a major challenge for the U.S. power sector. Much of this demand is being driven by the deployment of large learning models (LLMs) and generative artificial intelligence (AI). These workloads require large-volume, high-uptime computational infrastructure, and correspondingly large, reliable power supplies.
Something Biden and Trump Can Agree On?—Data Centers, AI and Energy Generation
Last week, on one of his final days in office, President Biden signed an executive order aimed at boosting the development of energy facilities and data centers for artificial intelligence (AI) technology. Executive Order 14141 directs the secretaries of Defense, Energy and the Interior to lease sites on federal land to private sector companies for the purpose of building data centers and energy generation and transmission facilities. Noting that AI technology has become, and is expected to remain, a “defining technology of our era,” and that both economic and national security risks could arise if the United States falls behind in the race to build AI infrastructure, the Order seeks to reduce regulatory barriers to these projects by speeding the permitting process, and ambitiously seeks to enable construction at these federal sites to commence by January 1, 2026.
Resilience: Transforming the Energy Sector – Navigating Risks and Rewards in Battery Storage | Episode 4 (12.18.24)
In the newest episode of Resilience, Pillsbury’s Shellka Arora-Cox and guest Adam Hise, Managing Director of Storage Risk Solutions for Ascend Analytics, dive deep into the evolving world of battery storage, market volatility, and how companies are navigating risk in a dynamic energy landscape.
Trump 2.0: Electric Vehicles (EVs) and Emissions Requirements
In a potential blow to the fledging EV transition, reports have noted that the Trump transition team is planning to terminate the $7,500 consumer EV credit, an action publicly supported by Elon Musk.
Resilience: Transforming the Energy Sector – Navigating Land Issues in Solar and Storage Projects | Episode 3 (11.14.24)
In the latest episode of the Resilience podcast, colleague Shellka Arora-Cox and Laura Pagliarulo, CEO and founder of SolaREIT, get down to the nitty-gritty in a discussion of the interplay of solar power capacity, generation and land use.
Developers Can Tap into DOE’s $400 Million for Remote and Rural Clean Energy Projects
On October 3, 2024, the Department of Energy Office of Clean Energy Demonstrations announced a Notice of Funding Opportunity (NOFO) to fund up to $400 million for clean energy projects in rural and remote areas via its Energy Improvements in Rural or Remote Areas program. The NOFO will provide awards ranging from $2 million – $50 million, with plans to fund 20 to 50 projects. Awards will require a non-federal cost share, range across four topic areas, and target projects in rural and remote communities with populations of 10,000 people or fewer.