Manchin: Biden’s Taking Energy Offline Faster Than He’s Putting It Online

SULLIVAN All right welcome ░░░░░░░░ here at the Milken ░░░░░░░░ Conference live in Los ░░░░░░░░ California We are very ░░░░░░░░ to be joined once ░░░░░░░░ by Senator Joe Manchin ░░░░░░░░ wild and wonderful West ░░░░░░░░ one of my favorite ░░░░░░░░ Senator good to have ░░░░░░░░ back on Manchin Good ░░░░░░░░ be with you SULLIVAN ░░░░░░░░ to chat with you ░░░░░░░░ right so we have ░░░░░░░░ start with energy We ░░░░░░░░ Inflation Reduction Act hundreds ░░░░░░░░ billions in private capital ░░░░░░░░ lot of people here ░░░░░░░░ the way are the ░░░░░░░░ putting in that private ░░░░░░░░ But you will argue ░░░░░░░░ some of the rules ░░░░░░░░ we are trying to ░░░░░░░░ or are doing on ░░░░░░░░ back end are actually ░░░░░░░░ to our energy goals ░░░░░░░░ The intention of the ░░░░░░░░ was supposed to be ░░░░░░░░ security That was it ░░░░░░░░ did it because of ░░░░░░░░ Ukraine war we didn ░░░░░░░░ have the energy to ░░░░░░░░ our allies in Europe ░░░░░░░░ Russian energy was cut ░░░░░░░░ We wanted to make ░░░░░░░░ we could help Doing ░░░░░░░░ builds an all in ░░░░░░░░ We are producing more ░░░░░░░░ off of the IRA ░░░░░░░░ 100 billion off also ░░░░░░░░ bipartisan infrastructure bill that ░░░░░░░░ and my committee did ░░░░░░░░ with that it s ░░░░░░░░ what we wanted to ░░░░░░░░ 38 trillion cubic feet ░░░░░░░░ gas last year 4 ░░░░░░░░ billion barrels of oil ░░░░░░░░ billion cubic feet a ░░░░░░░░ of LNG and more ░░░░░░░░ and more battery than ░░░░░░░░ before all in energy ░░░░░░░░ And just follow it ░░░░░░░░ they are trying to ░░░░░░░░ what the administration wants ░░░░░░░░ accelerate more EV cars ░░░░░░░░ only reason we did ░░░░░░░░ type of credit for ░░░░░░░░ Brian was because he ░░░░░░░░ that manufacturing base back ░░░░░░░░ didn t want to ░░░░░░░░ reliant on China Russia ░░░░░░░░ Korea or Iran China ░░░░░░░░ the years has really ░░░░░░░░ the market They have ░░░░░░░░ of the products that ░░░░░░░░ takes to build the ░░░░░░░░ And I said fine ░░░░░░░░ I don t think ░░░░░░░░ basically when we invented ░░░░░░░░ or Henry Ford did ░░░░░░░░ mass production of the ░░░░░░░░ I don t remember ░░░░░░░░ federal government sending checks ░░░░░░░░ people enticing people to ░░░░░░░░ The market basically engulfed ░░░░░░░░ product usually takes care ░░░░░░░░ it They are trying ░░░░░░░░ accelerate that while they ░░░░░░░░ putting EVs on hydrogen ░░░░░░░░ will be the fuel ░░░░░░░░ the future SULLIVAN So ░░░░░░░░ some ways senator are ░░░░░░░░ encouraging because the president ░░░░░░░░ I was in Detroit ░░░░░░░░ spent the whole day ░░░░░░░░ the UAW He made ░░░░░░░░ brief visit but he ░░░░░░░░ a visit He needs ░░░░░░░░ vote He wants their ░░░░░░░░ But are we encouraging ░░░░░░░░ dominance still in this ░░░░░░░░ in any of our ░░░░░░░░ that we re enacting ░░░░░░░░ Anything coming from China ░░░░░░░░ the four countries I ░░░░░░░░ China Russia Iran and ░░░░░░░░ Korea should absolutely be ░░░░░░░░ coming into 2025 This ░░░░░░░░ the last time And ░░░░░░░░ 50 should be now ░░░░░░░░ extended it for another ░░░░░░░░ years and beyond because ░░░░░░░░ know that we are ░░░░░░░░ getting the permits we ░░░░░░░░ to extract metals here ░░░░░░░░ America or from our ░░░░░░░░ suppliers We need basically ░░░░░░░░ chains that we can ░░░░░░░░ that are free trade ░░░░░░░░ countries people our allies ░░░░░░░░ adversaries SULLIVAN We are ░░░░░░░░ to need 25 50 ░░░░░░░░ electricity generation to meet ░░░░░░░░ AI and data center ░░░░░░░░ at the minimum in ░░░░░░░░ 7 10 years We ░░░░░░░░ building out solar and ░░░░░░░░ and battery storage That ░░░░░░░░ great But these new ░░░░░░░░ rules that are at ░░░░░░░░ in place or being ░░░░░░░░ would require 90 of ░░░░░░░░ nasty emissions from coal ░░░░░░░░ be captured I m ░░░░░░░░ the coal industry would ░░░░░░░░ We can t do ░░░░░░░░ or it would be ░░░░░░░░ expensive Are you worried ░░░░░░░░ we are going to ░░░░░░░░ power generation at a ░░░░░░░░ that we need more ░░░░░░░░ generation Manchin Not only ░░░░░░░░ I worried about it ░░░░░░░░ the government regulatory committee ░░░░░░░░ the people who basically ░░░░░░░░ our grid are telling ░░░░░░░░ that we are in ░░░░░░░░ danger zone right now ░░░░░░░░ we are throwing more ░░░░░░░░ into basically and taking ░░░░░░░░ more inaudible 24 7 ░░░░░░░░ So there is a ░░░░░░░░ coming But you can ░░░░░░░░ take something off that ░░░░░░░░ are depending on 24 ░░░░░░░░ unless you have something ░░░░░░░░ to replace it with ░░░░░░░░ is all They are ░░░░░░░░ there yet SULLIVAN But ░░░░░░░░ we more aggressively taking ░░░░░░░░ off then we are ░░░░░░░░ it on Manchin That ░░░░░░░░ exactly what the regulators ░░░░░░░░ told me They said ░░░░░░░░ it down Joe Make ░░░░░░░░ that we are not ░░░░░░░░ or early retiring products ░░░░░░░░ can do its job ░░░░░░░░ you get carbon capture ░░░░░░░░ Hydrogen or natural gas ░░░░░░░░ do its job But ░░░░░░░░ you can t get ░░░░░░░░ class 6 well permit ░░░░░░░░ your telling me on ░░░░░░░░ hand to do it ░░░░░░░░ me to do it ░░░░░░░░ then not let me ░░░░░░░░ it SULLIVAN Nuclear I ░░░░░░░░ like we are coming ░░░░░░░░ a little bit And ░░░░░░░░ will get to something ░░░░░░░░ energy in a second ░░░░░░░░ can we see 3 ░░░░░░░░ island come back online ░░░░░░░░ know it is not ░░░░░░░░ state but do you ░░░░░░░░ it could happen Manchin ░░░░░░░░ Sure it could happen ░░░░░░░░ here s the thing ░░░░░░░░ new technology the small ░░░░░░░░ reactors micro reactors when ░░░░░░░░ think about for 50 ░░░░░░░░ or more we have ░░░░░░░░ our entire defense system ░░░░░░░░ entire fleet as far ░░░░░░░░ our ships and submarines ░░░░░░░░ nuclear And basically for ░░░░░░░░ coal plants in my ░░░░░░░░ of West Virginia it ░░░░░░░░ a perfect fit for ░░░░░░░░ small modular reactor and ░░░░░░░░ is safe And we ░░░░░░░░ trying to basically accelerate ░░░░░░░░ I think we will ░░░░░░░░ wonderful in the transition ░░░░░░░░ administration I ve tried ░░░░░░░░ work with them they ░░░░░░░░ my friends I know ░░░░░░░░ all but basically follow ░░░░░░░░ bill The IRA was ░░░░░░░░ expensive They are putting ░░░░░░░░ implementation of a bill ░░░░░░░░ never passed And I ░░░░░░░░ You didn t pass ░░░░░░░░ bill you wanted We ░░░░░░░░ a more rational all ░░░░░░░░ energy SULLIVAN Trump says ░░░░░░░░ wants to kill it ░░░░░░░░ hate to bring you ░░░░░░░░ politics because the red ░░░░░░░░ benefit so much from ░░░░░░░░ right Manchin When President ░░░░░░░░ or someone can sit ░░░░░░░░ and explain to me ░░░░░░░░ he gets back into ░░░░░░░░ former President Trump then ░░░░░░░░ have to sit down ░░░░░░░░ explain to him exactly ░░░░░░░░ is going on I ░░░░░░░░ once he sees it ░░░░░░░░ the people he would ░░░░░░░░ his friends are seeing ░░░░░░░░ they are benefiting from ░░░░░░░░ and we are transitioning ░░░░░░░░ we have to do ░░░░░░░░ in a methodical way ░░░░░░░░ don t think he ░░░░░░░░ overshoot the skis or ░░░░░░░░ accelerate SULLIVAN A lot ░░░░░░░░ the stuff is not ░░░░░░░░ for natural gas but ░░░░░░░░ wind and stuff It ░░░░░░░░ Wisconsin Michigan and Pennsylvania ░░░░░░░░ We need transmission we ░░░░░░░░ We all need transmission ░░░░░░░░ it is renewable or ░░░░░░░░ it is putting the ░░░░░░░░ online We need more ░░░░░░░░ capacity SULLIVAN Whatever the ░░░░░░░░ is if you do ░░░░░░░░ numbers people say it ░░░░░░░░ 69 not 70 a ░░░░░░░░ of Americans surveyed said ░░░░░░░░ do not want this ░░░░░░░░ up former guy current ░░░░░░░░ Your whole panel here ░░░░░░░░ is sort of about ░░░░░░░░ civility and going forward ░░░░░░░░ did we get here ░░░░░░░░ Well you have a ░░░░░░░░ You have a Democrat ░░░░░░░░ model and a Republican ░░░░░░░░ model SULLIVAN Basically they ░░░░░░░░ billion dollar corporations are ░░░░░░░░ not It s like ░░░░░░░░ and Chevron Verizon and ░░░░░░░░ T Manchin That is ░░░░░░░░ you got to where ░░░░░░░░ got to They won ░░░░░░░░ open a system up ░░░░░░░░ the system was open ░░░░░░░░ or rank choice primary ░░░░░░░░ such as Lisa Murkowski ░░░░░░░░ friend from Alaska she ░░░░░░░░ never have won without ░░░░░░░░ and open primaries where ░░░░░░░░ re getting more people ░░░░░░░░ the mix basically the ░░░░░░░░ that goes on let ░░░░░░░░ get the product the ░░░░░░░░ is a person you ░░░░░░░░ to Washington When that ░░░░░░░░ gets to Washington they ░░░░░░░░ nowhere to go 60 ░░░░░░░░ us are in the ░░░░░░░░ Brian 60 are center ░░░░░░░░ or center right We ░░░░░░░░ the grand ol party ░░░░░░░░ be grand again We ░░░░░░░░ the Democratic Party to ░░░░░░░░ responsible again SULLIVAN Are ░░░░░░░░ you are out Manchin ░░░░░░░░ have tried for 14 ░░░░░░░░ as a senator I ░░░░░░░░ been involved in public ░░░░░░░░ for 40 I think ░░░░░░░░ can help more from ░░░░░░░░ outside explaining to people ░░░░░░░░ the country recruiting good ░░░░░░░░ I don t care ░░░░░░░░ they re Democrat Republican ░░░░░░░░ or whatever It makes ░░░░░░░░ difference Give me a ░░░░░░░░ person that puts country ░░░░░░░░ their own self or ░░░░░░░░ party and we will ░░░░░░░░ SULLIVAN Do you think ░░░░░░░░ will get debates Manchin ░░░░░░░░ have to People should ░░░░░░░░ debates Not to have ░░░░░░░░ debate is ridiculous You ░░░░░░░░ to be able to ░░░░░░░░ Here s the thing ░░░░░░░░ have 11 states that ░░░░░░░░ close states primary 30 ░░░░░░░░ people are registered independents ░░░░░░░░ those 11 states They ░░░░░░░░ not going to get ░░░░░░░░ vote They can t ░░░░░░░░ because you have to ░░░░░░░░ you either have to ░░░░░░░░ a Democrat or a ░░░░░░░░ And then you re ░░░░░░░░ to have basically in ░░░░░░░░ Democrat and Republican primary ░░░░░░░░ 10 million on each ░░░░░░░░ will determine who you ░░░░░░░░ representing so you ve ░░░░░░░░ the two Those two ░░░░░░░░ telling 155 or 160 ░░░░░░░░ of us who we ░░░░░░░░ vote for The system ░░░░░░░░ not giving us options ░░░░░░░░ government doesn t work ░░░░░░░░ We will leave it ░░░░░░░░ It sounds like a ░░░░░░░░ to democracy but I ░░░░░░░░ t know Senator Joe ░░░░░░░░ of West Virginia thank ░░░░░░░░ for joining us here.”