Energy In-depth: Koch Brothers Top List of Nation’s Wealthiest Oil Tycoons

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KOCH BROTHERS TOP LIST OF NATION’S WEALTHIEST OIL TYCOONS

The Koch brothers took the top two positions in a Wealth-X list of the wealthiest U.S. oil tycoons released Thursday. David and Charles Koch, co-owners of America’s largest privately-held conglomerates, are estimated to be worth $47.9 billion and $47.8 billion respectively.

Their combined fortunes – which far outweigh the combined net worth of the eight other U.S. oil tycoons in the Wealth-X ranking – rose by 14% between June 2014 and May 2015 through a portfolio of diversified business interests.

Harold Hamm, Oklahoma oil tycoon and CEO of Continental Resources, remained in the number three spot on the list despite having to pay a $975 million divorce settlement and losses in the stock market in the past year that reduced his net worth by 36%. He is estimated to be worth $11.8 billion.

Richard Kinder, chairman and CEO of the pipeline giant Kinder Morgan Energy Partners, was listed at fourth with current net worth of $11.6 billion, up 26% from $9.2 billion a year ago. Tulsa billionaire George Kaiser, owner of privately held oil and gas giant Samson Resources and the Bank of Oklahoma, remained in the top five with a new worth of $10.6 billion. However, Kaiser’s net holdings are down 20% from $13.3 billion a year ago.

To see the rest of Wealth X’s top ten list of wealthiest oil tycoons, click here.

HAWAII SETS GOAL OF 100% RENEWABLE ENERGY, GETS CONGRATULATORY TWEET FROM POTUS

Hawaii enacted a law this week that requires all of the state’s electricity to be produced from renewable energy sources no later than 2045. The new policy, Act 97, makes Hawaii the first state in the nation to adopt a 100% renewable energy requirement.

The achievement received a congratulatory “tweet” from President Obama, a native of the 50th state, who wrote, “Hawaii just set a goal of generating 100 percent of its electricity from renewable resources.”

The historic bill was signed into law by Hawaii Gov. David Ige on Monday.

ENTERGY ARKANSAS CEO HUGH McDONALD TO RETIRE IN 2016, RICK RILEY TO SUCCEED

Entergy Arkansas President and CEO Hugh McDonald will retire in 2016 after a 34-year career with the utility giant. He’s served 16 years at the helm of the state’s largest electricity provider.

Rick Riley, currently vice president of transmission for Entergy Services Inc., has been named group vice president of customer service and operations for EAI, and will transition to McDonald’s role as president and CEO of Entergy Arkansas when he retires in the first half of 2016, according to the company.

U.S. COURT OF APPEALS THROWS OUT EPA CHALLENGE ON PRESIDENT’S CLEAN POWER PLAN

The U.S. Court of Appeals for the District of Columbia threw out a challenge to the Environmental Protection Agency’s controversial Clean Power Plan by attorneys general in several states on Tuesday, saying the plaintiffs’ lawsuit was prematurely filed before the federal agency had drafted final rules. Read more here.

USDA HANDS OUT FARM BILL GRANTS FOR RURAL RENEWABLE ENERGY PROGRAM

Agriculture Secretary Tom Vilsack announced Wednesday (June 10) that the U.S. Department of Agriculture (USDA) is investing more than $6.7 million in 544 renewable energy and energy efficiency projects nationwide as part of the agency’s Rural Energy for American Program (REAP).

REAP was created by the 2002 Farm Bill and was reauthorized by the 2014 Farm Bill. REAP funding has helped farmers expand renewable energy use in recent years. The new Census of Agriculture shows the number of farms utilizing renewable energy production has doubled in the last five years.

Since 2009, USDA has awarded $545 million to support more than 8,800 REAP projects nationwide. This includes $361 million in grants and loans for almost 2,900 renewable energy systems.