Donald Trump's second presidency, which is expected to begin in 2025, could have significant effects on the energy industry, with a potential emphasis on fossil fuels and increased investment across the energy spectrum. However, coal may remain stagnant due to poor economic fundamentals and limited access to capital. Despite the absence of federal incentives, state policies promoting renewable energy, combined with the reliability and affordability of renewables, will continue to drive investment in the sector. Trade policies, regulatory uncertainty, and political risk could undermine investor confidence in the United States as a place to invest in energy and infrastructure projects, while staffing shortages at federal agencies could result in delays in regulatory approvals.

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