The New York City Council today held a hearing on a suite of bills to limit noise from helicopter flights over New York City. The bill most pertinent to carbon taxing is a resolution supporting a proposed NY State $400 “noise tax” on flights taking off or landing at the city’s heliports.
My testimony, presented below, situates the proposed noise tax in the context of social damage costing, also known as externality pricing. Previous CTC posts in this vein have covered NYC’s forthcoming congestion pricing plan, a California growers’ program that taxes excess withdrawals of groundwater for farming, and Berkeley, CA’s soda tax.
Educator from the NYC harbor ecology group Billion Oyster Project, at the April 16 City Hall Park rally organized by Stop The Chop NY/NJ. To speaker’s left are Councilmembers Lincoln Restler and Amanda Farias, lead sponsors of Intro 70 and 26.
As can be seen from photographs of the rally prior to the council hearing, the anti-heli-noise outfit Stop The Chop NY/NJ takes a reformist position on helicopter flights. I’m more militant in both deed, having helped organize a human blockade of the West 30th Street (Hudson River) heliport last September; and in language, preferring the term “luxury fights” to Stop The Chop’s “nonessential flights.”
That said, I tip my hat to Stop The Chop for their scrappy advocacy raising the profile of helicopters’ aural and other assaults on New Yorkers’ quality of life. The bills in question would almost certainly not have been written without their years of organizing.
Testimony of Charles Komanoff[1] supporting Council Bills banning nonessential helicopter flights using municipal properties, and Council Resolution 0085-2024 endorsing state legislation imposing a noise-annoyance surcharge on nonessential helicopter flights in New York City[2]. Submitted on April 16, 2024. (My statement has been lightly edited for clarity. Bracketed numbers denote endnotes.)
I emphatically support Council bills Intro 26 and Intro 70 banning nonessential helicopter flights from the two City-run heliports. In addition, as an economist specializing in environmental costing,[3] I’d like to single out for praise Council Resolution 0085-2024 endorsing state legislators Kirsten Gonzalez’s and Bobby Carroll’s bills S7216B and A7638B imposing a noise fee on nonessential helicopter flights.[4]
The Gonzalez-Carroll noise fee is $100 per occupied seat or $400 per flight, whichever amount is larger. Although these levies appear to fall short of the average helicopter flight’s full societal cost, they are a commendable starting point. The levies can be raised later on, as methodologies for quantifying helicopter noise costs mature — a process that will be aided by passing a related bill, Intro 27. The fees can also be lowered if quieter helicopters emerge — which the Gonzalez-Carroll bills will incentivize.
“Cost internalization,” as this kind of social-damage pricing is termed, is long overdue for helicopter noise. “Luxury” helicopter flights — a more apt term, perhaps, than “nonessential” — impose other costs like carbon pollution and particulate-exhaust pollution. Moreover, these flights are purely discretionary. Anyone taking a luxury helicopter flight — whether to the Hamptons or JFK or for sightseeing — has money to spare, as revealed by their pricey transportation choice. Taxing helicopter noise is entirely consistent with economic justice.
Consider Blade’s JFK helicopter service from its Manhattan West 30th Street heliport — a flight covering about 15 miles. I’ve made a preliminary but serviceable calculation suggesting that one such flight steals around $2,500 worth of peace and quiet from city residents.[5]
A more militant protest: Extinction Rebellion’s Sept 2023 human heliport blockade. See our post from that month, “Grounding Helicopter Luxury.” Photo: Christopher Ketcham.
The Gonzalez-Carroll noise fee offsets only a fraction of that damage. But it amounts to a roughly 40 percent surcharge to Blade’s $250 standard ticket price to JFK, making it a worthy start. Assemblymember Carroll has been a legislative leader on externalities taxing, and it’s great to see Sen. Gonzalez also taking up the cause.
A noise fee raising the price of a commuter helicopter trip by 40 percent will cut usage, hence, the number of flights, by 30 to 50 perceny,[6] as some would-be passengers opt out. (Yes, just like congestion pricing, except more draconian, and deservedly so). That will not only bring peace and quiet, it will generate $10 to $15 million per year[7] — revenue that New York City can use to expand and enforce noise-abatement rules citywide.
Noise isn’t the sole harm that commuter and tourist helicopters inflict on the millions of residents below. But it is the most egregious and insulting. Every member should vote Yes on the bills to ban nonessential helicopter flights from the two City-owned heliports. And please also vote for Council Resolution 0085-2024 to make clear to your Albany counterparts that New York City’s local elected officials support the Gonzalez-Carroll helicopter noise fee.
Endnotes.[8]
[1] Policy analyst and consulting economist at KEA, 11 Hanover Square, 21st floor, New York, NY 10005. Website www.komanoff.net.
[2] This document is available on line as https://www.komanoff.net/jet_skis/Komanoff_Testimony_City_Council_Helicopter_Noise_Costs.pdf.
[3] My work quantifying and supporting NYC congestion pricing is widely known; much of it is collected here. My body of research also includes Drowning in Noise: Noise Costs of Jet Skis in the United States, a monograph co-authored with Dr. Howard Shaw and published in 2000 by the Noise Pollution Clearinghouse.
[4] Assemblymember Bobby Carroll represents part of Brooklyn. State Senator Kristen Gonzalez represents parts of Brooklyn, Queens and Manhattan.
[5] Key assumptions in my calculation of a $2,500 collective noise cost per flight from W 30 St to JFK Blade include: 625,000 households in Manhattan, Brooklyn and Queens households lie within the helicopter noise field; excess noise of 20 dBA during the average 44 seconds of noise exposure for each flight; a “Noise Depreciation Index” — reduced property value per additional decibel during exposure — of 1%. Some parameters in the calculation are placeholder values, making the resulting $2,500 estimated per-flight collective noise cost preliminary and subject to change. See Excel spreadsheet referenced in final endnote.
[6] The 30 percent reduction is associated with a price-elasticity of helicopter flights of negative 1, while the 50 percent reduction comes from a price-elasticity of negative 2. The respective calculations are: 1.4^(-1) ~ 0.7, and 1.4^(-2) ~ 0.5. (My high price-elasticity figures reflect the discretionary and luxury nature of helicopter travel.) See Excel spreadsheet referenced in final endnote.
[7] The number of helicopter flights per year that would be subject to the Gonzalez-Carroll noise tax appears to be between 50,000 and 60,000 per year. I have used the lower figure (50,000) in my calculations. Taking into account that the incorporation of the proposed tax into the price of helicopter flights would be expected to reduce the number of flights by 30 to 50 percent, and applying a per-flight noise fee of $400, the annual tax revenues, rounded, calculate to between $10 and $15 million per year (50k x $400 x 50% or 70%).
[8] An Excel spreadsheet (NYC_Helicopter_Flights_Externality_Costs.xls) with assumptions, calculations and citations supporting my preliminary $2,500 per-flight noise cost estimate, my tax revenue estimate of $10 to $15 million, and other figures in my testimony may be downloaded via this link: https://www.komanoff.net/jet_skis/NYC_Helicopter_Flights_Externality_Costs.xlsx.
Fusion energy has spent decades on the sidelines of the global energy system. Scientists praised its potential, policymakers admired its promise, and investors waited patiently for proof that it could work outside the lab. Now, that long wait appears to be ending.
General Fusion’s planned listing on Nasdaq marks a clear shift in how fusion energy is viewed. The Vancouver-based company has agreed to merge with Spring Valley Acquisition Corp. III, a move that would make it the world’s first publicly traded pure-play fusion energy company. Once the deal closes, General Fusion is expected to trade under the ticker symbol GFUZ.
More importantly, the transaction signals that fusion is moving beyond theory. It is stepping into capital markets, where timelines, costs, and performance matter.
AI, Electrification, and Data Centers Are Driving a New Energy Boom
Electricity demand is rising faster than grids can comfortably handle. According to the International Energy Agency, global power demand could grow by 40-50% by 2035.
This surge is not coming from a single source. Instead, it reflects a mix of electrified transport, electric heating, advanced manufacturing, and rapid digital expansion.
At the same time, artificial intelligence has become a major driver of energy. Data centers now consume enormous amounts of electricity, and demand continues to climb. In the United States, the Department of Energy estimates that data center power use could double or even triple by 2028.
Solar and wind have expanded quickly and remain essential to decarbonisation. However, they depend on the weather and daylight. Batteries help smooth supply, but they cannot yet support large-scale, long-duration demand on their own. As a result, the need for clean, reliable baseload power is becoming urgent.
This is where fusion enters the conversation.
Why Fusion Energy Stands Apart
Fusion works by combining light atoms, usually hydrogen isotopes, to release energy. It is the same process that powers the sun. Unlike nuclear fission, which splits heavy atoms and produces long-lived radioactive waste, fusion generates far less waste and carries no risk of meltdown.
The International Atomic Energy Agency estimates that fusion can produce four times more energy per unit of fuel than fission and nearly four million times more energy than coal or oil. Just as important, fusion fuel is abundant and widely available.
These features make fusion attractive not just as a clean energy source, but as a foundation for long-term energy security.
General Fusion’s Different Path to Fusion Power
While many fusion developers rely on massive superconducting magnets or powerful laser systems, General Fusion has taken a different route. The company focuses on Magnetized Target Fusion, or MTF, a design intended to simplify fusion hardware and reduce costs.
MTF creates a hot plasma and stabilises it with magnetic fields. Then, instead of squeezing the plasma with magnets or lasers, the system mechanically compresses it using a liquid lithium liner. This rapid compression raises temperature and pressure to fusion conditions.
General Fusion argues that this approach avoids some of the complexity that has slowed other fusion concepts. It also allows the use of existing industrial materials, rather than highly specialised components. Over time, this could make fusion power plants more durable and more affordable.
LM26 Marks a Critical Step Forward
In early 2025, General Fusion announced a major milestone. The company had designed, built, and begun operating Lawson Machine 26, known as LM26. This system represents the world’s first large-scale MTF fusion demonstration built at a commercially relevant size.
LM26 operates at half the diameter of a future commercial reactor. It mechanically compresses plasma using a lithium liner, closely mirroring how a full-scale plant would function. The machine aims to reach several critical technical targets, including heating plasma to 10 million degrees Celsius, then to 100 million degrees Celsius, and ultimately achieving the Lawson criterion.
Reaching the Lawson criterion matters because it defines the conditions required for net fusion energy within the plasma. General Fusion plans to use proceeds from the SPAC transaction to advance LM26 testing and move closer to that goal.
Two Decades of Work Behind the Headlines
The company has spent 20 years developing fusion technology, steadily building both scientific credibility and engineering expertise.
During that time, General Fusion assembled a strong intellectual property portfolio, with more than 210 patents issued or pending. It also became one of only a few private fusion companies worldwide to publish peer-reviewed fusion results. Since its founding, it has raised more than US$400 million from institutional investors, strategic partners, venture firms, and government programs.
This long track record helps explain why investors are willing to back the company as it moves into public markets.
General Fusion’s Big Leap into Public Markets
The proposed business combination with Spring Valley Acquisition Corp. III implies a pro-forma equity value of roughly US$1 billion. The transaction includes about US$105 million from a committed and oversubscribed PIPE financing, along with US$230 million from SVAC’s trust account, assuming no redemptions.
The companies expect to complete the transaction in mid-2026, pending regulatory and shareholder approvals. After closing, the combined business plans to operate under the General Fusion name and list its shares and warrants on Nasdaq.
Spring Valley brings deep experience in energy and nuclear markets. Its leadership team has completed dozens of energy and decarbonization transactions and previously helped take NuScale Power public, marking the first listing of a small modular reactor company.
Strong Market Tailwinds Support Fusion
Beyond company-specific progress, broader market forces are pushing fusion forward. Electricity demand continues to rise as economies electrify. Governments are searching for clean energy sources that do not compromise grid stability.
Meanwhile, large technology firms are actively seeking reliable, carbon-free power to support AI growth.
- Industry estimates suggest the fusion energy sector could reach between US$40 billion and US$80 billion by the mid-2030s. If commercial deployment accelerates, the market could exceed US$350 billion by 2050.
Early fusion plants will likely focus on grid-scale baseload electricity, with hydrogen production and industrial heat applications following later.
However, General Fusion’s Nasdaq move does not mean fusion power is ready for mass use yet. The technology still faces major challenges, including scaling reactors, improving materials, and proving long-term reliability.
Still, the listing marks a turning point. Fusion is shifting from a scientific experiment to a real commercial contender. Public markets will bring more funding, clearer timelines, and stronger scrutiny.
The next decade will determine whether fusion can move from demonstrations to operational power plants. With electricity demand rising and clean baseload options limited, fusion is finally stepping into the spotlight. The fusion era is no longer just an idea — it is starting to take shape.
The post General Fusion’s Nasdaq Listing Pushes Fusion Energy Into the Market Spotlight appeared first on Carbon Credits.
At the 2026 World Economic Forum in Davos, former U.S. President Donald Trump spoke in support of nuclear energy. His remarks highlighted nuclear power as a key part of energy security and clean energy supply, saying:
“We’re very much into the world of nuclear energy, and we can have it now at good prices and very, very safe…the progress they’ve made with nuclear is unbelievable, and the safety progress they’ve made is incredible…”
After these comments, nuclear and uranium stocks moved higher in early trading. Investors showed renewed interest in nuclear companies, especially those developing advanced technologies like small modular reactors (SMRs).
Stocks such as Oklo Inc. (NYSE: OKLO), NuScale Power (NYSE: SMR), and Nano Nuclear Energy (NASDAQ: NNE) saw price increases as traders responded to the pro-nuclear sentiment. This trend shows how energy markets are changing.
Many investors now view nuclear energy as a stable, low-carbon power source. This is important as demand grows from data centers and industries.
Oklo Takes Center Stage in the Nuclear Trade
Oklo has become one of the most-watched nuclear stocks in 2025. Oklo’s shares jumped after it signed a big deal with Meta Platforms. They plan to build a 1.2 GW advanced nuclear energy campus in Pike County, Ohio.
The deal positions Oklo to supply clean, reliable power for Meta’s data centers. Analysts described this binding agreement as reducing some business risks for Oklo.
In January 2026, Oklo stock kept rising after President Trump’s pro-nuclear comments at Davos. It hit intraday highs around January 22, with gains across the sector. Bank of America upgraded Oklo to a Buy rating, setting a price target of $111. This shows strong confidence in Oklo’s data center partnerships and regulatory progress.
Cathie Wood’s ARK Investment increased its stake in Oklo. They bought over 34,000 shares. This shows a rising interest from institutions in advanced nuclear technology. This purchase followed earlier acquisitions valued at more than $8.9 million, showing sustained investment interest.
Strong Rallies, Sharp Pullbacks
Despite strong gains, Oklo’s stock price has also seen pullbacks. At times, shares fell nearly 10% in a single week due to profit-taking after earlier rallies. Investors sometimes respond to news about sectors. For example, competitive technologies like geothermal power can provide clean energy alternatives for data centers.
Oklo remains pre-revenue, meaning it has not yet begun large-scale power production. The company aims to build its first commercial microreactor system between late 2027 and 2028. Until that point, investor focus remains on contracts, partnerships, and regulatory progress.
SMRs and Speculation: Two Very Different Nuclear Bets
NuScale Power (NYSE: SMR) is another company that benefited from the nuclear rally after Davos. The company’s shares jumped around 15% on early trading days in 2026, along with sector momentum.
The stock is drawing investor interest because of the rising focus on small modular reactor (SMR) technology. SMRs may be easier to deploy and scale than traditional large plants.
NuScale’s SMRs got design approvals from the U.S. Nuclear Regulatory Commission (NRC). This boosts confidence in their technology. Analysts expect the company’s revenue to continue rising as project work expands.
NuScale is a great example of how modular nuclear designs can provide reliable power for industrial and data center needs. Regulatory milestones for SMRs may accelerate deployment timelines through the rest of the decade.
Nano Nuclear Energy: Early Stage, Strong Moves
Nano Nuclear Energy (NASDAQ: NNE) is a smaller player that also saw stock gains as part of the sector rally. Its shares rose roughly 40% in one trading week amid news of technology deals between U.S. and U.K. partners, and Trump’s recent announcement. This price movement reflected broader investor interest in nuclear technologies and potential future revenues.
Nano Nuclear is still in the early stages without significant revenue, similar to Oklo’s position. Its valuation illustrates how speculative nuclear stocks can be, driven by future expectations about technology deployment and regulatory support.
Why Nuclear Is Back on Investor Radar
Supportive government policy is a key driver for nuclear stocks. In 2025, the U.S. administration moved to speed up nuclear power development as part of a broader energy strategy. These moves include efforts to shorten licensing timelines and enhance domestic infrastructure for nuclear fuel and reactors. This policy backdrop helped lift stocks such as Oklo and NuScale.
President Trump’s Davos statements reinforced this trend by linking nuclear energy to national energy strategy and data center demand. Many investors view nuclear energy as a solution for rising electricity demands. This includes powering artificial intelligence and cloud computing infrastructure.
Nuclear power generates low-carbon electricity. This attracts companies that need to meet emissions targets while also dealing with growing power demand.
Globally, nuclear power already contributes a significant share of clean energy. According to the World Nuclear Association, nuclear energy generated about 9% of the world’s electricity from existing reactors. Supporters say that expanding nuclear power can meet future demand and reduce carbon emissions.
AI’s Power Hunger Fuels the Nuclear Case
The growth of data centers, particularly for AI, is driving interest in reliable baseload power. Tech companies, including Meta, have pursued long-term nuclear power agreements.
Meta has deals with companies like Oklo and TerraPower. These agreements aim to secure nuclear-generated electricity for its AI infrastructure. They involve spending tens of billions of dollars on building AI data centers. This corporate demand creates new business models for nuclear power. It makes future reactor deployments more financially viable.
Electricity demand from industrial and tech sectors continues to rise worldwide, increasing focus on clean, consistent power sources. Nuclear energy’s high capacity factor, meaning it can provide steady power output, is a key strength in this context.
What the Next Nuclear Decade Could Look Like
Industry analysts expect nuclear capacity to grow over the next few decades. Some forecasts tied to long-term pledges suggest that global nuclear capacity could triple by 2050 as part of decarbonization goals. This aligns with commitments from large utilities, governments, and corporate coalitions.
Stock forecasts differ, but long-term demand for nuclear reactors and fuel is expected to grow. This growth is driven by electrification and carbon reduction goals.
Small modular reactors are key to industry growth. They offer shorter construction times and lower upfront costs than large traditional reactors. If SMRs get regulatory approval and have stable supply chains, companies like Oklo and NuScale could start commercial operations in the 2030s.
Analysts provide mixed views on nuclear stocks. Many forecasts highlight the potential upside if technologies succeed at scale, especially for SMRs. Analyst price targets for NuScale Power suggest there is a lot of potential for growth from current prices.
A Renewed Nuclear Narrative
After President Trump’s supportive comments on nuclear energy at Davos, nuclear stocks climbed as traders reacted to potential industry growth. Oklo saw strong investor interest following major deals and institutional purchases. NuScale benefited from regulatory milestones and rising demand for modular reactors. Nano Nuclear showed how early-stage players can also capture attention.
Government support, corporate demand for reliable low-carbon power, and rising electricity needs from AI and data centers are key drivers behind the nuclear sector’s resurgence. Analysts still see challenges, but they expect nuclear capacity, especially smaller modular systems, to grow in the global energy mix.
The post Trump’s Davos Nuclear Endorsement Powers a Rally in Oklo, SMRs, and Atomic Stocks appeared first on Carbon Credits.
The nickel price is trading at $18,614.49 USD today, reflecting a modest 0.36% gain over the last seven days. While the weekly movement appears stable, the metal has seen significant volatility recently, contributing to an impressive 11.30% year-to-date (YTD) surge. Investors are closely monitoring supply-side constraints in Southeast Asia, which have become the primary catalyst for the metal’s strong performance in early 2026.
Nickel Price
Nickel Price Market Drivers: Indonesia’s Quota Crackdown
The primary driver supporting the nickel price this week is the tightening regulatory landscape in Indonesia, the world’s largest producer. The Indonesian government has confirmed a sharp reduction in its 2026 mining production quotas (RKAB), setting a target of 250-260 million tonnes—a significant drop from the 379 million tonnes approved in 2025. This policy shift is designed to preserve high-grade ore reserves and align output with domestic smelting capacity.
Market concerns were further amplified by reports that major players, including Vale Indonesia, were forced to temporarily halt operations at key sites due to delays in receiving these new mining permits. The Indonesian Nickel Miners Association (APNI) has warned that the approved quotas may fall short of industrial demand, which is projected to reach 410 million tonnes this year, creating a potential deficit that is keeping a floor under prices.
Technical Outlook and Future Trends
From a technical perspective, nickel is consolidating gains after testing resistance near the $18,800 level. Traders are weighing the bullish supply news against signs of softening demand in China, where profit-taking has capped upward momentum. Immediate support is forming around $17,500. While the short-term outlook remains bullish due to supply anxiety, some analysts caution that the long-term structural surplus in Class 2 nickel could limit upside potential once the initial regulatory shock subsides.
The post Nickel Price Today: Indonesia’s Production Cuts Spark Supply Concerns appeared first on Carbon Credits.
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