Rising electricity prices in the United States – up about 32% over the past five years – have become an important issue for voters. Now imagine if prices had doubled. That's the incredible reality facing Europe. Europe's dash to renewables has come with eye-watering costs. How bad is it? Fully half of British households are expected to ration their electricity use this winter because of high prices. This a continent-wide affordability crisis for consumers, and it's ushering in the rapid deindustrialization of long-time powerhouse industrial economies. According to the International Energy Agency, the average electricity prices for heavy industry in the E.U. are twice those in the U.S. and 50% above China. Europe is not only losing industry thanks to its electricity affordability debacle, it's also finding it all but impossible to attract new energy-intensive industries, like the AI data centers leading the next economic revolution. Want to expand data center capacity in Germany? According to power providers in Frankfurt, it's going to take a decade to get electricity to do so. The lesson here couldn't be clearer: energy affordability, security and reliability, cannot be given second billing. As the U.S. faces soaring power demand, abundance is essential. That means expanding our energy systems and production to meet the moment, but it also means get even more out of the baseload capacity we already have.

With all eyes on copper, in this special edition of the NMA's Mining Minute, we're taking a closer look at what many are calling "the metal of electrification." Known for its electrical and thermal conductivity, malleability and corrosion resistance, copper is key to cutting-edge technologies, including the electricity-hungry data centers that are a must for the AI revolution. That fact alone makes it no surprise that global demand for copper is expected to surge by 75 percent by 2050. And that could end up being a low estimate. S&P Global found that without new supply, the global potential supply-demand gap for copper could be massive. Copper scarcity, it says, "may emerge as a key destabilizing threat to international security."

As President Trump recently pointed out, copper is also the 2nd most used material by the department of defense.

Here in the U.S., we have vast copper resources. But we're still 45 percent import reliant to meet U.S. needs. Even worse, that's up from 29 percent import reliant in 2016. And S&P expects our import reliance to grow to 60% by 2035.

Fortunately, we can reverse that trend, if we can get out of our own way. Projects currently stalled in the permitting process dot the Western U.S. and Alaska. Whether it's Resolution Copper, Copper World, Florence Copper, Twin Metals, NorthMet, Talon's Tamarak or others, if we can get these projects moving, we'll be in a much better position to meet increasing demand. We know the administration is focused on the challenge. President Trump recently announced copper tariffs intended to spur domestic production. And Interior Secretary Burgum quickly thereafter posted to social media, "Interior is onshoring our supply chains by fast-tracking mining permits while the President is incentivizing a DOMINANT U.S. copper industry."

We need this focus on copper. And we clearly need permitting reform to meet the demands of today and to ensure that made in America is also mined in America. That's your Mining Minute Special Edition.

Affordability is the buzzword in Washington. That is certainly true when it comes to the debate about the nation's electricity prices, up 32% over the past five years. But relief – at least immediate relief – is proving elusive.

Sharply rising power demand – think data centers and AI -- and surging natural gas prices are only adding headwinds to an already challenging moment.

Wholesale natural gas prices have jumped more than 70% in the past 12 months reaching the highest they've been since December of 2022 during the energy crisis sparked by Russia's invasion of Ukraine.

Fortunately, there is some good news to be found for consumers, it's with the coal fleet and the administration's efforts to halt plant losses.

As natural gas prices have jumped over the past year, coal generation has come to the rescue, taking market share from gas and alleviating pressure on ratepayers.

Coal generation is up 13% through the end of September compared to last year. And with winter now here, utilization of the coal fleet is rising quickly.

The optionality provided by the coal fleet is a price shock absorber. And ensuring the feet's availability – exactly what the administration has done -- is affordability policy already paying dividends.

This holiday season, as you gather with loved ones at home to enjoy a holiday meal or open gifts, we hope that you'll remember that mining makes every aspect of the holidays happen. Coal and uranium are providing baseload power right now, lighting holiday lights and keeping homes warm across the country. Lithium, nickel and copper, are key to the smart phones and electronics many are unwrapping under the tree. And for those jumping on planes to visit grandma, titanium and molybdenum help make aircraft strong, while silver and gold are key components of the GPS that will guide you through those final miles in the car, once you land. So whether it's platinum or beryllium, gypsum or lead, you can be sure that a full range of mined materials will get you where you're heading, will keep the lights on, and will keep everyone on your gift list happy. And for those of you staying at home this holiday season, who woke up to a stocking full of coal, that's actually great news. During the recent cold snaps we've seen over the past week, coal has been the leading fuel for electricity generation so hang onto that coal, it may just come in handy if this unseasonably winter continues in the way it started.

The Wall Street Journal takes a look at how energy stocks- from nuclear to coal to solar to natural gas, have all soared this year thanks to AI demand.

Tuesday was another record breaking day for the metals markets with Gold, silver and copper prices hitting new records as geopolitical uncertainty continues to keep safe-haven demand high.

And things could get ugly around permitting reform. Democrats said earlier this week that permitting talks were off unless the Trump administration reversed its pause on offshore wind and yesterday Senate Energy and Natural Resources Chair Mike Lee responded. Lee is now calling for the Senate to eliminate the filibuster in order to pass a permitting. Sounds like things are going to get sporty.

Following the Trump administrations announcement that it would stop offshore wind projects, top Senate Democrats are threatening to derail permitting talks that have been picking up momentum in recent weeks, with hope for action in January. In a statement yesterday, Senate Environment and Public Works ranking member Sheldon Whitehouse (D-R.I.) and Energy and Natural Resources ranking member Martin Heinrich (D-N.M.) put it bluntly saying, quote, ""There is no path to permitting reform if this administration refuses to follow the law."

The New York Times has an interesting piece looking at the difficulties experienced and work arounds put in place by the defense industry when China put restrictions on some rare-earth exports earlier this year, cutting off the supply of samarium, which is used to make Tomahawk missiles.

And speaking of rare earths, and the lengths people will go to to get them, Japan announced today that it is preparing to conduct test mining of rare-earth-rich mud from the deep seabed southeast of Tokyo. Environmental impacts will be monitored both onboard and on the seabed throughout the operation to gather more information about the impacts of this untested technique.

Gold surged passed the $4,400-an-ounce mark today, with investors expecting more U.S. interest-rate cuts next year and heightened geopolitical risks. It's risen about 70 percent this year, on track for its biggest gains in nearly 50 years.

E&E reports that, while state regulators consider electricity rate structures next year, rising electricity prices are expected to be a hot topic during next year's midterm elections. As electricity demand surges with data centers and AI, the U.S. Energy Information Administration, the average residential utility rate rose 5 percent between 2024 and 2025 and is forecast to rise another 4 percent between 2025 and 2026. We know it's something the White House is watching closely and the Department of Energy is taking steps to limit the affordability and reliability crisis by keeping more coal plants online.

And the New York Times Editorial Board today writes that it is time to end China's rare earths dominance. It calls on Congress to pass legislation to expand the country's rare earth capabilities, potentially modeled after the CHIPS Act.

Santa came a little early this year. Yesterday, the House passed the Speed Act and Mining Regulatory Clarity Act. Both bills passed with strong bipartisan support. NMA president and CEO Rich Nolan called yesterday's vote a huge step forward on permitting reform and urged the Senate to take up these bills when Congress returns from after the holidays.

And the shaky state of the nation's power supply is in the spotlight again with alarming results from the PJM market's latest capacity auction. PJM, the nation's largest electricity market serving 67 million customers, saw capacity prices hit a new record for the third auction in a row.

Despite auction prices hitting a recently installed price cap, the auction failed to procure enough capacity to meet PJM's targeted reliability margin. Driven by the rapid addition of data centers, power demand in PJM continues to outpace efforts to bring new generating capacity to the marketplace.

In a record-breaking year for mining, global coal demand is set to reach a new record high in 2025, according to the International Energy Agency. Here in the US, coal use is set to jump 8% in 2025, reversing declines over the last 15-years.

Precious metals futures are also surging, with both gold and silver setting new highs. Analysts expect these trends to continue in 2026.

And over on the Hill, we've been talking about it all week and the SPEED Act is shaping up to get a vote later today. While there has been a great deal of back and forth on the legislation, it's a chance for members of Congress to show if they're serious about permitting reform or not.

While some are winding down for the holidays, the Department of Energy is working overtime to keep the lights on and electricity prices affordable. DOE yesterday ordered a Washington state coal plant to delay retirement and continue operating through the winter marking the second time it has used emergency authority to keep coal generation online. Secretary Chris Wright cited reliability and affordability concerns as its reasons for making the move.

For a closer look at the affordability question, check out our Count on Coal blog today, where we show how grids that have access to coal generation are better able to temper soaring electricity costs.

And speaking of reliability and affordability, the House yesterday passed the "Power Plant Reliability Act," which would grant the Federal Energy Regulatory Commission authority to require utilities to continue operating power plants if their retirement would threaten grid reliability.

And the Wall Street Journal Editorial Board writes today on the urgent need for NEPA and permitting reform. Definitely one to check out.