Chris Wright, the Chairman and CEO of Liberty Energy, expressed his commitment to increasing U.S. power supplies to help reduce electricity prices, during his confirmation hearing with the Senate Energy and Natural Resources Committee on Wednesday.
Wright stated, “The only way you can drive down the price of a critical commodity is to grow the supply. There are many different avenues we can pursue to achieve this.” He emphasized his dedication to expanding the electricity grid and boosting energy production while tackling obstacles that hinder progress.
He pointed out that he aims to develop various sources of “affordable, reliable, and pure energy,” including renewable options.
If he is confirmed by the Senate, Wright outlined his three main priorities: enhancing energy production while cutting costs, speeding up the work at the Department of Energy’s (DOE) national laboratories, and improving energy infrastructure.
“We must prioritize reducing regulatory hurdles, encouraging private sector investment, and constructing the needed infrastructure to make energy more affordable,” he added.
Wright highlighted the necessity of enhancing the national transmission system. “Building new transmission lines and upgrading existing ones is crucial to meet the rising energy demand and ensure a drop in electricity costs while improving grid reliability,” he stated.
During the hearing, Committee Chairman Mike Lee asked whether Wright would pause new loans from the DOE’s Loan Program Office following a report highlighting conflicts of interest involving contractors. Wright responded affirmatively, stating, “I will immediately engage in that issue. The integrity of the loan process is of utmost importance.”
Senator John Hickenlooper introduced Wright, describing him as a scientist open to discussion and a successful entrepreneur capable of assessing possibilities realistically.
Wright, who studied fusion energy at MIT and solar energy at UC Berkeley, has a long history in the oil and gas industry, starting in 1992. His company, Liberty Energy, invests in various energy ventures, including Fervo Energy, Natron Energy, and Oklo, a small modular reactor company, with Wright serving on Oklo’s board.
Wright assured the committee that he would sever all financial ties within the energy sector if appointed as DOE secretary. He acknowledged climate change as a significant issue, saying, “Are there investments we can make to accelerate the development of new energy technologies? Absolutely, and we should lead in that area.”
When questioned by Senator Alex Padilla about his previous social media comments minimizing the link between climate change and wildfires, Wright maintained his stance, suggesting that concerns over wildfires had been exaggerated. However, he also expressed sadness for the current climate situation in Los Angeles and acknowledged climate change as a real global phenomenon.
Padilla further asked Wright about his commitment to transparency in publishing non-classified DOE research. Wright assured him, “Absolutely. The scientific process has been vital for our progress.”
Regarding liquefied natural gas exports, Wright noted the significance of evaluating how these could impact domestic gas prices, asserting, “Nothing is more important than ensuring the supply, affordability, and accessibility of energy for Americans.”