ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE March 5, 2021

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org March 5, 2021

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, International Arbitration Group, POWER SECTOR Freshfields Bruckhaus Deringer Will Petrobras’ New AMLO Warns US Jeffrey Davidow Senior Counselor, Not to ‘Meddle’ in The Cohen Group CEO Let Politics Energy Policy Jonathan C. Hamilton Mexican President Andrés Manuel Partner, White & Case Get in the Way? López Obrador warned the United States not to intervene in Mexico’s Raul Herrera Partner, domestic energy policy ahead of a Corporate & Securities Practice, meeting between his government Arnold & Porter and U.S. officials. James R. Jones Page 2 Chairman, Monarch Global Strategies OIL & GAS Jorge Kamine Partner, Granholm Sworn Corporate & Financial Services, Willkie Farr & Gallagher in as Biden’s Craig A. Kelly Energy Secretary Senior Director, Americas Int’l Gov’t Relations, Jennifer Granholm was sworn in Exxon Mobil Brazilian President Jair Bolsonaro nominated Joaquim Silva e Luna (pictured) to lead state oil as the new U.S. energy secretary company Petrobras. // File Photo: Itaipú website. Jorge León following bipartisan confirmation Energy Economist, in the Senate. BP Brazilian President Jair Bolsonaro recently tapped retired Page 2 Jeremy Martin general and former Defense Minister Joaquim Silva e Luna Vice President, Energy & Sustainability, Institute of the Americas to take over as CEO of state oil company Petrobras. The OIL & GAS Mayya Novakovskiy Q move came amid heightened tensions over Petrobras’ hiking González Takes Manager, Western Hemisphere, Chevron of gasoline prices as Bolsonaro sought to avoid a truckers’ strike, which Over as President Larry Pascal in the past has paralyzed the country’s economy for weeks. What does of Argentina’s YPF Chairman, Luna’s appointment mean for Petrobras’ direction, and what can be ex- The board of directors of Argen- Americas Practice Group, Haynes & Boone pected of the new chief executive? To what extent are investor concerns tine state-controlled oil company YPF last week approved the R. Kirk Sherr over political interference in the state oil company valid? How real is the appointment of Pablo González President, threat of a truckers’ strike against fuel price increases, and what impli- Clearview Strategy Group as the firm’s new president. cations would keeping prices artificially low have for the economy? González, a former governor of Mark Thurber Partner, Santa Cruz, succeeds Guillermo Hunton Andrews Kurth Nielsen. Cleveland Jones, professor and researcher at the National Jose L. Valera Page 2 Partner, Institute of Oil and Gas at the State University of Rio de Ja- Mayer Brown LLP neiro: “The appointment of Gen. Luna would normally be first Lisa Viscidi Program Director, submitted to the Petrobras board for review. Investors were Inter-American Dialogue A rattled because President Bolsonaro appointed him, seemingly, as an im- Vanessa Wottrich position. The board still must ratify the appointment but will approve it as Principal Analyst for Latin America, Equinor it is controlled by government appointees. However, the apparent bullying was unwelcome. As head of the government, President Bolsonaro can indeed select the company’s president, and Gen. Luna is unquestionably competent. He is a former defense minister and director general of Itaipú Binacional, the giant power generation company jointly owned by Brazil and Paraguay. Unfortunately, Petrobras is not a national oil company, but rather a quasi-national company in which the Brazilian government is a González // File Photo: @YPFOfi- Continued on page 3 cial via Twitter.

OIL AND GAS NEWS Instituto de la Energía “General Mosconi,” told NEWS BRIEFS the Energy Advisor in the same edition. “YPF’s YPF Board Approves investment in Vaca Muerta is the cause of Granholm Sworn in as U.S. the company’s high indebtedness, without the Secretary of Energy, Vows expected results,” Rabinovich added González as New Progress on Clean Energy Company President Jennifer M. Granholm was sworn in last week POWER SECTOR NEWS. as the United States’ 16th secretary of energy The board of directors of Argentine state-con- following a confirmation vote in the Senate trolled oil company YPF last week approved the of 64-35, the Department of Energy said in a appointment of Pablo González as the firm’s AMLO Warns U.S. statement. Granholm is the second woman to new president, Petrol Plaza reported. González Not to ‘Meddle’ in lead the department. In a video following her replaces Guillermo Nielsen, who had served as swearing-in ceremony, Granholm said she will head of YPF since December 2019, when Presi- Energy Policy focus on tackling climate change by deploying dent Alberto Fernández took office. Nielsen has clean energy technologies that “deliver cheap, been nominated as Argentina’s ambassador to Mexican President Andrés Manuel López Obra- abundant and clean power to fuel America’s Saudi Arabia, Más Energía reported. González dor last Friday warned the United States not to clean energy revolution,” according to the is expected to work closely with Vice President intervene in Mexico’s domestic energy policy, statement. Cristina Fernández de Kirchner to address the ahead of a meeting between officials of his country’s oil sector agenda, according to the government and U.S. Secretary of State Antony report. “I am a person who comes from Argen- Blinken, Reuters reported. Among the issues EDP Brasil Signs Deal tina’s inland, who understands the problems we discussed during the virtual meetings between have, and who believes that the greatest value the two governments were López Obrador’s en- to Acquire Solar Energy a company has is its people,” said González, a ergy policy in the context of the climate emer- Assets From AES former governor of Santa Cruz province, Petrol gency, as well as trade and security. Strength- Brazilian power company Energias do Brasil, Plaza reported. “I hope that we will continue ening Mexican state oil company Pemex and or EDP Brasil, has signed a deal worth 177 working toward the challenges of generating touting energy self-sufficiency have been cor- million reais ($32 million) to obtain solar energy for the country’s growth and putting nerstones of López Obrador’s administration. energy assets from the local unit of AES, YPF in the place it has always been [in] and Mexico relies heavily on fuel imports from the Reuters reported last week. The deal involves [which it] deserves,” he added. González, 52, is United States to generate electricity, a strategy AES Inova, a distributed generation investment a lawyer and public notary and has a diploma he has sought to overturn. For example, last platform that uses technologies such as solar in hydrocarbons law from Austral University. month, López Obrador submitted a bill to Con- panels on land or roofs. The agreement would He was a senator for the Justicialist Party from gress that seeks to give priority to state power increase EDP Brasil’s solar project portfolio by 2011 to 2015 and a member of Argentina’s low- utility CFE over private generators. The bill has 50 percent, the company said in a statement. er house of Congress since 2019. The change caused alarm among private investors as it The firm is also planning to acquire additional in leadership in YPF came just weeks after the partially reverses the 2013 energy overhaul that solar generation assets. company reached an agreement with creditors opened the sector to private and international to roll over an interest payment of $413 million competition. Mexico’s lower house of Congress due in March, avoiding a default on $6.2 billion approved the legislation last week, and the of debt, the Financial Times reported. “YPF’s Senate approved it on Tuesday. Analysts say Ecopetrol Considers Share agreement [and] … a new gas plan make up an the proposed changes could make it harder for Issuance to Buy ISA optimistic scenario for this year, during which Mexico to meet its international environmental Colombian state-owned oil company Ecopetrol investment and [Argentina’s] oil and gas pro- commitments, including those made as part of may issue as much as $2.5 billion in shares duction are expected to grow,” Víctor Bronstein, the Paris climate agreement, S&P Global Platts to partially finance its potential purchase of a director of the Centro de Estudios de Energía, reported. Critics have also said the changes majority stake in ISA, Colombia’s state utility, Política y Sociedad in Buenos Aires, told the would drive up generation costs and electricity Ecopetrol CEO Felipe Bayón said last week, Re- Energy Advisor in last week’s Q&A. However, rates, be damaging to the environment and uters reported. Ecopetrol earlier this year made even though the agreement “alleviated the prompt international arbitration and consti- a nonbinding offer to buy the government’s company’s short-term financial situation,” tutional challenges, The Wall Street Journal 51.4 percent stake in ISA. Bayón estimated the it does not solve its structural problems,” reported. In his attempts at bolstering the value of the majority stake at between $3.4 Gerardo Rabinovich, second vice president at use of domestic fuel, López Obrador has also billion and $4 billion.

de-emphasized the country’s renewable energy FEATURED Q&A / Continued from page 1 goals, a strategy that does not align with that of the new administration of U.S. President minority owner but retains effective control. and a Bolsonaro loyalist who will discreetly Joe Biden, who has made climate change a key This arrangement can only result in such work behind the scenes to slow down diesel focus. “We are independent,” López Obrador conflicts, since there is popular pressure and gasoline price increases while directing said ahead of his meetings with U.S. officials. to utilize Petrobras as an inflation control pet projects to satisfy the president and “We do not meddle in the affairs of the United tool, while at the same time the market his allies in Congress. Silva e Luna will try States,” he added, in reference to recent expects that Petrobras can establish its own to keep Petrobras on profitable path by failures in Texas’ power grid during winter corporate price policies, as any other private following the company’s crude oil production storms. Mexico suffered severe repercussions entity. Neither of these expectations can be strategy, but the president’s general will keep as a result of freezing temperatures in the U.S. entirely met under the present arrangement, prices below international parity, right where state, as shortages of natural gas it usually resulting in market frustration and populist Bolsonaro wants them.” imports from Texas curtailed Mexico’s power pressures. The market will not soon forget generation, especially in the northern region of interventionist attitudes, which will hurt Bra- Peter Baumgaertner, partner at the country. The U.S. Chamber of Commerce zil as an investment destination. Gen. Luna Holland & Knight LLP: “General warned last month that the recently approved will likely acquiesce to President Bolsonaro’s Luna’s appointment signals a legislation may violate the U.S.-Mexico-Canada, demands for fuel price restraint by adopting A more pragmatic direction for or USMCA, trade agreement, the Associated a longer-term policy for price adjustments, the oil company, with an obvious shift from Press reported. Giving priority in power pur- expecting to recoup losses later, a risky pro-market to interventionist policies. For- chases to state-owned power plants, which are bet for Petrobras. For now, pressure for a merly, Petrobras CEOs were market-driven also older and more polluting, would “directly truckers’ strike should ease, especially since advocates who believed fuel prices should contravene Mexico’s commitments under the federal taxes were cut, lowering fuel prices.” track global fuel markets. The question is USMCA,” the chamber said in a statement. whether Luna will attempt to artificially lower Mark Langevin, senior advisor the price of diesel fuel in the short term to Horizon Client Access: “Ro- (until after the 2022 presidential election) Brazil Preparing berto Castello Branco’s removal to help stave off a truckers’ strike and then Privatization of State A is one small step for President gradually reinstate more market-friendly Jair Bolsonaro’s re-election in 2022, and one policies. Luna will initially try to find a Utility Eletrobras giant leap for Brazil’s zany populism. The balance in fuel pricing by considering the move demonstrates the president’s auto- impact on all stakeholders. Luna’s direction Brazil’s government plans to reduce its stake in cratic quest to bolster his approval ratings state-owned power company Centrais Elétricas and stay on track for a second-round victory The pivot to inter- Brasileiras, or Eletrobras, from 61 percent to in 2022. Castello Branco was adored by the 45 percent, Energy Secretary Rodrigo Limp company’s minority shareholders, who trust- ventionism is a blow told Reuters last week. Despite this cut, the ed his strategic vision and applauded his to the pro-business government anticipates that its current stake in incessant cost-cutting measures. He made approach that Bolson- Eletrobras will double in share price, reaching Petrobras a very profitable E&P operator, aro has pushed.” anchored to the promising pre-salt fields of a value of 60 billion reais ($11 billion), Limp — Peter Baumgaertner said, Reuters reported. The decision is part of the offshore Santos Basin. He also drew the President Jair Bolsonaro’s planned process to ire of the Federation of Petroleum Workers increase privatizations of utility companies by (FUP) and the Association of Petrobras may also include fiscal tax policies such as allowing Brazilian development bank BNDES to Engineers (AEPET), as he cut the payroll and the gradual elimination of national taxes on work on the sale of company shares, Reuters launched a divestment plan to sell off half diesel to keep consumer costs at manage- reported. Also last week, Bolsonaro delivered a of the company’s refinery capacity. However, able levels. The pivot to interventionism is bill to Congress including measures to privatize the final straw was Castello Branco’s trust a blow to the pro-business approach that Eletrobras. Preferred and common shares in in the market and failure to attend to the Bolsonaro has pushed. Investment analysts the state utility surged following the news, the political imperative, namely the president’s state that increased governmental interfer- wire service reported. A large percent of the anxiety over rising fuel prices and the threat ence is negative for credit and recommend proceeds made from selling shares of Eletro- of a truckers’ strike. His replacement, Gener- reduced exposure to Petrobras bonds. Fuel bras will go toward paying about 25 billion al Joaquim Silva e Luna, is politically adept price intervention may prevent another major Continued on page 6 reais to the government for operating licenses

COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 3 LATIN AMERICA ENERGY ADVISOR March 5, 2021 for hydroelectric dams and transmission lines, Limp said. “The focus will be much more on ADVISOR Q&A the consumer and making investments,” Limp told Reuters, in reference to the privatization process. Privatization efforts would not involve Who Has the Edge Ahead of two of Eletrobras’ units, including a nuclear energy company and a stake in the Itaipú dam. Peru’s Presidential Vote?

Support for Peruvian presiden- amid the pandemic, preferences seem to be POLITICAL NEWS tial candidate George Forsyth oriented by two clear factors: vaccine man- dropped nearly six percentage agement and job growth. Behind Lescano, Q points over the past month amid who has a leftist agenda and supports a new Brazil Reports controversy regarding the validity of his constitution, three candidates are tied at Second Consecutive candidacy, and candidate Yonhy Lescano around 8 percent—Verónika Mendoza (also gained traction, La Tercera reported in a leftist with a progressive rights agenda), Day of Record Deaths February, citing recent polls. How is Peru’s George Forsyth (who has been losing sup- presidential election shaping up, and who port and who seeks to be an alternative to Brazil for the second consecutive day on are the candidates to watch? What are traditional politics) and Keiko Fujimori (the Wednesday reported a record number of the most important factors driving voter daughter of the former president and who is deaths from Covid-19 as a more contagious support? To what extent are recent political running for a third time). In fifth place is the variant of the novel coronavirus spreads, crises, including lawmakers’ controversial right-wing ultra-conservative Rafael López Bloomberg News reported. The Health Ministry ouster of former President Martín Vizcarra Aliaga, the self-proclaimed ‘Peruvian Bol- reported 1,910 new deaths over the previous last November, and a highly fragmented sonaro,’ who is rising vertiginously, and who 24 hours, pushing the country’s total number Congress playing a role in the race? has managed to take the business sector’s of Covid-19 deaths to 259,271. The number of support away from Fujimori, who is worn out confirmed Covid-19 cases also rose by 71,704 Ursula Indacochea, director and accused of corruption. Last November’s in the previous 24 hours, to 10,718,630. Also of the judicial independence political crisis and the recent ‘vacunagate’ on Wednesday, São Paulo Gov. João Doria program at the Due Process of scandal do not seem to have affected the announced the mandatory closure for two A Law Foundation (DPLF): ”Peru’s sectors that removed Vizcarra. The former weeks of all nonessential businesses, including upcoming presidential election is full of un- president’s popularity seems intact, as he stores and gyms. The restrictions take effect certainty, and its outcome is difficult to pre- is a favorite candidate for Congress. The Saturday and come as more than 75 percent of dict. According to recent polls, 30 percent undecided 30 percent of voters will dictate the state’s beds in hospital intensive care units of voters remain undecided, and the favorite the results.” were occupied. “We are about to collapse in candidate, Yonhy Lescano of the Acción São Paulo and in Brazil,” Doria told reporters. Popular party, has only 11 percent support. Patients’ hospital stays are also getting longer, Since Fujimori’s departure in 2000, Peruvians EDITOR’S NOTE: More commentary on this said João Gabbardo, the executive coordinator have preferred centrist, right-leaning rulers, topic appears in the Q&A of Wednesday’s of São Paulo state’s Covid-19 contingency as they have been fearful of losing the eco- issue of the Latin America Advisor. center. Other Brazilian states, including Rio nomic growth gained in the 1990s. Today, Grande do Sul and Pernambuco, have already tightened restrictions on movement in efforts to curb the spread of the novel coronavirus. this stay-at-home policy. People are going to more deadly versions of the disease, São Brasília tightened restrictions last weekend, die of hunger and depression,” he told a group Paulo-based scientist Miguel Nicolelis told and Rio de Janeiro’s mayor is expected to take of supporters, Agence France-Presse report- The Guardian. “The world must vehemently similar action soon, O Globo reported. Brazilian ed. A slow vaccine rollout and gatherings for speak out over the risks Brazil is posing to the President Jair Bolsonaro, who has downplayed Carnival have added to the spike in infections, fight against the pandemic,” said Nicolelis, a the threat of the virus and is rarely seen wear- Bloomberg News reported. Brazil has deployed professor of neuroscience, neurobiology and ing a face mask in public, a basic containment vaccines from China’s Sinovac and Britain’s biomedical engineering at Duke University. measure urged by health authorities around the AstraZeneca. The government also signed a “What’s the point in sorting the pandemic out in world, criticized the lockdowns on Wednesday. deal for 100 million doses of Pfizer’s vaccine, Europe or the United States if Brazil continues “You cannot panic, like resorting once again to Veja reported. Brazil’s rampant outbreak has to be a breeding ground for the virus?” Hos- become a global threat that could spawn even pitals in some parts of the country have been

NEWS BRIEFS inundated, health experts say. “The accelera- in a Q&A published Feb. 19. “The concentration tion of the epidemic in various states is leading of power in Bukele’s hands would be especially Venezuelan Intelligence to the collapse of their public and private concerning, given issues with transparency and Reportedly Monitored hospital systems, which may soon become the rule of law during the past year,” Wade added. case in every region of Brazil,” the country’s Six Citgo Executives national association of health secretaries said Venezuelan intelligence services monitored in a statement, The New York Times reported. ECONOMIC NEWS six executives of U.S.-based refiner Citgo for Trials of several Covid-19 vaccines indicate a year while on U.S. soil in order to determine that they can prevent serious illness even when their involvement in an agreement that the gov- they do not protect a patient from becoming Mexico’s Remittances ernment of President Nicolás Maduro deemed infected with a new variant. Rise More Than fraudulent, Reuters reported Tuesday, citing court testimony. The monitoring eventually led 25 Percent in January to the six executives’ 2017 arrest in Caracas on Bukele Headed for corruption charges and their sentencing last Supermajority in Mexico received approximately $3.3 billion in November to between eight and 13 years in remittances in January, a 25.8 percent increase jail. A senior Venezuelan military official said El Salvador Elections as compared to the same month last year, beat- in court that the information was sent to Public ing analysts expectations, the Bank of Mexico Prosecutor Tarek William Saab. President Nayib Bukele’s New Ideas party and announced Monday, EFE reported. In the first its allies appeared to win a two-thirds majority month of this year, the average amount of a of the seats in El Salvador’s Legislative As- money transfer to Mexico was $343, higher Guatemalan Congress sembly following Sunday’s elections, Reuters than $322 from January 2020, the central bank reported Monday. The ruling party and its allies said. The number of transfers also increased, Raises Impunity Concerns were projected to win approximately 70 percent to 9.61 million, as compared to 8.13 million in in High Court Selections January of last year. The majority of transfers were done electronically, the Bank of Mexico Guatemala’s Congress on Tuesday began the Despite criticisms of process of reshaping the country’s Con- said. Last year, amid the Covid-19 pandemic, stitutional Court, leading to concerns over his autocratic style Mexico received $40.6 billion in remittances, a impunity, the Associated Press reported. and showman-like record amount, and an increase of 11.4 percent Among lawmakers’ moves was the decision tendencies, Bukele’s as compared to 2019. “Generous wage/income to reappoint Dina Ochoa for a second term. popularity with voters support fiscal transfers in the U.S., a very com- Ochoa previously protected a fugitive judge is undeniable.” petitive MXN/USD level and a deep contraction of activity and employment in Mexico have accused of corruption and favored the ejection — Christine Wade of Guatemala’s U.N. anti-corruption mission, acted as both push and pull drivers of dollar CICIG, the AP reported. remittances from the U.S. to Mexico,” Alberto of the vote. “The citizens heeded the presi- Ramos, managing director and head of Latin dent’s call to give him enough lawmakers to be America economic research at Goldman Sachs able to govern without any opposition,” Eduar- in New York, said in a note. “The expectation Paraguay Cancels do Escobar, an electoral expert and executive of continued fiscal stimulus and robust growth Nonemergency Surgeries director of nongovernmental organization Citi- profile in the U.S. should keep remittances flow in Public Hospitals zen Action, told Reuters. “The results give him strong in 2021.” Mexico’s record level of re- a free rein to rule.” Critics have blasted Bukele mittances have more than offset the country’s Paraguay has canceled nonemergency sur- for autocratic tendencies in governing. He has loss of income from international travel and geries in all public hospitals amid a surge of ignored rulings of the country’s Supreme Court tourism and led the country to have a current Covid-19 infections that is overwhelming inten- and in February 2020 sent heavily armed sol- account surplus of 2.4 percent of gross do- sive care units, the Health Ministry announced diers into the Legislative Assembly in a show mestic product last year, “the strongest current Wednesday, the Associated Press reported. of force in support of anti-crime legislation. account outturn in more than 30 years,” Ramos Resources will instead go toward fighting the “Despite criticisms of his autocratic style and added. Mexico’s income from remittances far pandemic, the ministry added A pneumologist showman-like tendencies, Bukele’s popularity outpaced the $14.6 billion that the country re- at the National Institute of Respiratory and with voters is undeniable,” Christine Wade, a ceived from exports of crude oil, Ramos added. Environmental Diseases told the AP that the professor at Washington College in Chester- [Editor’s note: See related Q&A in the Dec. 16 country was running out of medical supplies. town, Md., told the daily Latin America Advisor of the biweekly Financial Services Advisor.]

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue ISSN 2163-7962 truckers’ strike, but the implied cost in in- have also evolved, making the board and the vestor confidence could be long-lasting. The executive directors liable if they adopt any Erik Brand last truckers’ strike in 2018 brought Brazil’s policy of subsidizing fuels, at the expense of Publisher [email protected] economy to a halt. What may be different the company’s cash flow. Therefore, I think this time is that Brazil, like the rest of the the new leadership of Petrobras will work Gene Kuleta Editor world, is dealing with an economic reces- with the government on developing a pricing [email protected] sion and supply chain issues caused by the policy with more transparency and predict- Anastasia Chacón González Covid-19 pandemic, including the transporta- ability, at the same time allowing domestic Reporter & Associate Editor tion of crucial medical supplies. It’s possible prices to follow international prices. I see [email protected] that public support for a labor strike will be the current change at Petrobras much more Diana Roy much lower than in the past, which might as a result of political friction between Editorial Intern give Luna leverage to implement a middle-of- Bolsonaro and company’s former leadership, [email protected] the-road approach.” than a result of a real plan to change the fuel pricing policy.” Edmar de Almeida, professor Michael Shifter, President at the Institute of Economics [Editor’s note: In response to the Energy Rebecca Bill Chavez, Nonresident Senior Fellow at the Federal University of Rio Advisor’s request for comment, Carlos Mon- Bruno Binetti, Nonresident Fellow de Janeiro and researcher at teiro, press officer at Petrobras, wrote: “We Sergio Bitar, Nonresident Senior Fellow A Joan Caivano, Senior Advisor the Institute of Energy in PUC-Rio: “There is reinforce that Petrobras follows the pricing very little room for the federal government of fuels in line with international prices Michael Camilleri, Director, Rule of Law Program to radically change Petrobras’ current policy converted into reais by the real/U.S. dollar Kevin Casas-Zamora, Nonresident Senior Fellow to align its price at the refineries to the inter- exchange.” He declined to comment further.] Julia Dias Leite, Nonresident Senior Fellow Ariel Fiszbein, Director, Education Program national level. Currently, the fuel market in Sandra García Jaramillo, Nonresident Senior Fellow Brazil has evolved, with the participation of The Advisor welcomes comments on its Q&A Selina Ho, Nonresident Senior Fellow private players in fuel supply. The regulatory section. Readers can write editor Gene Kuleta Edison Lanza, Nonresident Senior Fellow framework and governance of Petrobras at [email protected]. Nora Lustig, Nonresident Senior Fellow Margaret Myers, Director, Asia Program Manuel Orozco, Senior Fellow Xiaoyu Pu, Nonresident Senior Fellow Jeffrey Puryear, Senior Fellow Tamar Solnik, Director, Finance & Administration Lisa Viscidi, Director, Energy Program Denisse Yanovich, Director of Development

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